Today’s Big Story…

House Republicans have unveiled a portion of President Trump's "big, beautiful bill," focusing on tax reforms to benefit families and small businesses.

Key elements include an expanded child tax credit and increased thresholds for estate tax liability. The legislation also seeks to make the provisions of the 2017 Tax Cuts and Jobs Act permanent, which are set to expire at the end of this year.

The bill currently lacks details on the SALT deduction cap, a key issue dividing blue-state and red-state Republicans, and does not include the proposed millionaires’ tax bracket Trump advisors had floated. However, those provisions could still be added later. The legislation is also expected to feature Trump’s new tax promises, including eliminating taxes on tips, overtime pay, and Social Security for retirees.

Another Big Story…

The Pentagon confirmed that Defense Secretary Pete Hegseth will skip his planned Israel trip to join President Trump’s Middle East visit aboard Air Force One this week.

While spokesman Sean Parnell emphasized Hegseth didn’t cancel the Israel visit and still plans to go soon, there have been online rumors of growing tensions between Trump and Israeli Prime Minister Benjamin Netanyahu regarding how to respond to Iran’s growing nuclear capabilities. It’s widely known Israel is more in favor of striking the Islamic nation, while Trump has been looking for a more diplomatic solution that avoids all-out war.

Rumors are being swiftly dismissed, with U.S. Ambassador to Israel Mike Huckabee calling a Jerusalem Post report that Trump will recognize a Palestinian state “nonsense.”

Weekend Reports

1. The White House says the new U.S.-U.K. trade deal is the first of many aimed at strengthening the economy. Press Secretary Karoline Leavitt called it the start of “historic deals,” while President Trump confirmed more agreements are underway.

2. India has offered major tariff cuts to advance a trade deal with the U.S., aiming to reduce the tariff gap from 13% to under 4%—one of its biggest reforms to date. In return, India wants better access for exports like gems, textiles, and agriculture, plus full tariff exemptions and eased rules for importing high-value U.S. goods.

3. President Trump signaled he’s willing to cut tariffs on Chinese imports from 145% to 80% to ease trade tensions. U.S.-China talks, led by Treasury Secretary Bessent, are set for this weekend in Switzerland.

4. Cardinal Timothy Dolan praised newly elected Pope Leo XIV as a “citizen of the world” and a natural bridge-builder, including with President Trump. Speaking in Rome, Dolan said the pope’s role is to foster unity, noting that “pontiff” literally means bridge builder.

5. California Governor Gavin Newsom slammed President Trump’s trade policies as “quixotic” and “chaotic,” blaming them for economic instability in the state. He claims Trump’s inconsistent tariffs have hurt investment and consumer confidence, especially in agriculture, tech, and small businesses.

6. A federal judge in San Francisco has temporarily blocked the Trump administration’s plan for mass layoffs across federal agencies. Judge Susan Illston issued the order after labor unions and local governments sued, claiming the layoffs lacked congressional approval and violated federal law.

7. Democratic leaders erupted after President Trump fired Librarian of Congress Carla Hayden via email. Appointed by Obama in 2016, Hayden was the first woman and first Black person to hold the position.

8. The Pentagon has begun discharging transgender-identifying service members after the Supreme Court upheld Trump’s military ban. Defense Secretary Hegseth said active-duty members with gender dysphoria have 30 days to leave voluntarily, after which forced separations will begin.

9. During a live “Fox News @ Night” segment, former Trump staffer Camryn Kinsey fainted while criticizing Biden’s claim that sexism contributed to Kamala Harris’s 2024 loss. She stumbled over her words before collapsing.

10. Newark Mayor Ras Baraka, a top Democratic candidate for New Jersey governor, was arrested for trespassing at an ICE facility. He and several Democratic lawmakers tried to inspect the site, claiming it reopened illegally. Baraka was detained after ignoring warnings from Homeland Security agents.

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The Lynch Family

47 Report is written by Denny Lynch, Ryan Lynch, and DML, artwork by Ashley Lynch, and input from Mary Lynch; all rights reserved by TeamDML Inc., 2025. Links may lead to sites from which TeamDML Inc. profits.