DIRS.INFO The most relevant business & tech news

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

☆ US employers have good reasons not to hire more workers now
▼ + stars: | 2024-09-08 | by ( Bryan Mena | Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

That’s because employers might be putting some of their hiring plans on hold — and for good reason. Businesses consider many factors when deciding to hire, but across a wide spectrum of industries, the economic outlook carries always great deal of weight. Both those factors are prompting employers to think twice about hiring more workers now, according to economists and recent comments from businesses around the country. But she’s proposing raising the corporate tax rate to 28%. So when interest rates are as elevated as they are right now, monthly debt payments could be too costly for many firms.

Persons: there’s, ” Kathy Bostjancic, Reserve Banks, Kamala Harris, Donald Trump, Trump, Harris, ”, Sean Snaith, Julia Pollak, ZipRecruiter’s, ” Pollak, “ It’s, Pollak Organizations: CNN, Labor Department, Federal Reserve, Nationwide, “, Reserve, Trump, America, Economic, of New, Institute for Economic, University of Central, Fed, Treasury Locations: China, of New York, University of Central Florida

☆ A part-time real estate investor shares his 'failed' 1031 exchange — and what he wishes he knew before trying the tax-saving strategy
▼ + stars: | 2024-09-08 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +4 min

You could theoretically defer capital gains taxes indefinitely if you continued exchanging for what the IRS calls "like-kind properties." That's what part-time real estate investor Steve Lewis, who bought his first property in 2000 and expanded to three rentals before selling in 2024, found when he attempted a 1031 exchange. Then, you must close on the replacement property within 180 days of your initial property sale. While his failed 1031 experience may be "rare," he noted, "there are so many things that could delay a closing." Lewis says he'd consider a 1031 exchange in the future if the 180-day rule were extended to a year.

Persons: —, Steve Lewis, Lewis, that's, he'd, He'd Organizations: Service, Business

☆ Bill Gates said if he were in charge of the US tax system he'd have paid 'tens of billions' more
▼ + stars: | 2024-09-06 | by ( Joshua Nelken-Zitser | ) www.businessinsider.com time to read: +1 min

Bill Gates said he would be billions of dollars poorer if he were in charge of the US tax system. He told the Independent that he wanted a more progressive tax system and estate tax. AdvertisementBill Gates, one of the world's richest people, said he would be much poorer and would have paid way more in taxes if he were in charge of the US tax system. In an interview with the Independent, when asked if he considered himself to be too rich, Gates said: "If I designed the tax system, I would be tens of billion dollars poorer than I am." He said that the US tax system "could be more progressive without significantly damaging the incentive to do fantastic things."

Persons: Bill Gates, Gates, — Organizations: Independent, Service

☆ The Trump policy that freaks out economists the most
▼ + stars: | 2024-09-05 | by ( Matt Egan | ) edition.cnn.com time to read: +9 min

New York CNN —Former President Donald Trump wants to spend trillions of dollars on tax cuts. “It’s enormously protectionist and terrible economic policy,” said Holtz-Eakin, who served as an economic adviser to former President George H.W. The cost of the Trump tax cutsTrump has called for extending his signature 2017 tax cuts, which expire next year if no action is taken by Congress. Trump has argued that extending the tax cuts will boost the economy, create jobs and help families. The Trump campaign has not detailed significant spending cuts or tax hikes to offset these tax cuts.

Persons: Donald Trump, Trump, Goldman Sachs, Kamala Harris, Goldman, “, ” David Kelly, Kelly, “ It’s, ”, ’ Trump, Douglas Holtz, Eakin, Holtz, George H.W, Bush, GOP Sen, John McCain, Mark Zandi, ” Zandi, Karoline Leavitt, they’ll, ” Leavitt, Trump’s, ” Harris, “ Donald Trump, ” Brian Nelson, Harris, Kimberly Clausing, Mary Lovely, ” Trump, Joe Biden, Penn, Penn Wharton, The Trump, CNN’s Katie Lobosco Organizations: New, New York CNN, Asset Management, CNN, America, New York Economic Club, American, GOP, Moody’s, Trump, Peterson Institute for International Economics, Peterson Institute, US Customs, Louis Federal Reserve, Biden, Congress, Princeton University, University of Chicago, Harvard University, US Treasury Department, Penn Wharton Model, Social Security Locations: New York, United States, China, America

☆ 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

☆ Soaring sports team values create new pressure for owners on taxes, succession
▼ + stars: | 2024-09-03 | by ( Robert Frank | ) www.cnbc.com time to read: +6 min

Ric Tapia | Getty Images Sport | Getty ImagesSports team owners benefiting from soaring team values are also facing new pressure from two of the oldest certainties in American wealth: death and taxes. With the average age of team owners rising, and team values skyrocketing into the billions, owners and leagues are increasingly focused on how to ensure smooth ownership transitions to the next generation of buyers. Succession and taxes have become especially important in the National Football League, where the average age of team owners is now over 72 and team values are all surging. The average NFL team is now worth $6.49 billion, and no team is valued at less than $5.25 billion, according to CNBC's Official 2024 NFL Team Valuations. So owners have to be planning for the potential for more punitive estate taxes in the coming years.

Persons: Ric Tapia, Stephen Amdur, Pillsbury Winthrop Shaw Pittman, Robert Frank, Pat Bowlen, Rob Walton, Bud Adams, Grant Halverson, Amy Adams Strunk, Tom Benson, Gayle, Jonathan Bachman, Joe Robbie, George " Papa Bear, Halas, George Halas, Amdur, That's, Roger Goodell Organizations: NFL, Los Angeles Rams, Houston Texans, NRG, Getty, Sports, Pillsbury, National Football League, Former Denver Broncos, Tennessee Titans, Minnesota Vikings, Getty Images Tennessee Titans, Longtime New Orleans Saints, National Basketball, New Orleans Pelicans, New, New Orleans Saints, Mercedes, Benz, Miami Dolphins, NBA, Chicago Bears, Bettmann Locations: Houston, Nashville , Tennessee, New Orleans, New Orleans , Louisiana

☆ Harris to propose $50,000 tax deduction for small business startup expenses, ahead of Trump debate
▼ + stars: | 2024-09-03 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Under the proposal, new small businesses could spread the deduction out over several years, or delay claiming the $50,000 tax deduction until the company turned a profit. The Internal Revenue Service has previously run into issues ensuring that its small business tax breaks end up in the right pockets, especially during the pandemic, when the agency flagged a spike in fraudulent claims. The Harris campaign did not respond to a request for clarification about which startups and small businesses would be eligible for the tax deduction. On Wednesday, Harris will also set a goal of collecting 25 million new small business applications in her first term if she is elected president. By focusing on small businesses, Harris' tax deduction proposal could help her thread the needle between rebutting Trump's attacks, and keeping up her political crusade against corporate greed.

Persons: Kamala Harris, Harris, Biden, Donald Trump, Trump, Joe Biden, Kamala, TRUMP Organizations: Democratic, U.S, Wednesday, Labor, Internal Revenue Service, Republican, ABC News, White Locations: Savannah , Georgia, U.S, New Hampshire

LendingClub recently replaced its old high-yield savings account with the LendingClub LevelUp Savings Account, which offers up to 5.30% annual percentage yield (APY). LendingClub's previous high-yield savings account, the LendingClub HighYield Savings Account, came with 5.00% APY. How to qualify for LendingClub's savings account 5.30% APYIt's pretty easy to open a savings account with LendingClub. How LendingClub's LevelUp Savings account compares to other high-yield savings accountsOther banks also offer high interest rates on savings accounts. EagleBank High-Yield Savings Account: Earn up to 5.35% APYThe EagleBank High-Yield Savings Account offers the potential to earn a slightly higher interest rate: up to 5.35% APY.

Persons: you've, you'll, LendingClub, EagleBank, Kit, Kit Pulliam, They’ve Organizations: Western Alliance Bank, Western Alliance, Yield, Kit Pulliam, Business, Tax, MSN, Vanderbilt University

☆ Elon Musk’s X Is Leaving San Francisco. City Officials Say ‘Good Riddance.’
▼ + stars: | 2024-08-24 | by ( Heather Knight | Kate Conger | ) www.nytimes.com time to read: +1 min

San Francisco’s long relationship with X is nearly over — and city officials are far from heartbroken. But city officials are not lamenting the exit. X bears little resemblance to the company that San Francisco wooed with a tax break more than a decade ago, when it was Twitter, to help anchor a budding tech hub in a downtrodden neighborhood near City Hall known as Mid-Market. The pandemic, and Mr. Musk’s 2022 acquisition of the company and subsequent gutting of its work force, reduced the headquarters to a ghost town. “I share the perspective that most San Franciscans have, which is good riddance,” said City Attorney David Chiu, who as a member of the city’s Board of Supervisors backed the tax break that lured Twitter to Mid-Market in 2012.

Persons: Elon Musk, San Francisco, ”, David Chiu Organizations: city’s, Supervisors, Twitter Locations: —, Palo Alto, San Jose ., Texas, City, “, Franciscans

It's never too early to start thinking about saving for college, and a 529 plan can help with that. A 529 plan is great for saving on taxes, but its lack of flexibility makes it less valuable to me. She's had a 529 plan since she was only a few weeks old. Your contributions can grow tax-free in a 529 plan. This is a fantastic benefit that can give families the ability to diversify the taxability of accounts for a 529 plan beneficiary in the future.

Persons: It's, —, She's, Roth, doesn't Organizations: Service

This means that CD rates of 5% APY will likely decline and get less competitive. CD ladders can help you earn a great rate for longer, no matter what happens to CD rates. The best CD rates for short-term CDs are currently around 5% annual percentage yield, but that might not stay true for long. Building a CD ladder with terms paying 5% or moreRight now, short-term CDs offer better rates than long-term CDs, so our example CD ladder is shorter-term. CD ladders aren't suited to every purposeWhile CD ladders can be a good strategy for locking in high interest rates while maintaining liquidity, they aren't suited to every purpose.

Persons: Uziel Gomez, Gomez, you'll, You'll, Kit Pulliam, They’ve, Kit Organizations: Federal Reserve, AFC, Primeros, Pulliam, Business, Tax, MSN, Vanderbilt University Locations: U.S

☆ Harris and Trump both hate inflation. Their economic proposals could cause prices to go higher
▼ + stars: | 2024-08-19 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

Both candidates’ plans would probably raise the deficit and increase demand, including through government spending and tightening the labor market, Joe Brusuelas, chief economist at RSM US, told CNN via email. Trump has so far not released as detailed an economic plan as Harris. Risks of fueling demandA central part of Harris’ economic plan is making housing more affordable. “The problem right now is too many people chasing too few houses,” Justin Wolfers, professor of public policy and economics at the University of Michigan, told CNN. Economists have told CNN that businesses would be forced to raise wages and prices.

Persons: what’s, Kamala Harris, Donald Trump, Harris, Trump, Joe Brusuelas, Brusuelas, Harris ’, ” Marc Goldwein, ” Goldwein, “, ”, Biden, Joe Biden, ” Justin Wolfers, Michelle Holder, Holder, …, ’ Trump, ” Harris Organizations: CNN, RSM, Budget, Child Tax, “, Federal Reserve, Tax Foundation, Social Security, University of Michigan, John Jay College, Center, American Progress Fund, Peterson Institute for International Economics, National Guard Locations: ”, New York, China

☆ Here are Wednesday's biggest analyst calls: Nvidia, Tesla, Starbucks, Chipotle, Eli Lilly, Target, TJX Companies, Coinbase and more
▼ + stars: | 2024-08-14 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Stifel upgrades Starbucks to buy from hold Stifel upgraded the coffee chain following the management shakeup that included a new CEO. Jefferies upgrades Sportradar to buy from hold Jefferies upgraded the Swiss global sports tech company, saying it's becoming "increasingly attractive." Morgan Stanley reiterates Target as overweight Morgan Stanley said it's sticking with its overweight rating heading into Target 's earnings next week. Berenberg reiterates Eli Lilly as buy Berenberg raised its price target on the drugmaker to $1,050 per share from $1,000. TD Cowen upgrades Ilumina to buy from hold TD Cowen sees revenue growth ahead for the biotech company.

Persons: Wolfe, PulteGroup, rais, Brian Niccol, Baird, Tesla, it's bullish, Goldman Sachs, Goldman, Elliott, Wells, Equitrans, ETRN, Jefferies, it's, SRAD, Bernstein, Chipotle, Morgan Stanley, Berenberg, Eli Lilly, Lilly, circumspection, Ross, BURL, ROST, Oppenheimer, TD Cowen, mgmt Organizations: Stifel, RBC, Johnson, underperform RBC, Elliott Management, Barclays, Nvidia, JPMorgan downgrades Emerson, JPMorgan, Deutsche Bank, Deutsche, Ball Corp, Ball Corporation, Montrose Environmental, Stock, Intuit, Citi, Palo Alto, Bank of America, TJX Companies, Argus Locations: Florida, Underperform, Swiss, Montrose, QuickBooks, Burlington, Coinbase, China, Hershey

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

Inflation: Trump said, “I think we have the worst inflation we’ve had in 100 years. They say it’s 48 years, I don’t believe it.”Facts First: Trump framed this as an opinion, but it’s baseless – wrong in two different ways. Harris and prisoners: Trump claimed “(Harris) wants to release all the prisoners that are in detention, and some of these guys are really bad. Migration numbers: Trump claimed that, under Biden and Harris, “you have millions of people coming in a month.”Facts First: This is false. Trump’s tax cuts: Trump repeated his claim that his signature tax cuts, in the Tax Cuts and Jobs Act of 2017, were “the largest tax cut” ever provided.

Persons: Donald Trump, Elon Musk, Trump, “, we’ve, ”, Biden, Harris, Harris “, ” Trump Organizations: Biden, Democratic, Patrol Locations: Afghanistan, Iran, Europe, Ukraine, Central America, Congo, ” Venezuela

☆ How Elon Musk has turned X into a pro-Trump machine
▼ + stars: | 2024-08-13 | by ( Clare Duffy | ) edition.cnn.com time to read: +9 min

But now Musk, who is not only the owner but also the most followed user on X, has shifted to more direct campaigning for former President Donald Trump. Musk announced his official endorsement for Trump in a post last month that received 2.3 million likes. Weeks after it was posted, the video is not labeled with a “community note,” X’s community fact-checking feature that Musk used as justification for slashing the company’s trust and safety team. In a letter, the secretaries urged Musk to “immediately implement changes” on the X platform. But on Monday night, Musk offered to take a role in the potential future Trump’s administration helping to rein in government spending.

Persons: Elon Musk, Donald Trump, Musk, He’s, Hunter, Trump, YOU, Trump’s, “, Elon, ” Trump, Kamala Harris, doesn’t, ” Wendy Weiser, Brennan, Harris, ”, ” Weiser, Kamala, …, White supremacists, X, Musk’s, chatbot, Harris ’, ” Lara Cohen, informercial, he’s, ” Musk, “ I’d Organizations: New, New York CNN, Elon, Twitter, Biden, White, Trump, CNN, Fake News, Fake News Media, Center, “, Brennan Center for Justice, NYU Law School, Democratic, Street Locations: New York, United Kingdom

☆ With ‘Cancer Moonshot’ announcement, Biden turns to causes most important to him in final months in office
▼ + stars: | 2024-08-13 | by ( Kayla Tausche | ) edition.cnn.com time to read: +8 min

On Tuesday, Biden highlighted $150 million in new research awards to eight organizations, including $23 million to Tulane University, the backdrop for the announcement. I know we can, but it’s not just personal — it’s about what’s possible,” Biden said Tuesday. And the White House will also look to ramp up its diplomatic engagement with India, an ally that has become a critical partner to the US in countering China’s aggression in the region. “We want to create a more prosperous and secure Indo-Pacific and the world,” White House press secretary Karine Jean-Pierre said. Implementation awaitsDomestically, the White House remains focused, first and foremost, on getting money out the door and shovels in the ground on Biden’s signature legislative measures.

Persons: Joe Biden’s, Beau Biden’s, Biden, “, it’s, ” Biden, Kamala Harris –, Harris, Moonshot, Beau Biden he’d, ’, you’ll, ”, –, Jeff Zients, Russia’s Vladimir Putin, Xi, Karine Jean, Pierre said, Zients, Natalie Quillian, Tom Vilsack, ” Vilsack, CNN’s Samantha Waldenberg Organizations: CNN, Tulane University, Biden, CBS News, White, US, Infrastructure Investment, Jobs, The Commerce Department, Treasury Department, Agriculture, Department of Agriculture Locations: Pennsylvania, North Carolina, United States, Brazil, India

☆ The 10 most affordable U.S. states for retirement in 2024: Half are in the South
▼ + stars: | 2024-08-13 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

For the second year in a row, West Virginia is the most affordable state for retirement in the U.S., according to financial services company Bankrate's best and worst states for retirement report, which published last month. The state's affordability ranking comes from "a low cost of living, low property taxes and affordable homeowners insurance," the report said. West Virginia is followed by Mississippi and Indiana, rounding out the top three. Here are the 10 most affordable states in the U.S. for retirement, according to Bankrate:The report's data came from a variety of sources, including the Tax Foundation and the Council for Community and Economic Research. 1 most affordable stateOn average, West Virginia's cost of living is 9% lower than the rest of the country, according to RentCafe.

Persons: MoneyGeek Organizations: Tax Foundation, Council for Community, Economic Research, Social Security, West Locations: lounging, West Virginia, U.S, Mississippi, Indiana

☆ Fact check: Trump made at least 20 false claims in his conversation with Elon Musk
▼ + stars: | 2024-08-13 | by ( Daniel Dale | ) edition.cnn.com time to read: +34 min

Here is a fact check:CrimeTrump claimed, “Our crime rate’s going through the roof.”Facts First: Trump’s claim is false. Facts First: Trump did express uncertainty about the number, but his “like 60 million or something” claim is false. They take ‘em out, and they bring them to the United States.”Facts First: Trump’s claim is baseless. He said, “With Ukraine, so we’re in for $250 billion and they’re in for about $71 billion.”Facts First: Trump’s claim is false. But Trump’s claim that the US has committed or provided far more aid than Europe is not true regardless.

Persons: Donald Trump, –, Elon Musk, Kamala Harris, Trump, Jeff Asher, ” Anna Harvey, “, we’ve, ”, Biden, Gary Griggs, Griggs, Harris, Harris “, ” Trump, wasn’t, Alejandro Mayorkas, Breitbart, ” Roberto Briceño, Venezuela’s, León, Joe Biden, ” Michelle Mittelstadt, can’t, Steven Cheung, Congo ’ Trump, Patrick Muyaya Katembwe, ” Serge Mombouli, Barack Obama’s, Obama, Obama’s, We’ll, Ukraine Trump, Europe Trump, Trump’s, Mike Pompeo, ” Pompeo, China, you’re, ‘, Iran haven’t, ” Matt Smith, Biden’s, Smith, Ali Vaez, Ronald Reagan’s, Barack Obama, George W, they’d, Scott Gottlieb, ” Gottlieb, General Merrick Garland, Musk, Alvin Bragg’s, Matthew Colangelo, Colangelo, Bragg, CNN’s Tami Luhby, William Montes Organizations: Washington CNN, Republican, Democratic, Public, New York University, CNN, Major Cities Chiefs Association, Biden, Global, Trump, NASA, Meteorological Organization, University of California, Oceanic, Fox News, The New York, White, Homeland, Central, “, Border, Venezuelan, of, Patrol, Republicans, Migration, Institute, Breitbart, Congo, PAC, Central America Trump, Obama, Customs Enforcement, Policy Institute, ICE, El Salvador, Electoral, Ukraine, Kiel Institute, European Union, European Automobile Manufacturers ’ Association, State, Americas, Crisis, Federal, Defense Department, Food and Drug Administration, FDA, Justice Department, New Locations: Trump’s, Santa Cruz, Gulf of Mexico, Florida, Mar, El Salvador, Guatemala, Honduras, United States, Mexico, Venezuela, “ Venezuela, Congo, Democratic Republic of Congo, Republic of Congo, Africa, Republic of, Washington, Europe, Ukraine, Germany, Kiel, ”, EU, Iran, Lebanon, Israel, China, that’s, Kpler, Malaysia, Afghanistan, Asia, Fulton County , Georgia, Manhattan, New York

☆ Trump and Harris both want no taxes on tips. Here's why policy experts don't like the idea
▼ + stars: | 2024-08-13 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

U.S. Vice President Kamala Harris and Republican presidential nominee and former U.S. President Donald Trump. Former President Donald Trump and Vice President Kamala Harris both want to end taxes on tips — and some policy experts have already criticized the idea. Her comments come roughly two months after Trump shared a similar idea, also at a rally in the service economy hotbed. Generally, tipped workers are lower-income individuals, and some 37% weren't subject to federal income tax in 2022, the report found. Not taxing tips is "a fairly narrowly targeted tax exemption," said Garrett Watson, senior policy analyst and modeling manager at the Tax Foundation.

Persons: Kamala Harris, Donald Trump, Harris, Trump, Vance, Walz, Garrett Watson Organizations: Republican, Finance, Yale University, Tax Locations: Las Vegas, Nevada

☆ Inside the tax battles Tim Walz fought — and won — in Minnesota
▼ + stars: | 2024-08-13 | by ( Brian Schwartz | ) www.cnbc.com time to read: +6 min

Kevin Mohatt | ReutersSix years before Tim Walz was tapped to be Vice President Kamala Harris' running mate, he was busy running for governor of Minnesota. Eric Gibson, then president of Ultra Machining Company, recalled asking Walz whether the Democrat believed that high corporate and state taxes hurt workers. Minnesota currently taxes corporate income at 9.8%. The nonpartisan Tax Foundation says that's the highest corporate tax rate of any state in the nation. Minnesota Governor Tim Walz speaks next to Wisconsin Governor Tony Evers at Yellowjacket Union, at University of Wisconsin-Superior, in Superior, Wisconsin, U.S. March 2, 2022.

Persons: Kamala Harris, Tim Walz, Kevin Mohatt, Walz, Eric Gibson, Gibson, Geoff Baker, Baker, Douglas Loon, Kamala, Andrew Harnik, wasn't, Harris, Tony Evers, Evelyn Hockstein, Loon, Minn, Bill George, George said Walz, George Organizations: Democratic, Minnesota, Chippewa, Reuters, Ultra, Democrat, CNBC, McFarland Truck Lines, Foundation, Democrats, Senate, Minnesota Chamber of Commerce, Fortune, UnitedHealth, U.S, Gov, Getty, Minnesotans, Tax, Yellowjacket Union, University of Wisconsin, Mayo Clinic Locations: Eau Claire , Wisconsin, U.S, Minnesota, Gull Lake, McFarland Truck Lines . Minnesota, Gull, Glendale , Arizona, Wisconsin, Superior, Superior , Wisconsin, St, Paul, Rochester, Minn

☆ 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

Search resuls for: "The Tax"

25 mentions found