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☆ Trump says he wants huge tariffs if elected. That could send inflation spiking.
▼ + stars: | 2024-05-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

But research from the bipartisan Tax Foundation suggests otherwise, and says Trump's 2018 trade war was also economically damaging. The non-partisan Tax Foundation would beg to differ. Tax Foundation estimates that the tariffs then imposed have amounted to an $80 billion tax increase on Americans. Nobody else ever did anything on China," Trump explained. More tariffs under Trump could be poorly timed, as US monetary policy is already struggling to clamp down on current inflation levels.

Persons: Trump, —, Donald Trump, Biden, Kenneth Rogoff Organizations: Time Magazine, Foundation, Service, Time, Republican, Trump, Federal Reserve Locations: China, India, Brazil, United States, Beijing

☆ Energy stocks are hot again. The rally could have more fuel to burn
▼ + stars: | 2024-04-12 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

These robust gains come after a lackluster year for energy stocks. The energy sector fell roughly 5% in 2023, underperforming the broader S&P 500’s double-digit gains as concerns about the global economy hurt energy demand. Some investors say that energy stocks are poised for more gains, given the continued geopolitical turmoil and the US economy’s resilience. Energy stocks often do well when the economy is strong, since there’s more energy demand to fuel goods- and services production. Plug Power shares have slipped 34% this year, SolarEdge Technologies shares have tumbled 25% and Enphase Energy shares have slid 8%.

Persons: Nancy Curtin, “, ”, Bob Doll, he’s, Donald Trump, Trump, Matt Egan, ” Alex Durante, Read, Alicia Wallace, Price Organizations: CNN Business, Bell, New York CNN — Energy, Marathon Petroleum, Exxon Mobil, Occidental Petroleum, Halliburton, West Texas, Brent, Federal Reserve, Energy, RBC Capital Markets, Crossmark Global Investments, Organization of, Petroleum, Clean Energy, SolarEdge Technologies, Enphase Energy, Tax Foundation, CNN, Trump, of Labor Statistics, PPI Locations: New York, Ukraine, OPEC, China, Mexico

☆ How Trump’s tariff plans could kill jobs and worsen inflation
▼ + stars: | 2024-04-11 | by ( Matt Egan | ) edition.cnn.com time to read: +10 min

Trump has floated a 10% across-the-board tariff on imports, a 60% tariff on imports from China and a 100% tariff on foreign cars – including from Mexico. Trump’s proposals, if enacted, could easily set off a new trade war with China and potentially other nations, too. Some economists are warning Trump’s trade agenda and the ensuing retaliation from trading partners would hurt the US economy by worsening inflation, killing jobs, depressing growth and spooking investors. It’s hard to say exactly because there is a lot of uncertainty over how much of Trump’s proposed agenda would actually be enacted. That’s because tariffs tax imports when they come ashore, adding costs for US distributors, retailers and, ultimately consumers.

Persons: he’s, Donald Trump, Trump, ” Alex Durante, Trump’s, ”, Mark Zandi, Goldman Sachs, ” Goldman Sachs, Jan Hatzius, ” Goldman, Janet Yellen, Joe Biden’s, Karoline Leavitt, ” “, ” Leavitt, “, Biden, “ Donald Trump, ” Biden, James Singer, Biden’s, That’s, Durante, Joe Brusuelas, don’t, ” Brusuelas, Brusuelas, Liz, Maury Obstfeld, Obstfeld, Obama, ” Durante Organizations: New, New York CNN —, Tax Foundation, CNN, Trump, China, Bureau of Labor Statistics, Federal Reserve, RSM, Target, Walmart, Peterson Institute for International Economics, International Monetary Fund, US International Trade Commission, “, Obama Locations: New York, China, Mexico, Beijing, United States

☆ The top 5 U.S. cities to retire if you don't have any savings—only 1 is in Florida
▼ + stars: | 2024-03-31 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

If you've got nothing saved for retirement, you're not alone. Nearly 30% of Americans have $0 saved for retirement, per recent data from personal finance website GOBankingRates. The average monthly benefit is around $1,773 as of February, per the Social Security Administration. It ranked each city on a variety of metrics, including the city's average home value, annual grocery costs, annual utilities costs and whether the state taxes Social Security benefits. Here are the top five places in the U.S. to retire if you have little to no savings, according to GOBankingRates.

Persons: you've, Anne Lester, Roth, GOBankingRates Organizations: CNBC, Roth IRA, Social Security, Social Security Administration, Social, U.S, Survey, Tax Foundation, Bureau of Labor Statistics, Expenditure Locations: U.S

☆ Here's what Trump's proposed tariffs could mean for your wallet
▼ + stars: | 2024-03-13 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

As President Joe Biden and former President Donald Trump secure enough delegates to clinch their party nominations, policy experts are weighing how proposed tariffs could affect American consumers. While the Trump campaign hasn't released many tax policy specifics, he has renewed his support for tariffs, which are taxes levied on imported goods from another country. "I'm a big believer in tariffs," Trump said Monday on CNBC's "Squawk Box," suggesting that he's likely to reinstitute duties if elected for a second term. The Biden administration has maintained some of those tariffs. "Here's an area where the candidates are actually pretty similar — first what Trump imposed and then what Biden maintained," said Erica York, a senior economist and research manager with the Tax Foundation's Center for Federal Tax Policy.

Persons: Joe Biden, Donald Trump, hasn't, Trump, dysmorphia, Biden, Erica York Organizations: White, Washington , D.C, Trump, Finance, European Union, Tax, Center, Federal Tax Locations: Washington ,, China, Mexico

☆ 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

☆ 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

☆ Opinion: Nikki Haley is right about the Trump tariffs
▼ + stars: | 2024-02-02 | by ( Opinion Edward J. Mccaffery | ) edition.cnn.com time to read: +5 min

Think about that for a second.”Second, Haley is almost certainly right: tariffs can be a regressive tax, borne largely, if not exclusively, by ordinary American workers. The moderate, non-partisan Tax Foundation found that the existing Trump tariffs will bring in a mere $74 billion in revenues over ten years, while costing jobs, lowering growth and depressing American wages. Haley is right. Who is likely to benefit most from any future Trump tax cuts? Haley is right; Trump wins.

Persons: Edward J, McCaffery, Robert C, Donald Trump’s, Nikki Haley, Haley, Trump, Adam Smith, Harris, Smoot, Hawley, Hood, Herbert Hoover, Ronald Reagan Organizations: CNN, Packard, University of Southern, McCaffery, Jobs, South Carolina Republican, Foundation, Tax Foundation, Biden, Trump, Tax, Walmart, Republican, Trump University Locations: University of Southern California, Washington, China

☆ It’s primary time in New Hampshire. Here’s a snapshot of the Granite State’s economy
▼ + stars: | 2024-01-23 | by ( Alicia Wallace | Tami Luhby | ) edition.cnn.com time to read: +10 min

New York CNN —New Hampshire, the “first-in-the-nation” primary state (which will hold those elections Tuesday), has been a relatively “better-off” state than most others nationally. Median income/povertyThe typical New Hampshire household has a higher income compared to the average in the United States, and a smaller share of state’s residents are in poverty. Southeastern New Hampshire — where three-quarters of the state’s residents live — benefits from being close to the Boston metropolitan area, said Phil Sletten, research director at the left-leaning New Hampshire Fiscal Policy Institute. Some 42% of New Hampshire residents approved of Biden on the economy, with 55% disapproving, according to a November CNN/University of New Hampshire poll. But when it comes to their personal finances, New Hampshire residents are downbeat.

Persons: ’ ”, Charlie Dougherty, ”, ” Dougherty, “ You’ve, Patricia M, Anderson, Patrick Connelly, ” Connelly, that’s, Brian Gottlob, “, Spencer Platt, Lori Harnois, Gottlob, Phil Sletten, Sletten, Joe Biden, Biden, Gina Ferazzi Organizations: New, New York CNN —, United States, of Labor Statistics, Wells, Labor, Reserve, Dartmouth University, CNN, Housing, Tax Foundation, Tourism, Census, Granite State, Survey, New Hampshire —, University of New, Commerce Department, University of New Hampshire Survey Center, Patrons, Los Angeles Times, Independents Locations: New York, New York CNN — New Hampshire, Granite, New Hampshire, Boston, , New Hampshire, “ New Hampshire, “, Hampshire, Chester , New Hampshire, Manchester, Devon, Bartlett , New Hampshire, Ohio, Washington, New, Canada, Pennsylvania, United States, Granite State, University of New Hampshire, Colebrook , New Hampshire

☆ Trump's proposed 10% tariff plan would 'shake up every asset class,' strategist says
▼ + stars: | 2024-01-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Mike Segar | ReutersMarkets need to begin thinking about the structural impact of Donald Trump's proposed 10% tariff increase, which "shakes up every asset class," according to Michael Every, global strategist at Rabobank. He suggested one of investors' top concerns would be the 10% tariff on all U.S. imports. Trump floated the 10% tariff during an interview last year with Fox Business' Larry Kudlow, his former White House economic advisor, saying "it's a massive amount of money." China responded with its own tariffs on U.S. goods, and Trump also imposed tariffs on steel and aluminum imports from most countries, including many of Washington's biggest allies. He noted Trump's tendency to "change his mind" so frequently on geopolitical issues that "people won't know where his thinking is at."

Persons: Donald Trump, Mike Segar, Donald Trump's, Michael Every, Janet Yellen, Ron DeSantis, CNBC's, Trump, Tom Lee, Larry Kudlow, it's, Keen, Joe Biden's, Dan Boardman Organizations: U.S, Republican, New, Reuters, Rabobank, The, Foundation, Forum, GOP, Trump, Fox Business, White, AAF, BRI Wealth Management Locations: New Hampshire, Rochester , New Hampshire, U.S, America, China, Beijing, Weston

ATLANTA (AP) — With a runup in home values sparking higher property taxes for many Georgia homeowners, there is a groundswell among state lawmakers in this election year to provide relief. Political Cartoons View All 253 ImagesIn Texas, voters in November approved a plan cutting property taxes by $18 billion. Pennsylvania is using lottery proceeds to cut property taxes and subsidize rent for seniors and people with disabilities. That owner would have paid more except for a $950 million property tax rebate championed by Gov. More than $2 billion in property value in Columbus is shielded from taxation by homestead exemptions which don't allow for any rise in value.

Persons: Jon Burns, Newington, ”, Jared Walczak, Chuck Hufstetler, Bill, I’ve, Hufstetler, Burt Jones, It's, Atlanta Sen, Jason Esteves, Esteves, Burns, Shaw Blackmon, Kathleen, That's, Suzanne Widenhouse, Brian Kemp, Widenhouse, ” Widenhouse Organizations: ATLANTA, Georgia's, Republican, Tax Foundation, Democratic, Finance, Rome Republican, Associated Press, Georgia Department, Revenue, Georgia counties, Association of, of Georgia, Gov, Atlanta Locations: Georgia, Texas, Kansas, Colorado, Pennsylvania, California, Muscogee County, Columbus

☆ House Republicans reintroduce bill to repeal 'death tax'
▼ + stars: | 2024-01-19 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Rep. Jason Smith, R-Mo., speaks during a House Oversight and Accountability Committee impeachment inquiry hearing into U.S. President Joe Biden on Sept. 28, 2023. House Republicans this week reintroduced legislation to permanently repeal what they're calling the "death tax" — or federal estate tax, which is levied on inherited property above a certain value. Introduced by Rep. Randy Feenstra, R-Iowa, with support from 162 lawmakers, the Death Tax Repeal Act follows past Republican proposals to abolish estate taxes, including a Senate bill from early 2023. The federal estate tax exemption adjusted for inflation by rising to $13.61 million per individual or $27.22 million for spouses in 2024. "Because the revenue effects are relatively small, they may have more leeway to eliminate [the estate tax] altogether if they had full control," Watson said.

Persons: Jason Smith, Joe Biden, Randy Feenstra, —, Biden, Garrett Watson, Donald Trump's, Watson Organizations: Republicans, Finance, Tax Locations: Iowa

The House was scheduled to vote Thursday on a GOP plan for cutting income, sales and property taxes by a total of $1.6 billion over three years. Top Republicans want to impose a single personal income tax rate of 5.25%, replacing three rates that top out at 5.7%, starting in 2025. The dispute over the single-rate or “flat” plan blocked a large tax cut in Kansas last year, when a dozen other states cut taxes, according to the conservative-leaning Tax Foundation. Her income tax proposal would increase the standard deductions that all individual filers claim. Kansas Senate President Ty Masterson, a Wichita-area Republican, said retaining an income tax with multiple rates would keep Kansas “behind the eight ball” economically.

Persons: Laura Kelly, Kelly, ”, Sen, Mike Thompson, Republican Sen, Caryn Tyson, Kelly's, Sam Brownback, “ Kansans, ” Kelly, Brianna Johnson, Neva Butkus, Butkus, Kim Reynolds, Ty Masterson, It's, Hannah Fingerhut Organizations: —, Democratic, GOP, Gov, Top Republicans, of Revenue, Tax Foundation ., Kansas City, Republican, Social, Republican Gov, Taxation, Economic, Tax Foundation, Kansas, Associated Press Locations: TOPEKA, Kan, Kansas, Tax Foundation . Kansas, Iowa, Wichita, Des Moines , Iowa

☆ Bipartisan tax deal could boost child tax credit for 2023. What it means for families this tax season
▼ + stars: | 2024-01-16 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Hinterhaus ProductionsHow much the credit could be worth for familiesWhile less generous than the enhanced child tax credit enacted during the Covid-19 pandemic, the changes would boost the maximum refundable tax break to $1,800 per child for 2023, up from the current 2023 limit of $1,600. The limit would increase to $1,900 for tax year 2024, and $2,000 for tax year 2025, along with inflation adjustments. "It's extremely well-targeted to provide significant relief to millions of low-income families," said Chuck Marr, vice president for federal tax policy for the Center on Budget and Policy Priorities. 'Not much time in a best-case scenario'With proposed retroactive changes for 2023, there's pressure to enact the legislation by the opening of tax season on Jan. 29. "But there's not much time in a best-case scenario," said Garrett Watson, senior policy analyst and modeling manager at the Tax Foundation.

Persons: Chuck Marr, Garrett Watson, Watson Organizations: Hinterhaus, Center, Budget, Tax Locations: U.S

See Personal Finance Insider's roundup of the best tax software >>How does New York tax income? Nonresidents and part-year residents may have a New York income tax liability depending on their living situation and how much they earn. New York income tax ratesIf your New York adjusted gross income was less than $107,650, the tables below would be used to calculate your state tax liability for 2022. New York state tax rates FAQsWhat is the New York state income tax rate for 2023? What are the New York state tax brackets for 2023?

Persons: —, Zaher Dehni, Eric Bronnenkant, Dehni Organizations: Service, Finance, state's Department of Taxation, New, Department of Taxation, Tax Foundation, New York, Excelsior Jobs, Tax Locations: New York, California, New, York, , New York, New York City, Yonkers, Nonresidents, Chevron

☆ SCOTUS wealth tax case ruling could blow up 'significant portions' of income tax: Tax Foundation CEO
▼ + stars: | 2023-11-28 | 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 EmailSCOTUS wealth tax case ruling could blow up 'significant portions' of income tax: Tax Foundation CEOFormer U.S. Senator John Breaux (D-La.) and Tax Foundation president and CEO Daniel Bunn join 'Squawk Box' to discuss next week's Supreme Court wealth tax case, what the possible outcomes are, potential broader impact on income taxes, and more.

Persons: John Breaux, Daniel Bunn Organizations: Tax, Former U.S, Tax Foundation

☆ IRS announces new income tax brackets
▼ + stars: | 2023-11-10 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

New York CNN —If you are someone who likes to plan ahead on your taxes, the IRS this week released the new inflation-adjusted income tax brackets and standard deduction amounts that will be in effect for tax year 2024. The IRS makes inflation adjustments annually to tax brackets, the standard deduction and some other tax breaks. New income tax bracketsThe US federal income tax code currently has seven tax rates – 10%, 12%, 22%, 24%, 32%, 35% and 37%. For tax year 2024, each of the seven rates will apply to the following new income tax brackets:10%: Income up to $11,600 ($23,200 for married couples filing jointly)12%: Income over $11,600 ($23,200 for joint filers)22%: Income over $47,150 ($94,300 for joint filers)24%: Income over $100,525 ($201,050 for joint filers)32%: Income over $191,950 ($383,900 for joint filers)35%: Income over $243,725 ($487,450 for joint filers)37%: Income over $609,350 ($731,200 for joint filers). Taxable income, remember, is your gross income minus the various tax breaks for which you’re eligible.

Persons: Alex Durante, ”, Robert McClelland Organizations: New, New York CNN, IRS, The Tax, Tax, Center Locations: New York

☆ State Tax Masochism by the Sea
▼ + stars: | 2023-10-29 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The week’s best and worst from Kim Strassel, Bill McGurn and Dan Henninger. Images: AP/Reuters Composite: Mark KellyOne great benefit of America’s federalist Constitution is policy competition among the states. Voters in Florida don’t have to live under New York’s laws, and Americans and businesses can vote with their feet by moving across state lines. That truth came into focus again last week when the Tax Foundation released its annual ranking of state business tax climates, and there’s a yawning gap between the winners and losers. The worst stack up punishing rates, making new business much more difficult and costly.

Persons: Kim Strassel, Bill McGurn, Dan Henninger, Mark Kelly Organizations: Reuters, Voters, Tax Foundation Locations: Florida

☆ Menstrual product makers form coalition to reimburse ‘tampon tax’ to shoppers
▼ + stars: | 2023-10-11 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +6 min

Texas became the latest state to repeal tax on period products by passing a bill that went into effect September 1, 2023. So the idea of a tampon tax is kind of a misnomer,” said Loughead. The sales tax on period products is only one part of a multi-faceted challenge for consumers who need them, advocacy groups said. “The end goal Is that we take down the tampon tax. When I started this work, the tampon tax was in 40 states and now it’s in 21.

Persons: Cora, Lola, Rael, Flo, Saalt, ”, Nadya Okamoto, Okamoto, “, ” Okamoto, Katherine Loughead, ” Loughead, Troy Moore, Moore, It’s Organizations: New, New York CNN, Coalition, Paypal, CVS, Target, Tax Foundation, Washington DC, National, Bank Locations: New York, Texas, Target, Washington, United States

☆ These are the U.S. states where homeowners pay the most in property taxes—California isn't in the top 5
▼ + stars: | 2023-09-23 | by ( Mike Winters | ) www.cnbc.com time to read: 1 min

The amount Americans pay in annual property taxes varies by thousands of dollars depending on where they live, a Tax Foundation analysis reveals. In New Jersey, residents pay a median of $8,797 — the highest of all U.S. states — based on data provided to CNBC Make It. In Alabama, the median property tax bill is only $646. The varying totals were calculated based on five years of Census data as of 2021, the most recent available. When looking at the totals for all states and the District of Columbia, the median tax bill was $2,331.

Persons: — Organizations: CNBC, District of Columbia Locations: New Jersey, Alabama

☆ Pence trashes Trump's tax plan, says 10% tariff would 'increase inflation at the worst possible time'
▼ + stars: | 2023-09-21 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

Republican presidential candidate, former Vice President Mike Pence speaks at the Pray Vote Stand Summit at the Omni Shoreham Hotel on September 15, 2023 in Washington, DC. Former Vice President Mike Pence on Thursday dumped on Donald Trump's plan to slap a universal 10% tariff on imported goods if he is reelected in 2024, slamming the idea as a "middle-class tax increase." An across-the-board tariff like the one Trump has proposed would worsen inflation and "reward adversaries like China," Pence's GOP presidential campaign said in an unusually sharp one-page memo. "He and his imitators in this race are backing away from American leadership," Pence said. Trump skipped the first debate last month, but he nevertheless stole much of the evening's attention.

Persons: Mike Pence, Donald Trump's, Pence, Trump, Larry Kudlow Organizations: Omni, Washington , DC, Trump, GOP, Republican, Tax Foundation, Reagan, Fox Business, White Locations: Washington ,, China, California, Detroit

☆ These are the U.S. states with the highest property taxes—New York and California aren't in the top 10
▼ + stars: | 2023-09-16 | by ( Mike Winters | ) www.cnbc.com time to read: 1 min

Property taxes can vary by nearly $8,000 for the same-priced home, depending on where you live in the U.S., a new study reveals. New Jersey's effective tax rate is 2.23%, the highest in all 50 states and the District of Columbia, according to Tax Foundation's analysis of the Census Bureau's most recent data. Hawaii is the lowest-taxed state, with an effective tax rate of 0.32%. For a home that's worth the U.S. median of $416,100, that means New Jersey homeowners would pay $9,279 in property taxes. In Hawaii, the tax bill for the same home would only be $1,332.

Organizations: District of Columbia Locations: U.S, Hawaii, Jersey

☆ The 10 most expensive U.S. states to retire in 2023—California isn’t No. 1
▼ + stars: | 2023-09-12 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

And now, the state overall ranks as the most expensive place to retire in the U.S., according to recent Bankrate data. New York moved up to the top spot from ninth place on last year's list of the most expensive states to retire. California ranks as the second-most expensive state to retire for the second year in a row, according to Bankrate. The Golden State doesn't tax Social Security benefits, but applies income taxes to withdrawals from other sources. Here are the top 10 most expensive U.S. states to retire in 2023, according to Bankrate.

Persons: Bankrate, — it’s Organizations: Tax Foundation, Council for Community, Economic Research, Fiscal, Security, State Locations: York City, U.S, New York, NYC, California

☆ The 10 cheapest U.S. states to retire—Florida doesn't make the list
▼ + stars: | 2023-08-31 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

West Virginia ranks as the least expensive state to retire in 2023, according to data from Bankrate's "Best and Worst States to Retire" list. The state's light tax burden and low cost of living may make it an attractive option for retirees. West Virginia is relatively tax-friendly toward retirees, according to SmartAsset. Although Florida has long been considered a popular destination for retirees, the state didn't place among the cheapest states to retire for the second year in a row. Here are the most and least affordable states to retire in 2023, according to Bankrate.

Organizations: West Virginia, States, Council for Community, Tax Foundation, Sunshine State, National Association of Realtors Locations: Virginia, West, Florida

☆ The SALT deduction is like the trickle-down economics for Democrats, says Harvard's Jason Furman
▼ + stars: | 2023-08-28 | 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 EmailThe SALT deduction is like the trickle-down economics for Democrats, says Harvard's Jason FurmanErica York, Tax Foundation senior economist, and Jason Furman, Harvard Kennedy School professor and former Chairman of the Council of Economic Advisers under President Obama, join 'Squawk Box' to discuss a new study from the Tax Policy Center, which found that loopholes in the SALT cap are costing the federal government $20 billion a year after generating between 80% to 85% of its intended revenue, and more.

Persons: Harvard's Jason Furman Erica York, Jason Furman, Obama Organizations: Tax Foundation, Harvard Kennedy School, of Economic Advisers, Tax, Center

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