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☆ Muni bonds could see a 'fast-paced rally' after having best summer in decades
▼ + stars: | 2024-09-23 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

It may be time to take another look at municipal bonds. These days, munis are cheap relative to corporate bonds, Bank of America said in a note Friday. "Muni weakness is not the driver here, but rather corporate richness," municipal research strategist Yingchen Li wrote. "We continue to advise investors to take positions while the muni market rally remains slow and ratios are somewhat cheap," he said. Municipal bonds have already had an "impressive" run in recent months, Haskell wrote in a note last week.

Persons: Yingchen Li, Li, Patrick Haskell, Haskell Organizations: Bank of America, BlackRock

He bemoaned that, despite those milestones, which he framed as being on behalf of the Jewish people, he had not seen an increase in support from Jewish voters. The Trump campaign did not immediately respond to a request for further comment on the former president's remarks. At a separate event in the capital on Thursday evening, he shared a similar warning with Jewish voters about the stakes of their support in the election. As Trump continues to court Jewish voters ahead of the November general election, he has continued to publicly assail high-profile Jewish leaders like Senate Majority Leader Chuck Schumer, D-N.Y., and Pennsylvania Gov. Trump’s comments Thursday echo his years of frustration at Jewish voters’ lack of support for him (they historically lean Democratic, according to the Pew Research Center.)

Persons: WASHINGTON —, Donald Trump, I’m, ” Trump, Trump, ”, “, Israel, Chuck Schumer, Josh Shapiro, Schumer, Shapiro, Benjamin Netanyahu, Trump’s Organizations: Jewish, Embassy, Office, - American, National Summit, Pennsylvania, Trump, Pew Research Center, Democratic Locations: WASHINGTON, America, U.S, Tel Aviv, Jerusalem, Israel, Lago, Florida

☆ With rates falling, don’t make this ‘big mistake’ with your cash
▼ + stars: | 2024-09-20 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

"The Fed rate cuts are likely to support inflows to money market funds over the course of the next year," Antoniewicz said. While retail investors may slow their pace of investment, institutional flows tend to ramp up since yields on money market funds lag the funds rate, she noted. That cash can stay in a money market fund, a high yield saving account or certificates of deposit. The bucket for three to five years has about 70% in fixed income, with a small amount of high yield bonds added that have durations under five years. He'll dip more into high yield, as well as private credit, in the six to 10-year fixed income category.

Persons: haven't, Shelly Antoniewicz, Antoniewicz, Chuck Failla, you'll, Bond, Failla, Marcus, Kathy Jones, It's, Jones Organizations: Federal Reserve, Investment Company Institute, Sovereign Financial Group, Schwab Center, Financial Research, Treasury, nab Locations: Wells

☆ How to position your muni bond portfolio ahead of the election and potential tax law changes
▼ + stars: | 2024-09-18 | by ( Michelle Fox | ) www.cnbc.com time to read: +8 min

With the Federal Reserve rate-cutting cycle expected to begin and the November election just around the corner, now could be a good time to invest in municipal bonds. Interest earned on municipal bonds are free from federal tax. Close said he is already seeing financial advisors start to position their muni portfolios in anticipation of changes. Unlike the Treasury market, the muni market yield curve is upward sloping, Close said. In addition, there's room for lower-rated municipalities to outperform, such as A, BBB and high yield, Norton said.

Persons: Matthew Norton, Norton, Dan Close, Close, It's, Paul Malloy, Malloy, it's, Vanguard's Malloy, Nuveen's Organizations: Federal, Democratic, White House, Congress, municipals, Vanguard, BBB, AAA, AA, Treasury, Investment Company Institute, Fed Locations: Nuveen, California , New York, New Jersey, New York, California, AllianceBernstein

☆ The Fed is preparing to cut interest rates. How to revamp your fixed income investments
▼ + stars: | 2024-09-17 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

The Federal Reserve is widely expected to start cutting interest rates Wednesday afternoon. Those yields are expected to start coming down sharply as the Fed begins to ease back on generationally high rates. Adding some duration Duration refers to a bond's price sensitivity to changes in interest rates. A bond yield moves inversely to its price, so that when bond prices rise, yields decline. Though investors in the space may be concerned about prepayment risk, especially as interest rates come down and homeowners look to refinance, Cetera says that worry may already be priced in.

Persons: Kathy Jones, Tony Miano, Jones, Schwab's Jones, Gene Goldman, Goldman, James Shagawat, Shagawat Organizations: Federal Reserve, Treasury, Schwab Center, Financial Research, Wells, Wells Fargo Investment Institute, York Life Investments, Investment Management, Investors Locations: Wells Fargo, AdvicePeriod, Paramus , New Jersey

☆ Trump, who signed SALT deduction cap into law, now vows to 'get SALT back'
▼ + stars: | 2024-09-17 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

Republican presidential nominee and former U.S. President Donald Trump attends a press conference at Trump National Golf Club, in Rancho Palos Verdes, U.S., September 13, 2024. Recent polls of the state mostly show Trump down by double digits against Democratic presidential nominee Kamala Harris. Asked for clarification on Trump's social media post, and specifically whether he is vowing to end the SALT cap he signed into law, the Republican's campaign did not provide a direct answer. The SALT cap and other tax provisions of the 2017 tax law are set to expire at the end of 2025. The nonpartisan Committee for a Responsible Federal Budget argues that repealing the SALT cap "would be costly, distortionary, and regressive."

Persons: Donald Trump, Kamala Harris, Trump, Karoline Leavitt, Harris Organizations: Trump National Golf Club, Trump, Republican, New, New York voters, Democratic, TRUMP, CNBC, Budget Locations: Rancho Palos Verdes , U.S, New York, Connecticut

☆ This 'back of the napkin math' shows whether you could have a surprise tax bill, expert says
▼ + stars: | 2024-09-16 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If your gross income and tax situation has not changed from last year, you are likely to owe a similar amount for 2024, Lucas explained. If you have paid roughly 75% of last year's total taxes by the end of September, "you're going to be pretty darn close, assuming everything is the same as the prior year," he said. In those scenarios, you will need a more in-depth analysis to double-check your 2024 withholding, he said. IRS tax withholding estimatorIf your tax situation changed this year, experts recommend periodically using a free tool from the IRS, known as the "tax withholding estimator." watch nowAlternatively, you could make payments directly to the IRS to cover your 2024 tax shortfall, Lucas said.

Persons: Lucas, you've, Mark Steber, Jackson Hewitt Organizations: Bank, Getty, IRS

☆ Save on taxes and bolster your portfolio before year-end with these moves
▼ + stars: | 2024-09-16 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

It's September – and that means it's prime time to think about maximizing after-tax returns as the year winds down. Of course, there may be a price to pay for that performance: Uncle Sam will want his share of taxes. Here are a few steps that could help you hold onto more of your portfolio's returns this year. Munis spin out income that's free of federal taxes, and they may be exempt from state levies if the investor resides in the issuing state. By directly giving low basis highly appreciated stock (instead of selling the position and donating cash proceeds), you avoid incurring the capital gains tax.

Persons: it's, Sam, Nathan Hoyt, Joel Dickson, Vanguard's, Dickson, James Shagawat, Roth, Shagawat, Malcolm Ethridge, –, Ethridge Organizations: Nvidia, Regent Peak Wealth, Investors, Roth IRA, Treasurys, Wealth Locations: Atlanta, AdvicePeriod, Paramus , New Jersey, New York , New Jersey, California, Rockville , Maryland

Routh tagged Joe Biden and Vice President Kamala Harris, in separate posts, encouraging them to visit those injured at the rally. Trump will never do anything for them,” he wrote in a post directed at Harris. In an April post on X tagging President Biden’s presidential account, he wrote that Biden’s campaign should be: “called something like KADAF. “Work has never been about money rather building frameworks for people to thrive and succeed,” Routh wrote on his LinkedIn page. Levi said when he asked Routh to improve the work via email, Routh ranted at him.

Persons: Donald Trump, Ryan Wesley Routh, Routh, Joe Biden, Kamala Harris, Biden, Trump, ”, Biden’s, MASA …, ” Routh, Saili Levi, Levi, Routh ranted, “, you’re, ” Levi, barricading Organizations: CNN, Trump, Democratic, North Carolina State Board, Ukraine –, Box, Honolulu Star, Facebook, Russia, ” Records, Greensboro News, Sunday Locations: Florida, Hawaii, Pennsylvania, Harris, North Carolina, KRAKOW, UKRAINE, Ukraine, State, Oran

The third-quarter estimated tax deadline for 2024 is Sept. 16, and skipping a payment could trigger a penalty, according to the IRS. Some filers also need estimated payments if they haven’t withheld enough taxes from a full-time or part-time job. Estimated payments can help avoid “refund disappointment or balance due shock,” said Mark Steber, chief tax information officer of Jackson Hewitt. For 2024, the quarterly estimated tax deadlines are April 15, June 17, Sept. 16 and Jan. 15, 2025. You can use your online account, IRS Direct Pay or the U.S. Department of the Treasury’s Electronic Federal Tax Payment System, or EFTPS.

Persons: ”, Mark Steber, Jackson Hewitt, there’s, Tricia Rosen, Virgin Organizations: Taxpayers, IRS, U.S . Department Locations: Newburyport , Massachusetts, Puerto Rico

☆ What you need to know about Kamala Harris' 'opportunity economy'
▼ + stars: | 2024-09-11 | by ( Kwan Wei Kevin Tan | Joshua Nelken-Zitser | ) www.businessinsider.com time to read: +7 min

Read previewVice President Kamala Harris says she has a plan for America's middle class— building an "Opportunity Economy" to help them succeed. "Vice President Harris grew up in a middle class home as the daughter of a working mom. She believes that when the middle class is strong, America is strong," the Harris campaign wrote in a section titled "Build an Opportunity Economy and Lower Costs for Families." But just what exactly is Harris looking to do when she says she's going to build up the middle class through her "Opportunity Economy" agenda? During the debate, Harris accused Trump of only wanting to offer tax breaks to the richest people, while Trump countered by saying Harris lacked a detailed plan.

Persons: —, Kamala Harris, Harris, Donald Trump, she's, Biden, Trump, Alice Tecotzky, Goldman Sachs Organizations: Service, Business, Trump, American, Biden, Pharma, New York Times, Siena College Locations: America, North Carolina

☆ Investors can nab extra yield with this under-the-radar municipal bond play, says Nuveen
▼ + stars: | 2024-09-11 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

There's a small part of the municipal bond market that could provide a big opportunity to investors, according to Nuveen. The Nuveen High Yield Municipal Bond Fund , which Close manages, has about 9% of its assets in charter school muni bonds. NHMAX 1Y mountain Nuveen High Yield Municipal Bond Fund Charter school bonds fund construction, renovation or the purchase of school facilities. There are currently about 8,000 charter schools in the United States serving 3.7 million students, according to the National Alliance for Public Charter Schools . Traditional K-12 bonds pay about 3.5%, while charter school bonds yield around 5% — a 150 basis point difference, Close said.

Persons: Dan Close, We've, there's, munis, Nuveen, Close Organizations: Municipal Bond Fund, muni, Municipal, Fund Charter, National Alliance for Public Charter Schools, AAA, AA, Standard, The Academy Charter School, Norton Science, Language Academy, of Peace Academy, St Locations: Nuveen, United States, Hempstead , New York, San Bernardino , California, Paul , Minnesota

☆ Hunter Biden pleads guilty in tax case, hours after jury selection for trial was to begin
▼ + stars: | 2024-09-05 | by ( Dan Mangan | ) www.cnbc.com time to read: +5 min

Hunter Biden pleaded guilty to all nine counts in his criminal tax case in Los Angeles federal court on Thursday afternoon, hours after jury selection was due to begin for a trial of the son of President Joe Biden. If the Alford plea had been accepted by U.S. District Judge Mark Scarsi, Biden would have been convicted of the charges. "Will Mr. Biden agree that that is the truth? Wise would like Mr. Biden to say, 'and in addition, I was a really bad person when I did this,' but that's not what the law requires." Scarsi said, "So we're going to take an open plea from Mr. Biden.

Persons: Hunter Biden, Joe Biden, Melissa Cohen, Biden, Alford, Mark Scarsi, David Weiss, Weiss, Abbe Lowell, Hunter, Lowell, Scarsi, Mr, Leo Wise, Wise, Will Mr Organizations: U.S, District, Department of Justice, Biden, Department Locations: Los Angeles , California, Los Angeles, Delaware

☆ It's a good time to get a deal on an EV as they sit around on dealer lots
▼ + stars: | 2024-08-24 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

This has helped cut the average price paid in July for a new EV to $58,619, which is 1% lower year-over-year, according to Edmunds. That's actually $4,366 cheaper than the average price paid in July for a new plug-in hybrid. Demand for hybrids is growing among a more practical group of green car shoppers who aren't ready to make the switch to a fully electric car. The average price paid for an EV still outpaces the average price paid for any new car by about $10,000. Car companies are leaning into this loophole with attractive EV leasing deals.

Persons: —, That's, Jessica Caldwell, Edmunds, Caldwell Organizations: Service, Business, Cox Automotive, EVs, Hyundai, Dealers Locations: Edmunds, That's

The situation has prompted Hunter Biden to add noted defense attorney Mark Geragos, who runs his firm out of Los Angeles, for the tax trial. The Delaware trial lasted seven days, but a tax trial is expected to last much longer, meaning at a far greater cost for the defendant. A previous deal between Hunter Biden and special counsel David Weiss to avoid trials and potentially prison time a year ago fell apart in dramatic fashion. Lunden Roberts, the mother of one of Hunter Biden’s children whom he had a child support battle over, has also been subpoenaed to testify, her lawyer says. Hunter Biden’s attorneys Lowell and Geragos have experience advocating for high-profile pardons.

Persons: CNN — Hunter Biden, Joe Biden’s, Biden, Hunter Biden, Mark Geragos, Money, Kevin Morris, Abbe Lowell, Winston, Strawn, Lowell, David Weiss, Biden’s, Beau Biden, Lunden Roberts, Hunter Biden’s, –, – Joe Biden, ”, Geragos, Bill Clinton, CNN’s Marshall Cohen Organizations: CNN, Capitol, West Coast, White House, Justice Department, Prosecutors, Internal Revenue Service Locations: California, Los Angeles, Delaware, Geragos, Hollywood, West, Washington , DC

☆ These banks are cutting CD and savings rates. Where to park your cash to grab yield
▼ + stars: | 2024-08-13 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Last week, three online banks cut their 1-year CD rates, according to BTIG. Meanwhile, Synchrony slashed its online savings rate by 10 basis points to 4.65%. "We believe online banks are intentionally trying to shift customers toward savings rates, which are floating, over term rates," he said. The annualized seven-day yield on the Crane 100 list of the 100 largest taxable money funds is 5.11%, as of Monday. With both high-yield savings and money market funds, the rates can fluctuate.

Persons: Marcus, Goldman Sachs, Sallie Mae, Synchrony, Jerome Powell, Vincent Caintic, Christine Benz, Benz, Winnie Sun, Cathy Curtis, Curtis Organizations: Federal, Morningstar, Federal Deposit Insurance Corp, Sun, Wealth Partners, CNBC, Money, Curtis Financial, Treasury Locations: Capital

☆ Whoever can finally coin an effective economic message could win the White House
▼ + stars: | 2024-08-13 | by ( Stephen Collinson | ) edition.cnn.com time to read: +10 min

CNN —Voters keep telling pollsters that their economic insecurities are the biggest issue in the 2024 election. Former President Donald Trump will try to make a case against Kamala Harris’ role in the Biden economy on Wednesday in North Carolina. President Joe Biden dedicated his domestic agenda to restoring economic fairness and sought to revive manufacturing and repair the country’s crumbling infrastructure. As the effective incumbent in this race, Harris is vulnerable to any sudden shifts in the economic outlook. But with Trump seeking an opening to define her negatively — especially on the economy — Harris must act fast.

Persons: Donald Trump, Kamala Harris, Biden, Trump, Joe Biden, Harris, Kamala, He’s, Price, “, Biden Administration’s, ”, —, ” Harris, ” Trump, hasn’t, “ You’ve, Scott Jennings, Anderson Cooper, “ You’re, Brad Todd, CNN’s Kasie, he’s, ” Todd, Kevin McCarthy, Elon Musk, Sen, JD Vance, Harris ’, Bill Clinton, Barack Obama, Clinton, Obama, Obama –, –, — Harris, Tim Walz, She’s Organizations: CNN — Voters, Trump, Home Depot, Republican, Democratic, Biden, CNN, Fox News, Air Force, Democratic National Convention, NPR, PBS, Marist, New York Times, Siena College, Minnesota Gov, pharma Locations: North Carolina, Asheville , North Carolina, Maryland, Raleigh, Ohio, Chicago, Nevada, Phoenix, California, States, Pennsylvania, Michigan, Wisconsin

☆ Both Trump and Harris want to eliminate taxes on tips. This is how it could affect workers
▼ + stars: | 2024-08-12 | by ( Tami Luhby | Matt Egan | ) edition.cnn.com time to read: +6 min

But the move likely wouldn’t help many tipped workers, largely because a sizable share don’t earn enough to pay federal income taxes, experts say. Harris would couple her plan to eliminate taxes on tips with a push for Congress to raise the minimum wage, a Harris campaign official said. Many states and municipalities have higher minimum wages and minimum tipped wages, while some states have eliminated lower minimum wages for tipped workers. Just excluding tips from federal income taxes could reduce revenues by at least $107 billion over 10 years, according to the Tax Foundation. Just getting rid of federal income taxes on tips would lead to a loss of about half that size.

Persons: Donald Trump, Kamala Harris, Trump, Harris, Republican Sen, Ted Cruz of, Democratic Sens, Jacky Rosen, Catherine Cortez Masto, it’s, ” Ernie Tedeschi, Biden, ”, Erica York, ” York, Tedeschi, Ted Pappageorge, “, Pappageorge, Bethany Khan, CNN’s Aaron Pellish Organizations: CNN, Republican, Social Security, Democratic, Yale University, Budget, White House Council, Economic Advisers, Tax Foundation, Culinary Workers Union Local, Culinary Union Locations: Las Vegas, Ted Cruz of Texas, Nevada, York

Vice President Kamala Harris on Saturday pledged to eliminate taxes on tipped wages for service workers, matching a proposal from former President Donald Trump. “When I am president, we will continue our fight for working families of America, including to raise the minimum wage, and eliminate taxes on tips for service and hospitality workers,” Harris said. Harris would push the proposal with an increase in the minimum wage as well, the official said. “Kamala Harris, whose ‘Honeymoon’ period is ENDING, and is starting to get hammered in the Polls, just copied my NO TAXES ON TIPS Policy,” he wrote. “She can only steal from me.”Trump announced a policy proposal to eliminate taxes on tips during a June rally in Las Vegas.

Persons: Kamala Harris, Donald Trump, Tim Walz, Harris, ” Harris, Harris ’, Trump, “ Kamala Harris, ”, TRUMP, ” Trump, Karoline Leavitt, Sen, Ted Cruz, Lael Brainard, Brainard, Joe Biden, “ Organizations: Minnesota Gov, Culinary Workers Union, Las, NBC News, Yale University, Republican, Biden White, West Wing Locations: Las Vegas, America, Texas, Nevada

Vice President Kamala Harris said on Saturday that she would seek to end federal income taxes on tips if she were elected president, mirroring a policy proposal that former President Donald J. Trump made earlier this year. The proposal from Ms. Harris — which she announced in Las Vegas, where thousands of casino employees depend on tipped wages — is a priority of Nevada’s influential Culinary Workers Union. Both Ms. Harris and her running mate, Gov. Tim Walz of Minnesota, recognized the union in their remarks to a packed basketball arena on Saturday night. Mr. Trump also announced his support for the policy in Las Vegas.

Persons: Kamala Harris, Donald J, Trump, Harris, Tim Walz, ” Ms, Ted Cruz, Catherine Cortez Masto, Jacky Rosen Organizations: Culinary Workers Union, Las, Texas Republican, Democratic Locations: Las Vegas, Minnesota, America

The historic endorsement of the Democratic presidential ticket is the first for the civil rights group, which formed in 1929 to protect the rights of Americans of Mexican descent. LULAC leaders announced the endorsement first to NBC News and plan to join Harris and Walz at a rally in Las Vegas on Saturday. The Trump campaign never replied. In 1956, LULAC President Felix Tijerina personally endorsed the Eisenhower-Nixon ticket. LULAC members were active in Viva Kennedy clubs in 1960 and members have supported local Mexican American candidates, such as El Paso Mayor Raymond Telles.

Persons: Kamala Harris, Tim Walz, Harris, Walz, “, ” Domingo Garcia, LULAC, Donald Trump, Juan Proaño, ” Garcia, ”, Julie Chavez Rodriguez, They've, Chavez Rodriguez, Cesar Chavez, Proaño, Joe Biden, Trump, Biden, ” Proaño, Felix Tijerina, Nixon, Raymond Telles Organizations: of United Latin, Minnesota Gov, Democratic, NBC News, LULAC, Trump, Eisenhower, Viva Kennedy, El Paso, NBC Locations: Las Vegas, Viva

Although their population is small compared to other states, Latinos in Minnesota said Tim Walz, Vice President Kamala Harris' pick for running mate, has not overlooked them as governor. About 38% of Minnesota Latinos who voted in 2020 backed Donald Trump, according to NBC News’ exit poll. And state residents without legal status can enroll in Minnesota Care this November and begin getting those health benefits in 2025, she said. Peréz-Vega said she worked with Walz to help get that cap extended to those without legal immigration status who pay federal taxes. He has been a present governor for many Latinos,” Gonzalez said.

Persons: Tim Walz, Kamala Harris, Walz’s, Paul, Donald Trump, Emilia Gonzalez Avalos, Biden, Walz, Gonzalez, ” Gonzalez, don’t, María Isa Peréz, Vega, ”, John Pacheco, Carlos Odio, Odio, Trump, J.D, Vance, Pacheco, ” Pacheco, he's, Rick Aguilar, “, Aguilar, UnidosMN Organizations: Democratic, Midwest, Minnesota, NBC, Unidos, Hub, Minnesota Office, Higher Education, Democrat, Mankato ., Chamber, Commerce of, Equis Research, Hispanic Republican, of, Walmart, Independence, Mercado Central Locations: Minnesota, St, Arizona, Nevada, Pennsylvania, Georgia, Puerto Rico, El Salvador, Guatemala, Ecuador, Colombia, Venezuela, Puerto Rican, Mankato, Mankato . Mankato, U.S, Commerce of Minnesota, of Minnesota, Minneapolis

The Republican Party platform, updated last month for the first time since 2016, appeared to shift away from the party’s long-held opposition to same-sex marriage. We will end policies that punish families.”Many took this to mean the party was softening its stance on gay nuptials in a nod to growing public support for same-sex marriage, even among Republicans. The Republican National Committee did not return multiple requests for comment regarding whether the language in the new platform is inclusive of same-sex couples. We must do what is legally necessary to defend the sanctity of marriage.”Weeks later, Bush announced his support for a constitutional amendment banning same-sex marriage. The phrase “sanctity of marriage,” Maril said, is “inherently exclusionary” of same-sex couples.

Persons: ”, Charles Moran, “, ” Moran, Donald Trump, Joe Raedle, Robin Maril, ” Maril, George W, Bush, ” Bush, ” Weeks, Gabriele Magni, Magni, ” Magni, Mladen Antonov, Moran, I’m, “ They’re Organizations: Republican Party, Republican National Committee, Republican, GOP, Republican National Convention, Willamette University, U.S . Conference of Catholic, Los Angeles Times, Loyola Marymount University, Research Initiative, “, U.S, Supreme, Getty, Federal, Republicans, NBC Locations: Milwaukee, Massachusetts, Alabama

☆ The expanded child tax credit failed in the Senate. Here's what it means for families
▼ + stars: | 2024-08-01 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Senate Republicans on Thursday blocked legislation that would have expanded the child tax credit, a key tax break for millions of families. He said that Senate Republicans have concerns about the policy, but are willing to negotiate a "child tax credit solution that a majority of Republicans can support." If enacted, the bill would have improved access to the child tax credit and retroactively boosted the refundable portion for 2023, which could have triggered refund checks from the IRS. Eligible families could have seen an average tax cut of $680 for 2023 taxes, based on estimates from the Urban-Brookings Tax Policy Center. But expanding the child tax credit is still a "top priority for Democrats," particularly as the 2025 tax cliff approaches, he said.

Persons: Chuck Schumer, Mike Crapo, Harris, Joe Manchin, Bernie Sanders, Chuck Marr Organizations: Republicans, Senate Finance, Finance, Fed, Budget, Urban, Brookings Tax, House Republicans, Center Locations: Idaho, Sens

Elijah Nouvelage | Afp | Getty ImagesHow the LIFT Act could look todaySince the LIFT Act was first proposed in 2018, the cost of living has only skyrocketed, hitting working-class Americans especially hard. However, funding such a tax credit now could be tough amid growing concerns over the federal budget deficit. The advantage of the LIFT tax credit, said D'Acunto, is that it doesn't create the same market distortions the rent cap would ignite. Child tax credit is a 'huge priority' for DemocratsLIFT was first proposed years before Congress temporarily expanded the child tax credit during the Covid-19 pandemic, which could now be a bigger priority, experts say. Harris described the child tax credit changes as one of the "most important" and "most impactful" parts of the legislation in a 2021 speech.

Persons: Kamala Harris, Elijah Nouvelage, Tomas Philipson, Joe Biden's, Laura Veldkamp, Harris, Donald Trump, Francesco D'Acunto, Biden, Karl Widerquist, Jacob Channel Organizations: Democratic, Afp, Getty, White House Council, Economic Advisers, CNBC, Columbia University Business School, Georgetown University, D'Acunto, Federal, Plus, American Rescue Plan, Columbia University, . Census Locations: Atlanta , Georgia, Atlanta

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