SUMMARY: The Treasury Department is advancing regulations to implement President Trump’s “no tax on tips” promise from the 2023 tax law, effective retroactively from January 1, 2025. This provision eliminates federal income tax on tips earned in specified occupations and allows a deduction of up to $25,000 in qualified tips annually, phasing out for incomes above $150,000. Qualified tips must be voluntary, reported to the IRS, and given in cash or cash-equivalent forms, excluding digital assets and illegal activities. The benefit excludes certain jobs and married taxpayers filing separately. The provision is estimated to reduce federal revenue by $32-$40 billion by 2028.

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SUMMARY: In North Codorus, Pennsylvania, suspected stalker Matthew James Ruth ambushed police officers at his ex-girlfriend’s home, killing three detectives and seriously wounding two others before being shot dead. Ruth, armed with an AR-style rifle, hid inside the house after being spotted on a trail camera surveilling the property. The ex-girlfriend and her mother had fled after calling police. Officers found the door unlocked and were fired upon immediately. Ruth had planned the ambush and had previously killed the family dog. The slain officers were veterans with decades of service. The community mourned the tragedy, with calls for better societal support to prevent gun violence.

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SUMMARY: Wall Street hit record highs as Nvidia and Intel led a tech rally following Nvidia’s $5 billion investment in Intel stock, sparking a 22.8% surge in Intel shares. The S&P 500, Dow, and Nasdaq all closed at all-time highs, with small-cap stocks and cryptocurrency firms also gaining. Encouraging economic data showed fewer unemployment claims, easing concerns about layoffs. The Federal Reserve cut interest rates for the first time this year, signaling possible further cuts despite inflation challenges. Meanwhile, Disney faced controversy over Jimmy Kimmel’s show suspension, and Live Nation was sued over Ticketmaster practices. European markets rose modestly.

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