Kate Bullivant

White House Staff Secretary Will Scharf said certain universities, including Harvard, have, quote, routinely violated this law and this law has not been effectively enforced, end quote. The administration hasn't provided evidence Harvard violated the law. A Harvard spokesman said the university has filed the appropriate reports for decades as part of its ongoing compliance with the law.

Meanwhile, President Trump has tossed cold water on the idea of raising tax rates on high-income Americans, calling the potential millionaire's tax very disruptive. Trump's comments end, for now, a Republican flirtation with higher taxes at the top to help pay for his broader agenda. The idea, which cuts against long-standing GOP views on taxes,

Meanwhile, President Trump has tossed cold water on the idea of raising tax rates on high-income Americans, calling the potential millionaire's tax very disruptive. Trump's comments end, for now, a Republican flirtation with higher taxes at the top to help pay for his broader agenda. The idea, which cuts against long-standing GOP views on taxes,

could have countered Democrats' argument that Republicans are simultaneously trying to take money from Medicaid and lower taxes for the richest Americans. Trump said he feared a millionaire's tax would mean wealthy Americans would leave the country. And speaking of the richest Americans, they now control a record slice of the nation's wealth.

could have countered Democrats' argument that Republicans are simultaneously trying to take money from Medicaid and lower taxes for the richest Americans. Trump said he feared a millionaire's tax would mean wealthy Americans would leave the country. And speaking of the richest Americans, they now control a record slice of the nation's wealth.

New data from the Federal Reserve suggests $1 trillion of wealth was created for the 19 richest American households alone in 2024, more than the value of Switzerland's entire economy. The Journal's Juliet Chung says Americans have generally gotten richer, in part thanks to strong US growth. But the rise in wealth for the richest has far outpaced that of everyone else.

New data from the Federal Reserve suggests $1 trillion of wealth was created for the 19 richest American households alone in 2024, more than the value of Switzerland's entire economy. The Journal's Juliet Chung says Americans have generally gotten richer, in part thanks to strong US growth. But the rise in wealth for the richest has far outpaced that of everyone else.

And that's it for What's News for this Thursday morning. Today's show was produced by Daniel Bark. Our supervising producer is Sandra Kilhoff. And I'm Kate Bullivant for The Wall Street Journal, filling in for Luke Vargas. We'll be back tonight with a new show. Until then, thanks for listening.

And that's it for What's News for this Thursday morning. Today's show was produced by Daniel Bark. Our supervising producer is Sandra Kilhoff. And I'm Kate Bullivant for The Wall Street Journal, filling in for Luke Vargas. We'll be back tonight with a new show. Until then, thanks for listening.

Owen, from your reporting, why are people who were all in on US stocks, why are they starting to look elsewhere for their investments?

Owen, from your reporting, why are people who were all in on US stocks, why are they starting to look elsewhere for their investments?

We're four months roughly into a four-year Trump presidency. It's relatively early days. So why do you think people you spoke to are not wanting to ride out this period of volatility?

We're four months roughly into a four-year Trump presidency. It's relatively early days. So why do you think people you spoke to are not wanting to ride out this period of volatility?

So if people are looking to move out of the U.S., where are they looking to invest their money now?

So if people are looking to move out of the U.S., where are they looking to invest their money now?

And what about those investors who aren't looking for the exit when it comes to American stocks?

And what about those investors who aren't looking for the exit when it comes to American stocks?

Owen, thanks so much for bringing us this reporting.

Owen, thanks so much for bringing us this reporting.

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