“Tax Cuts, Tariffs, and Tech Scandals: America’s High-Wire Day”

4th July 2025

Senate Republicans passed President Trump’s sweeping $3.4 trillion tax and spending bill, securing a major win that makes his 2017 tax cuts permanent while cutting Medicaid and food aid. The bill passed narrowly, 218–214, and is expected to add trillions to the national debt. House Democratic Leader Hakeem Jeffries opposed the bill in a record-breaking 8-hour, 46-minute speech, calling it a cruel attack on vulnerable Americans. Meanwhile, Trump’s announcement of new tariffs pushed gold prices up nearly 2% as investors reacted to rising trade tensions. In tech, Indian engineer Soham Parekh drew controversy for allegedly working multiple startup jobs at once, deceiving employers and sparking debate over remote work ethics. While some see him as a scammer, others view him as a symbol of a broken system and a potential founder in the making, All in today’s Read it and Eat!

• Republicans Push Through Sweeping Trump Tax and Spending Bill

President Donald Trump scored a major political win on Thursday as House Republicans narrowly passed his sweeping tax and spending bill, a wide-ranging package that cements key parts of his domestic agenda while drawing sharp criticism from Democrats and budget analysts.

The bill passed the House 218–214 after a long night of negotiations and pressure from Trump himself, who made personal appeals to lawmakers on social media. The legislation makes Trump’s 2017 tax cuts permanent, introduces new tax breaks, and boosts funding for immigration enforcement but also slashes programs like Medicaid and food assistance. According to the Congressional Budget Office, the plan will add $3.4 trillion to the national debt over the next decade.

Despite concerns over its high cost and deep cuts to healthcare, only two Republicans broke ranks. Democrats unanimously opposed the bill, calling it a giveaway to the wealthy that could leave nearly 12 million people without health coverage. “This isn’t policy, it's punishment,” House Democratic Leader Hakeem Jeffries said during a record-setting floor speech.

The bill also raises the U.S. debt ceiling by $5 trillion to avoid default and includes new tax perks for tipped workers, overtime, seniors, and auto loans, all key Trump campaign promises. With midterm elections on the horizon, Republicans argue the bill will spur economic growth, while critics warn it risks widening inequality and saddling younger generations with more debt. Bloomberg 

• Gold Rises as Trump Unveils New Tariff Plans

Gold prices climbed on Friday, putting the metal on pace for a nearly 2% weekly gain, after President Donald Trump announced that a wave of new tariffs would take effect starting August 1.

The precious metal rose 0.5% to around $3,340 an ounce, as investors reacted to Trump’s remarks that the U.S. will begin sending letters to trading partners outlining new tariff rates. “They’ll be fully covered and they’ll range in value from maybe 60 or 70% tariffs to 10 and 20% tariffs,” the president said Thursday evening. He added that 10 to 12 letters would be sent out Friday, with more to follow in the coming days.

Trump has repeatedly warned that if no trade deals are reached by a July 9 deadline, higher tariffs would kick in. While the U.S. has secured agreements with the UK and Vietnam and reached a temporary truce with China, the risk of escalating trade tensions remains high. That uncertainty continues to support safe-haven assets like gold.

Meanwhile, traders are still parsing the Fed’s next move on interest rates after Thursday’s stronger-than-expected payroll report and lower unemployment figures dampened expectations of a July rate cut. Since gold doesn’t generate interest, rising rates can pressure its appeal but for now, broader geopolitical and fiscal concerns seem to be winning out.

Spot gold was up 0.5% at $3,341.48 an ounce as of early afternoon trading in Singapore. The Bloomberg Dollar Spot Index slipped 0.2% for the day, extending its weekly loss to 0.5%. Silver was little changed, while platinum and palladium both advanced. Investors are also watching the fallout from Trump’s newly passed multitrillion-dollar spending package, which the CBO estimates will add $3.4 trillion to the U.S. deficit over the next decade another potential tailwind for gold demand. Yahoo.Finance 

• The Curious Case of Soham Parekh: Tech’s Latest Cautionary Tale (or Folk Hero?)

In Silicon Valley, where pedigree and hustle are everything, a new name is making waves and not for the usual reasons. Soham Parekh, an Indian software engineer, has become the center of a swirling debate after former Mixpanel CEO Suhail Doshi took to X (formerly Twitter) to issue a blunt warning to founders: Parekh, he claimed, has been secretly working multiple startup jobs at once, deceiving employers and racking up a trail of short stints and quick exits.

“PSA: there’s a guy named Soham Parekh (in India) who works at 3-4 startups at the same time. He’s been preying on YC companies and more. Beware,” Doshi wrote, adding that he fired Parekh within a week for “lying/scamming.” The post quickly went viral, gathering over 20 million views and prompting a flood of replies from founders and VCs who had either worked with or narrowly avoided hiring Parekh.

In an industry already grappling with the ethics of overemployment and remote work accountability spurred by forums like r/overemployed the revelation has struck a nerve. While some condemn Parekh’s behavior as dishonest and damaging to small startups, others see a bold disruptor gaming a flawed system. “If Soham immediately comes clean and says he was working to train an AI agent for knowledge work, he raises at $100M pre by the weekend,” joked Box CEO Aaron Levie.

Whether he's viewed as a scammer or a scrappy icon, Parekh has certainly ignited a broader conversation about hiring, trust, and how the startup world measures value. As Laskie founder Chris Bakke put it, maybe the smartest move now is for Parekh to lean into the spotlight. After all, stranger origin stories have launched companies. TechCrunch 

• Hakeem Jeffries Sets House Record with Marathon Speech Against Trump Tax Bill

House Democratic Leader Hakeem Jeffries made history on Thursday with an 8-hour, 46-minute speech the longest ever delivered in the chamber as he fiercely opposed President Trump’s sweeping tax and spending bill.

With Democrats lacking the votes to block the $3.4 trillion legislation, Jeffries used the floor to make a final, impassioned case against a bill he says favors the wealthy at the expense of everyday Americans. “Chaos. Cruelty. And corruption,” he said, describing what he believes the bill represents. He criticized its deep cuts to Medicaid and food assistance, warning that millions of vulnerable people would be affected.

Jeffries began speaking at 4:53 a.m. and didn’t yield the floor until nearly 1:40 p.m., eclipsing a record previously held by Republican Kevin McCarthy. The bill passed shortly afterward in a narrow 218–214 vote, with every Democrat and two Republicans voting against it.

Throughout the speech, Jeffries highlighted real-world consequences of the legislation, including the potential loss of healthcare for sick children in Republican districts, a move aimed at drawing attention from local media. He also made clear that Democrats are eyeing a political comeback in 2026, hinting that voters would “get even” in the midterms. If his party regains control, Jeffries could be on track to make history once more as the first Black House Speaker. Bloomberg 

Minor Headlines 

• Labour’s Turmoil Raises Risk of Fresh Economic Disruption in the UK. CityAM 

• Boeing Appoints New CFO Malave with $1.05 Million Base Salary. Reuters 

• UPS Offers Buyouts to Drivers Amid Parcel Network Downsizing. Yahoo.Finance 

• Anduril CEO Palmer Luckey’s Digital Banking Venture Eyes $2 Billion Valuation. Yahoo.Finance

• Coinbase Acquires Token Management Firm Liquifi. TechCrunch 

• Alstom Secures €2 Billion Contract with New York MTA. Financial Times 

• Japan’s Matcha Producers Struggle to Meet Global Demand Amid Heatwave Pressures. Reuters 

• Top U.S. Intelligence Official Pushes Back Against Washington Post Reporter. Reuters 

Earnings 

• Constellation Brands missed Q1 earnings and revenue estimates as aluminum tariffs and weaker demand from Hispanic consumers pressured margins; the firm reiterated its FY outlook despite tariff impacts . CNBC

• Delta Air Lines pulled its full-year outlook due to global trade uncertainty and trimmed capacity growth. Analysts expect Q2 earnings of $2.02 per share on roughly $15.4 billion in revenue trading view. CNBC 

• Conagra, Helen of Troy, Levi Strauss & WD‑40 these solid consumer names are set to report. Street estimates currently sit at $0.59 EPS for Conagra, $0.90 for Helen of Troy, and $1.44 for WD‑40. VC Daily News 

• Penguin Solutions & AZZ Inc. mid-cap industrials Penguin and AZZ will roll out their quarterly updates, with earnings expected around $0.32 and $1.58 respectively. kiplinger.com

• Modest Tech & Airline Watch while big‑tech earnings have mostly passed, investors are also eyeing smaller names like Luminar and Kewpie. Additionally, Q2 delivery figures from Tesla and EV rivals (like BYD and XPeng) are due next week, offering early insight into competitive trends. investors.com

Gen Z Word of the Day 

Sending Me

Another term to use if you find something particularly funny.