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Trump Tax Cuts Lift S&P; ICE Abolition Sparks Controversy

5/4/2026

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Story summary
  • Bill Maher warned that labeling President Donald Trump “Hitler” could incite violence.
  • Democratic Senate candidate Abdul El-Sayed called Immigration and Customs Enforcement (ICE) unconstitutional and pledged its abolition.
  • Republican leaders warned El-Sayed’s ICE abolition could leave Americans powerless as migrant numbers rise.
  • President Donald Trump’s tax cuts and tariffs spurred investment, sending the S&P 500 to a record on May 1, 2026.
  • Governor Gavin Newsom said the billionaire tax would drive capital away.