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☆ UnitedHealth CEO tells lawmakers the company paid hackers a $22 million ransom
▼ + stars: | 2024-05-01 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +5 min

Change Healthcare provides payment, revenue management and other solutions like e-prescription software. UnitedHealth told CNBC in April that it paid a ransom to try and protect patient data. Its business unit Optum — which provides care to 103 million customers — and Change Healthcare — which touches one in three patient records — merged in 2022. Committee Chairman Sen. Ron Wyden, D-Ore., said in his opening remarks that the Change Healthcare breach serves as a "dire warning about the consequences of too-big-to-fail mega-corporations." Sen. Michael Bennet, D-Colo., pressed Witty to share how UnitedHealth is working to ensure something like the Change Healthcare breach will not happen again.

Persons: Andrew, UnitedHealth, Sen, Ron Wyden, Wyden, Thom Tillis, they're, Tillis, Blackcat, Michael Bennet Organizations: Senate, Capitol, U.S ., Finance, UnitedHealth, Healthcare, CNBC, U.S . Securities, Exchange Commission, U.S . Department of Justice Locations: Washington , DC

☆ FCC fines big phone companies nearly $200 million for sharing customer location data
▼ + stars: | 2024-04-30 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

The FCC fined four US network providers nearly $200 million for illegally sharing customer data. AdvertisementThe Federal Communications Commission fined four US wireless carriers close to $200 million for illegally sharing access to customers' location data. The FCC said on Monday that these phone companies sold customers' location data to "aggregators," who resold access to the data to companies that provide location-based services. The FCC said dozens of location-based services accessed phone companies' customer data without ensuring consumer consent, even after the phone companies were aware of the links. In response to the FCC fines, all three phone providers said they expect to appeal the decision.

Persons: —, Jessica Rosenworcel, Ron Wyden Organizations: FCC, Service, Federal Communications Commission, Verizon, Mobile, Sprint, Companies, CNN

☆ ‘Smartphones on Wheels’ Draw Attention From Regulators
▼ + stars: | 2024-04-30 | by ( Kashmir Hill | ) www.nytimes.com time to read: +1 min

In the American imagination, car keys and a driver’s license have long represented freedom, autonomy and privacy. But modern cars, which have hundreds of sensors, cameras and internet connectivity, are now potential spying machines acting in ways drivers do not completely understand. The senators, both Democrats, say this sharing can “seriously threaten Americans’ privacy” by revealing their visits to protests, health clinics, places of worship, support groups or other sensitive places. “As far-right politicians escalate their war on women, I’m especially concerned about cars revealing people who cross state lines to obtain an abortion,” Senator Wyden said in a statement. Government attention to the car industry is intensifying, experts say, because of the increased technological sophistication of modern cars.

Persons: Ron Wyden, Edward J, Markey, Lina Khan, Wyden Organizations: Oregon, Massachusetts, Federal Trade Commission

☆ FCC fines wireless carriers millions for sharing user locations without consent
▼ + stars: | 2024-04-29 | by ( Brian Fung | ) edition.cnn.com time to read: +4 min

Washington CNN —The US government has issued millions of dollars in fines to AT&T, Sprint, T-Mobile and Verizon after an investigation found the nation’s top wireless carriers had illegally shared customers’ personal data without their consent. The fines target a practice in which carriers shared user location information with data resellers, known in the industry as “location aggregators.” These aggregators passed the data onward to their own third-party customers. “Each carrier attempted to offload its obligations to obtain customer consent onto downstream recipients of location information, which in many instances meant that no valid customer consent was obtained,” the FCC said in a release. In response to the FCC fines, all of the wireless carriers said they expect to appeal the decision. We take our responsibility to keep customer data secure very seriously and have always supported the FCC’s commitment to protecting consumers, but this decision is wrong, and the fine is excessive.

Persons: Trump, perversely, ”, “, Oregon Democratic Sen, Ron Wyden, Wyden, ” Wyden Organizations: Washington CNN, Mobile, Verizon, Federal Communications Commission, FCC, Sprint, ” Verizon, Oregon Democratic Locations: Securus

☆ Who could buy TikTok?
▼ + stars: | 2024-04-25 | by ( Brian Fung | ) edition.cnn.com time to read: +6 min

Still, the company is under such close scrutiny that it would be a poor candidate to buy TikTok, experts say. If you were to tell me it’s Verizon, or AT&T, maybe it’s not as big of a problem.”Jasmine Enberg, principal analyst at Emarketer, highlighted a paradox: Only the largest, most dominant tech giants may have the resources to buy TikTok. Microsoft had been one of the handful of contenders to buy TikTok in 2020 when President Donald Trump first pushed for a sale. A former Trump Cabinet official enters the frayIn a move that caught many by surprise, former Trump Treasury Secretary Steven Mnuchin announced last month that he is putting together a team of investors to buy TikTok. As with Mnuchin, O’Leary has said a potential acquisition of TikTok may have to exclude TikTok’s algorithm.

Persons: Joe Biden, There’s, ”, Gene Kimmelman, Jasmine Enberg, ” Enberg, TikTok’s, Donald Trump, TikTok, Steven Mnuchin, Mnuchin, ” Oregon Democratic Sen, Ron Wyden, Trump, who’ve, Kevin O’Leary, O’Leary Organizations: CNN, Facebook, Google, Meta, Federal Trade Commission, FTC, Department, YouTube, Microsoft, Intel, Cisco, Verizon, Emarketer, Activision Blizzard, Walmart, Oracle, Project Texas, Texas, Trump Cabinet, Trump Treasury, Trump, ” Oregon Democratic, Washington Post, O’Leary Ventures Locations: United States, TikTok, ” Oregon

☆ 9 ways rich real estate owners save big on taxes from putting mansions in trusts to donating rental property income
▼ + stars: | 2024-04-25 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +9 min

The richest 0.1% of Americans own $1.8 trillion in real estate, according to the Federal Reserve. Currently, individuals and married couples can gift or bequeath $13.61 million and $27.22 million, respectively, before a 40% federal estate tax kicks in. Here are nine little-known techniques that wealthy real estate owners use to pay less to Uncle Sam:Qualified personal residence trusts, better known as "QPRTs," effectively freeze the value of a real estate property for tax purposes. With an FLP, an individual — often a parent or two parents — pools their business assets, commonly real estate or stocks. The heirs don't own the trust assets, but rather have lifetime rights to the trust's income and real estate.

Persons: Uncle Sam, Trump, Sam Walton, Wrigley, Jeff Bezos, Rich, Ron Wyden, PPLI, Jackie O, I've, Edward Renn, remarries Organizations: Federal, Business, Walmart, Biden, Blackstone, Lombard, Taxpayers, IRS Locations: Trump, Florida, Wyoming, Plenty

☆ Lawmakers Question Bank of America About Leon Black’s Payments to Epstein
▼ + stars: | 2024-04-16 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

A U.S. Senate committee investigating the tax avoidance work that Jeffrey Epstein, the registered sex offender, did for the private equity mogul Leon Black has questioned Bank of America over Mr. Black’s hefty payments to Mr. Epstein, according to a letter viewed by The New York Times. They included fees paid to Mr. Epstein for advising on a sophisticated trust that saved Mr. Black more than $1 billion in taxes. Mr. Black’s decades-long business dealings and personal relationship with Mr. Epstein have dogged him ever since Mr. Epstein was arrested on federal sex trafficking charges in July 2019. (Mr. Epstein hanged himself in a federal jail a month after his arrest.) Mr. Black, a co-founder of Apollo Global Management, with a net worth of $13 billion, ultimately stepped down from all leadership posts because of the controversy.

Persons: Jeffrey Epstein, Leon Black, Epstein, Ron Wyden, Black, Banks Organizations: U.S, of America, Mr, The New York Times, Senate Finance Committee, Apollo Global Management Locations: Oregon

☆ Bank of America's dealings with Leon Black and Jeffrey Epstein are in the Senate's crosshairs
▼ + stars: | 2024-04-16 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

A Senate committee is asking Bank of America about payments from Leon Black to Jeffrey Epstein. The Senate is investigating tax avoidance strategies used by the mega-rich, The New York Times reports. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA Senate committee investigating $158 million in payments that private equity investor Leon Black made to Jeffrey Epstein has brought Bank of America into the mix.

Persons: Leon Black, Jeffrey Epstein, —, Ron Wyden Organizations: Bank of America, New York Times, Black, Service, Senate Finance Committee, Business Locations: Oregon

☆ 'On life support': Senate Republicans are prepared to sink the child tax credit bill
▼ + stars: | 2024-04-10 | by ( Sahil Kapur | ) www.cnbc.com time to read: +6 min

Teddy bears, meant to represent West Virginia children, appear on the National Mall during an event with the Unbearable Campaign to urge Congress to expand the Child Tax Credit on Wednesday, February 2, 2022. Sen. Thom Tillis, R-N.C., a member of the Finance Committee, said he'd be happy to see the entire tax bill fade away. Saying the bill would "create entitlement spending that would generate significantly higher deficits," he called for spending cuts to fund the child tax credit expansion. He said there's "no question" Senate Republicans are trying to sink the bill to deny President Joe Biden an achievement in an election year. "This tax bill looks like, to me, it's in very serious trouble," he said Tuesday.

Persons: Teddy, Jason Smith, Ron Wyden, Sen, Thom Tillis, he'd, Tillis, Mike Crapo of, Mitch McConnell, Crapo, Chuck Grassley, , Grassley, who's, Richard Neal, Joe Biden, Josh Hawley, Wyden, We're, Donald Trump, that's, Chuck Schumer, he'll, we'll, Schumer Organizations: Republicans, House, Senate, Republican, Democrats, Democratic, Finance, Finance Committee, GOP, NBC, Manhattan Project Locations: West Virginia, Mike Crapo of Idaho, Iowa

☆ 5-Hour Energy billionaire Manoj Bhargava sued by the owner of Sports Illustrated for $49 million after a tumultuous takeover
▼ + stars: | 2024-04-01 | by ( Jack Newsham | ) www.businessinsider.com time to read: +5 min

The owner of the Sports Illustrated brand filed a lawsuit Monday against the magazine's old publisher. The Arena Group lost SI, its crown jewel, after 5-Hour Energy owner Manoj Bhargava took control. In a lawsuit, Authentic Brands Group says Bhargava threatened to "go nuclear" and seeks $49 million. "ABG does not comment on pending litigation," a spokesperson for Authentic Brand Groups said. AdvertisementBhargava and Arena Group also declined to comment.

Persons: Manoj Bhargava, Bhargava, —, ABG, Ross Levinsohn, steamroll, Rob Barrett, Ron Wyden, Brooks, Derek Jeter Organizations: Sports Illustrated, Group, Energy, Authentic Brands, Service, Illustrated, Arena Group, Sports, Authentic, Arena, NCAA, Brand Groups, Reebok, Brooks Brothers, Media, Players ' Tribune, SI.com Locations: Michigan, Swiss

☆ Millions of older adults with student debt are at risk of losing some Social Security benefits, lawmakers warn
▼ + stars: | 2024-03-25 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Millions of older adults who are behind on their student loans could soon receive a smaller Social Security benefit. "When borrowers are in collections, on average their Social Security benefits are estimated to be reduced by $2,500 annually," the lawmakers wrote on March 19. "This can be a devastating blow to those who rely on Social Security as their primary source of income." Social Security recipients can see up to 15% of their benefit reduced to pay back their defaulted student debt, which "can push beneficiaries closer to — or even into — poverty," the lawmakers wrote. The government's collection practices with student loan borrowers, including the garnishment of wages and Social Security benefits, is an area under review, a source familiar with its plans told CNBC.

Persons: Sen, Elizabeth Warren, Ron Wyden, Biden Organizations: Security, Democratic, Social Security, Social, U.S . Department of Education, Finance, Harvard, CNBC

☆ 5-hour Energy billionaire named in Senate Swiss bank tax probe
▼ + stars: | 2024-03-21 | by ( Eamon Javers | ) www.cnbc.com time to read: +1 min

WASHINGTON — Billionaire 5-hour Energy entrepreneur Manoj Bhargava maintained allegedly undeclared bank accounts worth hundreds of millions of dollars at the Swiss bank Pictet, according to documents cited by Senate Finance Committee Chairman Ron Wyden, D-Ore., in a letter sent Wednesday to the bank's managing partner in Geneva. The letter, which seeks information as part of an ongoing committee investigation, did not name Bhargava, instead referring to him as "Person 1." But according to a source familiar with the investigation and documents reviewed by CNBC, Bhargava was the account holder at issue. "According to records reviewed by the Committee, Person 1 has been a Pictet client for at least fifteen years," Wyden wrote. An attorney for Bhargava, Bryan C. Skarlatos, told CNBC he had no comment on the letter.

Persons: Manoj Bhargava, Ron Wyden, Bhargava, Wyden, Bhargava —, Bryan C, Skarlatos Organizations: WASHINGTON —, Senate Finance, CNBC Locations: Swiss, Geneva, Bahamas

☆ Biden administration sanctions makers of commercial spyware used to surveil US
▼ + stars: | 2024-03-05 | by ( Brian Fung | ) edition.cnn.com time to read: +3 min

Bad actors have used commercial spyware to target at least 50 US government officials, the Biden administration said last year as it unveiled an executive order banning federal agencies from using the technology. In 2021, the US government said NSO Group’s spyware had been used against roughly a dozen State Department employees serving in Africa. The US government has sought to build international support for curbing the use of commercial spyware, and last month, it announced visa restrictions for anyone seeking to enter the United States who has been involved in the commercial spyware industry. The use of commercial spyware “has been linked to arbitrary detentions, forced disappearances, and extrajudicial killings in the most egregious of cases,” the State Department said at the time. On Tuesday, the Biden administration vowed to watch closely for signs that Intellexa may seek to circumvent the sanctions.

Persons: Washington CNN —, ”, Tal Jonathan Dilian, Sara Aleksandra Fayssal Hamou, Côte, Biden, Oregon Democratic Sen, Ron Wyden Organizations: Washington CNN, Biden, Treasury Department, Intellexa Consortium, US, Google, Pegasus, Intellexa, Amnesty International, State Department, Commerce Department, Oregon Democratic Locations: Egypt, Armenia, Greece, Madagascar, Côte d’Ivoire, Serbia, Spain, Indonesia, Africa, States

“It isn't just sort of creepy,” said Washington state Rep. Vandana Slatter, the sponsor of a law her state adopted last year to rein in unauthorized use of health information. X-Mode was also found to have sold location data to the U.S. military. In Virginia, legislation that would prohibit the issuance of search warrants, subpoenas or court orders for electronic or digital menstrual health data recently cleared both chambers of the Democratic-controlled General Assembly. “The next step to enforcing an abortion ban could be accessing menstrual health data, which is why I’m trying to protect that data,” Favola said in a committee hearing. “The software supply chain is extremely polluted with location tracking of individuals,” he said.

Persons: Roe, ”, Vandana Slatter, “, Albert Fox Cahn, Sen, Ron Wyden, Wyden, He’s, It's, Washington's, Andrea Frey, Democratic Sen, Barbara Favola, Glenn Youngkin, ” Favola, Favola, “ It’s, Republican Sen, Mark Peake, Youngkin's, Sean O'Brien, he's, ___ Mulvihill, Frank Bajak, Sarah Rankin Organizations: Democratic, Supreme, Wade, Oregon Democrat, Intelligence, The Veritas Society, Wisconsin, Federal Trade Commission, Securities Exchange Commission, FTC, ., Democrat, Republicans, Connecticut, Assembly, Virginia Gov, Republican, Yale Privacy, Associated Press Locations: U.S, Washington, Oregon, Wisconsin, Massachusetts, Nevada, York, California, Maryland, ” Illinois, Hawaii , Illinois, Maine , Maryland , Massachusetts , Missouri, South Carolina, Vermont, In Virginia, Cherry Hill , New Jersey, Boston, Richmond , Virginia

☆ Cutting in line used to be rude. More places now let you pay to skip it
▼ + stars: | 2024-02-08 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

New York CNN —Cutting in front of someone who’s been waiting patiently in line used to be unethical, bad manners, taboo. Dating app Tinder offers a new $499-a-month membership with a “skip the line” feature that prioritizes a dater’s profile. Snowbird and other ski resorts, in a controversial change, allow visitors who pay extra to access expedited ski lifts. Paying for privilegesPaying to skip the line is part of a booming industry of advantages — if you can afford them. There have always been VIPs and perks for wealthier customers: orchestra seats at theaters, boxes at stadiums and first class seats on airlines.

Persons: who’s, there’s, ”, Killington, Joe Raedle, Edward Tenner, Tenner, “, Don Munsil, Disney, it’s, Sen, Ron Wyden, Gad Allon, Allon, that’s, ” Edward Tenner, “ You’re Organizations: New, New York CNN, TSA, Universal Studios, Disney, Oregon, University of Pennsylvania Locations: New York, Bachelor’s

☆ Senate probe zeroes in on Harlan Crow tax deductions for superyacht used for Clarence Thomas vacations
▼ + stars: | 2024-02-06 | by ( Eamon Javers | ) www.cnbc.com time to read: +3 min

How Crow uses his 160 foot yacht has drawn the attention of Senate Finance Committee investigators, who are probing Crow's financial and personal ties to Supreme Court Justice Clarence Thomas. Thomas and his wife Ginni Thomas have taken several cruises aboard the ship, the Michaela Rose, including trips around Indonesia and New Zealand. Rochelle Charter, Inc., which was formed by the Crow family to lease out the yacht, reported tax-deductible business losses in 10 of the 13 years for which ProPublic has records. In order for business losses to be deducted from federal income taxes, a company must be engaged in an actual business with paying customers. "Mr. Crow engages professional accounting firms to prepare his tax returns and complies with tax law in good faith.

Persons: Clarence Thomas, Al Drago, Harlan Crow's, Crow, Thomas, Ginni Thomas, Michaela Rose, Ron Wyden, Sen, Erin Scott, ProPublic, Wyden, Harlan Crow, Mr Organizations: U.S, Supreme, White, Washington , D.C, Bloomberg, Getty Images WASHINGTON — Billionaire, IRS, CNBC, Finance, Democratic, Reuters Tax, Inc, Internal Revenue Service Locations: Washington ,, Indonesia, New Zealand, Washington, Rochelle

☆ New bill in Congress calls for creating children's savings accounts from birth. Here's how it would work
▼ + stars: | 2024-01-31 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

The plan calls for providing savings accounts for every child in the U.S. on state 529 college savings platforms, which would be managed by state Treasurers. More from Personal Finance:IRS to launch free tax-filing pilot programJamie Dimon: Improving earned income tax credit is 'no brainer'Biden has forgiven student debt for millions. Children in households that are eligible for the earned income tax credit — which aims to reduce the federal tax burden for low- to moderate-income workers — would receive additional aid. The proposal comes as Congress is poised to consider a new expansion of the child tax credit. Estimates have found the new child tax credit could help about 16 million children from low-income families in the first year, according to the Center on Budget and Policy Priorities.

Persons: Democratic Sens, Bob Casey of Pennsylvania, Chuck Schumer, Ron Wyden, Don Beyer of Virginia, Joyce Beatty, Suzan, Jamie Dimon, Biden, Casey, Momo, Roth, I'm, Madeline Brown Organizations: Democratic, New, Reps, Finance, IRS, Getty, Center, Budget, Urban Institute, D.C Locations: New York, Oregon, Joyce Beatty of Ohio, Washington, U.S

☆ Premarket stocks: The US is pulling ahead in the economic race with China
▼ + stars: | 2024-01-29 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

It appears that a soft landing, where price rises are tamed and the economy manages to avoid recession, is possible. Before the Bell: Is it fair to say that the US is outpacing China in the race for economic supremacy? Just last year people might have said the opposite — that the US was heading towards recession and the Chinese economy was thriving. It is remarkable to see the US economy blazing ahead while the Chinese economy sputters and slips into deflation. What else should investors be aware of when they read about the Chinese economy?

Persons: Bell, Eswar Prasad, Jamie Dimon, he’s, Marianne Lake, Jennifer Piepszak, Piepszak, Troy Rohrbaugh, Rohrbaugh, Dimon, hasn’t, “, Brian Fung, Oregon Democratic Sen, Ron Wyden, Biden Organizations: CNN Business, Bell, New York CNN, Cornell University, International Monetary, JPMorgan, JPMorgan Chase, Bloomberg, NSA, National Security Agency, Oregon Democratic, Pentagon, CNN Locations: New York, China, Oregon

The answer explains why Congress is racing to wind down what is known as the employee retention tax credit. Lawmakers aim to use the savings to offset the cost of three business tax breaks and a more generous child tax credit for many low-income families. Households benefitting from the changes in the child tax credit would see an average tax cut of $680 in the first year, according to an estimate from the nonpartisan Tax Policy Center. Under current law, taxpayers have until April 15, 2025, to claim the employee retention credit. But in this case, the employee retention tax credit appears to have few friends left on Capitol Hill.

Persons: Danny Werfel, ’ ”, Sen, Ron Wyden, Elizabeth Warren, Ron Johnson, ” Johnson, “, ” Warren, Wyden, Jan, Larry Gray, Gray, ”, ” Gray, preparer, Werfel, Mark Warner Organizations: WASHINGTON, Senate, IRS, —, Center, Senate Finance, Capitol Locations: Rolla , Missouri, America, New Jersey

☆ The NSA buys Americans’ internet data, newly released documents show
▼ + stars: | 2024-01-26 | by ( Brian Fung | ) edition.cnn.com time to read: +6 min

Washington CNN —The National Security Agency has been buying Americans’ web browsing data from commercial data brokers without warrants, intelligence officials disclosed in documents made public by a US senator Thursday. The purchases involve what Nakasone described as netflow data, or the technical information generated by devices as they use the internet. Nakasone added that the NSA does not purchase cellphone location data of Americans or location data generated by automotive infotainment systems in the United States. “NSA purchases commercially available Netflow data for its cybersecurity mission, to include but not limited to inform the Agency’s collection, analysis, and dissemination of cyber threat intelligence,” an NSA official said. As part of Thursday’s announcement, Wyden wrote a letter to the Biden administration urging it to stop the warrantless surveillance of Americans through the purchases of internet data.

Persons: Oregon Democratic Sen, Ron Wyden, Biden, ”, Paul Nakasone, Wyden, Nakasone, “, Ronald Moultrie, Allison Nixon, ” Nixon, Timothy Haugh, ” Wyden, Avril Haines, Haines, Lina Khan, CNN’s Sean Lyngaas Organizations: Washington CNN, National Security Agency, Oregon Democratic, Pentagon, CNN, The New York Times, NSA, Defense Department, cyberattacks, Defense Intelligence Agency, Federal Trade Commission, InMarket Media, FTC Locations: Oregon, United States, U.S

☆ Biden administration planning action to stop hostile foreign governments exploiting Americans’ personal data
▼ + stars: | 2024-01-23 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +3 min

CNN —The Biden administration is preparing an executive order aimed at curbing the ability of foreign governments to access sensitive personal data on Americans that could jeopardize national security, one current US official and one former US official familiar with the matter told CNN. Foreign efforts to exploit Americans’ data represent an “unusual and extraordinary threat” to national security and foreign policy, the draft text of the order says, according to the US official. The National Security Council at the White House declined to comment on the draft executive order. A surge in the amount of intimate personal information on US citizens that can be bought and sold online has alarmed lawmakers and senior US officials focused on national security. Wyden said he hoped the final text of the executive order, among other things, applies to data held by US subsidiaries of foreign companies.

Persons: CNN —, Biden, ” Sen, Ron Wyden, Wyden, TikTok, “, ” Justin Sherman, Duke, ” Sherman Organizations: CNN, Bloomberg News, National Security Council, White, Oregon Democrat, Social, Duke University Locations: China, Oregon

☆ Bipartisan tax bill clears key congressional hurdle, teeing up potential House vote
▼ + stars: | 2024-01-19 | by ( Emily Wilkins | ) www.cnbc.com time to read: +3 min

The package released earlier this week was the result of a rare, bipartisan agreement between Republican House Ways and Means Chair Jason Smith (Mo.) To help win more Democratic support, the bill also expands the child tax credit by adjusting it for inflation and allowing Americans who don't have a tax bill to get the credit as a refund, among other changes. In addition to Friday's committee vote, the White House also came out in support of the legislation. In the end, Blumenauer said he would "reluctantly" vote for the bill, but wanted to see the child tax credit expanded further. House Speaker Mike Johnson had yet to confirm when, or even if, he would bring the bill to the House floor for a vote.

Persons: WASHINGTON, Jason Smith, Ron Wyden, Karine Jean, Pierre, Earl Blumenauer, Blumenauer, Mike Johnson, Smith, Wyden Organizations: Business, of Commerce, National Association of Manufacturers, Republican, Democratic, White, Oregon Democrat Locations: Taiwan, Mo, Oregon

☆ A bipartisan group of lawmakers' plan to boost the child tax credit for parents would help 'hundreds of thousands of kids get out of poverty,' a top economic official says
▼ + stars: | 2024-01-17 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

A bipartisan group of lawmakers proposed boosting the child tax credit for parents. The White House told BI that Biden is committed to fighting "for the full expanded Child Tax Credit." AdvertisementA bipartisan proposal to boost the child tax credit for parents appears like it might be on track to get the White House's stamp of approval. "We're very supportive of expanding the child tax credit," Bernstein said. "So, helping hundreds of thousands of kids get out of poverty, reaching 16 million kids with a more fair child tax credit, that sounds like a really smart idea to us."

Persons: Jared Bernstein, Biden, —, Ron Wyden, Jason Smith, Poppy Harlow, White, Bernstein, Joe Biden, hasn't, it's, Michael Kikukawa, Wyden, Smith's, Kikukawa, Democratic Sen, Sherrod Brown, GOP Sen, Mike Crapo Organizations: White House, Service, Democratic, Republican, Tax Relief, American Families and Workers, White House Council, Economic Advisers, American, Budget, Child, GOP

☆ Bipartisan Tax Deal Would Provide Boost to Businesses, Families
▼ + stars: | 2024-01-16 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

The new plan would provide some U.S. households with more money from the child tax credit. Photo: Alex Wong/Getty ImagesWASHINGTON—Top U.S. lawmakers unveiled a bipartisan tax agreement that would revive expired breaks for businesses and increase the child tax credit for low-income families, and they are aiming to push the $78 billion in tax breaks through Congress in the next few weeks. The deal comes from Sen. Ron Wyden (D., Ore.) and Rep. Jason Smith (R., Mo. ), ideological opponents who found common ground after months of talks. They have a tough task ahead, given skepticism about aspects of the deal in both parties and a tight deadline before tax season starts.

Persons: Alex Wong, Sen, Ron Wyden, Jason Smith Organizations: Getty, WASHINGTON —, WASHINGTON — Top U.S Locations: WASHINGTON — Top, Mo

☆ Congress announces tax deal to expand child tax credit and revive breaks for businesses
▼ + stars: | 2024-01-16 | by ( Sahil Kapur | Kate Santaliz | ) www.cnbc.com time to read: +3 min

WASHINGTON — Senior lawmakers in Congress announced a bipartisan deal Tuesday to expand the child tax credit and provide a series of tax breaks for businesses. The deal, details of which were reported earlier by NBC News, would enhance refundable child tax credits in an attempt to provide relief to financially struggling and multi-child families. Democrats had demanded a larger child tax credit after an earlier version they passed for less than one year expired, causing child poverty to fall and then rise again after it lapsed. And Republicans were motivated to revive some expired portions of the 2017 Trump tax cuts for businesses. Wyden has said he hopes to pass the deal by the beginning of tax filing season, which is Jan. 29.

Persons: Cara Baldari, Evie, Sarah Orrin, Vipond, Otto, Jason Smith, Ron Wyden, Smith, " Wyden, Wyden, That's Organizations: D.C, U.S, Capitol, WASHINGTON —, Congress, NBC News, American Locations: China

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