Today in one sentence: Trump’s federal criminal election interference case resumed after a nearly yearlong delay; Kamala Harris called for a 28% capital gains tax rate for Americans who earn at least $1 million a year; Trump pledged to cut the corporate tax rate to 15% from 21% for companies that make their products in the U.S.; Kamala Harris announced plans for a $50,000 tax benefit for small businesses; Trump endorsed Elon Musk’s plan for a "government efficiency commission" to cut federal spending; and Hunter Biden pleaded guilty to the nine charges in the federal tax case against.

1/ Trump’s federal criminal election interference case resumed after a nearly yearlong delay. The case had been on hold since late last year, when Trump appealed U.S. District Judge Tanya Chutkan’s decision that he’s not entitled to “presidential immunity” from criminal prosecution. Despite two lower courts rejecting Trump’s claim of total immunity, the Supreme Court took up the appeal and ruled in July that Trump is entitled to “absolute immunity from criminal prosecution” for “official acts.” Last week, special counsel Jack Smith charged Trump in a superseding indictment in the case involving an alleged conspiracy to obstruct the results of the 2020 election. The revised indictment kept the same four charges against Trump, but recalibrated the case to adjust to the Supreme Court’s ruling that presidents enjoy sweeping immunity from prosecution for their official conduct. Today, lawyers on both sides sparred over their proposed paths for how the election interference case against Trump should proceed. Chutkan appeared inclined to give prosecutors a chance to lay out the evidence against Trump within the next few weeks. Trump’s attorney, John Lauro, however, pushed back, saying this a “sensitive time” with the presidential election approaching. Chutkan responded: “The electoral process and the timing of the election […] is not relevant here. This court is not concerned with the electoral schedule.” (Politico / Washington Post / New York Times / CBS News / CNN / CNBC)

2/ Kamala Harris called for a 28% capital gains tax rate for Americans who earn at least $1 million a year – 10 points lower than Biden’s proposed 39.6% top rate. The current capital gains tax rate is 20%. “While we ensure that the wealthy and big corporations pay their fair share, we will tax capital gains at a rate that rewards investment in America’s innovators, founders and small businesses,” Harris said. While Trump hasn’t explicitly outlined a position, in 2016 he supported capping capital gains taxes at 20%, and the Heritage Foundation’s Project 2025 calls for a 15% tax on capital gains. (Bloomberg / USA Today / Axios / ABC News / CNN / CNBC)

3/ Trump pledged to cut the corporate tax rate to 15% from 21% for companies that make their products in the U.S. Trump has also called for tariffs of 10% to 20% – and even higher rates on China – he claims would return manufacturing jobs to the U.S. Economists, however, have warned that sweeping tariffs on $3 trillion worth of imports would reignite inflation. “I am promising low taxes, low regulations, low energy costs, low interest rates, secure borders, low, low, low crime,” Trump said. Trump, meanwhile, also promised to ban undocumented immigrants from obtaining home mortgages. Out of the more than 3.4 million mortgages in 2023, some 5,000 to 6,000 were issued under a program designed for taxpayers without Social Security numbers. (Bloomberg / Associated Press / Wall Street Journal / CNN)

4/ Kamala Harris announced plans for a $50,000 tax benefit for small businesses, expanding the current $5,000 deduction for start-up expenses. In addition, Harris proposed developing a standard deduction for small businesses meant to save owners time when doing their taxes, make it easier to get occupational licenses, and new incentives for state and local governments to make it easier to form start-ups. “America’s small businesses are an essential foundation to our entire economy,” Harris said. The plans are part of a goal to spur some 25 million new business applications in her first term – up from the record 19 million since Biden took office. (Associated Press / CNBC / Wall Street Journal / New York Times / Washington Post / USA Today)

5/ Trump endorsed Elon Musk’s plan for a “government efficiency commission” to cut federal spending, which would be led by Musk “if he has the time.” Without offering concrete details, Trump claimed that “This commission will develop an action plan to totally eliminate fraud and improper payments within six months” by “conducting a complete financial and performance audit of the federal government and making recommendations for drastic reforms.” Musk, meanwhile, said he looked forward “to serving America if the opportunity arises” without pay or a title. It’s not clear how Musk would resolve his potential conflicts of interests leading the commission while SpaceX has contracts from the federal government and Tesla has received federal tax credits and other government incentives. Since Musk purchased Twitter for $44 billion in 2022, the social media company’s value has plunged 72% and resulted in $24 billion in paper losses. (Washington Post / Axios / NBC News / USA Today / CNBC / Wall Street Journal / New York Times)

6/ Hunter Biden pleaded guilty to the nine charges in the federal tax case against him. The plea came after prosecutors objected to his offer earlier in the day to enter what’s known as an Alford plea, which a defendant maintains their innocence but concedes that the prosecution’s evidence would likely result in a guilty verdict. He faces up to 15 years in prison and fines of up to $1 million after pleading guilty to three felonies and six misdemeanors, on charges he failed to pay $1.4 million in taxes from 2016 to 2019. His sentencing is now in the hands of the judge. Joe Biden, meanwhile, has repeatedly said he will not pardon Hunter or use his commutation power to reduce a prison sentence. (NBC News / Washington Post / Politico / New York Times / CNN / USA Today)

  • 📅 The WTFJHT Calendar: Now until then.

  • 🗳️ Sept. 6: First state begins mail voting.
    📺 Sept. 10: [Confirmed] ABC presidential debate.
    🗳️ Sept. 16: First state starts early voting.
    ⚖️ Sept. 18: Trump is sentenced.
    📺 Sept. 25: [Proposed] NBC presidential debate.
    📺 Oct. 1: [Confirmed] CBS vice presidential debate.
    📆 Oct. 6: Last day to register to vote in some states.
    ⛔️ Oct. 14: Indigenous Peoples’ Day – No WTFJHT.
    🗳️ Nov. 5: Election Day.

  • ✅ Get election ready: Register to vote, update your address, or request an absentee ballot at Vote.org, TurboVote.org, RocktheVote.org, or VoteFromAbroad.org.

  • 📈 The WTFJHT Election Poll Tracking Tracker ™️

  • Harris +3.0 points (New York Times)
    Harris +3.2 points (538)
    Harris +3.2 points (Nate Silver)
    Harris +3.1 points (The Economist)
    Harris +1.8 points (RealClearPolitics)
    Trump +2.5 points (Election Betting Odds)

  • 🔮 Election Forecast Tracker

  • Harris wins 55 times out of 100. Trump wins 44 times out of 100. (538)
    Trump wins 60 times out of 100. Harris wins 40 times out of 100. (Nate Silver)
    Harris wins 50 times out of 100. Trump wins 50 times out of 100. (The Economist)