After weeks of congressional negotiations, President Trump’s Big Beautiful Bill is finally big, beautiful law.

Trump signed the massive tax and spending package on Friday. Now, it will send trillions of dollars on the move, impacting many Americans’ bank accounts.

How beautiful is it? They say beauty is in the eye of the beholder, and in this case, beauty may depend on how much money you be holding.

The new law preserves lower rates for individuals and corporations by making key provisions from Trump’s 2017 tax cuts permanent. It also drastically raises the state and local tax deduction limit, and increases the estate tax exemption.

So, what does that mean?

Under the new law:

• The top 20% of earners will see their net income increase nearly $13,000 per year, according to Penn Wharton.
• Penn Wharton also found that the top 0.1% of earners will gain more than $290,000 per year.
• Well over $3 trillion could be added to the deficit over the next 10 years, according to the nonpartisan Congressional Budget Office. (The national debt is currently around $36 trillion.)

The law also makes significant cuts to the social safety net, particularly via food assistance benefits and Medicaid spending:

• About 7.8 million people could lose health insurance by 2034, the CBO estimates.
• Cuts to SNAP, formerly known as food stamps, could affect more than 40 million people, according to the Center on Budget and Policy Priorities think tank.

What else is in it? Older Americans will have access to a senior “bonus” to help defray Social Security taxes, babies born in 2025 through 2028 will start getting $1,000 in a savings account, and there will be new deductions for workers who rely on tips or overtime.

It’s also a great time to buy an electric car. The new law eliminates the federal government’s generous EV credits, but they’re still in place until the fall, and dealers are eager to sell.—BC

Central Texas flooding leaves at least 82 dead and 41 still missing. July Fourth flash flooding along the Guadalupe River caused water to rise 20 feet in two hours in some areas, devastating campgrounds on the banks where visitors were gathered for the holiday. Roads were also washed out, endangering travelers. Kerr County, TX, was among the hardest hit, with at least 40 adults and 28 children killed and 10 children and a summer camp counselor still missing as of Sunday night. Yesterday, President Trump signed a major disaster declaration for the county, granting first responders access to more resources. TX Gov. Greg Abbott’s state disaster declaration remains in effect in many counties.

Elon Musk announced the America Party in opposition to the Big Beautiful Bill. Musk launched an X poll asking, “Should we create the America Party?” He framed it as an alternative to “the two-party (some would say uniparty) system,” which he believes propagates government waste. Over 1.2 million respondents participated in the poll, voting 65.4% in favor. The next day, Musk wrote, “You shall have it!” He went on to say that focusing on two or three Senate seats and eight-to-10 House districts with the party would “be enough to serve as the deciding vote on contentious laws.” On Sunday afternoon on Truth Social, Trump voiced his disapproval of the move, posting that third parties are only good for “the creation of Complete and Total DISRUPTION & CHAOS.”

BRICS summit takes place in Rio, with some drama afoot. The annual meeting of emerging economies, which kicked off yesterday, encompasses Brazil, Russia, India, China, and South Africa—which gave it its acronym—as well as other recent additions like the UAE and Iran. However, for the first time in a decade, Chinese leader Xi Jinping chose not to attend. The group stands as a counterpoint of sorts to the G7, advocating for a “multipolar world” that moves away from the US dollar as the predominant international trade standard. President Trump essentially issued the group a “hold your horses” memo before it convenes for its second day of discussions today. Late last night on Truth Social, he posted, “Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff.”—HVL

Teenagers in some parts of the country are hustling to find summer jobs, but just can’t get them.

The most recent data from the Bureau of Labor Statistics found that 34.5% of teens were working or looking for jobs, but that’s kinda like lumping together “has Sabrina Carpenter tickets or wants Sabrina Carpenter tickets” in the same category.

Andy Challenger, SVP at the outplacement firm Challenger, Gray & Christmas, estimated that the number of new summer jobs for 16- to 19-year-olds this year may hit a 15-year low.

Why? Uncertain economic conditions are keeping some businesses from hiring; automation like self-check is eating into typical teen work; and adults are vying for the jobs that once went to teens. Economist Alicia Sasser Modestino from Northeastern University called the under-20 crowd “the last to be hired, the first to be fired” when the labor market cools.

While the June jobs report, released last week, showed a strong top-line figure—147,000 jobs added, compared to the 110,000 that economists polled by the Wall Street Journal expected—growth in the leisure and hospitality sectors trailed that of the government and healthcare sectors, which doesn’t bode well for youth employment prospects.

Remember when? In 1979, teen employment peaked at 59.9%, according to the Bureau of Labor Statistics.—HVL

Summer camp for billionaires: Allen & Co.’s Sun Valley conference kicks off on Tuesday, bringing together some of the country’s richest and most powerful people. Among the invited guests: Amazon founder Jeff Bezos and CEO Andy Jassy, Meta founder and CEO Mark Zuckerberg, Apple CEO Tim Cook, Google CEO Sundar Pichai, Disney CEO Bob Iger, Netflix co-CEOs Ted Sarandos and Greg Peters, Virginia Governor Glenn Youngkin, and Senate Minority Leader Chuck Schumer, though the guest roster is more of a status symbol than a firm list of attendees. The annual retreat is probably a good place to discuss caviar and thread-count innovations, but it’s also proven to be the ideal spot for hammering out massive deals, like Disney’s merger with ABC, the Comcast–NBC Universal hook-up, and—blast from the past—Time Warner’s merger with AOL.

President Trump’s 90-day tariff pause ends on Wednesday: Trump broke out his “Liberation Day” poster board on April 2, unveiling aggressive tariffs against basically every country in the world. After stock and bond markets tanked, he paused tariffs to give countries time to work out trade deals with the US. Later that month, Trump told Time magazine that he had “made 200 deals,” though only three deal “frameworks” have been announced. With Wednesday’s deadline approaching, Treasury Secretary Scott Bessent told CNN yesterday that Trump will start sending letters to countries this week, warning, “If you don’t move things along, then on August 1, you will boomerang back to your April 2 tariff level.” Bessent said this does not amount to a new deadline.

International sports have the stage: Wimbledon is serving up tennis action all week, with the finals set for this weekend. FIFA’s soccer Club World Cup is down to the semifinals, with Fluminense battling Chelsea on Tuesday, then Paris Saint-Germain and Real Madrid facing off on Wednesday. The winners play in the final on Sunday. And if grass isn’t your thing, the world’s top cyclists will be fighting over the yellow jersey all week in the Tour de France.

Everything else:

• Israeli Prime Minister Benjamin Netanyahu and President Trump will have plenty to discuss when they meet in Washington, DC, today.
• Amazon’s annual Prime Day starts on Tuesday. Despite its name, the event will last for four days this year.
• Oil-rich countries and energy CEOs will attend the OPEC International Seminar in Vienna, Austria, this Wednesday and Thursday.
• Investors will get a closer look at the Fed’s thought process on Wednesday, when the central bank releases minutes from its June meeting.
• Delta, ConAgra, and Levi Strauss release earnings on Thursday.
• Look up in the sky: The new Superman movie—the first from the revamped DC Cinematic Universe—hits theaters on Friday.

No, that’s not actually the number of blocks your kid left on their bedroom floor–it’s how many it took to build Legoland Shanghai, the 11th theme park in the franchise, which opened on Saturday.

The park spans more than 3.4 million square feet and features more than 75 rides and attractions, including Miniland, a repository of famous sites from around China rendered in tiny bricks, which is receiving positive reviews. But location-based entertainment in China has hit a rough patch.

Morgan Stanley estimated that revenue for Shanghai Disneyland, the country’s top-performing theme park, will decline from $1.5 billion last year to $1.4 billion this year. And while the Institute for Theme Park Studies in China found that the number of visitors to China’s major theme parks rose slightly or stayed flat in 2024, “their revenue from secondary consumption within the parks decreased.”—HVL