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☆ Citigroup says both candidates are negative for stocks, so hope for a split Congress
▼ + stars: | 2024-09-16 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Investors may be better off if November's election ends with neither candidate having enough wiggle room to enact their economic policies, according to Citigroup. "We maintain our ongoing view that either candidate's policy platforms are U.S. equity negative, but notably in a 'sweep' context. We mark the Harris platform as incrementally more negative (-4% to -6%) vs the Trump platform (0% to -4%). A split congress with either candidate mitigates most of the nearer term risk to fair values," the note said. … We continue to reiterate our ongoing concern that the deficit circumstance will move more front and center with investors post election," the Citigroup said.

Persons: Scott Chronert, Kamala Harris, Donald Trump, Harris, mitigates, Trump Organizations: Citigroup, Trump, White Locations: Montana , Nevada , Arizona, Pennsylvania

☆ 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

☆ These 10 U.S. cities offer the highest quality of life for retirees—none are in Florida
▼ + stars: | 2024-09-15 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Hawaii is home to the top two retirement destinations with the highest quality of life, per WalletHub's analysis. While Florida is home to the two best overall U.S. cities for retirees, when it comes to quality of life specifically, the first Florida town on the list comes in at 17th place. "Quality of life metrics focus on aspects like the share of elderly residents, poverty rates among seniors, community support and environmental conditions," WalletHub analyst Chip Lupo tells CNBC Make It. "Together, these metrics help identify cities that offer a supportive, enriching environment for retirees." Here are the top 10 cities in the U.S. to retire for the highest quality of life, according to WalletHub.

Persons: WalletHub, Chip Lupo Organizations: Pearl City, Tax Foundation, for Community, Economic Research, . Census, CNBC Locations: U.S, Hawaii, Honolulu, Florida

☆ Why Trump’s trade hero turned against tariffs
▼ + stars: | 2024-09-14 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +15 min

Vice President Kamala Harris has lambasted Trump’s tariff plan as a tax, but President Joe Biden has maintained tariffs Trump put in place during his presidency. We used trade policy, or tariffs, as a form of reciprocity, where we said, OK, our tariffs are pretty high. So that’s what led to all these trade agreements, the General Agreement on Tariffs and Trade, GATT, which became the WTO (World Trade Organization), NAFTA (North American Free Trade Agreement) and other free trade agreements that we’ve reached. He began to entertain this idea of reciprocity, of trying to reduce foreign tariffs by offering cuts in our tariffs. How do those tariffs compare with the late 19th century tariffs?

Persons: CNN —, Donald Trump, Kamala Harris, Joe Biden, Biden, Read, Douglas Irwin, Irwin, William McKinley —, Trump, IRWIN, there’s, It’s, we’ve, William McKinley WOLF, William McKinley, McKinley, they’ve, Bush, H.C ., William Jennings Bryan, that’s, they’re, it’s, Britain WOLF Organizations: CNN, Republicans, Democrats, Trump, Dartmouth College, Commerce, US Trade, Trade, WTO, World Trade Organization, American Free Trade, of Congress, University, Virginia’s, Federal, WOLF, Peterson Institute for International, Republican Party Locations: China, Ohio, Pennsylvania, Homestead , Pennsylvania, H.C, Buffalo, trillions, United States, it’s China, Britain, Japan

In fact, the Biden administration recently imposed its own set of tariffs, while extending ones first levied during the Trump administration. Take the tariffs the Trump Administration imposed on washing machines in 2018. The washing machine tariffs were part of a broad new tariff regime Trump imposed in an effort to protect American workers from anti-competitive Chinese trade practices. It resulted in what is generally viewed as a “trade war” involving retaliatory tariffs imposed on American goods. The White House gave a rationale similar to the Trump administration when it announced its tariffs.

Persons: Kamala Harris, Donald Trump, Trump, ” Trump, ” Harris, Biden, Harris, —, There’s, ”, ” Biden, Douglas Irwin, ” Irwin, ” Sen, Sherrod Brown, Sen, Tom Cotton, Nick Iacovella, “, ” Iacovella, Davis Organizations: GOP, Democratic, Tax, Trump, Coalition for, Prosperous, White, American Enterprise Institute, Federal, “ Ohio steelworkers, “ Workers, Administration, U.S . Steel, Harvard University, University of California Locations: China, Prosperous America, U.S, Mexico, Ohio , New York, Ohio

☆ Trump's tariff proposals would mean 'consumers are going to pay more,' says economist—here's why
▼ + stars: | 2024-09-13 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

But as a general rule, economists tend to agree that, for U.S. consumers, higher tariffs tend to mean higher prices. "They'll be buying things at higher prices than they otherwise would." Still, a number of organizations say that Trump's new tariff policy would have a negative tangible effect on American consumers' finances. Plus, financial experts say a more aggressive tariff policy could be viewed as a form of economic saber-rattling. It tends to lead to higher prices for consumers in both countries."

Persons: Trump, Howard Gleckman, Kamala Harris, Biden, Donald Trump, Harris, George Ball, Sanders Morris, Clark Bellin, Sam Millette Organizations: Urban, Brookings Tax Policy Center, CNBC, U.S, Trump, U.S ., American Progress, Peterson Institute for International, Commonwealth Financial Network Locations: China, U.S, —

☆ Billionaire investor John Paulson says the Fed can 'move aggressively' on rate cuts
▼ + stars: | 2024-09-13 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Billionaire investor and hedge fund veteran John Paulson said Friday that he would like to see the Federal Reserve start big with its rate cuts. The central bankers seem to be deciding between a cut of 25 basis points or 50 basis points. One asset class that often rises when the Federal Reserve cuts rate is gold, and Paulson is a longtime bull on the yellow metal. Paulson is a veteran figure in the hedge fund world and is perhaps most famous for betting against the housing market ahead of the 2007 crash. Paulson announced in 2020 that he was converting his hedge fund into a family office.

Persons: John Paulson, Paulson, Donald Trump, Kamala Harris, Treasurys Organizations: Federal Reserve, Paulson, Co, Mines, U.S

☆ THEN AND NOW: The cast of 'Holes' over 20 years later
▼ + stars: | 2024-09-13 | by ( Kirstie Renae | ) www.businessinsider.com time to read: +1 min

Max Cisotti/Dave Benett/Getty ImagesAfter "Holes" was released, LaBeouf continued his acting career in "The Even Stevens Movie" (2003), "I, Robot" (2004), "Constantine" (2005), and "Disturbia" (2007). Beyond film, in 2014, LaBeouf began doing performance art pieces with Finnish artist Nastja Säde Rönkkö and British artist Luke Turner. In 2019, the actor earned critical acclaim for his autobiographical film "Honey Boy," which he both starred in and wrote the screenplay for. Recently, LaBeouf starred in "The Tax Collector" (2020) and "Pieces of a Woman" (2020). In more recent years, the actor starred in "Padre Pio" (2022) and "Megalopolis" (2024), which just made its rounds at Cannes and the Toronto Film Festival.

Persons: LaBeouf, Max Cisotti, Dave Benett, Stevens, Constantine, Indiana Jones, Lawless, McEnroe, Nastja Säde Rönkkö, Luke Turner, Maddie Ziegler, Padre Pio Organizations: New York Times, Cannes, Toronto Film Locations: Kingdom, British

☆ Hedge fund billionaire and Trump donor John Paulson says market would 'crash' under Harris tax plans
▼ + stars: | 2024-09-13 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

"I think if they implement those policies, we'll see a crash in the markets, no question about it." Meanwhile, Harris previously endorsed the tax increases proposed by Biden that include a 25% tax on unrealized gains for households worth at least $100 million, known as the billionaire minimum tax. However, people close to the Harris campaign, including investor Mark Cuban, have said she has no interest in taxing unrealized gains and there are doubts if any such plan could make it through Congress. The 68-year-old investor believes the economy could quickly tip into a recession as well if the specific plan to tax unrealized gains were to be implemented. The investor also said the lower taxes would spark economic gains that help raise revenues and close the deficit gap.

Persons: John Paulson, Donald Trump, Kamala Harris, Paulson, Sara Eisen, Joe Biden, Harris, Biden, Mark Cuban, …, Trump Organizations: Democratic, Trump, CNBC

☆ Trump likely wouldn’t need Congress to approve his most controversial trade policy
▼ + stars: | 2024-09-12 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

New York CNN —It’s easy to dismiss many presidential candidates’ campaign promises as empty, because Congress would need to approve them. Alex Durante, an economist at the Tax Foundation, a right-leaning think tank, told CNN that 100% tariffs would threaten the economy. It’s possible he is floating 100% tariffs as just a threat designed to change the behavior of other countries. ‘No question it’s inflationary’The Trump campaign did not provide an explanation to CNN about how Trump would implement 100% tariffs nor what the trigger would be. He said Trump’s tariff plan, if enacted, would risk setting off a market panic like former UK Prime Minister Liz Truss did in 2022.

Persons: New York CNN —, Donald Trump, Trump, ” Trump, “, you’re, ” Maury Obstfeld, Obstfeld, ” Obstfeld, Christine McDaniel, George W, Bush, ”, McDaniel, George Mason University’s, Alex Durante, ” Durante, Brian Hughes, ” Hughes, ‘, Harris, Kamala Harris, ” Kent Smetters, Smetters, Wharton “, it’s, ” Wharton, Liz, Joe Brusuelas, ” “ I’m, Joe Biden, Biden, Brusuelas, Liz Truss, Matt Priest, Trump’s Organizations: New, New York CNN, Peterson Institute for International Economics, CNN, International Monetary Fund, Trump, United States Trade Representative, Commerce Department, Tax Foundation, University of Pennsylvania’s Wharton School, Penn Wharton Budget, Wharton, ABC, RSM, Democratic, Footwear Distributors, Retailers of America Locations: New York, Wisconsin, United States, China, Russia, “, American

☆ Why Elon Musk Is Really Taking Twitter Out of San Francisco
▼ + stars: | 2024-09-12 | by ( Adam Rogers | ) www.businessinsider.com time to read: +13 min

From the front door of X, which is closing up shop in San Francisco on Friday, Market Street runs straight through downtown to the bay. Now, as X leaves its spot, Market Street is still suffering from all the same problems it had before Twitter. After handing over millions of dollars in tax breaks to one of the world's wealthiest corporations, San Francisco has nothing to show for it. AdvertisementI keep remembering a work trip I took to San Francisco in 1999, a few years before I moved here. "Our focus remains on working with and supporting the many businesses that call San Francisco home," the statement reads.

Persons: Daniel Burnham, Elon Musk, Twitter, Ted Egan, Bon Marché, Paula Smith Arrigoni, restaurateurs, Dolby, Twitter didn't, Egan, Uber decamped, Musk, San Francisco, Adam Rogers Organizations: Twitter, Central Market, Anadolu, Getty, AQ, Area, Coalition, Apple, New York Times, San, Sony, Microsoft, Ikea, London Breed, Business Locations: San Francisco, Austin, South Park, California, Brisbane, Texas, scuzzy, gentrify, Alta, Oro, Bon, Kaya, Bay, Oakland

☆ A tech leader at Accenture shares how AI and cloud tools in the public sector can evolve with regulation: 'It's still the Wild West'
▼ + stars: | 2024-09-12 | by ( Matthew S. Smith | ) www.businessinsider.com time to read: +9 min

Greiner opened up about the evolution of cloud technology and generative AI in the public sector. What's the current demand for AI, particularly generative AI, in the public sector? Cloud went through a similar process, and I think lessons were learned that are now applied to generative AI. Can you provide examples of how generative AI is deployed in the public sector? Are general attitudes toward generative AI receptive or cautious in the public sector?

Persons: Tom Greiner, Accenture's, Greiner, —, we've, they've, there's, We've, Cloud, it's Organizations: Service, Accenture, Department of Homeland Security, Business, Data, National Institute of Standards, Technology, It's, NIST, Excellence, District of Columbia Department of Health, Amazon Web Locations: Europe, United States, Germany

☆ Senate debates taxes ahead of Trump’s 2025 expirations. It's a ‘make-or-break moment,' lawmaker says
▼ + stars: | 2024-09-12 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

With trillions in tax breaks scheduled to expire after 2025, lawmakers are debating policy priorities that could impact millions of families and small businesses. Enacted by former President Donald Trump in 2017, the Tax Cuts and Jobs Act, or TCJA, made sweeping tax changes, including temporary provisions that will sunset after 2025 without action from Congress. Some of the expiring TCJA provisions include lower federal income tax brackets, bigger standard deductions, a more generous child tax credit, higher gift and estate tax exemptions and a 20% tax break for pass-through businesses, among others. "This will be a make-or-break moment for the federal budget and for America's middle class," Senate Finance Committee Chairman Ron Wyden, D-Ore., said in a prepared statement at a Senate hearing on Thursday. In the meantime, lawmakers and organizations are voicing support for certain tax issues before the 2025 deadline.

Persons: Donald Trump, Ron Wyden, — Organizations: Finance, Tax, White House

☆ Inside the guidance high-net-worth individuals are getting from money managers ahead of elections
▼ + stars: | 2024-09-11 | by ( Laila Maidan | ) www.businessinsider.com time to read: +7 min

The top 1% aren't the only ones with a target on their backs: Those in the $400,000 to $1 million income bracket could see their capital gains tax rise under her. There has also been concern about whether the step-up in basis, a provision that adjusts capital gains taxes for inherited assets, could be repealed. A 1031 Exchange is popularly used to sell and buy investment property while deferring capital gains tax until future generations inherit it. Once they do, a step-up basis can be used to dismiss those previous capital gains taxes. AdvertisementAs for any impacts from the Trump administration, unilateral trade sanctions and tariffs would hurt the economy and be depressive to the market, Malek said.

Persons: Donald Trump's, Kamala Harris, Kent Smetters, it's Harris, Smetters, Harris, Mark Malek, Siebert, Malek, Mike Reynolds, Reynolds, Harris hasn't, Trump, Sandi Bragar Organizations: Service, Democratic, Penn Wharton Budget, Business, Biden, Nvidia, Fund Locations: Wall, Washington, Rhode Island , New York , California, Nebraska , Indiana , Wyoming, China

☆ Ireland now needs to decide what it will do with 13 billion euros in back taxes from Apple
▼ + stars: | 2024-09-11 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +6 min

Bloomberg | Bloomberg | Getty ImagesA landmark ruling from the European Union's top court means Ireland will receive 13 billion euros ($14.4 billion) in unpaid taxes from Apple — a windfall that Dublin had spent several years fighting to avoid. In a decision the European Court of Justice (ECJ) said was final, the EU's top court on Tuesday ruled that Apple must pay Ireland billions of euros in back taxes. For years, Ireland consistently argued that the iPhone maker should not have to repay unpaid taxes to the country. The decision comes at a time when Ireland is in the unusual position of running a budget surplus of several billion euros, partly due to the strength of corporate tax receipts. Shoppers and staff are seen inside the Apple Store, with its sleek modern interior design and prominent Apple logo on September 10, 2024 in Chongqing, China.

Persons: ECJ, Margrethe Vestager, Apple, Johanna Geron, Aidan Regan, there's, Simon Harris, Sir Keir Starmer, Brian Lawless, Robert Dever, Dever, Alex Cobham, Cobham, Cheng Xin Organizations: Bloomberg, Getty, Apple, Court of Justice, European Union, Reuters, Irish, University College Dublin, CNBC, Ireland's Finance Ministry, Ireland, U.S, England, Masons, Tax Justice Network, UN, Shoppers Locations: Wicklow, Dublin, Ireland, Brussels, Belgium, Farmleigh, Republic of Ireland, Chongqing, China

☆ 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

☆ Trump and Harris should have discussed tax plans during the debate: Capital Alpha Partners' Lucier
▼ + stars: | 2024-09-11 | 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 EmailTrump and Harris should have discussed tax plans during the debate: Capital Alpha Partners' LucierJames Lucier, a founding partner at Capital Alpha Partners, joins CNBC's Kelly Evans on "The Exchange" to break down the tax plans of Republican Presidential nominee former President Donald Trump and Democratic Presidential nominee Vice President Kamala Harris.

Persons: Harris, James Lucier, CNBC's Kelly Evans, Donald Trump, Kamala Harris Organizations: Trump, Capital Alpha Partners, Republican Presidential, Democratic

GOP senators 'hesitant' to mandate IVF coverageBut there is scant evidence of a Republican appetite for that plan in Congress. “I don’t know that we need to go so far as to mandate IVF coverage,” Lummis said. Rep. Jim Banks, R-Ind., a former chair of the conservative Republican Study Committee and a Senate candidate, said he hasn’t seen a Trump policy plan on IVF to evaluate. “I don’t know what that would look like — to make it free.”Democrats say Trump is lying and trying to bamboozle voters. “Donald Trump will say anything that he thinks might be one more vote in favor of Donald Trump.

Persons: WASHINGTON — Donald Trump’s, Trump, “, ”, Marjorie Taylor Greene, aren’t, Greene, isn’t, Sen, Josh Hawley, “ it’s, ” Hawley, hadn’t, ” Trump, “ We’re, it’s, Thom Tillis, we’ve, We’ve, ” Sen, Joni Ernst, Bill Cassidy, Trump hadn’t, ” Cassidy, that’s, It's, Cynthia Lummis, ” Lummis, Karoline Leavitt didn’t, Rand Paul, it'd, ” Paul, you’re, Tim Burchett, Jim Banks, hasn’t, Elizabeth Warren, ” Warren, “ Donald Trump, Donald Trump, Ohio Sen, Vance, Donald Trump’s, ” “ Trump, Katie Britt, ” Britt Organizations: Trump, NBC News, Republicans, Congress, NBC, Republican Party, Republican, Health, Education, Labor, Pensions, Democratic Party, Alabama Supreme, CBS, Democratic, “, GOP, Committee, Senate, Ohio Locations: Iowa, Alabama, Ky

The area, nearly all white 20 years ago, has since begun to teem with South Asian life. That energy is mirrored throughout the South Asian American electorate. Michigan is one of only five states with a South Asian member of Congress, Democratic Rep. Shri Thanedar, and Sawni says she’s ready to see a South Asian person in the White House, too. “South Asian voters and Indian Americans in particular are among the fastest-growing segments of the electorate,” he said. On a local scale, experts say more South Asian Americans are running for office than ever before.

Persons: Kannan Udayarajan, ”, Shekar Narasimhan, “, Kamala Harris ’, Chintan Patel, Harris, Karthick Ramakrishnan, It’s, ” Udayarajan, Udayarajan, “ Kamala Harris’s, it's, Walz, Andrew Peng, Harris ’, Shri Thanedar, Sawni, Joe Biden’s, Biden, Trump, Tanjina, ” Islam, ’, President Trump, Steven Cheung, Ramakrishnan, “ They’re, ” Narasimhan, J.J, Abbott, “ Kamala, Yagnesh Choksi, Kamala, don’t, they’ve Organizations: American, South, Indian, South Asian, Community, AAPI, “, Democrats, Harris, Democratic Party, Pew Research Center, NBC News, Mexicans, Michigan, Democratic, Trump Locations: Forsyth County , Georgia, Georgia, Michigan, Pennsylvania, U.S, Indian, South, Forsyth County, Forsyth, Asian, Gaza, Tanjina Islam, “

☆ Apple just lost a decadelong EU tax case. Now it must pay $14 billion.
▼ + stars: | 2024-09-10 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +1 min

The EU's top court ruled Apple must pay over €13 billion in back taxes. The European Court of Justice's decision ends a decadelong legal battle with the tech giant. EU competition chief Margrethe Vestager argued Apple received unfair tax breaks from Ireland. AdvertisementThe EU's top court just dealt Apple a major blow, ruling that the tech giant must pay more than €13 billion (about $14 billion) in back taxes. The European Court of Justice (ECJ) ruled that Apple must pay the taxes to the Irish government, ending a decadelong legal battle.

Persons: Margrethe Vestager, Apple, — Organizations: Apple, Service, of Justice, European Commission, Business Locations: EU, Ireland

☆ Fact check: Donald Trump, Kamala Harris debate on ABC News
▼ + stars: | 2024-09-10 | by ( Cnn Staff | ) edition.cnn.com time to read: +18 min

CNN —Former President Donald Trump and Vice President Kamala Harris are facing off for the first time Tuesday during ABC’s presidential debate. “I had no inflation, virtually no inflation,” Trump said. Harris introduced herself by name and said, “Let’s have a good debate.” Trump responded: “Nice to see you. Have fun.” Saul Loeb/AFP/Getty Images Trump and Harris stand on stage at the start of the debate. “But understand if Donald Trump were to be elected, he will sign a national abortion ban.

Persons: Donald Trump, Kamala Harris, Harris, Donald Trump’s, Trump, Katie Lobosco, MAGA, “, ” Trump, Daniel Dale, Tami Luhby, Chip Somodevilla, he’s, FactCheck.org, Steven Cheung, Cheung, Kaanita Iyer Trump, Joe Biden, ”, gotaways, Michelle Mittelstadt, Piper Hudspeth Blackburn, David Muir, Linsey Davis, Michael Le Brecht, Alex Brandon, Doug Mills, Pat Tuttle, George Walker IV, Saul Loeb, Tristen Rouse, CNN Harris, Win McNamee, Sheena Carey, Morry Gash, Matthew Hatcher, ” Saul Loeb, Roberto Schmidt, Andrew Thomas, Robert F, Kennedy Jr, Kennedy, Jim Lo Scalzo, Anthony Scaramucci, Olivia Troye, Matt Rourke, Hannah Beier, Lilly, Evelyn Hockstein, Matt Slocum, Kenny Holston, ” Harris, Noah Weinrich, Kaanita Iyer, Feedback Trump, John Roberts, Devan Cole Trump, Sen, JD Vance, ” Vance, Michael Williams Trump, United States –, Katie Lobosco Harris, –, Mike Pence, Rather, “ Joe Biden, Ella Nilsen Trump, Elisabeth Buchwald Organizations: CNN, Trump, Center for American Progress, Fund, CAP, Peterson Institute for International Economics, Center, CNN Trump, Breitbart News, Border Patrol, Biden, Patrol, Republicans, Migration, Institute, ABC News Trump, National Constitution Center, New York Times, Bloomberg, Getty Images, Getty, Pennsylvania Convention Center, People, Philadelphia International Airport, AFP, Philadelphia City Hall, Former Trump, Reuters, ABC, Force, Democratic, Convention, Leadership, Heritage, United States Supreme, White, City, Springfield News, Sun, Springfield Police, United States, US International Trade Commission, Treasury, Consumer, Bureau of Labor Statistics Locations: Pennsylvania, Philadelphia, United Kingdom, Venezuela, United States, Nashville , Tennessee, Washington ,, Washington , DC, Milwaukee, AFP, Springfield , Ohio, “, Springfield, City, China, American

☆ What Trump and Harris’ economic proposals mean for you
▼ + stars: | 2024-09-10 | by ( Elisabeth Buchwald | Matt Egan | ) edition.cnn.com time to read: +9 min

Here’s a look at what could happen to inflation, jobs and the deficit if Trump or Harris win in November. That, among other things, would keep the top tax rate individuals pay at 37% compared to 39.6% before it went into effect. Meanwhile, the tax proposals Harris has put forth so far mostly involve imposing higher taxes, which would have a positive impact on the deficit. For instance, she’s endorsed raising the top individual income tax rate to 44.6% and the top long-term capital gains tax rate to 28% versus the current 20%. Taken together, the Penn Wharton Budget model estimates Harris’ proposals could increase the deficit by an additional $1.2 trillion by 2034.

Persons: Kamala Harris, Donald Trump, Harris, Goldman Sachs, Trump, Warwick McKibbin, Goldman, she’s, ”, Justin Wolfers, Kevin Dietsch, He’s, Elon Musk, She’s, Joshua Gotbaum Organizations: New, New York CNN, Labor Department, Trump, Peterson Institute for International Economics, Gross, University of Michigan, CNN, Federal Reserve, Treasury Department, Wharton Budget, Social Security, Penn, Wharton Budget Model, Penn Wharton Budget, Brookings Institution Locations: New York, United States, Penn

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow Trump's and Harris' tax plans would affect your walletThe majority of Americans, 56%, say they pay too much in federal income tax, according to an April 2024 Gallup poll. Only 22% believe they receive valuable services from those taxes, according to an AP-NORC January 2024 survey. If the 2017 tax cuts are allowed to expire in 2025, about 62% of taxpayers would see their bills go up, according to the Tax Foundation. This means the 2024 election will determine which political party will get to shape Americans' taxes for years to come.

Persons: Harris Organizations: Tax

☆ Fact check: Trump and Vance keep falsely describing how tariffs work
▼ + stars: | 2024-09-09 | by ( Katie Lobosco | ) edition.cnn.com time to read: +8 min

Washington CNN —Former President Donald Trump and Republican vice presidential nominee Sen. JD Vance continue to falsely describe how one of their major policy proposals, across-the-board tariffs, would work. Trump has falsely, and repeatedly, claimed that China – not US importers – pay the tariff. Facts First: Trump and Vance’s claims about how tariffs work are false. Together, the price increases cost consumers more than $1.5 billion during the first year the tariffs were in place. It’s true that after Trump imposed tariffs on foreign-made steel, some American steel companies reopened mills and created new jobs.

Persons: Donald Trump, Sen, JD Vance, Trump, Kamala Harris, ” Trump, “, ” Vance, ” “, ”, Erica York, Joe Biden, Rick Muskat, Howard Gleckman, Jeff Ferry, Ferry Organizations: Washington CNN, Republican, Democratic, Fox News, Trump, Tax, US, US International Trade Commission, US Treasury, US Customs, Protection, Deer Stags, CNN, Brookings Tax, Coalition for, Prosperous, Tax Foundation, China Business Locations: China, Arizona, Wisconsin, American, United States, South Korea, Mexico, Prosperous America

☆ Trump tax cuts expire after 2025. Here's how the presidential election could affect your taxes
▼ + stars: | 2024-09-09 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +1 min

With the presidential election approaching, experts are sounding alarms about the upcoming expiration of the 2017 Tax Cuts and Jobs Act, or TCJA. Without action from Congress, trillions in tax breaks enacted by former President Donald Trump via the TCJA will expire after 2025. "If the 2017 tax cuts are allowed to expire after 2025, about 62% of taxpayers would see their tax bills go up," said Erica York, senior economist and research director at the Tax Foundation. "That's because the TCJA provided tax cuts for the vast majority of taxpayers." Both Trump, the Republican presidential candidate, and Vice President Kamala Harris, the Democratic candidate, have called for tax changes that could affect millions of Americans.

Persons: Donald Trump, Erica York, Kamala Harris, Stephen Moore, Trump, Harris Organizations: Tax, AP, Trump, Republican, Democratic, CNBC, White

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