7/8 Torchbearer Weekly Policy Update
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- 📈 Indiana's property values rise 12%
- 🏛 Trump nominates two Hoosiers as US attorneys
- 📈 U.S. adds 147,000 jobs in June
- 🚀 Brian Schutt to lead Indiana's new entrepreneurship office
- 🌍 Global trade in limbo again
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- Important Dates
📈 Indiana's property values rise 12%
Indiana's gross assessed values for properties surged by 12% from 2024 to 2025, influencing future property taxes.
Why it matters: This increase could shift the property tax burden, impacting commercial and residential sectors differently.
- Homeowners might benefit from tax credits, potentially saving $1.2 billion over three years.
The big picture: Commercial properties saw a 16.07% value jump, while residential values grew by 10.42%.
- Agricultural land assessments dropped due to legislative changes, affecting tax distribution.
What’s next: Adjusted legislation promises relief, with a new credit system for homeowners.
- The property tax landscape is set to evolve with these changes, impacting local and state economies. (Indiana Capital Chronicle)
🏛 Trump nominates two Hoosiers as US attorneys
President Donald Trump has nominated Adam Mildred and Thomas Wheeler II as U.S. attorneys for Indiana's Northern and Southern Districts, respectively.
Why it matters: These nominations highlight a strategic focus on individuals with extensive prosecutorial and legal experience to uphold law and order in Indiana.
- Adam Mildred, a seasoned deputy prosecutor from Allen County, has led over 200 prosecutions since 2000.
- Thomas Wheeler II brings a wealth of experience from his roles in the Department of Education and the Department of Justice.
The big picture: Both nominees must be confirmed by the U.S. Senate to serve their four-year terms, representing the federal government in litigation and serving as chief federal law enforcement officers in their respective districts.
- Indiana Senators Jim Banks and Todd Young have expressed strong support, highlighting the candidates' commitment to integrity and expertise in their fields.
What’s next: These nominations are part of several appointments sent to the Senate for confirmation, marking a significant shift in Indiana's federal legal representation. (Indiana Capitol Chronicle)
📈 U.S. adds 147,000 jobs in June
The U.S. labor market exceeded expectations by adding 147,000 jobs in June, keeping the unemployment rate steady at 4.1%.
Why it matters: Despite concerns over President Trump's tariffs, the job market remains resilient, with significant job growth in the health and social sectors.
- Health sector jobs increased by 39,000, while social assistance saw a 19,000 job rise.
- Government employment surged by 73,000, predominantly within state and local governments.
The big picture: Manufacturing jobs dropped by 7,000, and the labor force decreased by 130,000, reflecting a dip in workforce participation to 62.3%.
- Inflation has risen slightly, with the consumer price index increasing by 2.4% annually.
What’s next: As the July 9 deadline for tariff negotiations nears, the Federal Reserve is holding off on interest rate cuts, awaiting further economic clarity.
- President Trump is urging for rate cuts, citing potential losses and global competition. (The Hill)
🚀 Brian Schutt to lead Indiana's new entrepreneurship office
Brian Schutt has been appointed to head Indiana's newly created Office of Entrepreneurship and Innovation, aiming to boost the state's economy by supporting small businesses.
Why it matters: Schutt's leadership will focus on "Main Street" businesses, crucial for local economies but often overlooked in favor of tech startups.
- These include insurance agencies, home services companies, and manufacturers, which are not quickly scalable but vital to towns across Indiana.
The big picture: Schutt co-founded two Main Street businesses, Homesense Heating and Cooling and Refinery46, and has been recognized as one of IBJ's Forty Under 40 honorees.
- His role will involve encouraging entrepreneurship through acquisition, especially as Baby Boomers retire without succession plans.
What’s next: Schutt's office will operate separately from the Indiana Economic Development Corp. and focus on distinct lanes, apart from organizations like Elevate Ventures.
- The move comes amidst a funding freeze for Elevate Ventures, highlighting tensions with the Governor's office over transparency and funding allocations. (IBJ)
🌍 Global trade in limbo again
Global trade rules remain uncertain as the July 9 deadline for "90 deals in 90 days" approaches with little resolution.
Why it matters: Businesses are struggling to adapt supply chains and pricing without clarity on tariff settlements.
- The ongoing trade war, initiated under President Trump, lacks a firm end date, creating anxiety among business leaders.
What they're saying: "Whatever deals there are going to be, let's just ink it and move on," says Sue Spence of the Institute for Supply Management.
- Despite potential agreements, skepticism remains about their longevity.
What's new: Treasury Secretary Scott Bessent announced upcoming trade announcements, hinting at negotiations shifting since Trump's tariff threats.
- "My mailbox was full last night with a lot of new offers," Bessent noted.
Yes, but: August 1 looms as the next critical date, potentially reverting tariffs to April levels for countries without deals.
- Trump indicated on Truth Social that trade letters and deals would be delivered starting today.
What to watch: The timeline includes key dates like July 21 for a U.S.-Canada deal and August 12 for the China trade truce expiry.
- Discussions with the European Commission show potential progress ahead of a Wednesday tariff deadline. (Axios)
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Important Dates:
We are awaiting interim study committee dates. Stay tuned!