President-elect Trump is being inundated with so much money from corporations and wealthy donors that his team expects to raise about $500 million by summer — even though he can't run again, sources in his operation tell Axios.

Why it matters: By stockpiling so much cash, Trump is signaling he doesn't want to be seen as a lame duck in his second term, and is ready to help political allies, punish opponents and help Republicans keep full control of Congress in 2026.

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• "The money is just pouring in at Mar-a-Lago. Trump doesn't have to lift a finger. Everyone's coming to him," said a Trump adviser who was among five insiders to speak with Axios anonymously to describe the inner workings of Trump's operation.
• "We're looking at half a billion [dollars] by June, and we're on track," this adviser said. "It's sort of a target but it's just a realistic projection of what's happening."

Zoom in: Trump's donors are giving to a variety of accounts.

• They include the president-elect's inauguration account, the MAGA Inc. super PAC, a political nonprofit called Securing American Greatness, the Republican National Committee and Trump's presidential library fund.
• The donors run the gamut: from health care to agriculture, insurance, financial institutions, tech and cryptocurrency investors.
• "The crypto guys are just blowing it out," the Trump adviser said. "It used to be $1 million was a big number. Now we're looking at some folks giving like $10 [million] or $20 million."
• "If the tech guys are giving big, it makes everyone give," another Trump adviser added.

Catch up quick: The bumper crop of donors is a marked difference from this time four years ago, after the Jan. 6, 2021, riot at the Capitol by Trump supporters.

• Many major GOP donors and corporate interests vowed to either pause or stop donations to Trump or congressional Republicans because of the plot to try to overturn the 2020 presidential election.

Some of the donors resumed contributions later, but Trump has kept a grievance list of those who haven't, and he's reminding them he won in 2024 without their help.

• Insiders say Trump's even pulling out corporate balance sheets and referring to the companies' bottom lines as their executives — some carrying donations — come to meet him.

"You guys made this amount of money last year and you're gonna make so much more now because of me," Trump told the representatives of one company, according to a confidant who heard the story from the president-elect.

• "But when I needed you, where the f**k were you? You weren't with me and maybe you were with her," referring to Vice President Harris, whom Trump defeated in November.
• One company's consultant told Axios that he saw Trump in a meeting with a client and soon-to-be-donor "raking them over the coals" and asking them, "Where were you the last four years?"

Between the lines: Trump is transactional but not for sale, these sources say. In these meetings, they say, Trump has made it clear that this is a one-way street: They donate money to support his agenda, but he's not taking their money to support their agenda.

• "A lot of these guys are going down [to Mar-a-Lago] taking victory laps because he's taking their money and they're in for a rude awakening," the company consultant said. "Sure, he'll throw an inaugural party with their money but he owes them nothing."
• "He'll take your money and then tell you, 'I don't give a f**k what you want.' He did that during the campaign," said another Trump adviser. "He's going to do what he wants, what the base wants."

Even so, donors seem to be giving on the assumption that there's something in it for them.

• The reasons appear to vary: ideological alignment with Trump; getting favorable legislation in the upcoming "reconciliation" bill that Trump and the GOP-led Congress are putting together, or avoiding public criticism from Trump that can drive down a company's value.
• The new Elon Musk-led Department of Government Efficiency (DOGE) has been cited by some as a new factor. It's now a verb in the political lexicon, meaning something that's on the chopping block.
• "We don't want to get DOGE'd," one lobbyist told Axios.

There also are competitors to consider: Some industries and companies are fighting each other, so they feel pressure to contribute if their rivals have.

• "The pharma guys came down and met with Trump and blamed a lot of problems on drug prices on the PBM guys," one Trump adviser said, referring to pharmacy benefit managers.
• "So now, the PBM guys are coming in to meet with Trump."

Democratic women senators grilled Pete Hegseth, President-elect Trump's pick for Defense secretary, during his Tuesday confirmation hearing over his stances on women in the military.

Why it matters: Hegseth, an Army combat veteran, previously said he doesn't believe women should serve in combat roles — and had to answer to women sharply questioning him on that and his subsequent change in stance.

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What they're saying: "You will have to change how you see women to do this job well, and I don't know if you are capable of that," Sen. Kirsten Gillibrand (D-N.Y.) said.

Catch up quick: Hegseth said in a podcast hosted by Shawn Ryan on Nov. 7: "We need moms, but not in the military, especially in combat roles."

• He said in the same interview having women in combat roles "hasn't made us more effective."

Zoom in: Gillibrand referenced the statements during Hegseth's confirmation hearing.

• "Please explain these types of statements because they're brutal, and they're mean, and they disrespect men and women who are willing to die for this country," she said.
• Hegseth responded:  "I would point out I've never disparaged women serving in the military. I respect every single female service member that has put on the uniform past and present."
• He answered to Sen. Joni Ernst (R-Iowa) that he supports women serving in combat roles and said his critiques stemmed from specific instances of seeing lowered standards.

Sens. Jeanne Shaheen (D-N.H.) and Elizabeth Warren (D-Mass.) descibed Hegseth's responses as inconsistent.

• "On the one hand, you say that women are not competent, they make our military less effective," Shaheen said. "And on the other hand, you say 'oh no, now that I've been nominated to be the secretary of defense, I've changed my view on women in the military.'"
• Sen. Tammy Duckworth (D-Ill.), who lost both legs and partial use of her right arm while deployed to Iraq, said: "This hearing now seems to be a hearing about whether or not women are qualified to serve in combat, and not about whether or not you are qualified to be secretary of defense."

Zoom out: Sen. Mazie Hirono (D-Hawaii) also questioned Hegseth on sexual assault allegations against him.

• A woman told police Hegseth sexually assaulted her in 2017 after allegedly taking her phone, blocking the door to a hotel room and refusing to let her leave.
• His attorney has said a payment was made to the women as part of a confidential settlement.
• Hegseth has denied the sexual assault allegations.

Go deeper: Five questions Hegseth dodged at his Defense Department confirmation hearing

• Americans face potential tax bill changes as Trump's 2017 tax package is set to expire this year.
• The 2017 Tax Cuts and Jobs Act lowered rates and shifted brackets for filers.
• Republicans plan to prioritize tax policy, aiming to extend cuts and reduce other taxes.

Americans could see their tax bill change next year as a legislative battle looms.

Many provisions from President-elect Donald Trump's major tax package from his first term, 2017's Tax Cuts and Jobs Act, are set to expire this year. The legislation lowered tax rates for many Americans and shifted tax brackets. For many everyday Americans, TCJA's expiration would mean the possibility of a larger tax bill — the Tax Foundation estimates that 62% of filers would see a tax increase should TCJA expire.

With the GOP controlling the White House and both houses of Congress, however, it's likely that the bulk of the law will be extended.

"President Trump is committed to lowering the tax burden on the American people who elected him in November with an overwhelming mandate to Make America Wealthy Again," Karoline Leavitt, a Trump-Vance transition spokeswoman, said in a statement to Business Insider. "The Trump Administration will be dedicated to ensuring that American workers keep more of their hard-earned dollars in their pockets while growing the strongest and most resilient economy the world has ever seen."

To determine the potential tax impacts for Americans, we used the Tax Foundation's projections of what tax rates and brackets would be for single filers in 2026 under a TCJA extension and under a TCJA expiration scenario.

TCJA also impacts the deductions that filers can claim on their taxes, but, since those are often determined on an individual basis based on varying circumstances — such as having a child or business — they are not included in these calculations, which cover taxable income after any such deductions and adjustments.

Higher earners would end up with the biggest tax increases if TCJA expires. For instance, an American with $1 million of taxable income would see their tax burden grow by over $12,000 should TCJA provisions expire.

But the tax bills of Americans in the middle income band would see the highest percent increase should TCJA expire. For instance, a filer with $50,000 of taxable income would see their tax burden increase by nearly 20%; comparatively, a filer making $700,000 would see their tax burden grow by just around 2%.

Of course, this doesn't tell the whole tax story. Measures like the Child Tax Credit were expanded under TCJA, meaning that, should the bill expire, parents would owe more or get a smaller refund.

The TCJA also capped how much filers could deduct for paying hefty local taxes. For Americans in high-tax areas, which includes states like New York and New Jersey, the State and Local Tax deduction cap expiring could mean a bigger break on their taxes.

"The change in the tax brackets is only a small part of the story of the TCJA," Ernie Tedeschi, Yale Budget Lab's director of economics, told BI. "Most of the story is actually in the law's changes to deductions, exemptions, and credits."

Republicans are already lining up to tackle tax policy as one of their major priorities once they hold their House, Senate, and White House trifecta. The GOP may go even further than merely extending the TCJA's cuts through proposals from Trump to nix taxes on tips, overtime, and Social Security.

But slim Republican congressional majorities will likely mean that any tax changes could be contentious, although Republicans are gearing up for the fight. Rep. Jason Smith, the chair of the House Ways and Means Committee, said in his weekly report that he's been working closely with Trump on a bill.

"Passing one big, beautiful bill is the best way to ensure as much as possible of President Trump's agenda is enacted," Smith said. "In one fell swoop, we can secure the border, unleash American energy, and deliver tax relief to workers, families, farmers, and small businesses. These are the policies the American people are demanding. Now it's up to Congress to deliver."

Are you concerned about your tax bill changing, or did it change in the wake of 2017? Contact this reporter at [email protected].

Ukrainian President Volodymyr Zelenskyy is visiting Poland after the two countries reached an agreement on a longstanding source of tensions between them: the exhumation of Polish victims of World War II-era massacres by Ukrainian nationalists

© Copyright 2025 The Associated Press. All rights reserved.

Trump has echoed Moscow’s rhetoric, which has described its ‘special military operation’ in Ukraine as a response to planned Nato membership for Kyiv

© AP

Flags at the U.S. Capitol will fly at full-staff during President-elect Trump's inauguration despite President Biden's directive that they remain at half-staff through January to honor former President Carter's death.

Why it matters: House Speaker Mike Johnson (R-La.) and some Republican governors are promising to fly flags at full-staff Monday after Trump repeatedly complained about them being lowered for his swearing in.

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Driving the news: Johnson announced Tuesday that flags at the Capitol will fly at full-staff for the inauguration and then return to half-staff the next day in honor of Carter.

Zoom out: An increasing number of Republican governors have ordered that flags at state buildings be flown at full-staff on Inauguration Day.

• These include Alabama Gov. Kay Ivey, Texas Gov. Greg Abbott, Nebraska Gov. Jim Pillen, North Dakota Gov. Kelly Armstrong, Tennessee Gov. Bill Lee, Florida Gov. Ron DeSantis and Iowa Gov. Kim Reynolds.
• Some cited a federal statute that calls for the flag to be displayed 24 hours a day on certain occasions for "patriotic effect," instead of from sunrise to sunset.
• "While we honor the service of a former President, we must also celebrate the service of an incoming President and the bright future ahead for the United States of America," Abbott's announcement said.

Between the lines: Flags at Trump's Mar-a-Lago club returned to full-staff days after Carter was buried in Plains, Georgia, AP reported.

• Trump took to Truth Social in early January to complain: "The Democrats are all 'giddy' about our magnificent American flag potentially being at 'half mast' during my inauguration," he wrote, incorrectly using the term to refer to a flag on a ship.
• "Nobody wants to see this, and no American can be happy about it," he added. "Let's see how it plays out."

Go deeper:

• Trump inauguration 2017 vs. 2025: What's changed
• Gov. Cox faces flag choice for Trump's inauguration during Carter mourning period

Editor's note: This story was updated with additional states that have said their flags will be full-staff on Inauguration Day.

A man accused of felony stalking of Indiana Fever star and WNBA rookie of the year Caitlin Clark shouted “guilty as charged” in a courtroom on Tuesday

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SEC alleges Musk was able to underpay ‘by at least $150 million’ for Twitter shares he bought after he should have disclosed his ownership of more than 5%

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Crete is notorious for road traffic accidents in Greece

© Getty Images

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