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TaxBuzz Top 5 - Trump Pardons Reality TV Stars Todd and Julie Chrisley, Hawaii Enacts Climate Change Tourist Tax & More

TaxBuzz Top 5 - Trump Pardons Reality TV Stars Todd and Julie Chrisley, Hawaii Enacts Climate Change Tourist Tax & More

Each Friday, TaxBuzz brings you the top five tax and accounting headlines you need to know from the workweek. We know life can get busy and you don't always have time to scroll through your news feed to stay informed.

We weed through all of the week's stories to showcase the most important updates in the tax and accounting world.

1. Reality TV Stars Todd and Julie Chrisley Receive Presidential Pardon

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Credit: Terry Wyatt/Getty Images for The Kevin Carter Foundation

On May 27, 2025, President Donald Trump granted full presidential pardons to reality TV personalities Todd and Julie Chrisley, leading to their release from federal prisons the following day. The couple, known for their show Chrisley Knows Best, had been serving sentences for convictions on bank fraud and tax evasion charges stemming from a 2022 trial. Prosecutors accused them of securing fraudulent bank loans and concealing income to fund a lavish lifestyle. Their original combined 19-year sentence was reduced in 2023, but their convictions were upheld on appeal. 

The Chrisleys' daughter, Savannah, played a significant role in advocating for their release, publicly supporting Trump and alleging that her parents were targeted due to their conservative views. She expressed gratitude upon their release, sharing moments of their reunion on social media. 

President Trump's decision to pardon the Chrisleys is part of a broader pattern of granting clemency to political allies and public figures, including former politicians and celebrities. Critics argue that such actions bypass the traditional clemency process and may erode public trust in the judicial system. 

Following their release, the Chrisleys have reunited with their family and are reportedly planning to resume their public lives. Their son, Chase Chrisley, joined his sister in publicly acknowledging thankfulness for having his family together again.

2. Trump Responds to Musk’s Criticism After “One Big Beautiful Bill” Fallout

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Credit: Joe Raedle/Getty Images

President Donald Trump responded to Elon Musk’s public disappointment over the “One Big Beautiful Bill,” brushing aside criticism and calling Musk “terrific” during a brief press appearance. The comments come after Musk—who had been appointed to lead the Department of Government Efficiency (DOGE)—stepped down from his post, citing frustration with the administration’s decision to expand spending through the OBBB rather than reduce it.

The bill, which passed with GOP support, includes sweeping tax breaks but also provisions that increase federal spending, undercutting DOGE’s mission. Musk reportedly expressed concern that the bill added to the deficit and was out of line with the department’s mandate.

Trump avoided mentioning Musk by name when discussing potential political ramifications, instead focusing on defending the bill’s benefits. “This is the most beautiful tax cut in history,” USA Today quoted Trump as saying. “It helps families, it helps businesses. Elon’s a great guy, but sometimes great guys can be wrong.”

While Musk has indicated that his next step is to focus on his companies, including SpaceX and Tesla, his brief tenure in federal government leaves a controversial legacy of agency cuts and internal turmoil.

3. Hawaii Enacts Nation’s First Climate-Focused Tourist Tax

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Credit: Tyler D. Rickenbach / Aurora Photos/Getty Images

Hawaii has become the first U.S. state to implement a climate change tax specifically targeting tourists, with Governor Josh Green signing the bill into law on May 27, 2025. Starting January 1, 2026, the state's transient accommodations tax (TAT) will increase by 0.75%, bringing the total tax on nightly lodging rates to 11%. The tax, dubbed the "Green Fee," will apply to hotels, vacation rentals, and cruise ships, generating an estimated $100 million annually. The funds will be used for climate resilience projects such as beach replenishment, wildfire prevention, infrastructure improvements, and hiring a new state fire marshal. 

The legislation was prompted by escalating climate-related disasters, notably the 2023 Maui wildfire that claimed 102 lives and devastated Lahaina. Revenue from the tax will fund initiatives like beach sand replenishment, wildfire prevention, and infrastructure fortification.

Although the bill initially proposed a dedicated fund for the revenue, lawmakers opted to channel it into the state's general fund while earmarking it for conservation and climate resilience projects. Hawaii’s hotel industry supports the move, acknowledging its benefits for both tourism and environmental preservation. 

Governor Green emphasized the global need for such innovative funding mechanisms to address climate change. Hawaii’s tourism industry has backed the measure, recognizing that preserving the state’s natural beauty is essential to its economic future.  

Travel Agent Central reports that the "Green Fee" is projected to generate $100 million annually, and the Green Administration will work with the legislature to confirm projects as revenue becomes available. These projects include environmental stewardship, climate and hazard resiliency, and sustainable tourism. As the first U.S. state to enact such a measure, Hawaii's new tax could serve as a blueprint for other regions grappling with the financial demands of climate adaptation.

4. New Jersey GOP Gubernatorial Candidates Emphasize Tax Cuts Ahead of June 10 Primary

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Credit: John Rob/Getty Images

As New Jersey's June 10 gubernatorial primary approaches, Republican candidates are centering their campaigns on tax reduction strategies to address the state's high cost of living. While united in their tax-cutting goals, the candidates propose varied approaches, addressed by the New Jersey Monitor:

  • Jack Ciattarelli: The former assemblyman and GOP frontrunner advocates for simplifying income tax brackets and reducing income taxes across the board. He proposes exemptions for home improvements and student loan interest, and plans to lower corporate business tax rates by five percentage points over five years. Ciattarelli also suggests capping property tax rates relative to home valuations and aims to cut state spending by 30%, though specific program reductions remain unspecified. 
  • Jon Bramnick: A state senator positioning himself as a moderate, Bramnick supports adjusting income tax brackets for inflation to combat "bracket creep." He estimates this adjustment could save joint filers $1,600 annually. Additionally, he proposes that school districts return excess state aid to property taxpayers, potentially reducing average property tax bills by $800. 
  • Bill Spadea: The conservative radio host offers a less detailed plan, emphasizing the need to roll back the state's expanded budget under Governor Phil Murphy. Spadea criticizes the growth in state spending but has yet to provide specific tax policy proposals. 
  • Mario Kranjac: The former mayor of Englewood Cliffs proposes an annual 2% reduction in property taxes during his term and aims to cut regulations and business taxes to stimulate small business growth. However, he has not detailed how these cuts would be implemented. 
  • Justin Barbera: A contractor from Burlington County, Barbera suggests lowering taxes for residents without children and reducing or eliminating taxes for seniors, veterans, and individuals with disabilities. Specifics of his proposals remain unclear. 

The Republican candidates' focus on tax cuts reflects a wider strategy to appeal to voters concerned about affordability in a state known for its high tax burden. As the primary nears, these proposals will be central to the debate over New Jersey's fiscal future.

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Credit: Stockah/Getty Images

Santa Cruz's newly implemented sugary drink tax is under legal scrutiny as the American Beverage Association (ABA) and allied business groups filed a lawsuit challenging its validity. The tax, approved by voters in November 2024 as Measure Z, imposes a two-cent-per-ounce levy on sugar-sweetened beverages and took effect on May 1, 2025. The ABA contends that the tax violates the 2018 "Keep Groceries Affordable Act," which prohibits new local taxes on grocery items. 

Santa Cruz officials argue that the 2023 court ruling, which deemed the penalty provisions of the 2018 act unconstitutional, empowers charter cities like Santa Cruz to enact such taxes. City Manager Matt Huffaker stated, "We are confident that charter cities like Santa Cruz have the right to impose and enforce this type of tax." 

The ABA, representing major beverage companies, spent approximately $2.8 million opposing Measure Z. Despite this, the measure passed with a narrow 52% majority. The tax aims to reduce sugar consumption and fund health initiatives, potentially generating $1.3 million annually. 

Public health advocates, including the American Heart Association, support the tax, emphasizing its role in combating health issues like obesity and diabetes. AHA CEO Nancy Brown criticized the lawsuit, stating, "Big Soda is once again grasping at straws," and highlighted the industry's history of opposing health-focused regulations. 

The outcome of this legal battle could set a precedent for other municipalities considering similar health-related taxes.

Which headline this week most interests you?

Feature Image Credit: Frazer Harrison/Getty Images

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Rebekah Barton

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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