No tax on Social Security? Not quite.
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Visit reputationdefender.com slash success to learn more. That's reputationdefender.com slash success. We'll update Congress's plans on taxes on Social Security benefits.

I'm David Brancaccio in Los Angeles. The House of Representatives could vote as soon as today on the big tax and spending bill, one strand. President Trump says the legislation gets rid of taxes on Social Security benefits. The details are more complex. Here's Marketplace's Nancy Marshall-Genzer.

The legislation creates a new temporary extra tax deduction for people over age 65. It's $6,000 in the Senate version and $4,000 in the House bill. The House will be voting on the Senate version of the legislation. The temporary new deduction applies to all of the seniors' income, not just Social Security. It phases out for higher-income taxpayers. The lowest-income seniors won't be affected because they already pay no taxes on their Social Security benefits.

The White House Council of Economic Advisers estimates that if the bill passes, 88 percent of seniors receiving Social Security won't pay any taxes on their benefits.

But those taxes go toward funding Social Security, and the Committee for a Responsible Federal Budget estimates the new bill would speed up the insolvency of Social Security and Medicare by a year to 2032, causing an across-the-board cut to benefits of around 24 percent. I'm Nancy Marshall-Genzer for Marketplace.

Some hardline Republicans who want deeper cuts to government programs could derail a procedural vote in the House today that could bust the Republican self-imposed deadline of getting the sweeping tax and program cutting bill to the president's desk before Fourth of July.

The latest tally of private payroll jobs came in surprisingly weak this morning. The ADP Payroll Company reports private sector employment fell by 33,000 people in June. What was expected was an increase of 100,000. This is the first decline since 2023. Analyst Susan Schmidt is portfolio manager at Exchange Capital Resources.

Small businesses lost 47,000 jobs. Large businesses gained 30,000 jobs. It's interesting because we're seeing that discrepancy between size. At the same time, we're seeing very healthy wage growth. People who stayed in their job got an increase in wages overall and people who switched jobs.

It's got an increase in jobs overall. It really shows that there's been a decline in confidence in small business owners. They're just not sure what their future costs are going to be for the rest of this year because a lot of the impact of tariffs is still looming.

The official hiring and unemployment reports come out tomorrow. This ADP report often doesn't sync up with the government tallies, we shall see. Holders of stocks and big banks had a bountiful Tuesday with news that those extra payouts known as dividends would go up significantly. For instance, Goldman Sachs dividends were up 33 percent. This is in part because the financial stress tests set up after the last financial crisis were made easier, allowing banks to give out more of their profits.

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June was Pride Month in the US. We'd reported on enthusiasm up, but corporate sponsorships down in a number of US cities. London Pride is this weekend, and even in the UK, some funding is off. Elizabeth Hodson, Marketplace BBC, filed this report for us. The second Trump administration has brought with it a rollback of diversity, equity and inclusion policies, as well as restrictions of rights for trans and gender non-conforming people. The

the political and policy climate has led to some big names cutting funding for Pride initiatives and parades, and not just in the US. Tim Noblett is Director of Marketing at Pride in London, the UK's biggest Pride event. So what we've seen here both directly in Pride in London, but also at a wider UK level is that corporations and big organisations are pulling funding, some of these being American organisations or international organisations who have lost their DEI budget, and

And I think there's also been an opportunity for some organisations to use this cultural shift to step away. There's long been a concern that big names have used pride sponsorship and the rainbow symbol in general as a quick way to sell products to the LGBTQ community.

Kerry Nicholson, who identifies as non-binary, is Chief Operating Officer at marketing consultancy Brand Champions. You can't just put a rainbow on something and expect it to sell and expect...

the LGBTQ community to feel like you're supporting them. Kerry says it's time for a reset, not getting rid of corporate involvement altogether, but thinking more about how their values align with LGBTQ causes. You almost need to go back to basics. Look at what's going on internally. Do you have good employee resource groups that support the LGBT community? Do you really need to start there before you start going out to the world?

And in the current economy, there's also the flip side. If you're a big company sponsoring a pride event, will your dollars actually translate into extra sales?

Dr. Matt Johnson, a professor of marketing and psychology at Holt International Business School in Boston, isn't sure. Certainly members of that specific consumer group may be more likely to buy from a brand that openly espouses those values. But consumers tend to be very, very habitual with their spending. They tend to be very price sensitive, especially in times of inflation. Yeah, of course, we like in the abstract sense, a company that maybe espouses certain values. But

we also love a deal. Despite the wider challenges, there are companies that are still keen to get involved in Pride events. Hugo Remy is the boss of Pride Pay, a finance app launching later this year. It's the new lead sponsor of Pride in London and Remy has a very pragmatic approach to corporate funding in general.

Even the best public initiative will fail without proper funding, you know, and everything in our life costs money right now. There's also a personal reason behind the Latvia-born CEO's involvement. I'm bisexual myself. I feel free and secure in the UK. I can talk about this. In my home country, I still can't. I always try to be honest with myself, first of all, and with other people. I know that when you have an opportunity to change something, you should use this opportunity. So

So while some corporations have stepped back from contributing to events, others are relishing the opportunity and representation Pride presents. In London, I'm the BBC's Elizabeth Hotson for Marketplace.

And there's news the owner of CBS will pay $16 million to settle a lawsuit over a Kamala Harris interview aired on 60 Minutes last fall. Donald Trump claimed the editing was misleading. Paramount says there will be no apology or statement of regret. The $16 million will go to fund a Trump presidential library. Marketplace Morning Report from APM American Public Media.

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