McClatchy: “Whether it’s the Trump National Golf Club in Bedminster, N.J., where the U.S. Women’s Open Golf Championship starts Monday; the club outside the nation’s capital, where the president often spends time over the weekend; the historic Mar-a-Lago Club, where he hosted the president of China and the prime minister of Japan; or one of his other exclusive addresses, each collects a hefty initiation fee from new members — up to $450,000 per person, with annual dues on top of that.”

“Trump has benefited greatly from these initiation fees for years. Even back when it was typical for membership fees to take the form of refundable deposits, he broke with the norm for such clubs by taking the money for himself, according to documents and interviews.”

“The bigger takeaway here for me right now is… he seemed presidential today. And we actually had a Secretary of State who was explaining stuff to us. How often have we had that? This seemed like we were back to normal life for the first time — one of the only times in the last few months.”

— David Gergen, on CNN.

“The U.S. Treasury Department identified eight tax regulations that it plans to change, including part of the Obama administration’s high-profile attempt to stem corporate tax avoidance,” the Wall Street Journal reports.

“The debt regulations were part of the Obama administration’s attempt to address inversions, the corporate technique of putting a headquarters address outside a country. The rules made it harder for companies to engage in the practice known as earnings stripping, in which they load up the U.S. operations with debt and reduce U.S. taxes.”