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☆ Greenlight's alleged former head of macro is hoping to get at least $5 million from David Einhorn, claiming age discrimination
▼ + stars: | 2024-10-07 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +7 min

James Fishback, the former Greenlight analyst who said he was the head of macro, filed an arbitration claim against his old firm. AdvertisementThe age discrimination claim, according to the filing, is based on a flippant comment Fishback alleges Einhorn made. Fishback told potential backers of his firm he was the head of macro when he was at Greenlight, which prompted the now-viral dispute. The latest legal filing uses the titles "head of macro trading" and "head of macro" interchangeably. Advertisement"I pulled every penny I had invested in Greenlight and put it in Tesla," Fishback wrote on Twitter in September.

Persons: James Fishback, Fishback, David Einhorn, Greenlight, —, he's, Einhorn, Toby Haselberger, Mr, Einhorn dismissively, Elon Musk, Donald Trump, Fine, outperforming Einhorn, Azoria, Ben Shapiro, Vivek Ramaswamy, Steve Rosen, Nikki Haley's, Dean Phillips, Tesla Organizations: Service, American, Association, Twitter, overpriced Ivy League, Greenlight, Azoria Partners, Democratic Locations: Greenlight, Manhattan, Tesla

☆ Cocoa prices are soaring. Candy makers will need to get creative
▼ + stars: | 2024-06-15 | by ( Amelia Lucas | ) www.cnbc.com time to read: +7 min

Prices of cocoa have more than tripled over the last year, creating a big headache for candy makers and other food companies that use the ingredient to make chocolate. The price surge has since eased off slightly, but the crop is still commanding well above what food companies are used to paying. This season's cocoa crop is expected to experience the largest deficit in at least six decades, according to a Rabobank report from May. A YouGov survey conducted in October found that 72% of U.S. respondents had noticed shrinkflation in food products. J&J Snack Foods CEO Daniel Fachner has been keeping an eye on cocoa and chocolate prices.

Persons: Ferley Ospina, Hershey, Kinder, Ferrero, they'll, Steve Rosenstock, Mondelez, shrinkflation, Daniel Fachner, Fachner, Justin Sullivan, Nik Modi, Modi, shea, Rosenstock Organizations: Bloomberg, Getty, Cadbury, Clarkston Consulting, Rabobank, Reuters, Mondelez, Consumers, Snack, CNBC, RBC Capital, Jumbo Locations: Ragonvalia, Norte de Santader, Colombia, . West Africa, Ghana, U.S, Novato , California, West

☆ Even the Kremlin called out Tucker Carlson for his diatribe against the media
▼ + stars: | 2024-02-07 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +4 min

Tucker Carlson is facing backlash for stating that Western media hasn't tried to interview Putin. AdvertisementIt seems even the Kremlin thinks Tucker Carlson has gone too far in his criticism of Western media. The BBC noted that Carlson later changed his tone as the war progressed, saying: "Vladimir Putin started this war... However, Carlson has called Ukraine's President Volodymyr Zelenskyy a "dictator" who "is friends with everyone in Washington". In response to allegations that he is a pawn of Putin , Carlson told Axios in 2022: "I could care less."

Persons: Tucker Carlson, hasn't, Putin, Dmitry Peskov, Carlson's, —, Vladimir Putin, Mr Carlson, Max Seddon, Carlson, Evan Gershkovich, Steve Rosenberg, Volodymyr Zelenskyy, Axios, I've, I'm Organizations: Service, Kremlin, Fox News, Street, Financial Times, BBC, Radio, BBC News Locations: Russian, Ukraine, West, Moscow, Russia, Ukraine's, Washington, United States

☆ The Russian culture ministry is blaming a pirated version of the Barbie movie for weakening nationwide values
▼ + stars: | 2023-09-29 | by ( Sebastian Cahill | ) www.businessinsider.com time to read: +2 min

A pirated version of the "Barbie" movie made its way to Russia, and officials there aren't happy. The Russian Culture Ministry wants to shift from Western values towards "traditional" Russian ones. AdvertisementAdvertisementAs Russian citizens struggle to maintain morale during the ongoing invasion of Ukraine, the Russian Culture Ministry is taking a shot at the "Barbie" movie as a representation of hated Western ideologies. Multiple offices and politicians are criticizing the "Barbie" movie for not promoting "traditional Russian values" — a vague phrase that seems to refer to patriotism and general conservatism — per the BBC. But what comprises appropriate, patriotic entertainment, then, free of Western values?

Persons: —, Barbie, Steve Rosenberg, Maria Butina, Butina, Rosenberg, Vladimir Putin Organizations: Russian Culture Ministry, Service, BBC Locations: Russia, Ukraine, Russian

☆ The Next Tax Battle: 'Gig tax' targets payment app users
▼ + stars: | 2023-08-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Next Tax Battle: 'Gig tax' targets payment app usersSteve Rosenthal, Urban-Brookings Tax Policy Center senior fellow, and Erica York, Tax Foundation senior economist, join 'Squawk Box' to discuss the battle over the so-called 'gig tax', which requires third-party payment apps like PayPal and Venmo to send 1099 forms to anyone reporting business income over a certain threshold.

Persons: Steve Rosenthal, Erica York Organizations: Urban, Brookings Tax, Center, Tax Foundation, PayPal

☆ General Mills is paying this agriculture tech startup to help make Cheerios greener
▼ + stars: | 2023-07-11 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Agriculture and the overall food ecosystem are responsible for roughly one third of global greenhouse gas emissions. Growing all the things we eat at the increasing volumes we need depletes the soil of nutrients and produces harmful carbon emissions. Regenerative agriculture aims to reduce emissions and protect soil through various methods. "Is it good for the environment, good for the water, good for soil health? Regrow then sells all that information to customers like General Mills , which has pledged to advance regenerative agriculture on one million acres of farmland by 2030.

Persons: Regrow, John Deere, Anastasia Volkova, Mills, Steve Rosenzweig, General Mills Organizations: Pillsbury, Corporations, Galvanize, Ventures, Microsoft, Time Ventures, Cargill Locations: Canada

☆ Analysis: US debt-ceiling deal dooms Biden's revolutionary tax plans
▼ + stars: | 2023-06-01 | by ( David Lawder | ) www.reuters.com time to read: +6 min

Barring an unlikely Democratic sweep of the White House and both chambers of Congress in 2024, major changes to the U.S. tax code are now seen as largely off the table until the end of 2025, when the 2017 individual tax cuts expire. TAX CHANGES ARE TOUGHBiden's unrealized campaign tax pledges illustrate the political difficulty of changing the U.S. tax code, barring a commanding majority in Congress. "House Republicans have successfully blocked every penny of President Biden’s tax hikes on families, farmers, and small businesses in the debt ceiling deal and protected the 2017 Tax Cuts and Jobs Act from repeal," said U.S. House Ways and Means Chairman Jason Smith. The Missouri Republican added that Americans want Congress to build on the Trump tax cuts "with more tax relief." Republicans will argue for making the 2017 individual tax cuts permanent, said John Gimigliano, KPMG's head of federal tax legislative and regulatory services.

Persons: Joe Biden's, Biden, That's, William McBride, Joe Manchin, Kyrsten Sinema, Jason Smith, Michael Kikukawa, Kikukawa, John Gimigliano, Gimigliano, Steve Rosenthal, Rosenthal, David Lawder, Heather Timmons, Matthew Lewis Organizations: Saturday, Revenue Service, Trump, White, Tax Foundation, Democratic, Republican, Republicans, IRS, House, The, The Missouri Republican, Economic Co, Congressional, Brookings Tax, Center, Thomson Locations: Washington, The Missouri

Companies are now working to measure how soil stores carbon as they encourage farming techniques that reduce emissions across their sprawling supply chains. Regenerative practices can increase soil nutrients and yields while also absorbing carbon dioxide from the air, scientific studies say. PREVIEWMany of the world’s biggest food companies, including General Mills Inc. and Nestlé SA, are working with farmers to promote the practices. The company aims to have 20% of its key ingredients sourced from regenerative agriculture by 2025 and half by 2030. General Mills is now working to include the soil carbon and emissions data into its annual footprint.

☆ Biden pushed a billionaire minimum tax – here's what Elon Musk would pay
▼ + stars: | 2023-02-08 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

"Pass my proposal for a billionaire minimum tax," Biden told Congress. Biden's billionaire tax, however, also hits top millionaires. Under the plan, households would calculate their effective tax rate for the minimum tax. The Biden administration says that aside from restoring "fairness" to the tax code, the billionaire minimum tax would raise $360 billion in added revenue over 10 years. Opponents say that aside from potentially being unconstitutional, the billionaire minimum tax would be difficult to administer – especially for an IRS already understaffed.

☆ Biden to revisit 'billionaire minimum tax' in State of the Union address
▼ + stars: | 2023-02-07 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Win Mcnamee | Getty ImagesPresident Joe Biden will again call for a "billionaire minimum tax" during his State of the Union address on Tuesday. However, Biden's original billionaire minimum tax didn't gain traction in Congress and it's even less likely to happen with a Republican-controlled House now, experts say. I view this billionaire minimum income tax as a messaging bill to highlight some of the problems with our tax code. "I don't see a lot of support for Biden's billionaire minimum tax on the Hill," Rosenthal said. Problems with the billionaire minimum taxEven with more support, Biden's billionaire minimum tax may face other hurdles, experts say.

☆ New retirement account rules make it easier to tap savings early for emergencies
▼ + stars: | 2022-12-27 | by ( Greg Iacurci | ) www.cnbc.com time to read: +7 min

But they said the rules also amount to another source of so-called "leakage" that run contrary to the overall goal of retirement savings: to build a nest egg for the future. Participants can also access 401(k) savings via loans or non-hardship withdrawals. Non-hardship distributions also hit an all-time high in October — almost 0.9% of participants took one that month, according to Vanguard. And the share of workers taking 401(k) loans rose to 0.9% in October from 0.8% at the beginning of 2022. Beyond the apparent acute financial need among households, hardship withdrawals carry negative repercussions like tax penalties.

☆ Families can make a tax-free rollover from 529 plans to Roth individual retirement accounts starting in 2024
▼ + stars: | 2022-12-23 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Maskot | Maskot | Getty ImagesMillions of 529 accounts hold billions in savingsThere were nearly 15 million 529 accounts at the end of last year, holding a total $480 billion, according to the Investment Company Institute. watch nowHowever, that investment growth is generally subject to income tax and a 10% tax penalty if used for an ineligible expense. A transfer would skirt income tax and penalties; investments would keep growing tax-free in a Roth account, and future retirement withdrawals would also be tax-free. The rollover can only be made to the beneficiary's Roth IRA — not that of the account owner. Some education savings experts think 529 accounts have adequate flexibility so as not to deter families from using them.

☆ Patagonia founder's big donation potentially saves him over $1 billion in taxes — and experts say it shows how the wealthy are able to 'entirely opt out of taxes'
▼ + stars: | 2022-09-16 | by ( Juliana Kaplan | Grace Kay | ) www.businessinsider.com time to read: +9 min

The donations could save the Patagonia founder's family over $1 billion in taxes, experts calculated. "Instead of extracting value from nature and transforming it into wealth for investors, we'll use the wealth Patagonia creates to protect the source of all wealth." It also might give Chouinard and his family a big tax break, experts who monitor such big transactions told Insider. A Patagonia spokesperson told Insider the Chouinard family did not ask to create a company structure to avoid taxes. Russell James, director of graduate studies in personal financial planning at Texas Tech University, said that the ultra-wealthy generally "can't even use charitable income tax deductions."

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