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☆ It is absolutely urgent for both parties to find a way to reduce our debt: Former Rep. Steve Israel
▼ + stars: | 2024-03-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt is absolutely urgent for both parties to find a way to reduce our debt: Former Rep. Steve IsraelFormer U.S. Congressman Kevin Brady (R-Texas) and former U.S. Congressman Steve Israel (D-N.Y.) join 'Squawk Box' to discuss President Biden's $7.3 trillion budge plan for the next fiscal year, Biden's tax hike plans, how to best tackle the national debt, and more.

Persons: Steve Israel, Kevin Brady, Biden's Organizations: Steve Israel Former U.S Locations: Texas

☆ S&P 500 eclipses 5,000 for the first time—but you'd be smart to ignore the headlines, says CFP
▼ + stars: | 2024-02-09 | by ( Ryan Ermey | ) www.cnbc.com time to read: +1 min

The S&P 500 index closed above 5,000 for the first time on Friday, with investors showing continued optimism about cooling inflation, strong earnings and a resilient economy. Aside from being a big, round number, 5,000 isn't a particularly important threshold for the broad U.S. stock market barometer in and of itself. Financial pros say you'd be wise to avoid making any wholesale changes to your strategy based on short-term moves in the stock market. "Investors in general, but especially younger investors, should ignore the headlines about all-time highs in the S&P 500," says Kevin Brady, a certified financial planner at Wealthspire Advisors in New York City. Because they are not uncommon, meaning all-time highs more often than not lead to further all-time highs in short order."

Persons: we're, Dana D'Auria, Kevin Brady Organizations: CNBC, Wealthspire Advisors Locations: New York City

☆ This tax-smart charitable donation strategy is like 'hitting two birds with one stone,' advisor says
▼ + stars: | 2023-11-24 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

The strategy, known as qualified charitable distributions, or QCDs, allows retirees to transfer money from an individual retirement account to an eligible nonprofit organization. "It's like hitting two birds with one stone," said certified financial planner Sean Lovison, founder of Philadelphia-area Purpose Built Financial Services. If you're age 70½ or older, you can use a QCD to donate up to $100,000 for 2023. How QCDs provide a tax breakSince 2018, there's been a higher standard deduction, which makes it tougher to claim a tax break for charitable gifts. If you're age 73 or older, QCDs can also cover your required minimum distributions, which otherwise would have boosted income, experts say.

Persons: there's, Sean Lovison, Marguerita Cheng, Kevin Brady, aren't, Ольга Носова Organizations: Blue, Global Wealth, CNBC's, Social Security, Wealthspire Advisors Locations: Philadelphia, Gaithersburg , Maryland, New York

☆ You just can't have the chaos for House Speaker continue, says former Rep. Donna Edwards
▼ + stars: | 2023-10-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailYou just can't have the chaos for House Speaker continue, says former Rep. Donna EdwardsFormer Maryland Congresswoman Donna Edwards and former Texas Congressman Kevin Brady join 'Squawk Box' to discuss the battle for House Speaker, the impact on Congress and the legislative logjam in D.C., and more.

Persons: Donna Edwards, Kevin Brady Organizations: Donna Edwards Former Maryland Locations: Texas

☆ Here are 3 costly financial surprises for first-time homebuyers — and how to prepare for them
▼ + stars: | 2023-09-01 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Jonathan Ernst | ReutersWith record-high home prices and soaring mortgage interest rates, homeownership has become increasingly unaffordable — and hidden costs can surprise first-time buyers, experts say. Here are three of the most common surprise homeownership expenses and how to prepare for each one, according to experts. Property taxesAs a first-time homebuyer, it's easy to overlook property taxes since you've never paid those levies directly. Home maintenanceThe cost of home repairs and maintenance can also be a hidden expense for first-time homebuyers. As a first-time homebuyer, you need to make sure you have a sufficient cushion for surprises — I'd argue 5% of the home's purchase price at least.

Persons: Jonathan Ernst, homeownership, Vince Darling, you've, Richard Auxier, Kevin Brady, — I'd, Nicole Sullivan Organizations: Reuters, Stonebridge, Urban, Brookings Tax, Wealthspire Advisors, Prism Planning Locations: Alexandria , Virginia, Zillow, Forest Lake , Minnesota, New York

☆ 1 in 5 Americans have inactive 401(k)s worth thousands of dollars—here's how to reclaim yours
▼ + stars: | 2023-08-09 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

But in doing so, they've left behind inactive 401(k) accounts with average balances of $55,400, a new study reveals. An estimated 1 in 5 U.S. workers have left behind or forgotten 401(k) retirement accounts, according to estimates by Capitalize, a financial services company. While funds in old 401(k)s can still grow over time, they're typically considered inactive if you're no longer on the payroll. The problem with inactive 401(k) accounts is that they are easily lost or forgotten over time, especially since most account holders don't regularly update their contact information with old employers. To consolidate your 401(k)s, you'll first need to track down all of your accounts, including ones you may have forgotten about.

Persons: they've, Cash, Kevin Brady Locations: U.S, New York City

☆ Should you pay your car loan off early? With interest rates rising, it may be a smart move
▼ + stars: | 2023-07-26 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

If the interest rate on your auto loan is within that range, or exceeds it, here's why it might be a smart move to work toward paying it off early. For used cars, financing costs are steeper, with average rates climbing from 7.4% to 11%. Deciding to pay off a car loan early depends on a number of factors, but lately, rising interest rates have made it more appealing than ever. However, average interest rates have changed: Now that auto loan rates are much higher, the amount you'd be able to earn in the market wouldn't outweigh how much you'd lose to interest on your loan. "I encourage people to pay off car loans early if their interest rates are higher than 5%," says Byrke Sestok, a CFP in New York.

Persons: Kevin Brady, Byrke Sestok Organizations: Bloomberg Locations: Edmunds, New York

☆ Despite interest rate hikes, nearly 70% of middle-income Americans haven't switched to higher-yield savings
▼ + stars: | 2023-07-25 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Andresr | E+ | Getty ImagesAfter years of low interest payouts, savings accounts now are paying higher yields, after a series of interest rate hikes from the Federal Reserve. Despite inflation concerns, nearly 70% of middle-income Americans haven’t moved savings to higher-yielding accounts, according to a new survey from Santander. Meanwhile, the top 1% of savings accounts were paying above 4.5%, as of July 25, according to DepositAccounts, compared to a 0.42% average for traditional banks. "For many of them, the juice just isn't worth the squeeze," said Dallas-based CFP Brandon Gibson, wealth manager at Gibson Wealth Management. Brandon Gibson Wealth manager at Gibson Wealth Management

Persons: Kevin Brady, Brandon Gibson, There's Organizations: Federal Reserve, U.S . Bureau of Labor Statistics, Wealthspire Advisors, Gibson Wealth Management, Brandon Gibson Wealth, Gibson Wealth Locations: Santander, New York, Dallas

☆ Your 401(k) match is 'free money'—but you might not be able to take it with you when you leave
▼ + stars: | 2023-06-23 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

Here's what she and other financial pros say you should know about your 401(k) match. How a 401(k) match worksFirst, a quick reminder of how 401(k) matches work and why financial planners love them so much. "I would invest enough to get the company match first, before paying off high interest rate loans," says Jeremy Finger, a CFP and founder of Riverbend Wealth Management. What is a 401(k) vesting schedule? Any 401(k) match you receive from your employer likely comes with some strings attached.

Persons: Kevin Brady, Catherine Valega, Jeremy Finger, they've, you'll Organizations: Wealthspire Advisors, CNBC, Green Bee, Riverbend Wealth Management, Employers Locations: New York City, Winchester , Massachusetts

☆ 6 in 10 Americans aren't saving for retirement—here's where to get started
▼ + stars: | 2023-06-06 | by ( Ryan Ermey | ) www.cnbc.com time to read: +6 min

If you're among the cohort lacking a retirement account, just about every financial planner would tell you to get started as soon as possible. There are plenty of different ways to invest out there, including workplace retirement accounts, individual retirement accounts, accounts designed for medical expenses and regular old brokerage accounts. Still, there are some general guidelines that financial pros typically prescribe when it comes to where you park your retirement savings. Priority 3: Get triple tax savings with an HSANot every retirement saver can invest using a health savings account. Like a traditional 401(k), money you contribute to an HSA counts against your taxable income.

Persons: Christopher Lyman, Kevin Brady, Roth, you've, Amy Miller Organizations: Financial Advisors, Wealthspire Advisors Locations: Newtown , Pennsylvania, New York City, West Hartford , Connecticut

☆ Stocked up on short-term T-bills? Here’s why it might be time to buy longer-term bonds
▼ + stars: | 2023-05-26 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Short-term Treasury bills have garnered investors' attention as yields pop amid the Federal Reserve's rate hiking campaign and debt ceiling tensions in Washington. This doesn't necessarily mean it's time to cut bait on your short-term bond holdings, however. Issues with longer duration are likely to see greater price fluctuation in response to changes in interest rates. The inverted yield curve also resulted in higher yields for short-term issues, but sharp price declines. Some investors built ladders — that is, a portfolio of bonds with different maturities — to take advantage of those higher yields.

Persons: Paul Olmsted, Bonds, Olmsted, we've, Brenna McLoughlin, Kevin Brady, Callie Cox, Cox Organizations: Morningstar, Treasury, Wealthstream Advisors, Wealthspire Advisors Locations: Washington

☆ Here's how much emergency savings you need amid economic uncertainty, according to financial advisors
▼ + stars: | 2023-05-15 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Nirunya Juntoomma | Istock | Getty ImagesAn emergency fund is a key piece of your financial plan, especially amid economic uncertainty. But the right amount of cash depends on your household and occupation, according to financial experts. Most Americans aren't prepared for a financial emergency, according to a recent CNBC/Momentive survey of more than 4,000 U.S. adults. "Rules of thumb overlook a number of important factors," said certified financial planner Andy Baxley at The Planning Center in Chicago. However, a one-income household with "highly variable pay" may aim for nine months of emergency savings, he said.

☆ 3 smart ways to prepare for next year’s taxes now
▼ + stars: | 2023-04-27 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

FatCamera | E+ | Getty ImagesIf you had a surprise tax bill this season, it's not too soon to prepare for next year, financial experts say. Typically, a refund comes when you've overpaid throughout the year, whereas you get a tax bill for not having paid enough. Check your withholdingsIf you owed more taxes than expected for 2022, you may revisit your paycheck withholdings for 2023 and make the necessary adjustments. "A simple calculation would be dividing the extra tax paid in 2022 by the number of remaining paychecks in 2023," he said. If you have three types of accounts — brokerage, tax-deferred and tax-free — you can be strategic about where to keep assets.

☆ Debt ceiling talks represent 'financial check-in' for America, says former congressman Kevin Brady
▼ + stars: | 2023-04-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDebt ceiling talks represent 'financial check-in' for America, says former congressman Kevin BradyKevin Brady, former U.S. Congressman from Texas, joins 'Squawk Box' to discuss where the debt ceiling negotiations currently stand, what would bring Biden to the negotiation table and more.

☆ You can still score a 2022 tax break with pretax IRA contributions — here's how to qualify
▼ + stars: | 2023-03-02 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

You can make your 2022 IRA contribution through the April tax deadline in 2023, as long as you designate the deposit for tax year 2022. However, it gets more complicated if either partner has retirement plan coverage at work and participates in the plan. With a workplace plan, some or all of your contributions may not be deductible, depending on earnings. For 2022, single investors with a workplace retirement plan may claim a tax break for their entire IRA contribution if their modified adjusted gross income is $68,000 or less. How to know if a pretax IRA contribution makes sense

☆ House, Senate to renew fight pitting child tax credit vs. corporate cash
▼ + stars: | 2023-02-15 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +9 min

The fate of that corporate tax policy, supported by many Democrats, had been linked to the Democratic Party's desire for a deal on the child tax credit . But House and Senate members are getting ready to reintroduce legislation on the R&D tax credit. Indexing the child tax credit to inflation would also be a matter of tax policy that both parties might agree on as a way to enshrine future increases in law. But there's still the divide on the corporate tax priorities and child tax credit, and at a basic level, getting a bipartisan tax bill through the House and Senate and to the White House is always challenging. Many companies were surprised that the R&D tax credit did not get extended in the late year legislative package because it had so much bipartisan support.

The tumult that broke out last month during the election of Kevin McCarthy for speaker illustrated the potential for profound dysfunction in the new House Republican majority. Here is a closer look at the fractious House Republican caucus. Chart of House Republicans highlights members who denied the 2020 election results, were supported by the House Freedom Fund, or both. Representative Harriet Hageman of Wyoming, who has also denied the 2020 election results, defeated Representative Liz Cheney in the primary. A Venn diagram shows the Republican newcomers in the House who either denied the 2020 election results, were supported by the House Freedom Fund, or both.

☆ Former Congressman discusses what's next for the SALT tax cap
▼ + stars: | 2023-02-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFormer Congressman discusses what's next for the SALT tax capKevin Brady, former U.S. congressman (R-Texas), joins 'Squawk Box' to discuss Congress' intentions with the SALT tax cap, how Congress should operate with the SALT tax cap and more.

☆ How the market is rating the risk of debt ceiling default and a divided, dysfunctional Congress
▼ + stars: | 2023-01-27 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +13 min

That would be the worst-case outcome, of course, but even the best case will probably see the sort of brinksmanship that occurred in the 2011 debt ceiling crisis." From the Senate, Mitch McConnell recently said it's an issue for Biden and the House GOP to work out. Kevin Brady , the former top Republican on the House Ways and Means Committee, dismissed talk of debt default as "fear mongering." Narrowness of GOP House majority does matterJPMorgan also referred to the path for a political agreement as being "narrow." In 2013, the Federal Reserve ran a simulation of a debt default by the U.S. government.

☆ Janet Yellen is staying put to oversee billions in climate spending
▼ + stars: | 2023-01-10 | by ( Andrea Shalal | ) www.reuters.com time to read: +5 min

WASHINGTON, Jan 10 (Reuters) - U.S. Treasury Secretary Janet Yellen is digging in to oversee billions of dollars in federal climate and infrastructure spending that she believes will transform the economy, close associates say, defying demands from Republicans to step down. Yellen told CNBC late last year that she was "in good company" in misjudging inflation, and that Biden's COVID spending plans were needed to boost the recovery. White House and Treasury officials say inflation was spurred by supply chain problems and exacerbated by Russia's invasion of Ukraine, but note that inflation is now easing and investments in manufacturing will reduce future supply chain log-jams. Treasury had no comment on the Republican concerns, but officials have previously said the department's policies are overdue and urgently needed. In addition to advancing Biden's domestic climate agenda, Treasury officials say another key priority for Yellen in 2023 will be advancing reforms of the World Bank and other multilateral lenders to free up more resources for countries to address climate change and other priorities.

WASHINGTON — George Santos, the 34-year-old New York Republican who's confessed to lying about part of his background, was sworn into the House early Saturday amid several investigations into his campaign and calls for him to resign. Santos officially took office when the new Congress was convened after Republicans finally elected Rep. Kevin McCarthy, R-Calif., as House speaker. And despite presenting himself as Jewish during his congressional campaigns, Santos told the Post, "I never claimed to be Jewish." Several House Democrats have criticized Santos, but none more than Rep. Ritchie Torres of New York, who's taken to trolling Santos on social media. Former Rep. Kevin Brady, R-Texas, who recently retired from Congress, said Sunday that Santos should consider resigning.

Rep. Kevin Brady, R-Texas, said Sunday that Rep.-elect George Santos should consider resigning after he admitted that he fabricated and “embellished” several claims about his background involving his education and work history. Santos, who made LGBTQ political history when he won the November race in New York’s 3rd Congressional District, is set to be sworn in Tuesday when the new Congress begins. During an interview on “Fox News Sunday,” Brady, who is retiring from Congress, said Santos would need to “take some huge steps” to regain public trust. “He certainly is going to have to consider resigning.”However, Brady said, Santos could redeem himself by owning up to his missteps. House Minority Leader Kevin McCarthy, R-Calif., and Rep. Tom Emmer, R-Minn., the outgoing chair of the National Republican Congressional Committee, have ignored questions from reporters about Santos and whether he should be seated.

☆ U.S. House committee releases Trump tax returns he sought to keep secret
▼ + stars: | 2022-12-30 | by ( Moira Warburton | ) www.reuters.com time to read: +5 min

[1/2] Donald Trump departs Trump Tower two days after FBI agents raided his Mar-a-Lago Palm Beach home, in New York City, New york, U.S., August 10, 2022. The nearly 6,000 pages of records include over 2,700 pages of personal returns from Trump and his wife Melania Trump, plus more than 3,000 pages of returns from his businesses. Trump, a businessman who held public office for the first time when he entered the White House in 2017, was the first presidential candidate in decades not to release his tax returns. Neal first requested the returns in 2019, arguing that Congress needed them to determine if legislation on presidential tax returns was warranted. Representative Kevin Brady, the House panel's top Republican, warned that future committee chairmen will have "nearly unlimited" power to make public the tax returns of private citizens, including "political enemies".

☆ Dow headed back below 30,000, slim chance of soft landing for economy in 2023: CNBC CFO survey
▼ + stars: | 2022-12-28 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +5 min

Throughout 2022, conversations with individual CFO Council members have more often than not tended to the view that the economy is headed for a hard landing. The CNBC CFO Council Q4 2022 survey is a sample of the current outlook among top financial officers. Recession is comingIt's been remarked that no recession has been more predicted than the one that still hasn't hit the economy. In a few key areas for the economy and markets, CFOs do think the worst is in. An equal percentage (roughly 40%) of CFOs say their spending and headcount will remain the same next year as those who expect it to increase.

☆ Congress created an actual safety net for Americans during the last crisis. Don't expect that to happen again.
▼ + stars: | 2022-12-24 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +8 min

Congress enhanced unemployment benefits and gave parents monthly checks during the first two years of the pandemic. For Maggie Lopez, a single mother in Texas, the checks meant some breathing room for her and her newborn. The enhanced unemployment had a ripple effect, according to Evermore: People were able to stay home safely. In the case of enhanced unemployment, some states decided to end their participation in federal programs early, leaving many workers in dire straits. After Congress failed to renew a reduced version of the child tax credit at the end of 2021, child poverty once again ticked up.

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