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☆ Live Updates: Hunter Biden’s Former Partners Describe the Toll of His Drug Abuse
▼ + stars: | 2024-06-05 | by ( Eileen Sullivan | Glenn Thrush | ) www.nytimes.com time to read: +3 min

forward — rose in a Delaware courtroom to declare that the Justice Department’s sweeping immunity deal with Hunter Biden was not nearly as sweeping as the defense believed. His transfer coincided with efforts by congressional Republicans to portray Mr. Weiss — a Trump appointee held over by President Biden’s aides — as offering “a sweetheart deal” to the Bidens. In early 2023, he published a memoir covering the police trial, describing himself as “the prosecutor who took down Baltimore’s most crooked cops.”Mr. But he was passed over because it was believed he might clash with prosecutors in the U.S. attorney’s office in Washington, they said. Ms. Monaco eventually chose another prosecutor from Maryland, Thomas P. Windom, to run the team.

Persons: — bespectacled, Department’s, Hunter Biden, Leo J, Wise, “, . Wise, Biden, Biden’s, David C, Weiss, Mr . Wise, —, ”, Catherine Pugh, ” Mr, Philip Morris, Kathryn Ruemmler, Barack Obama’s, Lisa O, Donald J, Monaco, Thomas P, Windom Organizations: Trump, Baltimore U.S, Harvard Law, Navy Reserve, Justice Department, Enron, Capitol, Monaco Locations: Delaware, Baltimore, Los Angeles, U.S, Wilmington, Washington, Maryland

☆ Opinion | Will A.I. Be a Creator or a Destroyer of Worlds?
▼ + stars: | 2024-06-05 | by ( Thomas B. Edsall | ) www.nytimes.com time to read: +4 min

— artificial intelligence — is spurring curiosity and fear. paper, Acemoglu contended that artificial intelligence has the potential to improve employment prospects rather than undermine them:It is quite possible to leverage generative A.I. as an informational tool that enables various different types of workers to get better at their jobs and perform more complex tasks. Think of a generative A.I. To turn generative A.I.

Persons: Will A.I, Daron Acemoglu, David Autor, Simon Johnson, Johnson, Acemoglu, ” Acemoglu, — Tyna Eloundou, Pamela Mishkin, Sam Manning, Daniel Rock Organizations: Machines, of, World Trade Association, A.I, OpenAI, Centre, University of Pennsylvania, Labor Locations: M.I.T, United States, Autor, China, A.I

☆ With Big Tech’s runaway 2024, it just might be time to part with a few winners. Here's why
▼ + stars: | 2024-06-05 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +6 min

Those highly appreciated positions can change the risk profile of your portfolio, particularly if it's been a long time since you last rebalanced. Managing the tax hit Trimming heavily appreciated positions in a portfolio that's held in a taxable account may come with a capital gains hit. One potential way to mitigate the tax is to use realized losses to offset those capital gains. In a year when losses exceed capital gains, investors can apply up to $3,000 of those losses to offset ordinary income and then carry over the remainder. Normally, these holdings would be the ones subject to the heftiest capital gains taxes if they were sold.

Persons: Blair duQuesnay, it's, Morningstar, Amy Arnott, Arnott, Roger Aliaga, Diaz, We've, Aliaga, Russell Organizations: Nvidia, Ritholtz Wealth Management, CNBC's, Vanguard, Investors, Federal Reserve, Bond Market, SEC, Aggregate Bond, U.S, Taxpayers Locations: New Orleans

☆ Nuclear energy back in favor with coming AI data center demand surge. Citi sees two stocks to play it
▼ + stars: | 2024-06-04 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Data centers are expected to drive 31 gigawatts of incremental power demand through 2030, according to Citi. The tax credit could lead to modest earnings growth that regulated utilities can use to improve their long-term financial outlook, according to Citi. "U.S. regulated utilities with nuclear assets are likely to receive PTC cash flow benefits that gradually ramp from 2024 through 2027 before reversing in 2032," the analysts wrote. Duke Energy is up 12% over the past three months, while Southern Company has gained 17%. Duke operates about 9 gigawatts of nuclear capacity, while Southern Company operates 5.4 gigawatts.

Persons: Arkady Gevorkyan Organizations: Citigroup, Duke Energy, Southern Company, Citi, Energy, Duke Locations: U.S

☆ 2 cops won $1.2M in the lottery, but said they won't quit because they want to set an example for their kids
▼ + stars: | 2024-06-03 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewA British couple who won the lottery said they have no plans to quit their jobs because they want to teach the importance of having a strong work ethic to their children. Graeme and Katherine White won £1 million, or around $1.2 million, in the National Lottery's EuroMillions on May 7, according to multiple reports. The couple work as police officers in Cambridgeshire, England, and share a 5-year-old daughter and a 3-year-old son. Timothy Schultz won $28 million in the Powerball lottery in 1999.

Persons: —, Graeme, Katherine White, wouldn't, Katherine, Nero, We've, Lottie, Millie, Richard Nuttall, Timothy Schultz, Schultz Organizations: Service, Business, BBC, The, Independent, Lottery Locations: Cambridgeshire, England, Coffee, British, Labrador

☆ Italy is bracing for a record wave of tourists, but is having trouble handling them
▼ + stars: | 2024-06-01 | by ( Bob Pisani | ) www.cnbc.com time to read: +7 min

Tourists line a street in Venice, Italy, on Saturday, March 16, 2024. Italy is caught in an envious trap: it can't live without tourists, but it's having trouble handling the influx, particularly after Covid. He considers himself fortunate he's a boat driver: he pities the poor tourists who rent cars or try to find an elusive taxi. A general picture shows the main facade of the Pantheon in Piazza della Rotonda on March 30, 2024 in Rome, Italy. The famous Villa La Cassinella on the lake can be yours, for 100,000 euros a week.

Persons: Covid, Taylor Swift, Travis Kelce, there's, Croissants, it's, George Clooney's, Villa D'Este, Clooney, Villa, Uber, Rick Steves, Uber Van, Steves Organizations: Villa, Italian Association of Employment, Milanese, risotto Milanese, La Scala, Villa Oleandra Locations: Venice, Italy, Bellagio, Lake Como, Tremezzo, Paris, Piazza della, Rome, Milan, Marche, Sardinia, New York, Camparino, Villa, North America

☆ China's capital city is opening a robotaxi route to a major train station, startup Pony.ai says
▼ + stars: | 2024-05-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Robotaxi operator Pony.ai has begun testing rides with human staff inside between a suburb of Beijing and a major high-speed train station. By the end of this year or early next year, Zhang expects the train station route will be fully driverless, with no human staff inside. BEIJING — In three years, China's capital city of Beijing has taken rapid steps toward letting robotaxis operate closer to the city center. By the end of this year, Zhang expects the city will allow robotaxi operation around Beijing Capital International Airport to the north. In three to five years, Zhang expects Beijing will allow robotaxis throughout the city.

Persons: Pony.ai, Zhang, Ning Zhang, WeRide Organizations: Beijing South Railway, CNBC, BEIJING —, Daxing International, Baidu, Beijing Capital International Airport, Toyota Locations: Beijing, Yizhuang, Pony.ai, BEIJING, China

☆ Early retirees and financially independent investors share 3 IRS rules they've used to avoid taxes and improve their finances
▼ + stars: | 2024-05-31 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

Business Insider has spoken to financially independent real estate investors and early retirees who have used IRS rules to improve their financial situation. AdvertisementThough there are a lot of restrictions, it made sense for Cooper, who was fully committed to early retirement. "The longer it's sitting in there, the more money it's going to generate, the more taxes you're going to pay down the road. Zeona McIntyre uses 1031 exchanges to sidestep capital-gains taxes indefinitelyBoulder-based real estate investor and author of "30-Day Stay," Zeona McIntyre. There are ways to reduce your capital-gains tax liability, like deducting your property's depreciation.

Persons: —, Mindy, Carl Jensen, Carl, Mindy Jensen, Mindy Jensen Colorado, they've, Eric Cooper, Eric Cooper Eric Cooper, Cooper, Zeona McIntyre, Zeona McIntyre Zeona McIntyre, you'll, McIntyre, There's Organizations: Service, Business, IRS, Independence Locations: Colorado, I'm, Boulder

☆ More Americans will be able to file their taxes for free through the IRS next year
▼ + stars: | 2024-05-31 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

"The Treasury Department and IRS look forward to working with states to expand Direct File for Americans across the country," Treasury Secretary Janet Yellen said in a statement. More than 140,000 taxpayers used the free filing option, the IRS reports, exceeding the agency's expectations for the pilot program. Beyond increasing access to the Direct File program to all states, the IRS is working on other ways to broaden eligibility. The IRS also announced it would extend its Free File program through 2029. "Free File was part of a successful filing season at the IRS that saw increased interest in a range of free programs to help taxpayers."

Persons: Janet Yellen, Danny Werfel Organizations: Internal Revenue Service, . Treasury, Washington D.C, Treasury Department, IRS, Treasury, Biden, CNBC Locations: Washington, filers

☆ The IRS says its direct file program saved Americans $5.6 million in filing fees. Now they're making it permanent.
▼ + stars: | 2024-05-30 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

And so, after a successful pilot run, the tax agency has announced that it's making its new free direct file program permanent. The Direct File program first launched in twelve states for the 2023 filing season following a successful pilot. "Since the direct file pilot was completed in April, we have heard directly from hundreds of organizations across the country, more than a hundred members of Congress, from individual direct file users, and those that are interested in using direct file," Werfel said. The new Direct File program has encountered some pushback from paid tax services. Did you use Direct File and save time or money?

Persons: —, It's, haven't, Janet Yellen, Danny Werfel, Aaron Mok —, Werfel, Rick Heineman, Heineman, filers, Natalie Quillian, Biden's Organizations: Service, IRS, Business, Treasury Department, Intuit TurboTax, Treasury, House Locations: Yellen

☆ The Real Reason Employers Are Refusing to Hire America's Young Men
▼ + stars: | 2024-05-30 | by ( Emily Stewart | ) www.businessinsider.com time to read: +7 min

America's young men aren't working. The effect was driven almost entirely by young men: Unemployment went up by 2.7 percentage points for young men but by only 0.1 percentage points for young women. AdvertisementEmployers might also see young men as riskier to bring on board. Fairly or unfairly, there's a stereotype that young men are more volatile, more immature, and less responsible than their female counterparts. As for why so many young men aren't working, it's a doozy.

Persons: they're, willy, it's, Matt Darling, Darling, —, aren't, There's, Emily Stewart Organizations: Social Security, Niskanen, Unemployment, Lawmakers, Capitol, Business Locations: Washington, Oregon

☆ IRS plans to make its free tax filing program permanent
▼ + stars: | 2024-05-30 | by ( Katie Lobosco | ) edition.cnn.com time to read: +5 min

Washington CNN —The Internal Revenue Service said Thursday that it will continue and expand its free tax filing program in 2025. It provides step-by-step guidance to taxpayers filing their federal tax returns. Direct File was available to people with certain simple tax returns in 12 states during the 2024 tax filing season. More than 140,000 people successfully filed their federal tax returns using Direct File, exceeding the agency’s expectations. During the 2024 tax filing season, eligibility was limited to people with simple tax returns.

Persons: Biden, they’re, Janet Yellen, “, Danny Werfel, haven’t, Werfel Organizations: Washington CNN, Internal Revenue Service, Democrat, “, IRS Locations: Washington, ”

☆ The Broken System That Keeps Young American Men From Getting a Job
▼ + stars: | 2024-05-30 | by ( Emily Stewart | ) www.businessinsider.com time to read: +7 min

☆ Charges dropped against Scottie Scheffler after arrest outside PGA Championship
▼ + stars: | 2024-05-29 | by ( Brody Miller | Brian Bennett | ) www.nytimes.com time to read: +3 min

1 golfer Scottie Scheffler on Wednesday, as county attorney Mike O’Connell said the office would not pursue criminal action following Scheffler’s arrest during a traffic jam outside the PGA Championship. “Scottie Scheffler doesn’t want the taxpayers of Louisville to have to pay a dime,” Romines said. Scheffler had faced charges of second-degree assault of a police officer, third-degree criminal mischief, reckless driving and disregarding traffic signals from an officer directing traffic. His play declined in the third round with a 73, but Scheffler finished the PGA Championship tied for eighth place. GO DEEPER Inside the most bizarre day in major golf with the arrest of Scottie Scheffler(Photo: Michael Reaves / Getty Images)

Persons: Scottie Scheffler, Mike O’Connell, O’Connell motioned, ”, Steven Romines, Scheffler, Scottie Scheffler doesn’t, ” Romines, John Mills, Bryan Gillis, Gillis, O’Connell, Jacquelyn Gwinn, Villaroel, Michael Reaves Organizations: PGA, Scheffler, Louisville Metro Police Department, Louisville, Valhalla Golf, Louisville Metro Police, Police Locations: LOUISVILLE, Ky, — Jefferson, Louisville, Valhalla

☆ The IRS has failed to police the huge tax breaks offered by Puerto Rico, whistleblower claims
▼ + stars: | 2024-05-28 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Read previewA whistleblower claims that the Internal Revenue Service has not done enough to stop the exploitation of a Puerto Rico tax break, The New York Times reported. According to a letter written by an IRS insider, the agency's three-year campaign to uncover abuse of a tax benefit has failed to make much headway. For instance, the IRS will typically send out "soft letters" to any scrutinized beneficiaries, encouraging them to voluntarily fix any potential issue with their taxes. Yet, the agency hasn't issued any soft letters, the whistleblower said. In an interview with NYT, IRS Commissioner Danny Werfel acknowledged that no soft letters were sent, but highlighted the dozens that have been audited.

Persons: —, Gabriel Hernandez, Hernandez, hasn't, Danny Werfel Organizations: Service, Internal Revenue Service, New York Times, IRS, Business, Puerto, Bloomberg Locations: Puerto Rico, Puerto Rican

☆ Roth conversions are up in 2024 — but it's not always a 'slam dunk,' accountant says
▼ + stars: | 2024-05-28 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Roth individual retirement account conversions are up in 2024 — but there are key things to know before converting funds, experts say. There was a 44% year-over-year increase in the number of Roth conversions during the first quarter of 2024, according to data from Fidelity Investments. Roth conversions transfer pretax or nondeductible individual retirement account funds to a Roth IRA, which provides future tax-free growth. However, "it isn't a slam dunk for everyone" because it takes time for tax-free growth to exceed your upfront tax bill, said Marianela Collado, a certified financial planner and CEO of Tobias Financial Advisors in Plantation, Florida. Here’s how much you can saveInvestors need "sufficient assets" outside of retirement accounts to cover the upfront tax bill, warned Collado, who is also a certified public accountant.

Persons: Roth, Marianela Collado, Collado, You'll Organizations: Fidelity Investments, Roth IRA, Financial, Finance, Medicare Locations: Plantation , Florida

☆ I.R.S. Failed to Police Puerto Rico Tax Break, Whistle-Blower Says
▼ + stars: | 2024-05-28 | by ( Jesse Drucker | ) www.nytimes.com time to read: +1 min

For the past decade, thousands of wealthy Americans have been flocking to Puerto Rico to take advantage of a tax break that can cut their tax bills to zero. For nearly as long, there have been allegations that the benefit enables multimillionaires to avoid paying what they owe when they reap big investment profits. Now, an Internal Revenue Service insider has accused the agency of failing to police the tax break. Senate officials have begun an investigation into the whistle-blower’s allegations about the Puerto Rican tax benefit. announced its enforcement campaign on this issue,” said Senator Ron Wyden, Democrat of Oregon and chairman of the Senate Finance Committee.

Persons: I.R.S, “ It’s, ”, Ron Wyden Organizations: Internal Revenue Service, The New York Times, Puerto, Democrat, Senate Finance Locations: Puerto Rico, Puerto Rican, Oregon

☆ Retiring abroad can mean more bureaucracy than bruschetta. But it’s growing in popularity
▼ + stars: | 2024-05-27 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +12 min

But while retirees might imagine spending their golden years full of pasta and palazzos, the realities of moving abroad are much less romantic. He didn’t think retiring abroad was feasible. Packing up shopAs America’s retirement crisis grows, so too does the dream of retiring abroad. “People need to think about estate planning, which is often different abroad,” said Brett Spencer, the founder of Impact Financial, a financial advisory firm that specializes in Americans living abroad. I think that’s the reality that a lot of people probably aren’t prepared for,” said Peddicord, who splits her time with her husband between Paris and Panama City, Panama.

Persons: Laura Barnett, She’s, Chris, Chris Barnett, didn’t, Laura, “, We’ve, ”, ” Chris, there’s, won’t, It’s, Brett Spencer, ” Spencer, he’s, Italy Patience Dunbar, Charles Ippoliti, Patience Dunbar Patience Dunbar, Charles, they’ve, Patience, Giorgia, We’re, you’ll, Kathleen Peddicord, Peddicord, don’t, Jacki Dahl, Bill Dahl, Bill Organizations: New, New York CNN, US Department of Defense, CNN, Gallup, Social, Impact, Invest Overseas, “, ”, Rocky, Expiatorio Locations: New York, Kentucky, Poitiers, France, Fayetteville , North Carolina, Portugal, Aveiro, Europe, Monmouth, Italy, Arona, Milan, Oregon, Kansas, United States, Paris, Panama City, Panama, States, Reno, Guadalajara, Mexico, ”

☆ You could score a tax break for hiring your own kids this summer — if you follow the rules
▼ + stars: | 2024-05-27 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

"If your child's income falls within the limits, they may not owe any income tax, which can be a win-win," said Lovison, who is also a certified public accountant. If your child's income falls within the limits, they may not owe any income tax, which can be a win-win. What to know before hiring your kidsBefore hiring your children, it's important to know state and federal labor laws, along with tax rules, experts say. "Some states pretty much ban you from hiring children under the age of 14 under any scenario," Lovison said. Payments to children are subject to income tax withholding regardless of the child's age, according to the IRS.

Persons: Sean Lovison, Lovison, Roth, Carol Fabbri Organizations: Social, Advisors, IRS Locations: Philadelphia, , Colorado

☆ A tax on millionaires might soon pay for universal free community college in Massachusetts
▼ + stars: | 2024-05-25 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +1 min

The Massachusetts Senate approved a $58 billion budget that includes free community college. The state's new tax on millionaires would fund the universal free community college program. AdvertisementThe Massachusetts State Senate approved a nearly $58 billion state budget that guarantees universal free community college for state residents. In 2022, Massachusetts placed a 4% tax on residents earning $1 million or more a year. In its last fiscal budget, the state set aside $1 billion — collected through the tax — to provide free school lunches to all children in public schools.

Persons: — Organizations: Senate, Service, Business Locations: Massachusetts

☆ Federal judge makes key rulings ahead of Hunter Biden’s trial on gun charges in June
▼ + stars: | 2024-05-24 | by ( Marshall Cohen | Tierney Sneed | ) edition.cnn.com time to read: +5 min

Wilmington, Delaware CNN —The judge in Hunter Biden’s gun case issued a series of pretrial rulings Friday, handing wins to both sides and setting the contours of the upcoming trial. Federal Judge Maryellen Noreika sided with prosecutors on a key question about what they need to prove about Biden’s drug use when he bought a gun in 2018. Prosecutors said in court that they only want to introduce a small slice of the laptop material at trial. Lawyers said the trial could last up to two weeks, including jury selection, with the potential to go longer. She also limited what references prosecutors could make at trial to his lavish spending habits at the time of the gun purchase, narrowing such evidence to spending connected to drug use.

Persons: Hunter, Maryellen Noreika, Biden, David Weiss ’, Prosecutors, Derek Hines, Weiss, ”, Abbe Lowell, “, ” Lowell, Noreika Organizations: Delaware CNN, Federal, Prosecutors, Lawyers, Alcohol, Tobacco, Firearms, Explosives, Navy Locations: Wilmington, Delaware, California, Arkansas

☆ What Living in a SpaceX Company Town Tells Us About Elon Musk - The New York Times
▼ + stars: | 2024-05-24 | by ( Christopher Hooks | Mike Osborne | ) www.nytimes.com time to read: +1 min

He woke as if Elon Musk himself had grabbed him by the shoulders. Mr. Musk spent $44 billion of mostly other people’s money to buy Twitter, rebrand it to X and guarantee that he could continue to irritate people on a global scale. For Mr. Rangel, what was figurative for others had become literal: When a tycoon stomps, the earth shakes. Mr. Musk’s company SpaceX had launched a new iteration of its Starship rocket about 25 miles away. But Mr. Rangel still couldn’t go back to sleep.

Persons: Noel Rangel, Elon Musk, Peter Thiel, Donald Trump —, —, Jeff Bezos, Musk, Rangel, stomps, couldn’t Organizations: Twitter, SpaceX Locations: Gulf of Mexico, Brownsville , Texas, West Texas

☆ Denmark's Orsted wins $680 million JPMorgan backing for U.S. solar and battery projects
▼ + stars: | 2024-05-23 | by ( Pippa Stevens | ) www.cnbc.com time to read: +2 min

Aerial view of Eleven Mile Solar in Coolidge, Az. Put simply, large financial institutions provide part of the financing for a renewable energy project, in exchange for the project's tax credits. Smaller developers don't always have the means to enter into these partnerships, and the appetite from large financial institutions to take stakes in renewable energy projects is limited. That's "[s]till far short of what is needed in the post-IRA clean energy investment landscape," the investment bank Evercore ISI noted. Aerial view of Eleven Mile Solar in Coolidge, Az.

Persons: Az, Van Applegate, Orsted, Biden, —, Applegate Organizations: JPMorgan, U.S, Orsted's, IRA, American Council, Renewable Energy Locations: Coolidge, U.S, Coolidge , Arizona, Mineral , Texas, Nextracker

☆ Massachusetts' millionaire tax is earning more than expected and could help make up for the last few years of high earners fleeing the state
▼ + stars: | 2024-05-22 | by ( Cork Gaines | ) www.businessinsider.com time to read: +1 min

Massachusetts' new tax on the wealthy generated $1.8 billion, exceeding expectations. The increased revenue comes amid high-income earners leaving the state. AdvertisementMassachusetts' new tax on the wealthy has become a bigger boon for the state than expected. It could help make up for the loss of high-income earners in recent years. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Service, Boston Globe, Business Locations: Massachusetts

☆ Federal appeals court rejects Hunter Biden’s latest bid to pause gun trial
▼ + stars: | 2024-05-21 | by ( Marshall Cohen | ) edition.cnn.com time to read: +3 min

CNN —A federal appeals court on Tuesday rejected the latest attempt by Hunter Biden to pause his upcoming gun trial while the president’s son pursues some long-shot appeals. The quick decision came from the same three-judge panel that previously rejected one of Hunter Biden’s attempts to throw out the indictment. This is one of several bids by Hunter Biden to slow down or postpone his gun trial. Hunter Biden testified at a court hearing last year that he has been sober since 2019. That trial is scheduled for late June, a few weeks after the gun case is expected to wrap up.

Persons: Hunter Biden, Hunter Biden’s, Joe Biden, hasn’t, David Weiss, he’s, Weiss, Hunter, Beau Biden, Prosecutors, Weiss ’, Hallie Biden, Biden’s, Beau, Hallie Biden’s, ” Weiss ’, Stuart Goldberg Organizations: CNN, Republican, Democratic, Justice Department, Justice Locations: Delaware, California, Los Angeles

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