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☆ Why your financial advisor may not give you the best Social Security claiming advice
▼ + stars: | 2024-05-01 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Ascentxmedia | E+ | Getty ImagesMany people claim Social Security retirement benefits at the earliest possible claiming age of 62. Yet recent research finds working with a financial professional does not necessarily encourage individuals to claim Social Security at later ages. Why it pays to wait to claim Social SecurityWhen Social Security retirement beneficiaries claim at age 62, their benefits are permanently reduced. As the Social Security full retirement age moves to age 67, benefits available at age 62 are even further reduced. Delaying Social Security benefits is so valuable not only because of the increase to benefits, but also the annual cost-of-living adjustments tied to inflation.

Persons: David Blanchett, Jason Fichtner, Center —, " Blanchett, Fichtner, Joe Elsasser, Elsasser, they've, Blanchett Organizations: Getty, Social, Social Security, DC Solutions, Center

☆ How TikTok’s Chinese parent company will rely on an American right to keep the app alive
▼ + stars: | 2024-04-24 | by ( Hadas Gold | ) edition.cnn.com time to read: +5 min

In recent months, the company has foreshowed it plans to challenge the law on First Amendment grounds. Krishnan said even the national security argument will not withstand legal scrutiny because the Chinese government could easily purchase the same data on Americans through the open market. TikTok’s looming legal challenge will be one of several that could eventually reach the US Supreme Court that could completely redefine online speech. Other high-profile cases that will determine whether social media companies can moderate content on their platforms are also likely to be decided this year. “The rules for online speech are being written by the Supreme Court this year,” Persily said.

Persons: CNN —, Joe Biden, ”, Shou Chew, TikTok, Ramya Krishnan, Nate Persily, Persily, “, Christopher Wray, ” Wray, ” TikTok, ” Persily, Krishnan Organizations: CNN, Communist Party, Columbia University, Stanford, Stanford Cyber Policy, American, FBI, NBC, Supreme Locations: China, Montana, TikTok, American

☆ EPA designates two ‘forever chemicals’ as hazardous substances
▼ + stars: | 2024-04-19 | by ( Mira Cheng | ) edition.cnn.com time to read: +4 min

CNN —The US Environmental Protection Agency designated two widely used “forever chemicals” as hazardous substances under the United States’ Superfund law on Friday. This ruling will allow the EPA to investigate and clean up leaks and spills of these harmful chemicals, according to the official news release. Exposure to “forever chemicals” has been linked to cancers, heart and liver disease and immune and developmental damage to infants and children, according to the news release. There are more than 12,000 forms of PFAS chemicals in the environment. The designation comes just weeks after the EPA announced new limits for “forever chemicals” in drinking water in the United States.

Persons: Michael S, Regan, Dr, David Andrews, ”, Sanjay Gupta, ” Lisa Frank, Harris, CNN’s Jen Christensen Organizations: CNN, Environmental Protection Agency, United, EPA, Environmental, CNN Health, PIRG, Fund, Environment America Research, Policy, Biden Locations: United States, U.S, Washington

☆ Fact check: Biden makes false and misleading claims during Pennsylvania campaign swing
▼ + stars: | 2024-04-19 | by ( Daniel Dale | ) edition.cnn.com time to read: +16 min

Washington CNN —President Joe Biden spent three days this week campaigning in the critical swing state of Pennsylvania. (The White House corrected the official transcript of Biden’s speech to make clear Biden should have said 2025 instead of 2024.) In other words, there will clearly still be some big and profitable corporations paying no federal income tax despite the existence of the new Biden tax. The center found that the top 0.1% of households paid an average effective federal tax rate of about 30.3% in 2020, including an average income tax rate of 24.3%. “The deficit is a trillion dollars lower, roughly, than when President Biden took office.

Persons: Joe Biden, Ambrose Finnegan, Biden, Jill Biden, PolitiFact, they’ll, it’s, “, Tami Luhby, —, ’ They’ve, Fuxian Yi, Yi, “ It’s, Derek Scissors, Trump, ” Biden, Biden’s “, Matthew Gardner, ” Howard Gleckman, Gleckman, Emmanuel Saez, Gabriel Zucman “, ”, I’ve, Donald Trump, ” Marc Goldwein, Goldwein, he’s, Afghanistan Biden, Biden’s, Finnegan, Finnegan “, Donald Judd, spokespeople, Andrew Bates Organizations: Washington CNN, Defense, Medicare, China, University of Wisconsin, Madison, American Enterprise Institute, CNN, Taxation, Economic, US, Biden, White, Urban, Brookings Tax, Urban Institute, University of California, Tax, Center, Trump, Federal Budget, Washington Post, Defense Department, Defense POW Locations: Pennsylvania, China, Iraq, Afghanistan, Scranton, Pittsburgh, America, Berkeley, “, New Guinea, ” New Guinea

☆ Opinion: The basic problem with putting Trump on trial
▼ + stars: | 2024-04-17 | by ( Opinion Patrick T. Brown | ) edition.cnn.com time to read: +7 min

In this week’s mammoth New York trial of former President Donald Trump on charges of falsifying business records in connection to hush money paid to an adult film star, the yawning gap between “Us” and “Them” is along partisan lines. After all, making hush money payments, as Trump is alleged to have done with former adult film actress Stormy Daniels, isn’t illegal. For decades, Trump has been a fixture on our airwaves, social media sites and political coverage. But they didn’t, and now many are feeling a rally-round-the-flag effect in what is likely the first and potentially only Trump criminal case that’s going to trial before Election Day. Bragg’s decision to bring this case, with its attenuated connection to an actual crime, can’t be taken out of its political context.

Persons: Patrick T, Brown, CNN —, Tom Wolfe, Larry Kramer, ” Patrick T, Donald Trump, –, Trump, “, Attorney Alvin Bragg, it’s, Stormy Daniels, ” Michael Cohen, Daniels, Bragg, Cohen, Andrew McCarthy, can’t, maneuverings Organizations: Public Policy Center, Economic, Twitter, CNN, Manhattan, Attorney, New York Democrats, New York Times, Commission, Trump Locations: Washington , DC, New York City, York, “, New, New York, Georgia

☆ Office Apocalypse, New Expenses Are Wrecking Big Cities' Budgets
▼ + stars: | 2024-04-14 | by ( Emily Stewart | ) www.businessinsider.com time to read: +9 min

Across the country, from Denver and Seattle to Washington, DC, and New York, cities are deciphering whether to slash their budgets. (Most states' fiscal years run from July 1 to June 30.) States and cities are facing pressure from societal issues that will weigh on tax revenue and increase costs for years to come. Aging populations mean a smaller percentage of the population that's of working age, putting downward pressure on tax revenue. But as federal funds have petered out, structural problems have resurfaced.

Persons: Justin Marlowe, Lucy Dadayan, Carol O'Cleireacain, it's, Marlowe, O'Cleireacain, Josh Goodman, Goodman, Liz Farmer, Baltimore's Francis Scott Key, Farmer, Emily Stewart Organizations: Boston, University of Chicago Harris School of Public Policy, Municipal Finance, Pew, Urban, Brookings Tax, Urban Institute, Business Locations: Denver, Seattle, Washington, New York, California , Maryland, Arizona, New York City, New York , New Jersey, Detroit, COVID, States, Maryland, United States

☆ Trump tells wealthy donors he wants to extend his 2017 tax cuts. Here’s why they’d benefit the most
▼ + stars: | 2024-04-10 | by ( Tami Luhby | ) edition.cnn.com time to read: +3 min

While the Tax Cuts and Jobs Act reduced taxes for most Americans, the rich benefited far more than others. Those who earn $1 million or more would enjoy an average tax cut of about $50,000, raising their after-tax incomes by 2.3%. Their tax cut would be $100, on average, which would bump up their after-tax incomes by 0.5%. The wealthy have already been served well by the Tax Cuts and Jobs Act, which also included multiple corporate tax changes. “Most everybody in every income group got a tax cut, but the highest-income people got by far the biggest tax cut,” said Howard Gleckman, a senior fellow at the center.

Persons: Donald Trump, John Paulson, Trump, Joe Biden, ”, he’ll, ” Sarafina, Howard Gleckman Organizations: CNN, Trump, Biden, White House, Congress, Tax, Center

☆ Republican budget proposal would do away with universal free school lunches
▼ + stars: | 2024-03-24 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

A 2025 budget proposal backed by 170 House Republicans would nix a universal free school lunch program. Only nine states provide free school lunch to all students right now. The budget aims to reform school lunch subsidies by eliminating the "community eligibility provision" from the federal School Lunch Program. The proposed RSC Budget would eliminate that provision to ensure school lunch provisions go to only "truly needy households," the report says. States with universal free lunch include California, Colorado, Illinois, Michigan, Minnesota, Main, Massachusetts, New Mexico, and Vermont.

Persons: nix, —, Kevin Hern of, Hern, Crystal FitzSimons, FitzSimons Organizations: Republicans, Republican, Service, Committee, Representatives, Budget, NYC Food Policy, Hunter College ., DC, Conservative, Food Research, Action Center Locations: NYC, California , Colorado , Illinois , Michigan, Minnesota, Main , Massachusetts, New Mexico, Vermont, Washington, Kevin Hern of Oklahoma

KQED/KFF Health News —A much-awaited treatment for postpartum depression, zuranolone, hit the market in December, promising an accessible and fast-acting medication for a debilitating illness. Miriam McDonald, who developed severe postpartum depression and suicidal ideation after giving birth in late 2019, battled Kaiser Permanente for more than a year to find effective treatment. Her doctors refused to prescribe brexanolone, the only FDA-approved medication specifically for postpartum depression at the time. Insurers’ policies for zuranolone will be written at a time when the regulatory environment around mental health treatment is shifting. In the meantime, Burkhard said, patients suffering from postpartum depression should not hold back from asking their doctors about zuranolone.

Persons: “, Meiram Bendat, ”, Joy Burkhard, KP’s, Kaiser, Miriam McDonald, ” McDonald, KP, Nico, Keith McDonald, brexanolone, “ Kaiser Permanente, ” “ Kaiser, Burkhard, “ It’s, Dr, Sanjay Gupta, ” Burkhard Organizations: KQED, KFF, brexanolone, FDA, zuranolone, OB, Center, Maternal Mental, Kaiser Permanente, NPR, Department of Labor, Maternal Mental Health, Medicaid, Cal, U.S . Department of Labor, CNN, CNN Health, KFF Health Locations: ”, “ Kaiser, California

☆ U.S. legal immigration policy should prioritize the economy, experts argue
▼ + stars: | 2024-03-13 | by ( Juhohn Lee | ) www.cnbc.com time to read: +1 min

The U.S. has more foreign-born residents than any other country, according to the Council on Foreign Relations. But today, less than 1% of those looking to reside permanently in the U.S. can do so legally, according to research by the Cato Institute. "Most other developed nations in the world have a much higher percentage of their immigration system based on economics," according to Theresa Cardinal Brown, a senior advisor on immigration and border policy at the Bipartisan Policy Center. The U.S. legal immigration system is in dire need of reform to make it work for the U.S. economy, experts say. Watch the video above to see why the U.S. is having so much trouble solving the immigration crisis.

Persons: Theresa Cardinal Brown, Brown, Simon Hankinson Organizations: U.S, Foreign Relations, Cato Institute, Center, Department of Homeland Security, Heritage Foundation Locations: U.S

☆ Opinion: Hur hearing shows GOP will need more than age issue against Biden
▼ + stars: | 2024-03-12 | by ( Patrick T. Brown | ) edition.cnn.com time to read: +5 min

CNN —President Joe Biden tried to put voters’ concerns about his age to rest last week with a fiery State of the Union address. In many respects, the damage to Biden was already done by the release of Hur’s report last month. Biden has gamely sought to defuse the age issue, often joking about being aware of his own limitations and contrasting himself favorably with Trump. And the transcript provided more details that provided some added context behind the initial picture painted by Hur’s report. Biden’s age clearly remains his biggest political vulnerability and a key factor in the race.

Persons: Patrick T, Brown, Joe Biden, Robert Hur, Biden, Hur, Republicans didn’t, Hank Johnson, “, gamely, Donald Trump’s, Biden’s, Franklin D, Roosevelt, Trump Organizations: Public Policy Center, Economic Committee, CNN, GOP, Republicans, Georgia Democrat, Trump, Democrats, Democratic Locations: Washington , DC, Georgia, Mexico, Egypt, Afghanistan, America

☆ One of the top donors to a pro-Biden dark-money group is a nonprofit run by a little-known AI investor
▼ + stars: | 2024-03-10 | by ( Casey Tolan | ) edition.cnn.com time to read: +8 min

The second-largest donation in 2022 to the non-profit arm of Future Forward, the primary Super PAC supporting Biden, came from a group run by James McClave and Emily Berger. That’s more than any group other than the George Soros-linked Open Society Policy Center, which gave $15.2 million that year. That trend is set to continue this year: Future Forward has announced plans to run the largest ever political advertising campaign by a Super PAC in 2024. A spokesperson for Future Forward did not respond to a request for comment. The pro-Biden group Future Forward has said it plans to run the largest political advertising campaign by a Super PAC this year.

Persons: Joe Biden, James McClave, Emily Berger, Jane, McClave, Berger —, George Soros, Biden, they’re, “, ”, Anna Massoglia, Berger, Massoglia, ” Anna Massoglia, Janet Protasiewicz, Manhattan DA Alvin Bragg, Claude, Sam Bankman, Fried, Jane Street, Julia Nikhinson, Anita Dunn, Harris, It’s, ” Biden, Biden’s, Vox Organizations: CNN, PAC, Biden, —, Policy Center, Soros, League of Conservation Voters, Fund, Hopewell Fund, Super PAC, McClave, Democratic Party, Wisconsin Supreme, Manhattan DA, Securities and Exchange Commission, New York Stock Exchange, University of California, Bloomberg, FF PAC, White House, New York Times, Super, Commission, Forward, Center for Voter, Democratic, BEMC Foundation Locations: Manhattan, McClave, Wisconsin, Anthropic, University of California Berkeley, Manassas , Virginia

☆ Biden proposes $10,000 tax breaks for first-time homebuyers, 'starter home' sellers
▼ + stars: | 2024-03-08 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Cavan Images | Cavan | Getty ImagesPresident Joe Biden has floated plans to address the country's affordable housing issues, including new tax breaks for first-time homebuyers and "starter home" sellers. "If inflation keeps coming down, mortgage rates will come down as well. Interest rates still near 'multidecade highs'With soaring home prices and mortgage interest rates, 2023 was the least affordable year for homebuyers in more than a decade, according to a report from Redfin. "We're close to multidecade highs for mortgage rates," said Keith Gumbinger, vice president of mortgage website HSH. watch nowThere's a 'housing supply crisis'Of course, higher mortgage interest rates are only one piece of the country's affordable housing puzzle.

Persons: Joe Biden, Biden, I'm, Keith Gumbinger, it's, Janneke Ratcliffe Organizations: Getty, White, Chamber, U.S, Capitol, Washington , D.C, homebuyers, Housing Finance, Center, Urban Institute, Urban Locations: Cavan, seller's, Washington ,, Redfin

The project, known as Direct File and launched by the IRS on a limited basis in 12 states this tax season, is in its pilot phase. Derek Wheeler, director of the Low-Income Taxpayer Clinic at the University of Florida’s Law School, said his clinic has referred less than a dozen clients to the Direct File system. His legal clinic has partnered with the IRS and selectively identifies clients who may be eligible to submit their taxes through the program. One of their biggest criticisms is that free tax prep services already exist for people of all income brackets and developing the Direct File system will end up costing taxpayers billions of dollars. But after using Direct File, she said, “I feel foolish for paying all that money every year.”

Persons: Dixie Warden, ” Warden, Warden, She's, ”, Obama, Derek Wheeler, Wheeler, Grover Norquist, Joe Biden, ‘, Norquist, Daniel Werfel, Vanessa Williamson, ” Wheeler, she’ll, “ Organizations: WASHINGTON, IRS, Affordable, University of Florida’s Law, Associated Press, Tax, Urban, Brookings Tax Policy, Organization for Economic Cooperation, Development, University of Florida, House Republicans, Congress Locations: Kyle , Texas, Florida, New Hampshire , Nevada , South Dakota , Tennessee , Texas, Washington , Wyoming , Arizona , Massachusetts, California, New York, United States, Germany, Japan, Britain, U.S

☆ Opinion: After Super Tuesday, the dreaded rematch is real
▼ + stars: | 2024-03-05 | by ( Opinion Patrick T. Brown | ) edition.cnn.com time to read: +7 min

But there’s also the loud minority of “Never Trump” Republicans, represented by figures like former Illinois Rep. Adam Kinzinger or former New Jersey Gov. In North Carolina, exit polls suggest Trump won a slim majority of Republican voters with a college degree. But there’s a third camp: the reluctant Republican stalwarts who are neither Always Trump nor Never Trump. In general, these Republicans tend to seek traditionally defined conservative policy victories – from school choice to tax cuts to a strong national defense. But they can also see the potential for conservative policy victories in a second Trump administration.

Persons: Patrick T, Brown, Joe Biden, pollsters, Donald Trump, denialism, suburbanites, MAGA, ”, there’s, Adam Kinzinger, Christine Todd Whitman, Trump’s, they’ve, Trump, Nikki Haley, Glenn Youngkin, Brian Kemp, aren’t, –, Inez Feltscher Stepman, Biden, FDR, Harris, Roe, Wade –, Dobbs, Wade, slog Organizations: Public Policy Center, Economic, Twitter, CNN, Biden, Trump, GOP, Republican, “, Trump ” Republicans, Illinois Rep, New, New Jersey Gov, Hilton, Republicans, Virginia Gov, Georgia Gov, Supreme, Independent, American, Democratic, Super Locations: Washington , DC, America, South Carolina, New Jersey, North Carolina, Charleston, Columbia, Georgia, Afghanistan, Ukraine, Gaza

☆ How the fortune of one of America’s biggest pharmaceutical families has quietly funded conservative causes
▼ + stars: | 2024-03-03 | by ( Casey Tolan | ) edition.cnn.com time to read: +21 min

From The Searle Freedom TrustThis year, the Searle trust is poised to play an even bigger role as it empties out its coffers. Researchers who study political nonprofits say that the Searle trust has had a major impact, even as the Searle family has stayed under the radar compared to more well-known conservative benefactors. The Searle trust is one of the most prolific funders of conservative groups among all private foundations, according to a CNN analysis of nonprofit tax data. The Searle trust has given millions to the Foundation for Government Accountability, which has worked behind the scenes to push conservative policies such as stricter voting laws. Dennis, the CEO of the Searle trust, is also the chair of DonorsTrust.

Persons: Searle, Daniel C, Trump, Donald Trump, ”, Galen Hall, who’s, Kimberly Dennis, ” Searle, “, Sarah Scaife, doesn’t, Michael B, Thomas, SPN, They’ve, ” Brendan Fischer, Brendan Fischer, “ They’ve, ” Hall, Caleb Rossiter, ” Galen Hall, movement’s MAGA, It’s, Mike Pence, that’s, Dennis, Henry Ford, John D, Rockefeller, ” Fischer, Gideon, Michael Searle, ” Dennis, “ We’re, Dan, Gideon Daniel Searle, Daniel Searle, Jonathan Eig, Jack Searle, Daniel Searle’s, Gregory Pincus, John Rock, Pincus, weren’t, –, Sue, Eig, Margaret Marsh, Enovid, misoprostol, Searle –, Pfizer –, ” Daniel Searle, Donald Rumsfeld, Searles, Biden, Wade, Dobbs, Kristen Batstone Organizations: CNN, Searle Freedom Trust, University of Michigan, Sarah Scaife Foundation, Searle, American Enterprise Institute, Reason Foundation, Tax Foundation, Manhattan Institute, Cato Institute, Foundation, Government, State Policy Network, American Legislative Exchange Council, Fair, Pacific Legal Foundation, Federalist Society, Competitive Enterprise Institute, Environment Research Center, CO2 Coalition, Heartland Institute, ”, CO2, Heartland, Republican Party, movement’s, America, Policy Institute, Trump, American Freedom Foundation, Everett, FDA, Rutgers University, Pfizer, Monsanto, Heritage Foundation, Reason, Affordable, New Civil Liberties Alliance, Public Policy Center, Claremont, National Women’s Health Network, Trust, IRS Locations: Missouri, St, Louis , Missouri, California, judgeships, ”, Omaha, Metamucil, Dramamine, Puerto, Brazil, Diet Coke, America

☆ Immigration is 'taking pressure off' the job market and U.S. economy, expert says
▼ + stars: | 2024-03-02 | by ( Greg Iacurci | ) www.cnbc.com time to read: +10 min

Mark Zandi, chief economist at Moody's Analytics, said the increase in foreign-born workers is "taking pressure off the economy." The growth in foreign-born workers comes amid a contentious immigration policy debate in the U.S. Immigrants' share of the labor force has increased since 1996, when the Bureau of Labor Statistics began collecting such data. A growing population and labor force are key components of a healthy economy and the nation's ability to pay its bills, economists said. In other words, the economy is both absorbing immigrants and generating job opportunities for U.S.-born workers, the institute said.

Persons: Mark Zandi, it's, Alejandro Mayorkas, John Moore, Muzaffar Chishti, Jack Malde, Qian Weizhong, Steven Camarota, Camarota, Paul Ratje, Eric Thayer, Malde, EPI, Zandi, There's, Luis Alvarez Organizations: U.S . Bureau of Labor Statistics, Moody's, Republicans, U.S, Department of Homeland, U.S . Border Patrol, U.S . Department of Homeland, Getty, Migration Policy Institute, CNBC, Foreign, U.S . Immigrants, Bureau of Labor Statistics, Pew Research Center, Social Security, Congressional, Office, Center, Immigration, . Border Patrol, Getty Images, Federal Reserve Bank of San, Center for Immigration Studies, Afp, Bloomberg, Economic Policy Institute, National Academies of Sciences, Engineering, Medicine, Digitalvision Locations: U.S, Mexico, Eagle Pass , Texas, San Diego , California, Federal Reserve Bank of San Francisco, Paso, Ciudad Juarez , Mexico, Los Angeles

Apple | Spotify | Amazon | YouTube Listen and follow ‘Hard Fork’Google removed the ability to generate images of people from its Gemini chatbot. We talk about why, and about the brewing culture war over artificial intelligence. Then, did Kara Swisher start “Hard Fork”? We clear up some podcast drama and ask about her new book, “Burn Book.” And finally, the legal expert Daphne Keller tells us how the U.S. Supreme Court might rule on the most important First Amendment cases of the internet era, and what Star Trek and soy boys have to do with it. Today’s guests:Kara Swisher, tech journalist and Casey Newton’s former landlordDaphne Keller, director of the program on platform regulation at Stanford University’s Cyber Policy CenterAdditional Reading:

Persons: Kara Swisher, “, Daphne Keller, Casey Newton’s Organizations: Apple, Spotify, YouTube, Google, Supreme, Stanford Locations: U.S

Former President Donald J. Trump, the front-runner for the Republican nomination, has repeatedly attacked central elements of the Inflation Reduction Act, including tax credits for purchasing electric vehicles. “Otherwise it’s all going to be on the chopping block.”The Inflation Reduction Act contains various tax credits and other subsidies to incentivize companies to deploy more clean energy projects. It also includes tax breaks for consumers to offset the cost of electric vehicles, heat pumps and other energy-efficient appliances. That could cut the number of eligible vehicles, potentially hindering progress toward the Biden administration’s goal of having electric vehicles make up half of new car sales by 2030. The estimated cost of the Inflation Reduction Act’s energy incentives has effectively doubled since it passed, largely because forecasters believe the legislation will be more popular than they originally expected.

Persons: Biden, Donald J, Trump, “ We’ve, Frank Pallone Jr, Thomas Pyle, ’, Pyle, Kevin Book, Sean Rayford, ” Mr, John Ketchum, Ketchum, “ It’s, Mr, Sasha Mackler, David Carroll, we’ve, Carroll, T.J . Kirkpatrick, ” Michael Kikukawa, Lori Esposito Murray, Ms, Murray, Jeanna Smialek Organizations: Republican, Democratic, Company, Biden, House Energy, Commerce, American Energy Alliance, ClearView Energy Partners, The New York Times, NextEra Energy, Republicans, Center, Engie, White, Economic Development, Conference Board, “ Locations: States, China, New Hampshire, America, Indiana, Texas, Irvine , Calif

☆ House lawmakers weigh relief for state and local tax deduction 'marriage penalty'
▼ + stars: | 2024-02-14 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Violetastoimenova | E+ | Getty ImagesHouse lawmakers are weighing relief for a "marriage penalty" that impacts the federal deduction limit on state and local taxes, known as SALT. While the bill doesn't have broad support, it could help shape future tax policy discussions, experts say. Without changes from Congress, the $10,000 limit will sunset after 2025 and there will be no deduction cap. Lawmakers on Wednesday afternoon will cast a procedural vote on the bill for future House consideration. As discussions continue about expiring Tax Cuts and Jobs Act provisions, the SALT cap "is going to be one of the biggest sticking points," he said.

Persons: there's, filers, Garrett Watson, John Buhl Organizations: Getty Images, Republicans, Tax, Urban Institute, Urban Locations: New York , New Jersey, California

☆ 4 red flags for an IRS tax audit — and how to avoid the 'audit lottery,' according to tax pros
▼ + stars: | 2024-02-13 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

But everyday filers could still face an audit — and certain issues are more prone to IRS scrutiny, experts say. Audit rates of individual income tax returns decreased for all income levels from tax years 2010 to 2019, largely due to lower IRS funding, according to a report from the Government Accountability Office. Here are some of the biggest IRS audit red flags. Unreasonable tax breaksAnother red flag could be excessive deductions compared to what's considered normal for your income level, according to Losi. Earned income tax creditThe earned income tax credit, a tax break for low- to moderate-income workers, has historically been scrutinized "because the refundable part attracts certain bad actors," said Steber.

Persons: Ryan Losi, Mark Steber, Jackson Hewitt, Steber, what's, Losi, Erin Collins Organizations: Getty, IRS, Office, NEC, lotto, Center, filers Locations: Syracuse, U.S

☆ To shore up Social Security, this controversial proposal calls for limiting retirement plan tax perks
▼ + stars: | 2024-02-09 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

But a new research proposal published by the Center for Retirement Research at Boston College by experts at the opposite ends of the political spectrum has sparked considerable opposition. Together, they call for limiting current tax preferences for retirement savings plans, and instead redirecting those funds to help shore up Social Security. How retirement plan tax incentives workIn 2024, the limit for total employee and employer contributions to a defined contribution plans such as 401(k)s is $69,000 in 2024. By rolling back the tax incentives provided through defined contribution retirement plans, the money saved could be used to help fix a portion of Social Security's funding gap, the researchers argue. "We now have an industry and a policy based on 401(k)s and defined contribution plans that has been, relatively speaking, successful," Fichtner said.

Persons: Andrew Biggs, Alicia Munnell, Biggs, Munnell, Michael Wicklein, Jason Fichtner, Fichtner Organizations: Istock, Getty, Center for Retirement Research, Boston College, American Enterprise Institute, Federal Reserve Bank of Boston, Social Security, U.S, Mercatus, George Mason University, Cato Institute, National Association of Plan, Center, Board

SACRAMENTO, Calif. (AP) — California would ban all plastic shopping bags in 2026 under a new bill announced Thursday in the state Legislature. California already bans thin plastic shopping bags at grocery stores and other shops, but shoppers at checkout can purchase bags made with a thicker plastic that purportedly makes them reusable and recyclable. “It shows that the plastic bag ban that we passed in this state in 2014 did not reduce the overall use of plastic. That's because most of the state's major cities already ban these types of thicker plastic bags. As San Francisco's mayor in 2007, Newsom signed the nation's first plastic bag ban.

Persons: Sen, Catherine Blakespear, “, Mark Murray, Gavin Newsom, Newsom Organizations: Democratic, Environment America Research & Policy, Democratic Gov, Francisco's Locations: SACRAMENTO, Calif, California, Encinitas

☆ Gen Z is turning to influencers for financial advice. A new report dives into 4 main reasons creators are impacting investment decisions.
▼ + stars: | 2024-02-05 | by ( Shriya Bhattacharya | ) www.businessinsider.com time to read: +5 min

Financial influencers are also benefiting from the rising consumer demand for longer-form online content . Distrust in traditional financial institutions is driving Gen Z to more 'relatable' advisorsMost participants reported being skeptical of traditional banks and personal finance advisors. Preece said the rebound of long-form content suits the needs of financial influencers because they can take 10 minutes to explain a concept instead of 30 seconds. "There's more time for an audience to really digest the information and reflect on it, because most financial topics are complex," he said. Gen Zers also said they loved that the financial tips on YouTube, TikTok, and Instagram were free.

Persons: —, Gen Zers, Rhodri Preece, Zers, there's, Preece, Reece Organizations: Service, CFA Institute's Research, Policy, CFA Institute, YouTube, Business Locations: France, Germany, Netherlands

☆ Nearly 1 in 5 eligible taxpayers don't claim this 'valuable credit,' IRS says
▼ + stars: | 2024-02-02 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Laylabird | E+ | Getty ImagesTens of millions of Americans file tax returns every year — and many are missing a "valuable credit," according to the IRS. In 2022, roughly 23 million filers received $57 billion from the earned income tax credit, or EITC, a tax break for low- to moderate-income workers. But nearly 1 in 5 eligible taxpayers don't claim the EITC, which averaged $2,541 in 2022, IRS Commissioner Danny Werfel told reporters during a press call last week. How the earned income tax credit works"The credit is reasonably complex," said Steven Hamilton, assistant professor of economics at The George Washington University. There's a 'high improper payments rate'"Millions of eligible taxpayers fail to claim the EITC, while other taxpayers claim amounts for which they are not eligible, leading to a high improper payments rate," National Taxpayer Advocate Erin Collins wrote in the 2023 Purple Book of legislative recommendations.

Persons: Danny Werfel, you've, Steven Hamilton, Hamilton, There's, Erin Collins Organizations: The George Washington University, IRS, Center, Black, Stanford University Locations: U.S

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