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☆ Labour's gains in London have private equity looking to exit — the country
▼ + stars: | 2024-07-17 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +5 min

Some of the proposals squarely take aim at the country's private equity sector, which, despite Britain's exit from the European Union, has maintained its stature as the regional hub for deal-making. "Private equity is the only industry where performance-related pay is treated as capital gains," the manifesto says. In practice, that would mean taxing carried interest, or the profits paid to private equity and hedge fund managers, as income. Labour's ascent comes at a precarious time for the private equity sector more broadly. "London has been the pulpit for financial services, private equity and investors in Europe for a long time," said Mark Veldon, a private equity partner at financial advisory and global consulting firm AlixPartners.

Persons: Big Ben, Keir Starmer, Lars Faeste, Faeste, Starmer, Marco Cerrato, he's, Giorgia Meloni, Cerrato, Steve Cohen's, Milan, Mark Veldon Organizations: Westminster, Nurphoto, Getty, Labour Party, Labour, Channel, European Union, Consulting's EMEA, CNBC, Capstone Investment, Management, Eisler, London, Labour Government Locations: London, Europe, Spain, Italy, Milan

☆ Taylor Swift U.S. tickets cost $1,832. I saw The Eras Tour in Amsterdam for $384. Credit card points covered almost everything else.
▼ + stars: | 2024-07-16 | by ( Katherine Fan | Sarah Silbert | Senior Editor | ) www.businessinsider.com time to read: +12 min

The information for the following product(s) has been collected independently by Business Insider: Marriott Bonvoy Boundless® Credit Card, Chase Freedom Flex®. I saved over $5,000 with points and milesThis trip was only possible because of my stash of credit card points and miles. Katherine FanMy Sheraton Amsterdam hotel room would have cost $405.48 in cash Katherine FanI booked the room using a free night award I earned from a new customer bonus on the Marriott Bonvoy Boundless® Credit Card credit card. Note that credit card lenders may use many different variations of credit score models when considering your application. You can use credit card awards to book luxury vacations, seek out gritty adventures, and do everything else in between.

Persons: Taylor Swift, Taylor, would've, Johan Cruijff Arena, neve, I'm, Katherine Fan, Chase Travel ℠, Chase, redemptions Organizations: Business, Independence, Sheraton, Marriott, Amazon Prime, Visa, KLM, American, Marriott Gold, Google, Chase Sapphire, Chase Travel, Sapphire, TSA, FDIC Locations: Amsterdam, Texas, Europe, Netherlands, North America, U.S, Canada, Austin, Sheraton Amsterdam

☆ Why you're going to be hearing a lot about tariffs on China for the next 4 months
▼ + stars: | 2024-07-16 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewFormer President Donald Trump has finally announced his running mate — and his choice means you'll likely hear a lot about tariffs on China in the coming months. Tariffs, or taxes on goods imported from another country, are intended to raise government revenue and bolster domestic manufacturing. As president, Trump was staunchly protectionist and used tariffs to enforce his "America First" policies — he imposed a series of tariffs on China that ultimately led to a trade war between the two economies. According to the Tax Foundation, Trump's tariffs raised taxes by nearly $80 billion. Biden's tariff policies have been more targeted than Trump's.

Persons: —, Donald Trump, Sen, JD Vance —, Ohio —, Vance, Trump, Joe Biden, — Trump, Biden, they're, Joseph Stiglitz Organizations: Service, Trump, Republican, Trump Republican, Business, CBS News, Tax Foundation, CBS Locations: China, Ohio, United States, America, Pennsylvania, Michigan, —

☆ JD Vance has some ideas on how to get Americans to have more babies
▼ + stars: | 2024-07-16 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewSen. JD Vance, now a vice-presidential nominee, has some strong opinions on how America can better support families. Vance, the author of "Hillbilly Elegy" and a former venture capitalist, has been outspoken about his views on family and birth rates. "We should worry that in America, family formation, our birth rates, a ton of indicators of family health have collapsed," Vance said in 2021 remarks. But Vance's actions as a senator suggest some support for Democratic policies, such as an expansion of the child tax credit. Vance expressed support for the credit, saying at the time that "we're the party of families," Punchbowl News reported.

Persons: —, Sen, JD Vance, Vance, He's, he's, we're, would've, Democratic Sen, Ron Wyden, Jason Smith —, Joe Biden, Biden Organizations: Service, Business, Republican National Committee, Social Security, Democratic, Tax Relief, American Families and Workers, Republican, Punchbowl Locations: America, Ukraine, Washington

☆ The end of this tax break could be 'very disruptive' to business owners, expert says — what to know
▼ + stars: | 2024-07-16 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Tax breaks worth trillions of dollars are scheduled to expire after 2025 without extension from Congress — including a hefty deduction for millions of self-employed filers and business owners. The temporary deduction applies to so-called pass-through businesses, which report income at the individual level, such as sole proprietors, partnerships and S-corporations, along with some trusts and estates. Some already regret the decisionLawmakers added the temporary QBI deduction to the Tax Cuts and Jobs Act to create tax rates for pass-through businesses that are similar to tax rates for corporations. But while the QBI deduction will sunset after 2025, the legislation permanently reduced corporate taxes by dropping the top federal rate from 35% to 21%. For tax year 2021, the most recent data available, there were roughly 25.9 million QBI claims, up from 18.7 million in 2018, the first year the tax break was available, according to the IRS.

Persons: Donald Trump, Dan Ryan, Sullivan, Gen Zers, Howard Gleckman Organizations: Finance, Urban, Brookings Tax, Center Locations: Worcester

☆ A Fossil Mystery, Solved by a Spin
▼ + stars: | 2024-07-15 | by ( Jack Tamisiea | ) www.nytimes.com time to read: +8 min

A Fossil Mystery, Solved by a SpinEssexella fossils date back to the Carboniferous period, when northern parts of Illinois hovered just above the equator. Essexella fossils are composed of two structures — a textured, barrel-shaped region and a smooth bulb. “It looked like the bottom of an anemone,” Dr. Plotnick said. Dr. Plotnick, Dr. Hagadorn and their team redescribed Essexella as an ancient anemone last year in the journal Papers in Palaeontology. Dr. Plotnick posits that these animals once lined the floor of the Mazon Creek estuary.

Persons: Roy Plotnick, Francis Tully, Tully, ”, Essexella, Plotnick, James Hagadorn, I've, Marjorie Leggitt, Hagadorn, Edward Drinker Cope, Charles Marsh, couldn’t, De Agostini, Jean, Bernard Caron, Hallucigenia, ” Dr, Caron, Caron’s, Dr Organizations: University of Illinois, Denver Museum of Nature, Field Museum, Getty, Royal Ontario Museum Locations: University of Illinois Chicago, Illinois, Chicago, China, Burgess, Canada

☆ Prepare for the S&P 500's 'rocket launch' to 6,000 by year's end by making these 10 investments now: Founder of multi-billion-dollar research firm
▼ + stars: | 2024-07-13 | by ( James Faris | ) www.businessinsider.com time to read: +6 min

"The beginning of bull markets has this really incredible trajectory," Demmert said in a recent interview. AdvertisementA slew of catalysts, including investors' fear of missing out, will drive the S&P 500 to 6,000 by year's end, Demmert predicted. "This whole thing ends, eventually, very ugly, but I think that's years away — not months," Demmert said. So we start a new business cycle; new bull market. AdvertisementEconomic cycles usually go for seven to eight years, Demmert said, and this bull market began two Octobers ago.

Persons: —, James Demmert, Demmert, I'm, inflation's, there's, We're, that's, Scott Organizations: Service, Main, Research, Business, Federal Reserve, Bears Locations: Wall, Japan, India, China

☆ How professional investors are gearing up for the presidential election
▼ + stars: | 2024-07-13 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +5 min

Heading into November's U.S. presidential election, professional investors agree on one strategy — diversification remains key. Diversification to hedge tax rate risk FBB Capital Partners' Mike Bailey said that should former President Donald Trump win, his tax cuts might mean better overall prospects for equities. Bailey emphasized that while his investment strategy avoids predicting macroeconomic events and timing the market, Depending on the election's outcome, there could obviously be different results for investors, investors could find it helpful to look at the extreme outcomes of the election. He recommended diversifying across different asset classes, since higher tax rates could lead to downside in the equity market. "If tax rates change, I don't think bonds are going to move that much, so you're pretty safe on that side," he said.

Persons: Mike Bailey, Donald Trump, Bailey, Tesla, John Davi, we're, Davi, You've, it's, Kumar Organizations: November's U.S, Nasdaq, Federal Reserve, Dow Jones, CNBC Pro, Wall, Capital Partners, CNBC, Astoria, Komal, Sri, Kumar Locations: U.S, —, China, Mexico

☆ This strategy can offer double-digit yields — at a cost
▼ + stars: | 2024-07-12 | by ( Michelle Fox | ) www.cnbc.com time to read: +7 min

With tantalizing yields that can reach 10% or more, covered-call exchange-traded funds have become a popular investment. The result is income for investors, based on the option's premium, in return for capped upside if the option is exercised. The derivative income Morningstar category, dominated by covered-call ETFs, saw inflows of $24.3 billion over the past year, as of June. The largest actively-managed, covered-call ETF is the JPMorgan Equity Premium Income ETF , which has a 6.88% 30-day yield and an adjusted expense ratio of 0.35%. Investors should also be aware of the strategy being used by the fund managers, which will affect the upside potential and call premium.

Persons: Morningstar, Lan Anh Tran, Tran, JEPI, Rohan Reddy, Reddy, QYLD, XYLD, Rick Wedell, It's, Wedell, X's Reddy, erferring, Morningstar's Tran Organizations: Nasdaq, JPMorgan

☆ IRS collected $1 billion in back taxes from millionaires in less than a year
▼ + stars: | 2024-07-11 | by ( Katie Lobosco | ) edition.cnn.com time to read: +3 min

Last fall, the IRS launched an initiative to collect from wealthy individuals who have not paid the taxes they owe. Prior to the Inflation Reduction Act, the IRS did not have the staffing or resources to pursue high-income earners that the agency knew owed taxes, IRS Commissioner Danny Werfel said on a call with reporters. Targeting wealthy tax cheatsThe IRS has launched a series of initiatives over the past two years to crack down on wealthy tax cheats. Some of the funding from the Inflation Reduction Act is being used to modernize taxpayer services. Battles over IRS fundingThe Inflation Reduction Act, which passed without any Republican votes, approved about $80 billion for the IRS over a 10-year period.

Persons: Biden, Danny Werfel, ” Werfel Organizations: Washington CNN, Internal Revenue Service, Democrat, Republicans, IRS

☆ See the XQ-67A combat drone's first flight as the US Air Force works to build its fleet of manned and AI-piloted aircraft
▼ + stars: | 2024-07-11 | by ( Hope Seck | Sandboxx News | ) www.businessinsider.com time to read: +7 min

It's been an eventful few months for the XQ-67A and the Air Force's efforts to create a fleet of low-cost, high-tech autonomy-capable aircraft that can network with and support manned fighters in the air. Air Force Research Laboratory/DVIDsThe new angles highlighted in the short video underscore the unique design of this prospective fighter jet teammate. The Air Force plans to fast-track production of the first 100 collaborative combat aircraft, delivering them to the fleet by 2029. AdvertisementThe Air Force hopes CCA won't just augment or modernize air warfare — but transform it entirely. Air Force Research Laboratory/DVIDsCCA, the paper's authors write, could help disrupt China's preferred way of fighting and deny the country an assured victory, if employed correctly to multiply capabilities.

Persons: Atomics Gray, It's, Atomics, Mike Atwood, Kratos, Frank Kendall, China's Organizations: Service, US Air Force, Atomics Aeronautical Systems, Air, Air Force, ASI, USAF, Air Force Research, and Space Forces Magazine, Cessna, CCA, Atomics, Marine Corps, Collaborative, Attritable Aircraft Technologies, The Air Force, Force, Mitchell Institute for Aerospace Studies Locations: Atomics Gray Butte, Palmdale , CA, OBSS, China

☆ China's robotaxi push sparks concerns about job security for drivers
▼ + stars: | 2024-07-11 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Wuhan is the largest operational region for Baidu's Apollo Go, one of the largest robotaxi operators in China. CNBC was unable to independently verify the document, which claimed the taxi company had to stop operating four of its 159-car fleet since April due to falling income. Ride-hailing drivers on the riseA surge of new companies and ride-hailing drivers have meanwhile prompted some local governments to restrict the industry. China had more than 7 million registered ride-hailing drivers as of the end of May, according to the Ministry of Transport. In comparison, the U.S. had nearly 400,000 taxi and ride-hailing drivers, shuttle drivers and chauffeurs in 2022, according to the latest available figures from the Bureau of Labor Statistics.

Persons: Baidu, robotaxis, Goldman Sachs Organizations: Baidu, Bloomberg, Getty, BEIJING, Weibo, CNBC, Ministry of Transport, Bureau of Labor Statistics Locations: Wuhan, San Francisco, Phoenix , Arizona, Beijing, Guangzhou, robotaxis, China, Wuhan city, Guyuan, Ningxia, Guiyang, That's, U.S

☆ I.R.S. Crackdown on Delinquent Millionaires Yields $1 Billion
▼ + stars: | 2024-07-11 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com time to read: +1 min

Daniel Werfel, the I.R.S. commissioner, said that because of the agency’s larger enforcement staff, it has been able to focus on tracking down and sending letters to wealthy taxpayers who owe money. In many cases, these result in threats of additional penalties until the taxpayers eventually pay their tax bills, he said. Mr. Werfel said he believed many rich taxpayers had neglected to pay their bills because they thought the I.R.S. The agency was originally given $80 billion, but $20 billion of that was taken back as part of negotiations between Republicans and Democrats to suspend the debt limit last year.

Persons: Daniel Werfel, Werfel, ” Organizations: Republicans

☆ The fate of a single investor who nearly tanked the market is now in the hands of a New York jury
▼ + stars: | 2024-07-10 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —In lower Manhattan, a jury is now weighing a case against a little-known investor who made it big, lost everything, and briefly brought Wall Street to its knees. His positions were so large that when the stocks started falling, it had a seismic effect on the market. And on Tuesday, after a two-month trial in New York federal court, the case was handed over to a jury that will decide their fate. Before Archegos, market watchers knew unregulated family offices were a problem, and they knew that swaps going unreported was a problem. “Fifteen years after the global financial crash, we still have gross under-regulation of non-banks, and we have Wall Street megabanks engaged in high-risk activities that aren’t properly regulated,” Kelleher told me.

Persons: CNN Business ’, Bill Hwang, Wall, Bill Hwang’s, Hwang, Patrick Halligan, Halligan, Josh Naftalis, ”, Naftalis, Goldman Sachs, Morgan Stanley, Dennis Kelleher, Wang, there’s, megabanks, ” Kelleher, “ Organizations: CNN Business, New York CNN, Warner Bros, Prosecutors, Bloomberg, Southern, of, Pallas Partners Locations: New York, Manhattan, of New York

☆ Boomer dad, who is 6 months away from retirement, has already started gifting his Gen X and millennial kids their inheritance
▼ + stars: | 2024-07-10 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +5 min

MJ's kids include two of his own and two stepchildren, all aged between 35 to 46. AdvertisementHe's among a growing cohort of boomers who are passing on their wealth at an earlier stage in life, financial planners previously told BI. "We consider inheritances and money from families a gift of love," Gideon Drucker, president and financial planner at Drucker Wealth, previously told BI. The money he gifts to his kids comes with no strings attached — they are free to spend it how they see fit. "I'm not going to put them all into retirement with what I'm leaving them.

Persons: he's, Bill Perkins, boomers, Gideon Drucker, MJ, Here's, I've, Drucker, Warren Buffett, Bill Gates, Mark Zuckerberg, Buffet, I'm Organizations: Service, Business, Drucker Wealth Locations: Alberta, Canada

☆ A Nobel-winning economist told us 3 ways a Trump presidency could make inflation worse
▼ + stars: | 2024-07-09 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

Read previewNobel Prize-winning economist Joseph Stiglitz told Business Insider in a June interview the US economy is "remarkably strong." "I think general consensus, not just my view, but almost anybody modeling what is going on would say the Trump administration would be more inflationary," Stiglitz told BI. Related storiesStiglitz noted Trump's promise of large increases in tariffs as one of the things that could make inflation worse. A third factor that could juice inflation would be the "drastic reductions in immigration" that Trump has proposed, Stiglitz said. AdvertisementOutside of the risks to inflation, Stiglitz said a Trump presidency could also mean a slowing GDP.

Persons: —, Joseph Stiglitz, Stiglitz, Trump, Axios, Trump's, Karoline Leavitt Organizations: Service, Democratic, Republican, Business, Republican National Committee, Trump, U.S, Republicans, CNN Locations: U.S

☆ Brevan Howard has transformed since Alan Howard gave up the reins. Meet the five portfolio managers with the most capital at the $35 billion hedge fund.
▼ + stars: | 2024-07-09 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +8 min

Read previewThere is perhaps no better example of the hedge fund industry's maturation than Brevan Howard. The $35 billion firm has changed considerably since 60-year-old Alan Howard stepped back from running its day-to-day operations in 2019. Now, Howard — the firm's majority owner — no longer manages money at Brevan. The firm's two biggest funds — the long-running, $11.9 billion Master Fund and the younger, $12.2 billion Alpha Fund — each manage more money now than the entire firm did five years ago. Advertisement"The real challenge is keeping the trading talent," said Nagi Kawkabani, a former Brevan Howard co-CEO told Institutional Investor in 2019.

Persons: —, Brevan Howard, Alan Howard, Howard, Howard —, Rishi Shah, Fash, Minal Bathwal, Trifon Natsis, Aron Landry, James Vernon, Jean, Philippe Blochet, Chris Rokos —, Natsis, Landry, Brevan, Nagi Kawkabani, Shah, Shaw, He's, he's Organizations: Service, Business, Fund, Alpha, Credit Suisse, Alpha Fund, Citadel, Bloomberg, Investor, United Arab, Winton Group Locations: Brevan, Ville, Natsis, Abu Dhabi, United Arab Emirates

☆ Trump tax cuts: Top 5% of taxpayers would get nearly half the benefit if extended
▼ + stars: | 2024-07-08 | by ( Tami Luhby | ) edition.cnn.com time to read: +3 min

For those in the top 1%, who make at least $1 million, that equates to a tax cut of about $70,000, on average, in 2027. The top 0.1%, who make at least $5 million, would pocket a tax cut of nearly $280,000, on average, or about 3% of their after-tax income. The TCJA contained a bevy of individual income and corporate tax reductions, making it one of the largest tax cut packages in US history. Unlike the individual tax provisions, most of the corporate measures are permanent. The deduction, which also expires at the end of 2025, allows these taxpayers to exclude up to 20% of their business income from their federal income tax.

Persons: Donald Trump’s, Trump, Joe Biden, ” Harold Gleckman Organizations: CNN, Urban, Brookings Tax, Center, White, Trump, Tax, Congressional, Office Locations: November’s

☆ French bond markets calm despite country hitting political gridlock
▼ + stars: | 2024-07-08 | by ( Matt Clinch | ) www.cnbc.com time to read: +3 min

Anadolu | Anadolu | Getty ImagesGovernment bond markets in France saw some selling early on Monday, but were fairly muted overall despite political gridlock after a second round of legislative elections. Jitters have spread through France's bond market in recent weeks. The 10-year yield topped 3.3% — a roughly 8-month high — after French President Emmanuel Macron called the snap parliamentary election in the middle of June. Meanwhile, the gap (or spread) between French bond yields and German bond yields had topped 85 basis points in recent weeks, hitting its highest level since 2012. He added that the chances of a confrontation with Brussels remained with the left-wing alliance, but not to the same extent as if the National Rally had won.

Persons: Emmanuel Macron, Emmanuel Macron's, —, David Roche, Digard, Kepler Cheuvreux Organizations: New, Republique, Anadolu, Getty, Government, European Commission, Sunday, Popular Front, Independent, National Rally, CNBC Locations: Paris, France, France's, London, Brussels

☆ Some boomers aren't waiting to die to pass on their wealth — their millennial kids need it now
▼ + stars: | 2024-07-07 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +6 min

Recently, the client's parents told him they were going to up that amount — to $60,000 a year for the next 10 years — but that would be it. Boomers waiting to pass down their wealth until their kids are much older has partially contributed to the rise in geriatric millionaires, BI previously reported. Related storiesGideon Drucker, president and financial planner at Drucker Wealth, said he is also seeing more older people proactively passing down their wealth. He tends to work with clients in their 30s and 40s, while his dad, who leads their senior division, works with those clients' parents, figuratively and, in some cases, literally. One thing Drucker cautions against is giving your kids money in a way that might up their standard of living to a level they can't actually sustain.

Persons: —, Sophia Bera Daigle, Daigle, Gideon Drucker, Drucker Organizations: Service, Business, grandkids, Boomers, millennials, Drucker Wealth

☆ The No. 1 mistake most people make with investing accounts—you can fix it in 5 minutes
▼ + stars: | 2024-07-07 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

Here's why, if you haven't updated your beneficiaries since you opened your accounts, it's worth checking in ASAP. When it comes to investing accounts, such as 401(k)s and IRAs, financial pros will generally tell you, the less you look at them, the better. In the event of your death, your brokerage or plan administrator distributes your assets to whomever you have designated as your beneficiary. This process generally only takes a couple of minutes, and you likely breezed through it when you opened your accounts. In the case of Fidelity, for instance, "beneficiaries must contact Fidelity themselves to receive their assets," company policy reads.

Persons: Ed Slott, Jeffrey Rolison, Margret Losinger, Sjostedt, Slott, Rolison Organizations: Social, Procter, Gamble, Fidelity, CNBC

☆ What a hung parliament in France could mean for markets
▼ + stars: | 2024-07-07 | by ( Matt Clinch | ) www.cnbc.com time to read: +4 min

Emmanuel Dunand | Afp | Getty ImagesInitial indications on Sunday evening for the French parliamentary run-off vote threw up some big surprises, leaving political commentators contemplating a "hung parliament" scenario that could prove challenging for both policymaking and financial markets. With none of the groups expected to hit the 289 seats needed for an absolute majority, gridlock could ensue over the coming weeks. The euro slipped about 0.3% against the U.S. dollar in thin trading on Sunday evening after the exit polls were released. "Regardless, uncertainty about the outlook for French policymaking is likely to be long-lasting," the analysts said. France is facing a challenging fiscal position, and the European Commission announced two weeks ago that it intended to place France under an Excessive Deficit Procedure due to its failure to keep its budget deficit within 3 percent of gross domestic product.

Persons: Emmanuel Dunand, France's, Emmanuel Macron's, policymaking, Jack Allen, Reynolds, Macron, David Roche Organizations: la Republique, Afp, Getty, Popular Front, Rassemblement National, U.S, Citi, Daiwa, European Commission, Capital Economics, Independent, National Rally Locations: France, la, Paris, Italy, Germany

☆ Opinion: Biden’s defiant delusion
▼ + stars: | 2024-07-06 | by ( David Axelrod | ) edition.cnn.com time to read: +5 min

To be sure, the president turned in a more energetic performance than he had on that woeful debate night, when he sometimes appeared lost and incoherent. “I just had a bad night, I don’t know why.”“And how quickly did it come to you that you were having a bad night?” Stephanopoulos asked. Only 42% said the same about Trump, 78, whose own terrible debate performance was eclipsed by Biden’s meltdown. Three separate polls conducted by CNN, The New York Times and the Wall Street Journal after the debate all showed Biden trailing Trump by six points nationwide. Previous polls have shown Biden trailing in nearly all the battleground states he narrowly won in 2020.

Persons: David Axelrod, ”, Barack Obama, Obama, ABC’s George Stephanopoulos, Joe Biden, Donald Trump, Biden, —, didn’t, stoutly, “, ” Stephanopoulos, misfire, Stephanopoulos, Biden demurred, Virginia —, Trump, It’s, sully Organizations: CNN, Democratic Party, Republican, Trump, The New York Times, Wall, Biden, —, Twitter, Facebook Locations: — Minnesota, New Hampshire , New Mexico, Virginia

In this next term, I’m going to make sure we got to — straighten out the tax system. STEPHANOPOULOS: The number of Americans who think you’re too old to serve has doubled since 2020. STEPHANOPOULOS: I’ve — I’ve questioned him and his allies as persistently as any journalist has. We have — I mean, I’m not seen what you’re — you’re proposing. He may bring me down, he may.”STEPHANOPOULOS: Mr. President, I’ve never seen a president 36 percent approval get re-elected.

Persons: Biden, George Stephanopoulos, GEORGE STEPHANOPOULOS, BIDEN, Nancy Pelosi, you’ve, I’m, You’ve, I’ve, ”, “, who’ve, what’s Biden, George, — BIDEN, —, “ You’re, Walter Reed, Madeleine Albright, Netanyahu, They’ll, ” BIDEN, Putin, it’s, I’d, Donald Trump, You’re, It’s, he’s, you’re, That’s, “ That’s, hadn’t, Nothing’s, They’re, Trump, — I’ve, oth, Hoover, Mark Warner, We’ve, Mark’s, Chuck Schumer, Hakeem Jeffries, “ We’re, Jim Clyburn, they’re, Almighty, “ Joe, ” I’d, Almighty’s, Hakeem, “ Oh, what’s, I’ll, George . Organizations: ABC, The New York Times, National Security Council, New York Times, The Washington Post, Street, NATO, Big Pharma, BIDEN, Putin, AUKUS, Senate, CBS Poll, NBC, Electoral College, Washington Post, Democratic Party, House Democrats, Senate Democrats Locations: Europe, Camp David, North Carolina, —, Georgia, The, England, Pacific, Ukraine, South Korea, United States, It’s, New York, China

☆ The ultrawealthy can take loans to save millions on estate taxes. Here's the exclusive tactic they deploy to protect their inheritance.
▼ + stars: | 2024-07-05 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

Currently, a 40% federal estate tax applies to estate values topping $13.61 million for individuals and $27.22 million for married couples. When someone dies, their heirs have nine months to file a federal estate tax return if their inheritance meets those minimums. Here's how a Graegin loan could work in practice, according to Doyle:Related storiesHeirs of a $10 million estate could be on the hook for $4 million in federal estate taxes. The taxable estate is $1 million less, which means the family will save $400,000 in estate taxes considering the 40% tax rate. More households will be on the hook for estate taxes, and loans to pay them could become more popular.

Persons: —, Sam, Jere Doyle, Jose Reynoso, Doyle, Eric Mann, Neal Gerber Eisenberg, overallocated, Mann, John F, Koons, Robert Strauss, Weinstock Manion, Strauss, haven't Organizations: Service, Business, Mellon Wealth Management, Clarfeld, Wealth, IRS, Pepsi, Republican

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