Plus: Memo To Mamdani: How To Get Rid Of Billionaires |
Good morning,
This year’s fireworks and drone shows are over, but an inspiring new Forbes initiative is launching today to keep the celebration of the American Dream alive for the next year.The Forbes 250 series will roll out in six parts throughout 2026, marking the 250th anniversary of the signing of the Declaration of Independence. We will explore the key values or ideals of the American Dream—equal opportunity, upward mobility, pluralism, invention, reinvention and self-destiny—and how to inspire that vision and create lasting solutions for the next 250 years. “As millions of Americans united to celebrate the Fourth of July this past weekend, we’re announcing this new campaign which will recognize our nation of problem-solvers, mavericks and risk-takers, and celebrate the history of the United States as a place where hustle and reinvention and meritocracy rule,” says Randall Lane, Chief Content Officer and Editor of Forbes.
Let’s get into the headlines, |
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| President Donald Trump will once again defer his sweeping tariffs, the White House announced Monday, even as he sent letters to more than 10 countries announcing new import taxes of 25% or higher. The pause on Trump’s “Liberation Day” levies is now set to expire August 1, but stocks staggered after news of Trump’s letters, which were sent to countries including Japan and South Korea, with Japanese automakers suffering bigger losses. MORE: Even as the impact of tariffs hasn’t fully materialized in economic figures, some 87% of Americans are still concerned about inflation, a recent survey found. In the first half of 2025, inflation data has been largely benign, but the worst may be yet to come: Goldman Sachs economists predict core PCE inflation will surge to 3.4% by December, which would be the highest rate since 2023. |
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 | | Mamdani will face off against incumbent mayor Eric Adams in November. Julia Demaree Nikhinson/AP |
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| New York City Democratic mayoral candidate Zohran Mamdani has made plenty of waves, including when he suggested billionaires shouldn’t exist in a recent NBC interview. The U.S. is a fiercely capitalist society based on the meritocratic idea that everyone has the opportunity to build their own futures—and fortunes. Billionaires typically make their money by starting companies that are engines of innovation, and employ millions of their fellow citizens. If the U.S. were to enact a hyper-aggressive wealth and asset tax—the only way to truly attack fortunes of this size, since most billionaires have little in the way of ordinary income—it might push many billionaires to leave the country and take their companies with them. There’s another practical roadblock: The U.S. is led by a billionaire president who has surrounded himself with a posse of billionaires, all of whom are likely to oppose wealth tax proposals. Not to mention that Congress just passed a megabill that protects billionaires’ wealth more than ever before. The only possible answer if America really did want to get rid of its billionaires, short of nationalizing much of the economy, is massive, confiscatory taxes. It’s been proposed before by presidential candidates and members of Congress. But even some of those who favor more progressive taxation than the current system are skeptical of policies specifically aimed at eliminating billionaires. “We don’t view the point of taxation as destroying wealth or punishing success,” Ben Ritz, policy development vice president at the center-left Progressive Policy Institute, says. “We view it as a necessary evil that helps make our country function.” |
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| “In a world where the ultra-wealthy and their companies produce many of the planet’s leading services and products, abolishing billionaires in America is a distant goal for proponents on the left,” says Lily Ogburn, Forbes money in politics intern. “But when NYC mayoral candidate Zohran Mamdani recently said billionaires shouldn’t exist in such an unequal society, it stirred conversations about a billionaire ban. Mamdani isn’t the only one with possible billionaire-busting taxes on his mind; they’ve been on the agendas of politicians on the left for years now, and polling shows Americans are concerned about wealth inequality, too. It’s important to think about what these taxes might look like—and why they may not work.” |
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| WEALTH + ENTREPRENEURSHIP |
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| Wall Street is growing tired of Elon Musk’s controversial politicking: Musk’s net worth, along with Tesla’s stock, dropped Monday after the billionaire launched his new “America Party” amid his falling out with President Donald Trump. Though he’s still the world’s richest man by a large margin, Musk’s net worth tumbled $12 billion Monday to $393 billion, and Tesla ended the day down about 7%. MORE: Musk ramped up his attacks against Trump on Monday, suggesting the president’s administration withheld findings about the federal investigation into the late convicted sex offender and financier Jeffrey Epstein. The pair have traded barbs online since Musk first criticized the price tag of Trump’s spending and policy bill, which is expected to add $3.9 trillion to the federal debt over the next decade. |
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| Bullish Tesla investors are betting that the company’s robotaxi rollout can create a major revenue source, but it also brings a new risk for the EV firm: legal liability from tech failures. And since CEO Elon Musk has previously said that Tesla owners will be able to essentially Airbnb their vehicles for the robotaxi fleet, they could also be on the hook. |
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| Presented by Forbes Vetted | | The Best Amazon Prime Day 2025 Deals, Approved By Our Editors |  | Amazon Prime Day 2025 starts today, July 8, and runs through Friday, July 11, making it a four-day-long sales event—the longest Amazon has ever run. Our editors scoured the retailer’s site to find the best sales on home, fashion, beauty, tech, and more.
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| A federal judge temporarily blocked the government from enforcing a provision of President Donald Trump’s spending bill that would have prevented Medicaid from reimbursing Planned Parenthood. The health organization sued the Department of Health and Human Services and HHS Secretary Robert F. Kennedy Jr. in a Massachusetts federal court Monday, arguing the government has “no legitimate justification for the statute.” |
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| A pullback in international travel to the U.S. could cost the economy as much as $29 billion and millions of jobs. A study by the World Travel & Tourism Council of 184 countries found that the U.S. was the only country expected to see a decline in international visitor spending in 2025. “While other nations are rolling out the welcome mat, the U.S. government is putting up the ‘closed’ sign,” says Julia Simpson, president and CEO of WTTC. The TSA has reportedly begun allowing travelers at some airports in the U.S. to complete their pre-flight screening without their shoes, ending a rule that was first implemented in 2006. The rule change is being rolled out in phases at a number of airports, according to CBS News, though the agency has not yet officially confirmed the move. |
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| A mass email sent to Social Security recipients claimed that President Donald Trump’s signature policy bill will eliminate federal income taxes on Social Security benefits for most beneficiaries, but that’s not quite accurate. While the legislation does provide an enhanced deduction for seniors 65 and older, the bill doesn’t make any direct changes to the taxing of Social Security benefits. |
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| President Donald Trump’s pardons and commutations have come at a price to the federal government. Trump has issued a number of controversial pardons since taking office, many for those who align with him politically or who he claims were politically persecuted by the Biden Administration: |
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Over $100 million | The amount the pardons and commutations cost in fines owed to the federal government | |
| More than $1.3 billion | How much is owed in restitution money to victims of white collar crime by those Trump has granted clemencies and commutations, according to former U.S. pardon attorney Liz Oyer | |
| 70 | The total number of pardons and commutations Trump has issued this year, per the DOJ, not including Jan. 6 defendants |
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| Employers are turning to AI to make personnel decisions, and it’s critical for your career development to understand how the technology influences the process. Performance analytics are the base of most AI evaluation systems, focusing on quantifiable output and achievements. Ensure that your achievements are well documented, make every effort to anticipate and exceed your managers’ expectations, and collaborate with AI to become more valuable. |
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