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☆ Amazon's 5-day office push may be the beginning of the end for remote working
▼ + stars: | 2024-09-22 | by ( Nora Redmond | ) www.businessinsider.com time to read: +4 min

Read previewAmazon is waving goodbye to remote work. Workers were previously told to come in at least three days a week, but Amazon seems eager to end pandemic-era habits. AdvertisementThe memo outlined extenuating circumstances such as illness, a household emergency, and the need to finish coding in a more isolated environment as scenarios when remote work may be permitted. Jones, however, does not believe this new requirement will spell the end of remote work. AdvertisementIn the context of globalization, she said, Amazon employees will still be working remotely with each other because they're based in different locations.

Persons: —, Andy Jassy, Jassy, Gemma Dale, Liverpool John Moores, Dale, Amanda Jones, Jones, Khaddage, Diab, it's Organizations: Service, Workers, Business, King's College London, Amazon, AM Bank Locations: Washington, Arlington , Virginia, Liverpool, Khaddage Bou, Diab

☆ American Companies' China Profits Are Declining; Increased War Chance
▼ + stars: | 2024-09-22 | by ( Linette Lopez | ) www.businessinsider.com time to read: +15 min

Without the promise of profits, American firms are also becoming less willing to go to bat for China — to reinforce the idea that China's market is crucial to the success of their futures. No demandAfter pandemic lockdowns ended in 2023, the Chinese economy experienced what is known on Wall Street as a "dead cat bounce." What money Chinese consumers are still able to spend is increasingly going to companies that grew up in their home country. Related storiesWhat money Chinese consumers are still able to spend is increasingly going to companies that grew up in their home country. It gives corporations, already under financial pressure as China's economy declines, even less reason to act as interlocutors encouraging stability between Washington and Beijing.

Persons: Washington —, Xi Jinping, Lee Miller, lockdowns, They're, Xi, Yi Gang, Michael Pettis, Tesla, Elon Musk, it's, Ball, Jamie Dimon, It's, China's, Goldman Sachs, Ray Dalio, seeping, Miller, Kamala Harris, Donald Trump, Harris, —, Trump, Biden, we're, Cordell Hull Organizations: Apple, Nike, Chinese Communist Party, People's Bank of, Carnegie Endowment, China Business Council, Starbucks, Street, Bridgewater Associates, Beijing, East Asia State Department, CCP, Trump, State Department, Republicans, Financial, Broadcom, Nvidia, Biden Administration Locations: China, America, Beijing, Washington, American, South China, Taiwan, People's Bank of China, Shanghai

☆ Barclays playbook for the election: Stocks that win under Trump or Harris
▼ + stars: | 2024-09-22 | by ( Pia Singh | In | ) www.cnbc.com time to read: +5 min

Stocks ranging from L3Harris to Burlington could benefit from either a Trump or Harris victory this fall, according to Barclays. The analyst highlighted several overweight-rated stocks the firm expects are best-positioned to benefit from either a Trump or Harris election victory. Defense contractor L3Harris Technologies is another Trump election play. The stock, which is up about 9.1% this year, could gain another 15.4%, according to Barclay's price target. Barclays' price target of $327 implies 20.6% potential upside.

Persons: Harris, Terence Malone, Malone, Donald Trump, Kamala Harris, Trump, Gary Gensler, Bitcoin, Bernstein, Centene, bode, homebuilder D.R, Horton Organizations: Trump, Barclays, Bitcoin, Securities, Exchange, Liberty, Wednesday, Defense, L3Harris Technologies, UnitedHealth, Biden, Democratic Party, Affordable, Burlington Locations: L3Harris, Burlington, Nashville, MicroStrategy, U.S, It's

☆ Insider Today: Nike's airball
▼ + stars: | 2024-09-22 | by ( Matt Turner | ) www.businessinsider.com time to read: +5 min

Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers. I'll be here on the weekend to break down some of the biggest stories in business and help you get ahead. The Oregon-based company last week announced Elliott Hill would return to the company as CEO, replacing John Donahue. AdvertisementAn internal "Frequently Asked Questions" document, obtained by Business Insider, outlined how the RTO plan will work.

Persons: —, Matt Turner, Donald Trump, There's, It's, it's, Elliott Hill, John Donahue, Dre Waltizer, Jeff Chiu, Alyssa Powell, Larry, Wayne Osborne, Osborne, Wayne, Andy Jassy, David X Prutting, Paul Porter, Rebecca Zisser, Alexander brothers, Oren, Alon, Tal Alexander, iStock, — Mark Zuckerberg, Taylor Swift Organizations: Service, Fed, Nike, Business, Investors, Google Locations: China, The Oregon

☆ There's a Reason Elon Musk Isn't Fighting for Speech Rights in France: Expert
▼ + stars: | 2024-09-22 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +6 min

AdvertisementBut an expert on corporate law told Business Insider that there's a reason the billionaire isn't taking his battle of free speech principles to, say, France. Musk has previously complied with content moderation requests from other governments, including the increasingly authoritarian nations of Turkey and India. In 2023, he indicated he would abide by the European Union's rulebook on content moderation, known as the Digital Services Act, Politico reported. Alon-Beck told BI that, in countries like France with strict laws around content moderation, Musk is no different than Durov, and she would expect he could be arrested if he continues to push the boundaries of local content moderation laws. AdvertisementRepresentatives for X, Telegram, and the Brazilian Supreme Court did not immediately respond to requests for comment from Business Insider.

Persons: —, Elon Musk, X, Musk, Alexandre de Moraes, cosplaying, ZIV8KbDCmk — Elon, isn't, Pavel Durov's, Pavel, Anat Alon, Beck, Pavel Durov, Durov, Alon, Elon, Tucker Carlson Organizations: Service, Elon, New York Times, Brazil's, SpaceX, Business, The Times, Case Western Reserve University's School of Law, Alon, Digital Services, Politico, Telegram, X, Brazilian Locations: Brazil, France, Turkey, India

☆ What the top 2024 election issues are for these young voters
▼ + stars: | 2024-09-22 | by ( Elise Hammond | Shania Shelton | ) edition.cnn.com time to read: +19 min

Along with the economy, young voters also name abortion, immigration, foreign policy, climate and gun control as other priorities. A recent GenForward survey conducted by the University of Chicago supports what dozens of young voters told CNN. Foreign policyAmerica’s position on the world stage is also top of mind for young voters. The Israel-Hamas war has proved to be a key sticking point for progressive and young voters, as well as Arab American and Muslim communities. Regardless of what issues are galvanizing young voters to head to the polls, many say they think their turnout in November will surprise some people.

Persons: N’Dea Gordon, ” Gordon, Gordon, who’ve, ”, Donald Trump, Kamala Harris –, they’ve, Logan Paul, Adin Ross, Harris, Vivek Rallabandi, Joe Biden, “ I’m, I’m, ” Rallabandi, Trump, Rallabandi, he’s, “, hasn’t, she’s, Vivek, Darius Diggs, Biden, Diggs, –, Darius Dupri Diggs, Darius Dupri Diggs Chaim Birzen, Birzen, “ That’s, Tyler Sands, Beyton Owens, Finn Gaensler, Finn, “ It’s, ” Gaensler, Roe, Wade, Ava Pallotta, Pallotta, Gen, Erin Clark, Kalkowski, Katelyn, Sebastien Ostertag, Sebastien Ostertag That’s, Ostertag, we’re, Jacob Telenko, ” Telenko, Jean Kojali, ” Kojali, Harris doesn’t, Harris ’, Noe Nunez, Nunez, ” Nunez, “ it’s, Jed Lyons, Joseph Yang, Yang, Joseph Yang “, “ We’re, CNN’s Kate Sullivan, Dana Elobaid Organizations: CNN, Western Governors University, University of Chicago, Trump, Federal Reserve, White, Republican, Marquette Law School, Senate, Trump’s, Harvard University, Boston Globe, Young, America, Democratic, US, Republican Party, Immigration, state’s Young Republican, United States Postal Service Locations: Columbus , Ohio, Pennsylvania, Rockland County , New York, America, Montana, California, Idaho, Santa Cruz , California, “, Port Chester , New York, Chapel Hill , North Carolina, Dearborn , Michigan, Israel, Gaza, Ukraine, Henderson , Nevada, United States, Cobb County , Georgia, Mexico, Zebulon , North Carolina, Mexican American, Gilbert , Arizona, Phoenix, Korean, Chandler , Arizona

☆ Baby boomers have a ton of their wealth tied up in stocks and housing. Here's why that's a risk to the economy.
▼ + stars: | 2024-09-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +7 min

Khurana thinks what has made boomers the wealthiest generation — stocks and housing — also makes them a risk to economic stability. AdvertisementSuch a scenario is an '"underappreciated risk," he said, given how much boomers' spending habits have fueled economic growth in recent years. The demographic spends around $548 billion a year, more than any other generation, according to a report from marketing research firm Epsilon. AdvertisementBroken down by each generation's holdings of property and stocks, boomers accounted for 42% of all real estate ownership and 54% of all corporate equity and mutual fund ownership. That's not to say boomers will cause the next recession, but the risk during a recession is dialed up under the current paradigm, Khurana said.

Persons: —, America's, Brij, Khurana, boomers, they've, John Hussman, That's Organizations: Service, Wellington Management, Business, McKinsey & Company, New York Fed, Epsilon, New, Boomers, Federal Reserve, Governors Boomers, Governors Locations: New, New York, Florida and Texas

☆ A top-1% fund manager warns Warren Buffett is behaving like he did before the dot-com crash — and says the S&P 500 could see dismal returns for a decade
▼ + stars: | 2024-09-21 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

He's also outperformed the S&P 500 over that time by returning 14% per year on average versus the index's 13.8% annualized gains. Between July and September 1999, Buffett shared his outlook for the market in a series of talks that were summarized by Fortune's Carol Loomis in November of that year. AdvertisementSince then, however, investors have enjoyed 15 years of ultra-low interest rates and growing corporate profits — a fact that has Smead worried. "The only problem is it's a curse on long-term S&P 500 performance," Smead said of the 15-year run. Related storiesBaked into Smead's outlook is an against-consensus view that inflation is set to surge again as the Fed cuts interest rates.

Persons: —, Bill Smead, Warren Buffett, Charlie Munger, Smead, Munger, He's, Buffett, Fortune's Carol Loomis Organizations: Service, Business, Morningstar, Apple, Bank of America

☆ A new Zyn competitor is marketing its nicotine pouches to the finance bros
▼ + stars: | 2024-09-21 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +4 min

Excel's is-it-ironic-or-not branding makes sense, given the growing popularity of synthetic nicotine pouches among office workers wanting a boost. Excel Pouches cofounder John Coogan Elspeth VincentIn addition to the corporate world, the pouches have also found loyal devotees within certain circles of the political right. Lucy's first product was nicotine gum, and it also vends a Breakers brand whose nicotine pouches contain a flavor capsule. In an email interview with BI, Day Job cofounder Rion Harmon said the branding was inspired by Wall Street's hedonistic heyday. AdvertisementCoogan likened Excel to "American Psycho," a satire that he said has been "rightly embraced by finance bros as a style guide."

Persons: —, John Coogan, Zyn, John Coogan Elspeth Vincent In, Tucker Carlson, Alp, Coogan, Soylent, Coogan —, Lucy, l6qOZlHH6e — John Coogan, Rion Harmon, Wall, Harmon, " Coogan, Patrick Bateman, Gordon Gekko Organizations: Service, Business, Excel, Fund, Goods, Colgate, bros Locations: Excel's, Los Angeles, Montauk

☆ What Warren Buffett's recent moves say – and don’t say – about today’s market
▼ + stars: | 2024-09-21 | by ( Michael Santoli | ) www.cnbc.com time to read: +8 min

And so it is with Warren Buffett's Berkshire Hathaway slashing its holdings in Apple and Bank of America in recent months. Buffett himself has indicated in recent years that he doesn't see an abundance of compelling value on offer in the public markets. But this in itself isn't much of a clue about future market prospects or the macroeconomic moment. Borgato says he believes "Buffett wants to leave a Berkshire behind that requires [fewer] future cash allocation decisions, not more." I'm not a buyer of the "cash on the sidelines" case for expecting money market assets to drain into stocks.

Persons: –, Warren Buffett's Berkshire Hathaway, Buffett, Ed Borgato, it's, pare Berkshire's, Greg Abel, Berkshire Hathaway, BRK.B QUAL, Ajit Jain, Trump, Borgato, Jared Woodard Organizations: Apple, Bank of America, Bank of, Buffett, Berkshire, Berkshire Hathaway, Washington Locations: Berkshire's, Berkshire, Apple, –

☆ Return-to-office mandates are helping drive up housing prices in these 10 cities
▼ + stars: | 2024-09-21 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

Read previewThe rise of remote work freed many Americans from the daily commute to an office, empowering them to live wherever they choose. According to Realtor.com, San Jose leads the nation, with homes selling 6.2% above their asking prices. As a result, the demand for housing, combined with a perpetual housing shortage, has made the real-estate market exceptionally competitive. AdvertisementReturn-to-office policies from various companies could make the San Jose market even hotter, a local real-estate broker said. "The real-estate market will probably heat up even more as people move from far areas to be closer to work," Orosco said.

Persons: —, It's, Hannah Jones, Realtor.com, Lex Orosco, Orosco Organizations: Service, Business, Federal Reserve, Realtor.com, California Bay Area, PayPal, eBay, Adobe, Google Locations: West Coast, Texas, Florida, California, San Jose, San Francisco, Silicon Valley, Bay

☆ Cards Against Humanity sues Elon Musk's SpaceX for allegedly trespassing on Texas land
▼ + stars: | 2024-09-20 | by ( David Ingram | David Ingram Is A Tech Reporter For Nbc News. | ) www.nbcnews.com time to read: +4 min

The maker of the party game Cards Against Humanity has sued Elon Musk’s SpaceX accusing it of trespassing on and damaging company-owned property in Texas. The dispute involves a plot of vacant land near Brownsville, Texas, far from the Cards Against Humanity corporate headquarters in Chicago. No wall was ever built on the property, where the company keeps a “No Trespassing” sign, according to the company. Cards Against Humanity said it bought the land after 150,000 people each paid $15 toward a crowdfunding effort. Cards Against Humanity complained to SpaceX about the alleged trespassing and damage, according to a website the game maker set up devoted to the lawsuit.

Persons: Elon, Donald Trump, CAH, “ Organizations: Humanity, SpaceX, crowdfunding, Tesla, Reuters, CNBC Locations: Texas, Brownsville , Texas, Chicago, U.S, Mexico, Starbase, Rio Grande, of Mexico

☆ Women accuse former Harrods boss Al Fayed of sexual abuse: ‘I was just terrified’
▼ + stars: | 2024-09-20 | by ( Daniele Hamamdjian | Bill O'Reilly | Daniele Hamamdjian Is An Nbc Foreign Correspondent Based In London. | ) www.nbcnews.com time to read: +11 min

The first red flag Stone recalls while working for Al Fayed was him giving her a tight hug. NBC News“I was a bit like, Ooh, you know, that’s weird, but maybe that’s his culture, I don’t know,” Stone said. A fictionalized version of their relationship was depicted in the Netflix series last year, and included a warm and sympathetic portrayal of Al Fayed. “The allegations against Mohamed Al Fayed include serial rape, attempted rape, sexual battery, sexual abuse of minors. I was going through this sort of hell.”Stone struggled to explain the hold Al Fayed had on her and other female staffers.

Persons: Mohammed Al Fayed, “ Papa, Al Fayed, ”, Gloria Allred, “ Al Fayed, Natacha, Maria Mulla, Mohamed Al Fayed, Yui Mok, Sophia Stone, Al Fayed’s, Stone, ” Stone, “, London . Stone, he'd, Mohamed Al, Fayed, Paul Ellis, Princess Diana, Dodi, Allred, Eamon Coyle, “ Mohamed, Keaton Stone, ” Sophia Stone, you’ll Organizations: NBC News, Harrods, Netflix, NBC, London ., Bois, Boulogne, Getty, Britain’s, BBC, U.S Locations: American, London, Harrods, Al, Paris, Scotland

A major strike is on the horizon for thousands of maritime workers, posing a threat to East Coast ports responsible for billions of dollars of goods. The union is arguing for better wages and continued protections against automation and new technology in its terminals. The ILA has argued that the USMX is denying workers fair contracts with adequate wage raises and proper benefits. In all of its updates since July 18, USMX has maintained that the union refuses to return to negotiations. The ILA and USMX will need to agree upon a new master contract by Oct. 1, before the current six-year contract expires and the ILA pledges to go on strike.

Persons: Harold J, Daggett, “, Steve Burns, “ USMX, USMX, ’ ” Daggett, ” Organizations: Longshoremen’s Association, Gulf, can’t, United States Maritime Alliance, ILA, Port Authority of New, NBC News, Port Authority Locations: East Coast, North America, Gulf Coast, USMX, Port Authority of New York, New Jersey

Anna Sebastian Perayil died in July, four months after joining the Pune office of Ernst & Young, one of the “Big Four” accounting firms. In a LinkedIn post on Thursday, Ernst & Young India chairman Rajiv Memani acknowledged Augustine’s letter and said he was “deeply saddened” by what had happened. “This is a systemic issue that goes beyond individual managers or teams,” Augustine wrote. So for many on social media, Perayil’s death was also an indictment of the broader work culture in India, where young job seekers face fierce competition. “Like many in her position, she did not have the experience or the agency to draw boundaries or push back against unreasonable demands,” Augustine wrote.

Persons: Anna Sebastian Perayil, Ernst & Young, Anita Augustine, “, ” Augustine, ”, Young, Ernst, Rajiv Memani, ” Memani, Shobha Karandlaje, Perayil, Augustine, Narayana Murthy Organizations: Pune, Ernst, NBC News, Young, Indian Express, Deloitte, KPMG, PricewaterhouseCoopers, World Bank, International Labor Organization, Infosys, LinkedIn Locations: India, Indian, Japan, South Korea, China

☆ Katy Perry says she had set 2 requirements for the perfect man. Orlando Bloom checked both boxes.
▼ + stars: | 2024-09-20 | by ( Erin Liam | ) www.businessinsider.com time to read: +4 min

Read previewDid Katy Perry manifest her relationship with Orlando Bloom? "I was like, I'm going to go swim in a different pond, I want to try something else, I'm going to say yes to something I wouldn't normally say yes to," the "Woman's World" singer said. But before seeing "what's out there in the world" and attending the 2016 Golden Globes, she decided to set her intentions. Related storiesSetting intentions for successPerry is not the only celebrity who has set intentions for success. A representative for Perry did not immediately respond to a request for comment from Business Insider sent outside regular business hours.

Persons: —, Katy Perry, Orlando Bloom, Apple Music's Zane Lowe, Perry, Daisy Dove Bloom, Bloom, Lowe, Oprah Winfrey, Chelsea Stokes, Stokes, it'll Organizations: Service, Business, Business Insider Locations: Salt Lake City

☆ Trump and Harris are pushing proposals that 'ignore economic reality,' billionaire investor Howard Marks says
▼ + stars: | 2024-09-20 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Read previewThe presidential election is running on promises that just don't hold up, according to billionaire investor Howard Marks. "Like me, you've undoubtedly noticed that politicians ranging from former President Trump and Vice President Harris to down-ballot candidates are back to making promises that ignore economic reality," Marks wrote in his latest memo. AdvertisementDonald Trump: Tariffs and taxesIn Trump's case, plans for higher tariffs on virtually all US imports are equivalent to a price hike on average American consumers, Marks said. As these disappear, consumers should prepare for higher prices. Kamala Harris: Price gouging and housingMarks' primary criticism aimed at Harris' anti-price gouging policy.

Persons: —, Howard Marks, you've, Trump, Harris, Marks, Donald Trump, they'll, Kamala Harris, Price, Marks isn't Organizations: Service, Business, Oaktree

☆ Big returns before Fed rate cut doesn't mean stocks can't keep rising, history shows
▼ + stars: | 2024-09-20 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Investors don't need to worry that the market got out over its skis on interest rate cuts, according to Bank of America. The S & P 500 rallied to all-time highs this week after the Federal Reserve issued its first interest rate decrease in four years. Said another way, when looking historically, Subramanian found "no relationship" between returns ahead of the Fed's first cut and 12-month forward performance. On top of that, she said the S & P 500 sitting near a 52-week high heading into the cut has mattered "even less." The S & P 500 has climbed 11% on average over the year following an initial rate cute.

Persons: Savita Subramanian, Subramanian, Said Organizations: Bank of America, Federal Reserve

☆ China's yuan jumps to 16-month high, state banks step in to curb gains
▼ + stars: | 2024-09-20 | by ( ) www.cnbc.com time to read: +2 min

China's yuan rose to its strongest level in nearly 16 months on Friday on bets that Beijing will unveil fresh economic stimulus following a jumbo U.S. rate cut, though gains were capped by dollar buying from Chinese state banks. The onshore yuan strengthened to as much as 7.0420 per dollar, the firmest level since May 24, 2023, on track for a six-session rising streak. The Fed cut rates by a larger than usual 50-basis-points on Wednesday. On Friday, China's major state-owned banks were seen buying dollars in the onshore market to prevent the yuan from appreciating too fast. Prior to the market opening, the People's Bank of China set the midpoint rate at 7.0644 per dollar, its strongest in nearly 16 months.

Persons: recouping, Zhiwei Zhang, Yang Fan Organizations: Citic Securities, People's Bank of Locations: Beijing, China, U.S, People's Bank of China

☆ JPMorgan's Nishihara: Nikkei 225 to hit 40,000 by end of 2024
▼ + stars: | 2024-09-20 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJPMorgan's Nishihara: Nikkei 225 to hit 40,000 by end of 2024Rie Nishihara of JPMorgan Securities Japan explains her price target for the Nikkei 225, and discusses the three main drivers for Japan's equity markets - economic recovery, corporate governance and increased M&A momentum.

Persons: Rie Nishihara Organizations: Nikkei, JPMorgan Securities Japan

☆ Panthers-Raiders game marks a first for the NFL with two women presidents at the helm
▼ + stars: | 2024-09-20 | by ( Jessica Golden | ) www.cnbc.com time to read: +3 min

"I'm really proud of this moment," Carolina Panthers President Kristi Coleman told CNBC ahead of the game. The game is the first time two female presidents will go head-to-head in professional football. When the Carolina Panthers take on the Las Vegas Raiders on Sunday, it will mark a historic first for the National Football League. The NFL says 22 women currently hold full-time coaching positions in the NFL. As part of growing and developing that pipeline of women, the NFL holds an annual Women's Forum.

Persons: Kristi Coleman, David Tepper, Dave Canales, Coleman, Sandra Douglass Morgan, Mark Davis, Douglass Morgan Organizations: Carolina Panthers, CNBC, NFL, Las Vegas Raiders, National Football League . Carolina Panthers, Bank of America, Panthers, Tepper Sports & Entertainment, NFL League Office, The Institute, Diversity, University of Central Locations: Charlotte , North Carolina, Sport, University of Central Florida

☆ China unexpectedly leaves benchmark lending rates unchanged after Fed's jumbo cut
▼ + stars: | 2024-09-20 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +2 min

China on Friday kept its main benchmark lending rates unchanged at the monthly fixing. The People's Bank of China (PBOC) said it would keep the one-year loan prime rate (LPR) at 3.35%, as well as the five-year LPR at 3.85%. The one-year LPR affects corporate and most household loans in China, while the five-year LPR acts as a benchmark for mortgage rates. Urban jobless rate rose to a six-month high, while year-on-year home prices fell at their fastest pace in nine years. Bank of America lowered their forecast for China's 2024 GDP growth to 4.8%, and Citigroup trimmed their projection to 4.7%.

Organizations: Reuters, People's Bank of China, Bank of America, Citigroup Locations: People's Republic of China, China

☆ Trump's promise to repeal SALT caps revives the fight on Capitol Hill
▼ + stars: | 2024-09-20 | by ( Brian Schwartz | ) www.cnbc.com time to read: +4 min

The SALT deduction allows tax payers to deduct up to $10,000 of property, sales or income taxes that have already been paid to state and local governments. Historically, most of the tax payers who claim the deduction reside in high tax states such as New York, Connecticut, New Jersey and California. There was no cap on SALT prior to the Trump tax bill. Some of those recent conversations have featured Trump's new stance on bringing back the full SALT deduction, despite his bill being the cause for the $10,000 cap. Rep. Young Kim, R-Calif., told CNBC in a statement that the SALT cap is "hurting" her constituents and said Trump's most recent take on SALT shows he's listened to "Americans across the country hurting from the SALT cap."

Persons: Josh Gottheimer, Donald Trump's, Trump, Andrew Garbarino, Garbarino, Anthony D'Esposito, Nick LaLota, Jason Smith, Smith, Young Kim, he's, Kim, they'll Organizations: United States Capitol, Republicans, Senate, Capitol, New York Republicans, CNBC, Democrats, The New, The New Jersey House, Democratic Locations: Washington ,, New York , Connecticut , New Jersey, California, The, The New Jersey

☆ An under-the-radar corner of the stock market has the green light for a 'powerful' catch-up rally, Goldman Sachs portfolio manager says
▼ + stars: | 2024-09-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Small-cap stocks are poised for a significant rally, Goldman Sachs' Greg Tuorto said. The portfolio manager pointed to lower interest rates and a promising economic backdrop for small-caps. The presidential election could also be a positive catalyst, leading to a catch-up rally, he said. That's according to Greg Tuorto, a portfolio manager at Goldman Sachs Asset Management who says he sees a big "catch-up" rally coming for small-cap stocks. AdvertisementThe Russell 2000 surged 2% after the Fed cut interest rates on Wednesday, with the small-cap index up 12% year-to-date.

Persons: Goldman Sachs, Greg Tuorto, —, Tuorto, it's, Fundstrat's Tom Lee Organizations: Service, Goldman Sachs, Management, CNBC, Atlanta Fed

☆ 64% of U.S. retirement savers make this 'dangerous' assumption—'avoid it at all costs,' says CFP
▼ + stars: | 2024-09-20 | by ( Ryan Ermey | ) www.cnbc.com time to read: +2 min

The idea behind saving for retirement is to provide yourself with income between when you stop working and when you die. For those born after 1960, full retirement age — when you receive a full Social Security benefit — is age 67. So maybe it's not surprising that most U.S. retirement savers aren't planning on a lengthy retirement. "Building a plan around spending your assets down to zero, for us, we simply avoid it at all costs." In fact, the median retirement age for U.S. workers is 62, according to research from the Employee Benefit Research Institute.

Persons: CNBC's, SurveyMonkey, Yusuf Abugideiri, Yeske Buie, Abugideiri, you'll Organizations: National Center for Health Statistics, Social Security, Research Locations: Vienna , Virginia, America

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