← Here's the Scoop
Here's the Scoop
President Trump’s Personal Billion-Dollar Boom; “One Big Beautiful Bill” One Year On
00:24:46
Loading summary
Transcript66 lines
- [00:01]
A
For someone who hasn't played a singles match in nearly four years. Two kids later, 44 years old, I mean, the seven time Wimbledon champion walked onto center Court Wimbledon looking like she belonged.
- [00:17]
B
Hey, everybody. And welcome to here's the scoop from NBC News. I'm Christine Romans filling in for Yasmin Vasugian. Today on the show, can Serena Williams relaunch her tennis career at 44? What her time on the Wimbledon grass has shown us. Plus, it's been a year since the one big beautiful bill passed into law. How has it impacted everyday Americans? Up first, though. President Donald Trump flew to North Dakota today aboard his new Air Force One jet, a present from the government of Qatar. Members of both parties had raised ethics and security concerns when the president accepted the jet last year. But now the president is facing a new set of questions over possible financial conflicts of interest. On Tuesday, the Office of Government Ethics released a lengthy report showing that President Trump made more than $2 billion in 2025, including $1.4 billion from the crypto industry. The disclosure was required by law before taking off in Air Force One. This morning, reporters asked the president to respond to people who say he is profiting off the presidency. So we're all profiting.
- [01:21]
A
I'm profiting because I have a lot of money and a lot of cash, and I give it to institutions.
- [01:27]
B
I don't know if they know what
- [01:28]
A
they're doing or not, but they buy a vast array of things.
- [01:33]
B
But President Trump more than doubled the money he made a year after returning to the White House. So how do the president's outside earnings in office compare to previous administrations? And are they conflicts of interest? For this, I want to bring in Megan Gorman. She's a tax attorney and wealth manager. She's also the author of all the President's Money, a book that digs into the history of presidential finances. Hi, Megan.
- [01:57]
C
Hey, Christine. Thanks for having me on. It's a, it's a really fascinating topic, Right?
- [02:01]
B
It really is. And it really, as someone who has dug into presidential histories, it is a situation without historical precedent.
- [02:10]
C
I know. You know, I think we get tired of using the word without precedent when it comes to the Trump administration. But I think we have to take a step back and look at why it's unprecedented by looking at the history of presidents and their money. And this goes back to George Washington. George Washington understood that there was always going to be an inherent conflict with his personal finances and running the United States. And so he sort of laid the framework in having it sort of arm's length. And he actually had an overseer who helped manage his holdings. And keep in mind, just George Washington was not only the most popular man in the United States at that time, but he was probably the wealthiest. And so he had extensive holdings. But what you see over the course of history is presidents passed the baton on how to handle this conflict. Washington passes it on. And you look at Lincoln, and Lincoln really exemplifies this idea of putting country over self. And what you see in Lincoln's finances is not only was he taking his salary and putting it in US treasury bonds, but when the income tax was established, it wasn't clear if it applied to Lincoln, and he paid it anyway. He passes the baton more to presidents that we know, like Eisenhower. Dwight Eisenhower, when he was running for president, did something shocking. He gave up his military pension of $19,000 a year, buying power today of about 250,000, because he wanted to seem conflict free. Same thing with LBJ and Jimmy Carter and Reagan. All of them use blind trusts. What's happened, though, in recent years? Right. And you look at a president like Barack Obama, who originally had a blind trust, but because the trades are so public and he was not involved, but he was getting heat from it, he finally said, forget it with the blind trust. I'm just going to sit in treasuries. So each president grapples with this challenge, and what all of them have done up to now, some better than others, is to say, I'm gonna prioritize country over my personal gain.
- [04:19]
B
So the president made more than $2 billion last year, more than half of that coming from crypto cryptocurrencies. He also earned around $80 million from settlements with media and tech companies. I want to talk a little bit about the crypto sourcing here. About half of the 1.4 billion the President made in crypto was with a group that license for meme coins. He also made hundreds of millions of dollars from the Trump family crypto business world Liberty Financial. The president says that all of his finances are managed by third party financial institutions. And the White House has denied any conflicts of interest. You own a wealth management company. How do you look at these crypto investments and the potential conflict there? Because you have governments in some cases, that have invested in the president's crypto businesses, which seems to blur the line between personal business and foreign policy.
- [05:20]
C
Yeah. So first of all, the crypto world lacks transparency. It's one of the biggest challenges around it. Right. And both the IRS and the SEC have made some sort of Weak attempts to try to create transparency. So if you think about it, regardless of who the President is, if somebody wanted to take advantage of high office in the United States, it is the perfect vehicle to do so, and then doing so with partnership with foreign countries. So I think Trump is getting into a very tricky area here because, yes, certain laws on conflict of interest don't apply, but there is the emollients clause. There is the fact that influence is being used. And this really doesn't feel like it's in compliance. And to be candid, when you look at how he's running it, yes, he has people running it that are, quote, unquote, independent, but part of the role. When they established blind trust in the 1960s and it was a tax attorney who was working for LBJ who did this, they took seriously the idea that the independent trustee should not be influenced at all and should be completely free from influence from the President. The challenge we have today is people are influencers. Data is coming too fast at these people. And so you would expect a trustee in a fiduciary role to go the other way and be almost more conservative to protect the President in this way. He's just. They're challenging all the issues and making it feel very conflict driven. So this is not the behavior we want to see with blind trusts.
- [06:50]
B
Also last year, the president, he pardoned the founder of Binance. Binance has been a business partner of World Liberty Financial. The SEC also ended its oversight of meme coins, reversing a Biden administration policy. Again, the White House insists there are no conflicts of interest here. But would these in any prior administration have been considered a conflict?
- [07:15]
C
Yes, in any administration, it would be considered a conflict. And so that's the challenge here, is the safeguards are not in place and other presidents did not want to be in conflict. I mean, Ronald Reagan in 1981 sold everything but his ranch and his personal residence and still put it all in a blind trust. And that was in CDs that were earning 16 and 17% yields. And so when we think about how do we protect ourselves from future presidents, not just presidents, but their families. Right. There really needs to be very strict guidelines with real teeth. And the place you've got to look to that's analogous is what goes on with corporate CEOs that are publicly traded. If you're a publicly traded CEO or executive and you engage in insider trading because of the SEC rules, because of Sarbanes Oxley, the penalties can range between 20 and 25 years in jail. There's disgorgement of profit. There's fines that can be up to $5 million and then fines on the corporation. Those laws have teeth. And as a result, you see those people behave because they have to, because the consequences are dire. On the politician side, even just looking at Congress, if you fail to be in compliance with the 2012 Stock act and compliance means have to announce the trade within 30 to 45 days, right, you're paying a couple, couple hundred, couple thousand dollars fine, you get a slap on the wrist. And so maybe we should take that and say, look, we don't like what he's doing. We're all uncomfortable. It's on the headline of every major paper in the country and around the world. But let's change that. Let's use that as an opportunity so that the next president or the next people in Congress, they can't do this.
- [08:58]
B
Fascinating conversation. Megan Gorman, thank you.
- [09:00]
C
Thank you for having me on.
- [09:03]
B
Coming up, while President Trump has been raking in billions, regular Americans are struggling with affordability. We'll talk about the role that the one year old big beautiful bill could be playing. That's up next. And while you're listening to the ads, go ahead and hit the subscribe button. And don't forget to rate and review us. It helps more listeners find the show. Thanks for your support. More in a moment.
- [09:24]
D
Thank you.
- [09:30]
E
Hey, whatcha doin'? Are you doomscrolling other people's vacations? Miami, San Diego. With Expedia, your trip can earn rewards which you can use towards your next eligible stay. Soon people will doomscroll you. Expedia, the one place you go to go places. Terms apply.
- [09:45]
D
Is your money doing everything it can for you, like automatically pushing more of your money to savings every day?
- [09:51]
E
I don't think so.
- [09:52]
D
Then switch to Huntington bank and let's get more from Money. Huntington Bank.
- [09:56]
E
Welcome.
- [09:56]
D
Eligibility requirements apply. Some features may require enrollment.
- [10:00]
E
Hi, I'm Angie Hicks, co founder of angie and one thing I've learned is that you buy a house, but you make it a home. Because with every fix, update and renovation, it becomes a little more your own. So you need all your jobs done well. For nearly 30 years, Angie has helped millions of homeowners hire skilled pros for the projects that matter, from plumbing to electrical roof repair to deck upgrades. So leave it to the pros who will get your jobs done well, the one you trust to find the ones you trust. Find a pro for your project@angie.com
- [10:34]
B
and we're back with here's the scoop from NBC News it's been one year since President Trump and Republicans celebrated the passing of the so called one big beautiful bill with fireworks and fighter jet flyovers. Since then, the sprawling spending and tax cut package has reached into nearly every aspect of Americans daily lives. From restructuring the tax code to rewriting student loan rules to stripping money from health care and food assistance programs. It has fundamentally changed who gets help from the government and who goes with less. Our NBC News senior policy reporter Shannon Petty Peace has been speaking to Americans about how the law has impacted them and the changes that are still to come. Hi, Shannon.
- [11:16]
D
Hi, Christine.
- [11:17]
B
All right. It's been a year since the one big beautiful bill was passed. Big picture. Has this been overall good or bad for the American people or does it depend on where you sit in the income scale?
- [11:32]
D
It absolutely depends on where you fit in this country and in this economy. And I would say one thing too, that regardless though of where you are, this legislation has probably had either a direct or indirect impact on you somehow. And other people would argue this as well. This has maybe been one of the biggest impacts of this second Trump administration because of the wide scope that this legislation has had.
- [11:59]
B
Let's talk about some of the cuts. In a piece that you published this week, one of the people quoted called it Robin Hood in reverse. Let's talk about the cuts there. It was touted as a spending bill, but it cut $1.1 trillion from food assistance programs and healthcare. So SNAP, Medicare, Medicaid. That has been felt already.
- [12:21]
D
Absolutely. Especially on the SNAP and the food stamp cuts front. There are 4 million fewer people who have food stamp benefits today than there were when this law was first passed. Part of that is because of new restrictions the law put in place requiring people to work, volunteer, go to school, a minimum number of hours to qualify. But part of that, based on my reporting and dozens of people I've talked to who have lost their benefit is because of just the bureaucratic hurdles and documentation requirements that states have put in place as they have tried to meet these requirements and have states have tried to comply with the different elements of this law. So among those who have lost their benefits, among that 4 million is about 800,000 children, according to one estimate. And that's just even a partial estimate because not every state breaks out. How many children are affected? The people who passed the legislation initially said it wouldn't affect seniors. Well, I talked to many seniors who, even though they are exempt from from these work requirements, had lost their benefits because of paperwork or documentation issues. So that impact is very Real and being felt right now. And the next big impact we're gonna feel is a similar requirement that's being put in place for Medicaid, which is the health insurance for people who have really low incomes or are disabled.
- [13:43]
B
It also overhauled the student loan program. New borrowers now have fewer options for repaying their loans and there are new caps. Explain to us how this is going to work and what this will mean for the system of higher education in
- [13:57]
D
the U.S. i mean, there have been so many changes in student loans. So for borrowers out there, this is, you know, kind of one more thing to add to the pile. But you know, one of the areas I have focused on a bit in my reporting is this borrowing cap. So people who are going for advanced degrees that get very expensive, you know, medical school, nurse practitioner school, law school, they're going to be capped at what they can borrow. And for some borrowers, that cap isn't going to cover their tuition. They need more than that. So student loan borrowers are going to either find themselves having to go out to other private financers, maybe go to a bank where they can't get the same lending terms, or in some cases people are talking, especially on social media, about maybe rethinking what path they want to take or whether it's even viable to get that advanced degree. Now the advocates of this have said they need to put some cap on borrowing because the universities are just increasing tuition. Increasing tuition. They sort of like have this all you can eat buffet of debt that people can borrow. Again, time will only tell whether this cap can bring down the costs. But in the interim, we do know one thing is that tuition is still what it is and borrowers are only going to be able to take out a certain amount. And for a number of people that is not going to, those two numbers aren't going to equal each other.
- [15:22]
B
The White House has really emphasized the tax breaks in this bill, including for people earning less than $100,000 a year. Is it a clear win for middle and low income earners? Is it a clear win for the wealthy? And I mean, I guess this is also in your piece. It's just such a great way to look at it. For every dollar the law cuts from major programs serving low income Americans, it delivers a dollar in tax breaks to the wealthiest 1% over the.
- [15:53]
D
Yeah, I mean, it's just the way they paired these two elements together. These spending cuts that are for programs that serve the poorest Americans and these tax cuts which include an extension of these 2017 tax cuts which were heavily weighted towards wealthier Americans and businesses, as well as adding in some middle class tax cuts. But when you look at the tax cuts as a whole, they do disproportionately benefit wealthier households. Even when you include things like no tax on tips, no tax on overtime, no tax on Social Security. The wealthier individuals in America who are benefiting from everything from a lower tax rate to things like an extension and an expansion of the inheritance tax. So the tax exemption for multimillion dollar inheritances. There are a number of advocates out there for lower income households who look at those benefits and see what's happening to the lower income households and characterize that as one of the biggest transfers in wealth we have seen in history.
- [16:59]
B
Shannon, correct me if I'm wrong, the President has really heralded the no taxes on tips, those middle class tax cuts and tax benefits. Those are temporary, right?
- [17:09]
D
Yep, they're temporary. They expire at the end of the President's term. However, the tax cuts that were extended from the 2017 tax cuts, those for the wealthy, things like the estate tax, those are made permanent.
- [17:24]
B
Overall, this is projected to add $4.7 trillion to the national debt over the next decade. And so we know that the effects of the one big beautiful bill will be felt long after the 2026 midterm elections, the 2028 elections. What part of this plan are we waiting to kick in?
- [17:45]
D
Yeah, well, certainly right to your point about the debt that will be felt generations from now. And I think the really next big thing we're going to start to see next year is these Medicaid cuts. Some states are going to start rolling them out a little bit before next year. Hospitals are already preparing and bracing for that loss in income. But there's some health organizations that estimate that 10 million people could lose their health insurance through these changes to Medicaid. And it could be everything from states having to cut programs like home care programs that people have relied on, to someone just not being able to meet these added work requirements, someone with very low income who can't meet these new work requirements, and organizations that work with low income households. Just really worried that yes, in an ideal world it would be great for everyone to be able to work taking away someone's food and healthcare benefits because let's say they had a vehicle breakdown or they got their hours cut or they're going through a really extended period of unemployment. These organizations did not feel that was going to be helpful to trying to get people into the labor market and working long term.
- [18:55]
B
Shannon Petty, Peace. Thank you so much.
- [18:57]
D
Thank you.
- [19:00]
B
All right. We're going to take a very quick break. When we're back, the goat Serena Williams made her return to the famed wimbledon grass. So is 44 the new 30 in tennis? Stay with us.
- [19:16]
D
If you're looking for new ways to get ahead, then you're our kind of person. We're Udemy and we help learners like you upskill in AI productivity, leadership and management and more.
- [19:29]
B
Learn at your own pace from real world experts.
- [19:33]
D
You can also prep for certifications that
- [19:35]
B
show employers what, you know, upskill for
- [19:38]
D
the career you want@udemy.com now back to your regularly scheduled listening.
- [19:45]
E
Hi, I'm Angie Hicks, co founder of Angie. When you use Angie for your home projects, you know all your jobs will be done well. Roof repair, done well. Kitchen sink install, done well. Deck upgrades, done well. Electrical upgrade, done well. Angie's been connecting homeowners with skilled pros for nearly 30 years. So we know the difference between done and done well. Angie, the one you trust to find the ones you trust. Find a pro for your project@angie.com Running
- [20:16]
B
a business is hard enough, so why make it harder With a dozen different apps that don't talk to each other? Introducing Odoo, the only business software you'll ever need. It's an all in one fully integrated platform that makes your work easier from CRM, accounting, inventory, e commerce and more. And the best part, Odoo replaces multiple expensive platforms for a fraction of the cost. That's why over thousands of businesses have made the switch. So why not you try Odoo for free@odoo.com that's o d o o.com and we are back with here's the scoop from NBC News. While soccer fans have spent the last two weeks watching matches here on this side of the pond, the action for tennis fans is over in London. Wimbledon just kicked off this week with a huge storyline, the return of 23 time Grand Slam champ Serena Williams after four years off the court. So what did we see from Serena and how does the field look for both the men and the women's competitions? Joining me now is NBC Sports analyst Mary Carillo. She's a former professional tennis player and she holds a French Open mixed doubles title with John McEnroe. Mary, welcome.
- [21:25]
A
Thank you very much. Nice to be here.
- [21:27]
B
So we have to start with the biggest headline of the tournament. Serena Williams, 44 years old, returned to play her first singles match in nearly four years on Tuesday. She ultimately lost to 20 year old Maya Joint, but it was still a tight match. How does she look to you?
- [21:44]
A
She looked pretty good for someone who hasn't played a singles match in nearly four years. Two kids later, 44 years old, I mean, the seven time Wimbledon champion walked onto center Court Wimbledon looking like she belonged. She didn't move as well as we're used to seeing. She ended up losing the first round, which didn't happen much at all with her, but I genuinely thought that that was a winnable match for her. But this 20 year old Aussie just came right back at her and held her nerve and her poise and honestly, the Wimbledon committee held off. They were. Serena needed a wild card to get in. She's got no ranking, so they held that final wild card spot for her. And it was only a couple of days ago that she decided, yeah, I'll take it and play singles. Because originally she was going to play doubles with her sister Venus. I mean, she tried to kick off the Russ as well as she could, but she faced a good opponent. It'll be interesting to see now she blew off the press conference. I hate when that happens, especially if you've been granted a wild card and they put you on center court, which is where you richly deserve to be playing. But you know, we all wanted to know what she felt about herself and whether she wanted to continue to pursue a singles career. Now she doesn't have to play doubles with her sister for a couple more days and God knows they know how to win Wimbledon doubles. They won 14 majors, they won Olympic titles in doubles. So she continues. She lost in the first round. She continues to be the biggest Wimbledon story of 2026.
- [23:19]
B
And look, she won seven Grand Slams before her opponent was even born.
- [23:27]
A
That's a funny statistic, isn't it?
- [23:30]
B
It's just mind boggling.
- [23:32]
C
It is.
- [23:33]
A
I mean, Serena has played tremendous tennis for 25 years.
- [23:37]
B
Mary, as you mentioned, she is scheduled to play doubles with her sister Venus. That may or may not happen. This tweak. Her agent said she maybe suffered an injury yesterday. You've known the Williams sisters for a really long time, Mary. What keeps them coming back?
- [23:53]
A
I have known them for a long time, since they were little kids. I mean, Venus makes light of it. She's 45 years old and she says she needs the insurance that the Women's Tennis association offers her. That's ridiculous. I mean, they can both be very, very coy when they talk about themselves and their careers. I think Serena can really do more. Keep in mind, after her first child, Serena came back the next year, 20. And in the coming years, she got to four Grand Slam finals and she lost in all four of them. I think that has continued to gall her. You know, she wants very much to get to 24 majors and, you know, the US Open isn't that far away. I would love to see her in New York. Boy, I would love to see that. I remember what that joint was like the last time.
- [24:48]
B
Mary, I want to look at the rest of the tournament field. The women's field is pretty open. In fact, there have been, what, eight different winners over the past eight years. Serena Williams was actually the last Repeat winner in 2016. Who do you see making a run here?
- [25:03]
A
You know, it's hard to say. I mean, Coco Gauff is always a part of any conversation. She's already won the US Open and the French Open because of her very extreme grips. Grass is not always the friendliest kind of surface for her. I don't think she's among the favorites, honestly. I think it should probably be somebody like Elena Rybakina. Jessica Pegula, the American veteran, is playing great tennis and very strong grass court tennis. So I definitely keep an eye on
- [25:33]
B
her as well when it comes to the men. Reigning champion Jannik Sinner is a pretty heavy favorite to win the tournament, especially with Alcaraz out with an injury. Do you agree? And who could give him his stiffest competition?
- [25:45]
A
Sinner has already won his second round match today, and he looked pretty good, considering at the French Open. He was. He was in such bad shape, he has a hard time playing long matches in great heat. Fortunately, that heat dome that was making all of Europe so hot last week is better this week. Clearly, the guy can play on anything, so he can defend. But there are some Americans that I'm going to keep a close eye on. Taylor Fritz won in three straight sets. Francis Giaffe, Tommy Paul. But I would love to see Novak Djokovic at the tail end of the fortnight. He's in such remarkable shape for a guy who's 39 years old. He can still move so well, get in and out of the corners, attack, defend. And he likes the grass at Wimbledon, and I think he always feels like he's got something special to prove there.
- [26:36]
B
Thank you, Mary Carrillo.
- [26:38]
A
Anytime. Anytime.
- [26:42]
B
That's gonna do it for us at here's the scoop from NBC News. I'm Christine Romans filling in for Yasmin Vasugian. We'll be back tomorrow with whatever the day may bring. If you like what you heard, subscribe. Wherever you get your podcasts, and you can also subscribe to our daily newsletter, the Inside Scoop. It's a deeper dive on the main stories of the day that comes out every weeknight straight to your inbox. You can sign up for the Inside Scoop as part of our paid subscription@nbcnews.com.
- [27:17]
E
Hi, I'm Angie Hicks, co founder of angie From Roof Repair to Emergency Plumbing and More, when you use Angie for your home projects, you know all your jobs will be done well. Angie the one you trust to find the ones you trust. Find a pro for your project@angie.com.