Business & Economy
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Business & Economy
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Trump pitches ‘gold card’ to replace EB5 investor visa
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The Trump administration said Tuesday that it would increase the funds required to secure the status while dubbing the new option a “gold card.”
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Commerce Secretary Howard Lutnick told reporters in the Oval Office that the Trump administration would be ending the existing EB5 visa program, while President Trump boasted the new visa would bolster the economy.
“We’re going to be putting a price on that card of about $5 million and that’s going to give you green card privileges, plus it’s going to be a route to citizenship," Trump said.
"And wealthy people will be coming into our country by buying this card. They’ll be wealthy, and they’ll be successful, and they’ll be spending a lot of money and paying a lot of taxes and employing a lot of people, and we think it’s going to be extremely successful,” he continued.
While Trump said the new system has “never been done before, anything like this,” the broad strokes of what he announced sound similar to the existing EB5 investor program, albeit with a higher price tag.
The current program requires would-be investors to invest a little over $1 million and create at least 10 jobs. It also puts investors on a pathway to a green card and later citizenship.
Read the full report at TheHill.com.
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Welcome to The Hill’s Business & Economy newsletter, I'm Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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House Republican leadership is aiming to muscle through a budget resolution Tuesday that would serve as a blueprint to pass large swaths of President Trump’s agenda.
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The race to prevent a government shutdown next month is colliding with Republican efforts to enact President Trump’s tax and funding priorities.
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Denny’s is joining Waffle House in adding an egg surcharge, according to a statement from the company.
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President Trump on Tuesday directed his Commerce secretary to investigate the need for possible tariffs on copper, the latest industry to potentially be targeted by Trump’s sweeping trade agenda.
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Welcome to Tax Watch, a new feature in The Hill's Business & Economy newsletter focused on the fight over tax reform and the push to extend the 2017 Trump tax cuts this year.
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Medicaid popularity ranks high among Trump voters
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To help pay for an extension of the 2017 Trump tax cuts, Republicans are looking to make cuts to Medicaid.
But the federal healthcare program is popular not only among Democrats but also among Trump voters, according to new polling.
A poll from Hart Research found that 71 percent of voters who supported Trump said cutting Medicaid would be unacceptable. Voters across the political spectrum were even more opposed to it, with 82 percent resisting Medicaid cuts.
Recent polling from Groundwork Collaborative and Data for Progress found that 79 percent of respondents had a positive opinion of Medicaid and that 87 percent would want to increase or maintain funding for it.
House Republicans are looking to make up to $2 trillion worth of budget cuts in their fiscal year 2025 budget resolution. Nearly $900 billion in cuts is expected from the Energy and Commerce Committee, which oversees Medicaid.
Republicans want their tax cuts to add no more than $4.5 trillion to the deficit, though simply extending the 2017 cuts would increase it by nearly $4.7 trillion, according to the Congressional Budget Office.
— Tobias Burns
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Upcoming news themes and events we're watching:
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A Senate banking subcommittee will hold a hearing on Wednesday at 2:30 pm focused on exploring bipartisan legislative frameworks for digital assets.
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Branch out with more stories from the day:
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KYIV, Ukraine (AP) — Ukraine and the U.S. have reached an agreement on a framework for a broad economic …
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Business and economic news we've flagged from other outlets:
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S&P 500 slides for a fourth day after consumer confidence data disappoints, Nasdaq drops 1% (CNBC)
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Musk’s Starlink gets FAA contract, raising new conflict of interest concerns (CNN)
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Tesla Market Value Slips Below $1 Trillion (Bloomberg)
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Top stories on The Hill right now:
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The Trump administration said Tuesday that it would be revamping the U.S. investor visa, increasing the funds required to secure the status while dubbing the new option a “gold card.” Read more
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House GOP leaders pulled their budget resolution from the floor at the last minute Tuesday evening after they were unable to win over a handful of conservative fiscal hawks who threatened to tank the framework for President Trump’s ambitious legislative agenda. Read more
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Opinions related to business and economic issues submitted to The Hill:
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