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☆ Trump made a lot of tax promises. Can he keep them?
▼ + stars: | 2024-11-16 | by ( Tami Luhby | ) edition.cnn.com time to read: +7 min

Although Trump claims that his plan to raise tariffs will replace the revenue lost to these tax breaks, experts say that’s not possible. President-elect Donald Trump's tax proposals could cost trillions of dollars. In addition to eliminating taxes on certain income, Trump also floated making interest paid on car loans fully tax deductible; getting rid of the controversial cap on state and local tax deductions; ending the double taxation on Americans who live abroad; exempting police officers, firefighters, veterans and active-duty military from federal income tax; and even exploring jettisoning the federal income tax itself. Though his campaign didn’t release details on the proposal, Trump indicated that he would eliminate both federal income taxes and payroll taxes, which fund Social Security and Medicare. Virtually all tipped workers would get some tax relief if Trump also gets rid of payroll taxes on tips, the Tax Policy Center found.

Persons: Donald Trump, ” Karoline Leavitt, Trump, Marc Gerson, Miller, ”, Gerson, Donald Trump's, Jabin, Idaho Sen, Mike Crapo, Mandi Critchfield, Spokespeople, Jason Smith, Chris Campbell, ” Campbell, Republican Sen, Ted Cruz of, Byron Donalds, “ Sen, Brendan Duke Organizations: CNN, Social Security, Trump, GOP, “, Fox News, Capitol, Washington D.C, Republicans, Washington Post, Getty, Senate, Missouri Rep, Republican, Incamera Solutions, Yale University, Center, Rep, Center for American Progress Locations: Washington, Idaho, Nevada, Ted Cruz of Texas, Florida

Unlike Trump’s surprise win in 2016, House and Senate GOP leaders have been preparing for months for a possible GOP sweep. With Republicans winning control of the Senate, delivering on Trump’s agenda will come down to whether the GOP retains a majority in the House. Even with unified GOP control, there would be challenges ahead for Republicans. One issue is the political math: House Republicans believe if they do hold onto the majority, it won’t be by much. But it wouldn’t be easy to clear a huge package through a narrowly divided House even if Republicans control all the levers of power.

Persons: Donald Trump, ” GOP Wisconsin Sen, Ron Johnson, Mike Johnson, Trump, Johnson, Joe Biden, Johnson —, —, “, Tim Burchett, ” Johnson, Mark Meadows, Steve Bannon, Joe Biden’s, Nicole Malliotakis, ” Malliotakis, — Biden, Nancy Pelosi, “ Dems, Marjorie Taylor Greene, ” Greene, Danya Gainor Organizations: CNN, Republicans, Capitol, GOP, Trump, ” GOP Wisconsin, Senate Finance, House, Democratic, Republican, “, Trump Administration, House Republicans, Republican New York, Democrats, Biden White, nab Locations: Washington, ”, Pennsylvania, Michigan, Congress

☆ What a Trump or Harris presidency would mean for your tax bill
▼ + stars: | 2024-10-31 | by ( Juliana Kaplan | Bryan Metzger | ) www.businessinsider.com time to read: +8 min

Trump's plans could mean tax hikes for lower earners; Harris' proposals would target higher earners. This is the fourth in a five-part series about the impacts either a Trump or a Harris presidency could have on US consumers. Trump has proposed extending his slew of tax cuts from the Tax Cuts and Jobs Act of 2017 — also known as the "Trump tax cut." But another part of Trump's tax policy — his plan to levy universal tariffs on all US imports — could end up undercutting this positive impact. AdvertisementTrump has floated lifting the $10,000 cap on the State and Local Tax deduction, known as SALT, from his 2017 tax bill.

Persons: Trump's, Harris, —, you'll, Trump, He's, Garrett Watson, Harris hasn't, she's, Benjamin Page, Biden, Walz, Ernie Tedeschi, Watson, Tedeschi Organizations: Service, Business, Trump, Social Security, Taxation, Economic, Tax Foundation, State and, Urban, Brookings Tax, Yale Budget Lab, White House Council, Economic Advisers, Finance Locations: California , New Jersey, New York, Congress

The Department of Justice should investigate four of the nation’s biggest operators of youth residential treatment facilities for civil rights violations and fraud, Sen. Ron Wyden, D-Ore., argued Wednesday in letters to Attorney General Merrick Garland. Sen. Ron Wyden, D-Ore., led a two-year probe into residential treatment facilities for at-risk youth. Wyden said these were clear violations of federal Medicaid rules prohibiting residential treatment facilities from restraining children to discipline them, and from simultaneously restraining and secluding children. Acadia and UHS have both paid multimillion-dollar settlements in recent years to resolve DOJ probes into their hospitals and psychiatric centers. However, those cases did not focus on youth facilities run by the companies, which Wyden is asking the DOJ to investigate.

Persons: Sen, Ron Wyden, General Merrick Garland, Wyden, Healthcare —, ”, Mandel Ngan, Devereux, UHS, “ It’s, ” Leah Yaw, ” Acadia, ” Vivant, Wyden’s, ” Wyden, “ Organizations: Justice, NBC News, — Universal Health Services, Acadia Healthcare, Behavioral Health, Healthcare, DOJ, Getty, Senate Finance Committee, ”, Centers, Medicare, Medicaid Services, Administration, Children, Securities, Exchange Commission, SEC Locations: Acadia, AFP

☆ What Harris’ unrealized capital gains tax proposal means for you
▼ + stars: | 2024-10-06 | by ( Katie Lobosco | ) edition.cnn.com time to read: +8 min

A billionaire minimum tax is one of several proposals pushed by Democrats in recent years to tax the rich. Harris has specifically called for raising the top tax rate on millionaires with long-term realized capital gains from 20% to 28%. Harris’ proposal to increase the tax rate on realized capital gains to 28% would apply to taxpayers with income over $1 million. How a tax on unrealized capital gains would workLet’s discuss how a billionaire minimum tax – which is, on a basic level, a tax on unrealized capital gains – would impact a homeowner. If passed, a billionaire minimum tax – an unprecedented tax on income not yet received – would likely face many legal challenges.

Persons: Kamala Harris that’s, “, ”, Mark Friedlich, Harris, hasn’t, Biden, Joe Biden, Erica York, it’s, ” Friedlich, Ron Wyden, Joe Manchin, Kyrsten, inheritances Harris hasn’t, Biden’s Organizations: Washington CNN, IRS, Wolters Kluwer, Accounting, Biden, Tax, Oregon Democrat, Senate Locations: Altrata, Oregon, Sens, West Virginia, Arizona

☆ Harris could face Senate GOP roadblock for any Supreme Court pick
▼ + stars: | 2024-09-29 | by ( Manu Raju | ) edition.cnn.com time to read: +3 min

For more on the Senate Republican leadership race, watch “Inside Politics with Manu Raju,” this Sunday at 8 a.m. EDT. If Republicans regain control of the Senate, a President Harris would have to rely on the next GOP leader to schedule a vote on a Supreme Court nominee. “It depends,” Texas Sen. John Cornyn said when asked if a Harris Supreme Court pick would get a vote in a Senate that he would lead. “We’ll cross the bridge when we come to it,” Thune said when asked last week if he’d allow a Harris Supreme Court pick to be confirmed. Asked how he would work with a President Harris, Cornyn deadpanned: “We would be the loyal opposition.”

Persons: Manu Raju, ”, Kamala Harris, Harris, Mitch McConnell, Texas Sen, John Cornyn, ” Cornyn, I’m, John Thune, ” Thune, ” Sens, Tom Williams, Antonin Scalia, Barack Obama, Sen, Rick Scott of, McConnell, don’t, Trump, Cornyn Organizations: Republican, , Washington CNN, Senate, GOP, CNN, Harris Supreme, Harris, South Dakota Republican, Republican Senate, ”, Texas Republican, Inc, Getty, Florida — Locations: Washington, Texas, South Dakota, Washington, Rick Scott of Florida, Florida, Republican Senate

☆ Trump tax-free overtime plan 'as fake as his tan,' Senate Finance chair says
▼ + stars: | 2024-09-13 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +1 min

Senate Finance Committee Chair Ron Wyden threw shade at Republican presidential nominee Donald Trump on Friday over Trump's latest campaign promise: to eliminate income taxes on overtime pay. "Donald Trump is losing, and these tax proposals he's floating out of desperation are as fake as his tan," Wyden said in a statement. The Oregon Democrat who leads the Senate tax writing panel said the former president "knows Republicans in Congress have no intention of passing this stuff." Trump campaign spokesman Steven Cheung fired back at Wyden, telling CNBC the senator "shouldn't be disrespecting hard-working Americans and taking money out of their pockets." "But it's not surprising coming from a loser like Wyden who has a history of persecuting everyday Americans," Cheung added.

Persons: Ron Wyden, Donald Trump, Trump's, Wyden, Trump, Steven Cheung, shouldn't, it's, Cheung Organizations: Republican, Oregon Democrat, Congress, Wyden, CNBC

☆ 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

Democratic vice presidential candidate and Minnesota Governor Tim Walz (L), and Republican Vice Presidential candidate Sen. JD Vance (R-OH). Child tax creditMinnesota's new child tax credit is unusual in its narrowness, but it is the most generous in the nation for low-income households. However, a permanent federal child tax credit expansion could be difficult, particularly amid a divided Congress and increasing concerns over the federal budget deficit. Despite the failed procedural vote, Crapo voiced openness to negotiating a "child tax credit solution that a majority of Republicans can support." Vance was not present for the Senate vote, but has expressed support for the child tax credit.

Persons: Tim Walz, Sen, JD Vance, Walz, Vance, Cowen, Seiberg, Jared Walczak, Mike Crapo, Crapo, Vance's Organizations: Democratic, Minnesota, Republican, Getty, Convention, Senate, U.S, Tax, Republicans, Senate Finance Committee, Democrats, Yale Law School Locations: Harris, Idaho, U.S

☆ Justice Clarence Thomas didn't disclose additional private jet travel, Democratic senator says
▼ + stars: | 2024-08-05 | by ( Zoë Richards | Zoë Richards Is A Politics Reporter For Nbc News. | ) www.nbcnews.com time to read: +2 min

The head of a Senate panel investigating Clarence Thomas said Monday that the Supreme Court justice had failed to disclose additional private jet travel. The letter, which also cited reports of Thomas’ travel to Greece, the Caribbean, Russia and the Baltics, is the latest in a string of allegations from Senate Democrats about undisclosed travel by Thomas. In a statement Monday, Crow's office accused Wyden of "abusing" his panel's power in what it called a political campaign against the Supreme Court. An attorney for Thomas and a spokesperson for the Supreme Court did not immediately respond to requests for comment Monday. The judiciary has updated its disclosure rules to make it clear that private jet travel has to be reported.

Persons: Clarence Thomas, Harlan Crow, Sen, Ron Wyden, Thomas, Wyden, Crow, Thomas ’, “, Wyden’s, Elliot S, Berke, Thomas “, Joe Biden, Neil Gorsuch, Biden Organizations: Finance, Supreme, Judicial Locations: Hawaii, New Zealand, Greece, Caribbean, Russia

☆ Justice Thomas accepted previously undisclosed private jet flight to New Zealand, Senate Democrat says
▼ + stars: | 2024-08-05 | by ( John Fritze | ) edition.cnn.com time to read: +3 min

The flight was not listed on Thomas’ financial disclosure reports and is the most recent example of the conservative justice accepting luxury travel from Crow becoming public. Wyden, an Oregon Democrat, is focused on the potential tax implications of the gifts Crow made to Thomas. President Joe Biden has made structural changes at the Supreme Court an issue during the waning months of his presidency. Biden has proposed term limits for Supreme Court justices and also an enforceable code of conduct. In response to criticism, the Supreme Court adopted a code of conduct last year for the first time in its history.

Persons: Clarence Thomas, Harlan Crow, Ron Wyden, Thomas, Virginia “ Ginni ” Thomas, ProPublica, Michaela Rose –, “, Crow, Michaela Rose, ” Wyden, Wyden, Wyden’s, ”, Joe Biden, Biden Organizations: CNN, GOP, Democrat, Senate, Customs, Border Protection, Monday, Oregon Democrat, New York Times, Supreme Locations: Hawaii, New Zealand, Crow, Oregon, Indonesia

☆ Justice Thomas Failed to Reveal More Private Flights, Senator Says
▼ + stars: | 2024-08-05 | by ( Abbie Vansickle | ) www.nytimes.com time to read: 1 min

Justice Clarence Thomas failed to publicly disclose additional private travel provided by the wealthy conservative donor Harlan Crow, a top Democratic senator said in a letter on Monday. Customs and Border Protection records revealed that the justice and his wife, Virginia Thomas, took a round trip between Hawaii and New Zealand in November 2010 on Mr. Crow’s private jet, according to the letter. Senator Ron Wyden, Democrat of Oregon, writing to Mr. Crow’s lawyer, demanded that he supply more information about the financial relationship between the two men. The letter, part of an inquiry that Mr. Wyden, the chairman of the Senate Finance Committee, has opened into Mr. Crow and the justice, comes as top Democrats have urged major changes to the Supreme Court, including an enforceable code of conduct.

Persons: Clarence Thomas, Harlan Crow, Virginia Thomas, Ron Wyden, Crow’s, Wyden, Crow Organizations: Democratic, . Customs, Border, New Zealand, Mr, Democrat, Senate Finance Locations: Hawaii, New, Oregon

☆ Justice Clarence Thomas didn't disclose yet another trip with Harlan Crow, senator says
▼ + stars: | 2024-08-05 | by ( Alice Tecotzky | ) www.businessinsider.com time to read: +3 min

Read previewSupreme Court Justice Clarence Thomas missed publicly disclosing another jaunt on billionaire and conservative megadonor Harlan Crow's private jet, Democratic Sen. Ron Wyden of Oregon alleged in a letter on Monday. According to the letter, Thomas and his wife, Virginia Thomas, took a round-trip flight on Crow's private jet from Hawaii to New Zealand in November of 2010. In the past, Thomas has said that he doesn't think he needs to disclose gifts from friends who don't have business before the court. Related storiesAt the end of his letter, Wyden requests a "detailed list of all flights Justice Clarence has taken on any private jets under Mr. Crow's ownership or control." AdvertisementWhen Thomas does list travel from Crow, he calls them "personal hospitality."

Persons: —, Clarence Thomas, megadonor Harlan, Democratic Sen, Ron Wyden, Thomas, Virginia Thomas, Wyden, ProPublica, Clarence, Crow, Biden Organizations: Service, Democratic, Oregon, New Zealand, Business, Senate Finance Committee, New York Times Locations: Hawaii, New, New Zealand, Crow

☆ The expanded child tax credit failed in the Senate. Here's what it means for families
▼ + stars: | 2024-08-01 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Senate Republicans on Thursday blocked legislation that would have expanded the child tax credit, a key tax break for millions of families. He said that Senate Republicans have concerns about the policy, but are willing to negotiate a "child tax credit solution that a majority of Republicans can support." If enacted, the bill would have improved access to the child tax credit and retroactively boosted the refundable portion for 2023, which could have triggered refund checks from the IRS. Eligible families could have seen an average tax cut of $680 for 2023 taxes, based on estimates from the Urban-Brookings Tax Policy Center. But expanding the child tax credit is still a "top priority for Democrats," particularly as the 2025 tax cliff approaches, he said.

Persons: Chuck Schumer, Mike Crapo, Harris, Joe Manchin, Bernie Sanders, Chuck Marr Organizations: Republicans, Senate Finance, Finance, Fed, Budget, Urban, Brookings Tax, House Republicans, Center Locations: Idaho, Sens

☆ Senators seek special counsel probe of Supreme Court Justice Clarence Thomas
▼ + stars: | 2024-07-09 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +1 min

Associate Justice Clarence Thomas during the formal group photograph at the Supreme Court in Washington, DC, US, on Friday, Oct. 7, 2022. Two Democratic Senate committee leaders asked the Justice Department to appoint a special counsel to investigate whether Supreme Court Justice Clarence Thomas broke federal tax and ethics laws, the senators said Tuesday. "The evidence assembled thus far plainly suggests that Justice Thomas has committed numerous willful violations of federal ethics and false-statement laws," the senators alleged in the letter. It also "raises significant questions about whether he and his wealthy benefactors have complied with their federal tax obligations," Wyden and Whitehouse wrote. That evidence, they wrote, suggests that Thomas "likely violated federal law by accepting lavish gifts from wealthy benefactors and failing to report them" in violation of the Ethics in Government Act.

Persons: Clarence Thomas, Ron Wyden, Sen, Sheldon Whitehouse, General Merrick Garland, Thomas, Wyden, Whitehouse Organizations: Democratic, Justice Department Locations: Washington , DC

☆ As Social Security faces looming fund depletion, there's fierce debate over whether a commission can help
▼ + stars: | 2024-06-15 | by ( Lorie Konish | ) www.cnbc.com time to read: +9 min

"A vote for a commission is a vote to cut Social Security," the man shouted before he was escorted off the floor. How the last major reforms, in 1983, came togetherPresident Ronald Reagan signs the Social Security Act Amendment into law on April 20, 1983. The changes involved taxes on Social Security benefits, increases to payroll tax rates, a future increase to the retirement age and a near-term postponement of cost-of-living adjustments. Social Security Commission Chairman Alan Greenspan, left, shakes hands with Sen. Charles Grassley, R-Iowa, prior to a Social Security hearing on Feb. 15, 1983. Lawmakers divided on best path forwardToday, lawmakers are divided on the best path forward to address Social Security.

Persons: —, Scott Peters, Peters, Bill Huizenga, Joe Manchin, Mitt Romney, — Rep, John Larson, Connecticut —, It's, " Larson, Larson, Nancy Altman, Ronald Reagan, Alan Greenspan, Greenspan, Jim Baker, Reagan, Tip O'Neill, Robert M, Ball, O'Neill, Sen, Charles Grassley, Bob Dole, John Danforth, Altman, Bruce D, Schobel, Elizabeth Warren, Bernie Sanders, California —, they're, Hakeem Jeffries, Conn, Brian Higgins, Jimmy Gomez, Jeffries, Dan Kildee, Richard Neal, Tom Williams Organizations: iStock, Social, Social Security, AARP, CNBC, Rep, Democratic, Corbis, National Commission, Social Security Reform, Greenspan, Federal Reserve, House, White, Finance, Economic Policy Institute, Republican, Greenspan Commission, Senate Finance, Bettmann, Getty, Congress, Democratic House, White House, Democrats, Security, Capitol Visitor Center, CQ, Inc Locations: Sens, R, Utah, Connecticut, Massachusetts, Iowa, California, D

☆ Jared Kushner's post-White House deal-making included badly timed bet on Amazon aggregator
▼ + stars: | 2024-06-14 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +16 min

Kushner started Affinity in 2021, shortly after leaving his advisory role in the White House alongside his wife, Ivanka Trump. Neumann, who was ultimately ousted from WeWork by top SoftBank execs, introduced Kushner to Unybrands early the following year. Affinity's investment in Unybrands, which hasn't previously been reported, was one of the private equity firm's earliest deals. Following a continued slide, the company laid off roughly 10% of its staff in November 2022, according to people familiar with the matter. The House Oversight Committee launched an investigation into the investment in 2022, looking into whether Kushner's financial interests influenced Trump's foreign policy.

Persons: Jared Kushner, Alex Brandon, Kushner, Weeks, Ivanka Trump, Trump, Saudi Crown Prince Mohammed bin Salman, Jamal Khashoggi, WeWork, Adam Neumann, Neumann, Unybrands, hasn't, —, Catterton, Jason Somerville, Somerville, it's, didn't, headcount, Donald Trump, Gary Cohn, Crown Prince, Mohammed bin Salman, Jonathan Ernst, Crown Prince Mohammed bin Salman, Carolyn Maloney, Ron Wyden, Kushner didn't, Ulrich Kratz, Goldman Sachs, Kratz, Kushner's, Ian Brekke, Asad Naqvi, Bret Pearlman, Roger McNamee, Max Fink, Neumann's, Brekke, Naqvi, Pearlman, Fink, Shahar Azran, Eugen Miropolski, Robyn Laguette, Mark Goldfinger, Joe Biden, Lex, Jeff Bezos, Sam Altman, Ye, I've Organizations: U.S . Capitol, Capitol, Reuters, Affinity Partners, Companies, White House, Affinity, Saudi Crown, Unybrands, WeWork, CNBC, Amazon, BlackRock, Khosla Ventures, GW Partners, Saudi Arabia's Public Investment Fund, United Arab, Saudi Arabia's, Crown, Ritz Carlton Hotel, Saudi, Republicans, Crayhill Capital Management, Barclays, Goldman, Kushner, Investments II, Blackstone, Partners, Financial Services, CNBC it's, Israeli American Council, IAC, Getty, Kanye Locations: Washington, Amazon's, South Florida, Miami, Silicon Valley, Saudi, Saudi Arabia, Unybrands, United Arab Emirates, Qatar, Riyadh, Yemen, American, Austin , Texas, Gulf, Israel

☆ Trump is dangling a lot of promises for a second term as he seeks support in new spaces
▼ + stars: | 2024-06-11 | by ( Steve Contorno | ) edition.cnn.com time to read: +9 min

CNN —Former President Donald Trump lately has dangled some very specific promises to his audiences. But Trump’s campaign has prioritized flipping Nevada and the Democratic Party’s historical advantage in Latino communities, and polling suggests they have made progress on both fronts. Trump’s campaign confirmed the former president intends to seek a legislative change. “President Trump will ask Congress to eliminate taxes on tips,” spokesperson Karoline Leavitt told CNN. Trump has published an entire website to host many of his proposals for a second term.

Persons: Donald Trump, Trump, Joe Biden’s, ” Trump, hasn’t, Ron Wyden, Sheldon Whitehouse, Trump’s, “, ”, Karoline Leavitt, “ Joe Biden, Biden, Chase Oliver, Ross Ulbricht, Ulbricht, Ross, Joe Biden, ” Oliver, Harris, ” Biden, Quentin Fulks, headwinds, Shawn Fain Organizations: CNN, Las, Libertarian, Trump, Republican, Biden, Democratic, National Rifle Association, Senate Democrats, Washington Post, Oregon Democrat, Rhode, Culinary Workers Union Local, Garden State, US Department of Justice, Black Voters, Black, United Auto Workers, Fox Locations: Las Vegas, Michigan, In Nevada, Nevada, U.S, Oregon, Rhode Island, Wildwood , New Jersey, Garden, battlegrounds, Detroit

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

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

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

☆ Wealth inequality starts at birth. Lawmakers debate whether child savings accounts can help
▼ + stars: | 2024-05-21 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

An unequal distribution of wealth in the U.S. can make it so some children are behind from birth. Now lawmakers are considering whether federal children's savings accounts can help. One proposal — the 401Kids Savings Act — would create savings accounts for all newborns. Children's savings accounts are currently available statewide in seven states — California, Illinois, Maine, Nebraska, Nevada, Pennsylvania and Rhode Island. At the end of last year, there were 121 children's savings account programs in 39 states serving 5.8 million children.

Persons: Warren Buffett's, Sen, Ron Wyden, Mike Crapo, Crapo Organizations: Finance, Senate Finance Locations: U.S, — California , Illinois, Maine , Nebraska , Nevada , Pennsylvania, Rhode, Oregon, Idaho

☆ BMW imported 8,000 Mini Coopers with banned Chinese parts into U.S., Senate report says
▼ + stars: | 2024-05-20 | by ( ) www.cnbc.com time to read: +2 min

German automaker BMW imported at least 8,000 Mini Cooper vehicles into the United States with electronic components from a banned Chinese supplier, a U.S. Senate report released on Monday said. A report by Senate Finance Committee Chairman Ron Wyden's staff said BMW imported 8,000 Mini Coopers with parts from a Chinese supplier banned under a 2021 law and that BMW continued to import products with the banned parts until at least April. BMW Group said in an email it had "taken steps to halt the importation of affected products." The report found that Bourns Inc, a California-based auto supplier, had sourced components from Sichuan Jingweida Technology Group (JWD). That Chinese company was added to the UFLPA Entity List in December, which means its products are presumed to be made with forced labor.

Persons: Ron Wyden's, Wyden Organizations: BMW, U.S, Senate, Senate Finance, Coopers, BMW Group, Labor, Customs and Border Protection, Inc, Sichuan Jingweida Technology Locations: Leipzig, Germany, United States, China's Xinjiang, China, California, Sichuan

☆ Senate Inquiry Finds BMW Imported Cars Tied to Forced Labor in China
▼ + stars: | 2024-05-20 | by ( Ana Swanson | Jack Ewing | ) www.nytimes.com time to read: +1 min

A congressional investigation found that BMW, Jaguar Land Rover and Volkswagen purchased parts that originated from a Chinese supplier flagged by the United States for participating in forced labor programs in Xinjiang, a far western region of China where the local population is subject to mass surveillance and detentions. BMW shipped to the United States at least 8,000 MINI vehicles containing the part after the Chinese supplier was added in December to a U.S. government list of companies participating in forced labor. Volkswagen took steps to correct the issue. The investigation, which began in 2022 by the chairman of the Senate Finance Committee, Ron Wyden of Oregon, a Democrat, highlights the risk for major automakers as the United States tries to enforce a two-year-old law aimed at blocking goods from Xinjiang. The Uyghur Forced Labor Prevention Act bars goods made in whole or in part in Xinjiang from being imported to the United States, unless the importer can prove that they were not made with forced labor.

Persons: Ron Wyden Organizations: BMW, Jaguar, Rover, Volkswagen, Senate Finance, United States, Labor Locations: United States, Xinjiang, China, U.S, Oregon, United

Associate Supreme Court Justice Clarence Thomas arrives for the swearing-in ceremony of Neil Gorsuch as an Associate Supreme Court Justice in the Rose Garden of the White House, Washington, D.C., April 10, 2017. Two leading Democratic senators are pressing Supreme Court Justice Clarence Thomas to say whether he repaid a wealthy friend any of the principal for a $267,230 loan he used to buy a luxury motorhome. The letter to Thomas's lawyer, dated Tuesday, raises questions about potential tax violations by the conservative justice, who is the longest-serving member of the Supreme Court. Democrats point to reports that his wife, Ginni Thomas, took part in efforts to overturn the results of the 2020 election. The Supreme Court heard arguments in Trump's immunity appeal on April 25, with Thomas on the bench.

Persons: Clarence Thomas, Neil Gorsuch, Ron Wyden, Sheldon Whitehouse, Thomas, Anthony Welters, Prevost Le, Wyden, Elliot Berke, Whitehouse, Justice Thomas, Welters, Berke, ProPublica, Harlan Crow, Harlan, Donald Trump, Ginni Thomas Organizations: Justice, White House, D.C, New York Times, Finance Committee Locations: Rose, Washington, Welters

☆ Clarence Thomas, who has faced scrutiny over his ethics, discusses people who 'bomb your reputation'
▼ + stars: | 2024-05-11 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The subsequent uproar resulted in Thomas updating financial disclosures to indicate his ties to the conservative donor. "I think what you are going to find and especially in Washington, people pride themselves on being awful. It is a hideous place as far as I'm concerned," Thomas told his Friday audience, per the AP. Representatives for Thomas and the Supreme Court did not immediately respond to a request for comment.

Persons: —, Clarence Thomas, he's, Thomas, Justice, Kathryn Kimball Mizelle —, Donald Trump, it's, Harlan Crow, Ginni Thomas Organizations: Service, Circuit Judicial, Associated Press, Business, US, The New York Times, Finance Locations: Clear , Alabama, Washington

☆ UnitedHealth CEO tells lawmakers the company paid hackers a $22 million ransom
▼ + stars: | 2024-05-01 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +5 min

Change Healthcare provides payment, revenue management and other solutions like e-prescription software. UnitedHealth told CNBC in April that it paid a ransom to try and protect patient data. Its business unit Optum — which provides care to 103 million customers — and Change Healthcare — which touches one in three patient records — merged in 2022. Committee Chairman Sen. Ron Wyden, D-Ore., said in his opening remarks that the Change Healthcare breach serves as a "dire warning about the consequences of too-big-to-fail mega-corporations." Sen. Michael Bennet, D-Colo., pressed Witty to share how UnitedHealth is working to ensure something like the Change Healthcare breach will not happen again.

Persons: Andrew, UnitedHealth, Sen, Ron Wyden, Wyden, Thom Tillis, they're, Tillis, Blackcat, Michael Bennet Organizations: Senate, Capitol, U.S ., Finance, UnitedHealth, Healthcare, CNBC, U.S . Securities, Exchange Commission, U.S . Department of Justice Locations: Washington , DC

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