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☆ Act now for $7,500 EV tax credit: There's 'real risk' Trump will axe funding in 2025, lawyer says
▼ + stars: | 2024-11-20 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Chris Unger | Ufc | Getty ImagesThere's considerable uncertainty over the contents of a future Republican tax package and the fate of the EV credit, experts said. Repealing all the IRA's green energy tax credits, including the EV credit, would offset that cost by about $921 billion, it said. She was getting ready to buy one thanks to the $7,500 EV credit, which made the vehicles more affordable, she said. To wait and buy in 2025 is "too big of a gamble" given Trump's antipathy toward the EV credit, she said. There's no question there's real risk in the EV credit going away.

Persons: Donald Trump, Jamie Wickett, Hogan Lovells, Wickett, Joe Biden, Trump, Chris Unger, Laura, Hogan, —, wouldn't, it's, Ingrid Malmgren, Malmgren Organizations: Digitalvision, Getty, Biden, Republicans, Capitol, IRA, Elon, UFC, Madison, Garden, Ufc, Security, Tax, Chrysler Pacifica, Local, Plug, U.S . Treasury Department, Treasury Locations: New York, Charlotte , North Carolina

☆ Trump plan to 'end all taxes' on overtime pay would benefit millions of Americans, but it's going to be uphill battle
▼ + stars: | 2024-11-15 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +6 min

Details on the proposal are scant and some Democrats have called the overtime tax promise "as fake as his tan." "As part of our additional tax cuts, we will end all taxes on overtime," he said at a rally in Tucson, Arizona. Among these, 82.1 million were hourly workers and 15.6 million were salaried workers, the report said. Meanwhile, about 7% of hourly workers and 70% of salaried workers do not qualify for FLSA, the report said. For example, would it be designed as just an income tax or would it be a payroll tax exemption as well?

Persons: Donald Trump, Trump, Karoline Leavitt, Vance, There's, Russ Fulcher, Joseph Rosenberg, FLSA, John Ricco, Alex Muresianu, Muresianu, Rosenberg Organizations: Cobb Energy Performing Arts Centre, Republican, President, Trump, Fair Labor, Brookings Tax, Department of Labor, FLSA, Yale, Lab, Tax Foundation, Social Security Locations: Atlanta , Georgia, U.S, Tucson , Arizona, Idaho, Alabama, Wisconsin, DOL

☆ President Trump made many tax cut promises. Even with GOP sweep, they won't be easy for Congress to keep
▼ + stars: | 2024-11-11 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +15 min

"Look at which tax cuts were getting the most focus on the campaign trail. A traditional GOP tax policy might be thought of as favoring business tax cuts. "The top priority is extending the Trump tax cuts and the signature part of his program. Notably, House Speaker Mike Johnson has voiced support for the traditional view of funding tax cuts through economic growth. Individual tax cuts versus Social Security, business tax breaksHistory shows that when it comes to the battle between individual and business tax cuts, contrary to popular perception, individual tax issues are always politically dominant issue.

Persons: Donald Trump, Mnuchin, Stamper, Dustin Stamper, Grant Thornton, Rohit Kumar, Mitch McConnell, Trump, Kumar, Mike Crapo, Mike Johnson, It's, PwC, Biden, John Paulson, Paulson, Elect Trump, Joe Manchin, Kamala Harris, Elon Musk Organizations: Van Andel, Trump, GOP, Representatives, Idaho Republican, Senate, Capitol, Social Security, Child Tax, Corporations, New York Times, Republican, Social, Tax, Republicans, Democrats, West, CBO, IRS, Defense, Federal Reserve, Washington , D.C Locations: Grand Rapids , Michigan, U.S, Idaho, West Virginia, Washington ,

☆ Get ready for inflation and interest rates to rise again
▼ + stars: | 2024-11-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The Federal Reserve would likely respond to inflation by raising interest rates to curb demand. In an economic chain reaction, households would then pay higher interest rates on borrowing of all kinds as the Fed moves to tame that newly rekindled inflation. That led to the 30-year fixed mortgage rate rising, meaning homebuyers are on track to see higher interest rates on loans. An analysis by the nonpartisan Tax Policy Center found that Trump's policies would decrease posttax incomes by an average of $1,800 in 2025. Trump's win is also expected to influence the Federal Reserve's upcoming decisions on interest rates.

Persons: Donald Trump, —, Trump, Ramping, Trump's, it's, Jerome Powell, Joseph Stiglitz Organizations: Federal, Service, Biden, US Census Bureau, Trump, Peterson, Center, American Progress, Tax Foundation, Fed Locations: China

☆ Capital gains tax hikes 'entirely off the table' under President-elect Trump, Republican Congress, economist says
▼ + stars: | 2024-11-07 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Long-term capital gains rates apply to assets owned for more than one year. Higher capital gains tax rates, however, are "entirely off the table," under a Trump presidency and Republican-controlled Congress, said Erica York, senior economist and research manager with the Tax Foundation's Center for Federal Tax Policy. Even with partial Republican control, "it's most likely that capital gains tax policy just stays put where it is," York explained. For 2024, investors pay long-term capital gains rates of 0%, 15% or 20%, depending on taxable income. Combined with long-term capital gains taxes, higher earners currently pay up to 23.8% on investments.

Persons: Donald Trump, Jim Watson, Donald Trump's, Kamala Harris, Harris, Joe Biden's, Erica York, York, Howard Gleckman Organizations: U.S, Republican, Afp, Getty, Trump, Tax, Center, Federal Tax Policy, Republicans, Representatives, White, Urban, Brookings Tax Locations: Palm Beach

☆ Trump's tariff plan: Why he's pushing for them, and how they might end up raising prices
▼ + stars: | 2024-11-07 | by ( Ryan Ermey | ) www.cnbc.com time to read: +2 min

President Trump has said he plans to install a blanket tariff of 10% to 20% on all imports, with additional tariffs of 60% to 100% on goods brought in from China. In the September Presidential debate, Trump characterized the plan as a way to extract money from rival nations. Economists, however, tend to agree that such a plan would would have the effect of raising prices on everyday goods. How tariffs workSimply put, a tariff is a tax on imports, though not one paid by the exporting country. Trump has floated the idea that a tariff policy could eventually replace U.S. federal income tax altogether, a convention that the nonpartisan Peterson Institute for International Economics called "literally impossible."

Persons: Donald Trump, Trump, Howard Gleckman Organizations: Republican, Palm Beach Convention, U.S ., Urban, Brookings Tax Policy Center, CNBC, Tax Foundation, Peterson Institute for International Locations: Palm Beach, West Palm Beach , Florida, China, U.S

The fee turned up in September 2019, after Trump placed 25% tariffs on steel, and hasn’t gone away since. So far, the tariffs in force under both White Houses have cost Americans $79 billion, the nonpartisan Tax Foundation estimated this summer. The nation’s roughly 33 million small businesses employ nearly half the nation’s workers and generate more than 43% of the gross domestic product, the U.S. Chamber of Commerce estimates. “Whether we like it or not, Asia is the bike manufacturing hub of the world,” said Zagata, who raised prices by between 18% and 22% after the Trump tariffs took hold. San Diego-based entrepreneur Nichole MacDonald said profit margins for her patented, 10-pocket Sash Bag have been thinning in recent years as material and freight costs have jumped, and tariffs aren’t helping.

Persons: Donald Trump, Chris Smith, Trump, hasn’t, Smith, ”, Biden, —, who’ve, Erica York, Julia Demaree Nikhinson, they’re, Jonathan Gold, Gold, “ they’ve, Ryan Zagata, Zagata, he’d, Felix Tintelnot, Trump’s, ” Trump, Brian Hughes, Nichole MacDonald Organizations: Virginia Beer Co, Constellation Brands, Corona, Trump, Foundation, Tax, National Retail Federation, U.S . Chamber, Commerce, Brooklyn Bicycle Co, GOP, Duke University, “ Locations: Williamsburg , Virginia, U.S, China, Modelo, Mexico, New York City, Asia, York, Germany, Diego, India

☆ After six years of tariffs, small-business owners aren't eager for more
▼ + stars: | 2024-11-01 | by ( Alexandra Byrne | ) www.cnbc.com time to read: +9 min

The fee turned up in September 2019, after Trump placed 25% tariffs on steel, and hasn't gone away since. Small-business owners have already been facing tariffs on billions of dollars of goods, most of them from China, implemented by Trump in 2018. So far, the tariffs in force under both White Houses have cost Americans $79 billion, the nonpartisan Tax Foundation estimated this summer. The nation's roughly 33 million small businesses employ nearly half the nation's workers and generate more than 43% of the gross domestic product, the U.S. Chamber of Commerce estimates. "Whether we like it or not, Asia is the bike manufacturing hub of the world," said Zagata, who raised prices by between 18% and 22% after the Trump tariffs took hold.

Persons: Donald Trump, Chris Smith, Trump, hasn't, Smith, Biden, —, who've, Erica York, they're, Jonathan Gold, Gold, they've, Ryan Zagata, Zagata, he'd, Felix Tintelnot, Trump's, Brian Hughes, Nichole MacDonald, MacDonald, Kamala Harris, it's, Sara Hauman, isn't, doesn't Organizations: Albuquerque, Virginia Beer Co, Constellation Brands, Corona, Trump, Foundation, Tax, National Retail Federation, U.S . Chamber, Commerce, Brooklyn Bicycle Co, GOP, Duke University Locations: Albuquerque , New Mexico, Williamsburg , Virginia, U.S, China, Modelo, Mexico, New York City, Asia, York, Germany, Diego, India, America, Portland , Oregon, West Coast

☆ Former Acting U.S. Trade Representative: Trump’s Tariffs Are a Terrible Idea
▼ + stars: | 2024-10-31 | by ( Miriam Sapiro | ) www.usnews.com time to read: +7 min

As a former acting U.S. trade representative who also served on the National Security Council, I’ve engaged in international economic policymaking firsthand. Trump’s main economic idea is to indiscriminately impose tariffs on U.S. trading partners, but it is American importers, exporters and consumers who will pay the price. When Trump last levied tariffs, the EU, Canada, China and other trading partners imposed their own tariffs in retaliation. While President Joe Biden left most of Trump’s tariffs against China in place, he managed to negotiate agreements that led to the easing of many retaliatory measures. As president, Harris would lead an economy that helps everyone, not just those at the very top.

Persons: you’re, it’s, you’ve, Kamala Harris, Donald Trump, I’ve, Harris, Shawn Fain, “, ” Harris, Harris ’, Trump, Smoot, Hawley, Mitch McConnell, “ I’m, Trump’s, Davidson, Joe Biden, Biden Organizations: National Security Council, United Auto Workers, Democratic Party, Republican, Foundation, European Union, Pennsylvania Farm Bureau, ”, Harley, EU Locations: Pennsylvania, Michigan, Wisconsin, America, China, U.S, EU, Canada

☆ 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

☆ A market hedge for those worried neither Trump nor Harris will do anything about the growing fiscal deficit
▼ + stars: | 2024-10-31 | by ( Michael Khouw | ) www.cnbc.com time to read: +6 min

By contrast, Vice President Kamala Harris's tax plan is expected to increase tax revenues by $1.7 trillion over 10 years, but at a cost of negative 2% to long-run GDP and 786,000 jobs. The Wharton School of the University of Pennsylvania estimates that, including her spending proposals, the primary deficits would increase by $1.2 trillion, and accounting for adverse economic feedback effects, primary deficits increase to $2 trillion. Higher deficits and higher debts, just with different paths to get there. One candidate proposes cutting taxes to improve economic activity but increase deficits, and the other proposes raising taxes and increasing spending by even more and growing deficits. If the deficit keeps increasing faster than our economy grows, so will the debt, inflation, and interest rates.

Persons: We'll, Donald Trump's, Kamala Harris's, Harris, Kamala Harris, Bernie Sanders, Treasuries Organizations: Tax Foundation, Wharton School, University of Pennsylvania, Medicare, Green New Deal, TLT, Treasury Bond ETF, CNBC, NBC UNIVERSAL Locations: United States, Europe

☆ How a Trump or Harris presidency could impact your investments
▼ + stars: | 2024-10-28 | by ( Matthew Fox | ) www.businessinsider.com time to read: +12 min

This is the first in a five-part series about the impact both Trump and Harris presidencies could have on US consumers. To date, Trump and Harris have outlined specific policy proposals that will impact different parts of the stock market. The guide covers four specific asset classes, and is divided between the Trump and Harris impact on each. Advertisement"Our upbeat projections for the stock market in 2024 and 2025 are predicated on a view that hype over AI will continue to fuel a stock market bubble," the research firm said. And since presidential actions usually impact rates, the bond market will be shaped by what either Trump or Harris end up doing.

Persons: Harris, —, Donald Trump, Kamala Harris, Today's, they're, BofA, It's, Financials, Trump's, Trump, Peter Berezin, Joe Biden's, Bonds, Crypto, Bernstein, Gautam Chhugani, bitcoin, Chhugani, Harris Harris, she's, I'm, Larry Fink, Biden, it's Organizations: Trump, Service, Business, Wall, Bank of America, Allies, Foundation, BCA Research, Harris, Democratic, Economics, Capital, Federal, Harris Capital Economics, Federal Reserve, Bloomberg, bitcoin, BlackRock, Capital Economics, Fed Locations: China

☆ Trump doubles down on replacing income taxes with tariffs in Joe Rogan interview
▼ + stars: | 2024-10-26 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Former President Donald Trump stood by his idea to end income taxes and substitute them with tariffs in a Friday interview with Joe Rogan, the host of one of the most widely listened to podcasts in the world. "Did you just float out the idea of getting rid of income taxes and replacing it with tariffs?" He has also said he would consider income tax exemptions for firefighters, police officers, military personnel and veterans. But tax experts and economic analysts do not think Trump's tariffs would be an adequate counterweight to balance the trillions lost from eliminating income taxes. In effect, these tariffs could replace income tax with a kind of new sales tax, shifting the tax burden more heavily onto low-income individuals.

Persons: Donald Trump, Joe Rogan, Rogan, Trump, Garrett Watson, Watson, Kamala Harris, MSNBC's Stephanie Ruhle Organizations: Austin, Bergstrom International Airport, Social Security, Tax Foundation, CNBC, U.S, Democratic Locations: Austin , Texas

☆ 'Shark Tank' star Mark Cuban says Donald Trump's China tariffs would ruin Christmas next year
▼ + stars: | 2024-10-24 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Donald Trump's planned tariffs as president threaten to ruin Christmas next year, Mark Cuban said. The "Shark Tank" star said a 60% tariff on Chinese imports would raise the price of presents. Kamala Harris told Cuban that Trump's economic plans would fuel inflation and cause a recession. AdvertisementChristmas will be ruined next year if Donald Trump is reelected president and enacts his tariff plans, Mark Cuban said. "To me, I think Donald Trump is the Grinch that stole Christmas," Cuban told Vice President Kamala Harris in a conversation uploaded to YouTube on Wednesday.

Persons: Donald Trump's, Mark Cuban, Kamala Harris, Cuban, —, Donald Trump, we're, Trump, Harris Organizations: Service, YouTube, Democratic, Trump, Republican, Tax, Yale, Cuban Locations: China

☆ How new tax changes for 2025 could affect federal tax liabilities for families
▼ + stars: | 2024-10-22 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Momo Productions | Digitalvision | Getty ImagesChild tax credit for 2025The refundable portion of the child tax credit — a tax break parents can take for qualifying children — will be $1,700 for 2025, which is unchanged from 2024. Notably, the terms of the current child tax credit are set to expire at the end of tax year 2025. At that time, the child tax credit is scheduled to drop to a maximum $1,000 per child. Earned income tax credit for 2025A tax credit for low- to middle-income individuals and families — the earned income tax credit, or EITC — will have higher maximum amounts in 2025. The earned income tax credit helps qualifying individuals and families reduce the amount of tax they owe, while also potentially providing a refund, according to the IRS.

Persons: Momo, —, Alex Durante, Durante Organizations: Getty, Tax Foundation

☆ Trump tax plans could exempt 93 million Americans from income taxes
▼ + stars: | 2024-10-21 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

As part of his economic pitch to voters, Trump has floated a sweeping tax overhaul, including a slate of income tax breaks. So far, the Republican presidential nominee has officially proposed eliminating income tax on tips and Social Security benefits, along with overtime pay. This total excludes the many more people who would be exempt from part of their income taxes if Trump executed his proposed elimination of taxes on overtime pay. It didn't have an income tax," Trump said at a sit-down with voters in New York on Friday for "Fox & Friends." The Harris campaign did not immediately respond to CNBC's request for comment about Trump's proposed tax plans.

Persons: Donald Trump, Donald Trump's, Trump, Harris, Trump's, Kamala Harris Organizations: U.S, Republican, Security, Social Security, Social Security Administration, Yale University's, U.S . Department of Veterans Affairs, Department of Defense, Fox &, Representatives Locations: Lancaster , Pennsylvania, U.S, New York

☆ Here's who would benefit from Trump's proposed tax break on car loan interest
▼ + stars: | 2024-10-14 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Trump's proposed tax break would make interest on car loans fully tax deductible. That tax break lets homeowners deduct annual mortgage interest payments from their taxable income, thereby reducing their tax bill. Few taxpayers claim itemized tax deductionsTo get the deduction, car owners would need to itemize their tax return to include their borrowing costs. About 14.8 million federal tax returns, or about 9%, claimed an itemized deduction on their 2021 federal tax returns, according to the most recent IRS data. An itemized tax break on car loan interest "would help only a fraction of taxpayers," said Leonard Burman, an institute fellow at the Urban-Brookings Tax Policy Center.

Persons: Donald Trump, Sarah Rice, Trump's, Experian, It'd, Seiberg, Trump, didn't, Erica York, —, Leonard Burman, Burman, York, it'd Organizations: Detroit Economic, Bloomberg, Getty Images, Federal Reserve Bank of New, AAA, Trump, Cowen Washington Research Group, Republicans, CNBC, Finance, Social Security, Taxpayers, Tax, Center, Federal Tax, Urban, Brookings Tax Locations: Federal Reserve Bank of New York, Detroit, York

☆ How Trump’s tariffs would work
▼ + stars: | 2024-10-13 | by ( Katie Lobosco | Annette Choi | ) edition.cnn.com time to read: +3 min

Study after study, including one from the federal government’s bipartisan US International Trade Commission, has found that Americans have borne almost the entire cost of Trump’s tariffs on Chinese products. When Trump was in office, he implemented tariffs on about $380 billion worth of goods imported into the US, according to a Tax Foundation analysis. The Trump tariffs also hit foreign steel, aluminum, washing machines and solar panels. But even if Trump implements tariffs on all US imports, the resulting revenue is unlikely to cover all these costs. The Committee for a Responsible Federal Budget recently estimated that Trump’s tariff plan would not generate enough revenue to pay for his other spending proposals.

Persons: Donald Trump, Trump, ” Trump, He’s, Kamala Harris, Harris, he’s Organizations: Washington CNN, White, Trump, US International Trade Commission, Biden, Social Security, CNBC, Detroit Economic, Federal Budget Locations: Michigan

☆ Illinois is considering a 3% tax on millionaires to solve the state's skyrocketing property tax problem
▼ + stars: | 2024-10-06 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

The governor says the tax could generate $4.5 billion annually and alleviate high property taxes. Illinois has the second-highest property taxes in the US. State leaders say it could alleviate the burden of high property taxes on the average resident. Illinois has the second-highest property taxes in the United States, according to the Tax Foundation, a tax policy nonprofit. "South suburban homeowners already pay some of the highest property taxes in the county, and these increases will make paying those bills even more difficult."

Persons: —, JB Pritzker's, Maria Pappas, Pappas, Pat Quinn, Quinn, WBEZ Organizations: Service, Illinois Gov, JB, Tax Foundation, Former Illinois Gov Locations: Illinois, WBEZ, Massachusetts . Massachusetts, United States, Cook County, Chicago

☆ 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

☆ Kamala Harris' tax plan for small businesses sounds like it will cost a lot of money — it won't
▼ + stars: | 2024-10-05 | by ( Alice Tecotzky | ) www.businessinsider.com time to read: +9 min

Harris has proposed expanding the small business tax credit from $5,000 to $50,000. She even mentioned a key proposal in her opening answer at the presidential debate: expand the small business tax credit 10-fold, from $5,000 to $50,000. Theodos called small businesses "essential" for the US economy, and Buttle said they're a crucial source of innovation. The Pew Research study found 61% of small businesses are majority-owned by men and, as of 2021, 85% were majority-white owned. "We're talking about community businesses, micro-businesses, businesses where the founder doesn't have as much net worth," Theodos told BI.

Persons: Harris, —, Patricia Oswlad, Oswald, Kamala Harris, Rhett Buttle, Joe Biden, Taylor McCleneghan, Danielle Parhizkaran, Brett Theodos, Garret Watson, Theodos, Buttle, McCleneghan, Watson, Chip Somodevilla, they're, Mary Hansen, Francine Orr, doesn't Organizations: Service, Business, Brisa Systems, Small Business, Small, Boston Globe, Getty, Urban Institute, Foundation, Tax Foundation, Pew Research Center, American University, Los Angeles Times, Congress, Pew Research Locations: Chicago

☆ Trump's plan to scrap taxes on tips and overtime could reshape how millions of Americans get paid
▼ + stars: | 2024-10-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

Presidential hopeful Donald Trump has proposed getting rid of taxes on tips and overtime. AdvertisementIf former President Donald Trump gets his way, workers who collect overtime pay or tips could stop paying taxes on them. "Their employer can pay less to keep them but the worker is not worse off because now they don't have to pay taxes on that," Shierholz said. Or it could mean some salaried workers switch to hourly wages in order to qualify for a higher rate of untaxed overtime pay. Do you collect tips or overtime pay?

Persons: Donald Trump, Trump, —, It's, Kamala Harris, that's, Harris, it's, Heidi Shierholz, Shierholz, Joe Hughes, Alex Muresianu, Muresianu, Hughes, Rube Goldberg, Karoline Leavitt Organizations: Service, Yale, Trump, Social Security, Taxation, Economic, Tax Foundation Locations: Arizona, America

☆ The JD Vance and Tim Walz debate is likely the last big night of the 2024 campaign. Here's what to expect.
▼ + stars: | 2024-09-28 | by ( Brent D. Griffiths | John L. Dorman | ) www.businessinsider.com time to read: +11 min

Tim Walz of Minnesota are set to meet for the only scheduled vice-presidential debate on Tuesday, a face-off that could mark the final major moment of the campaign. Harris' national polling has ticked up since what was viewed as her convincing debate victory. This will be the first time either Brennan or O'Donnell have moderated a vice-presidential debate. Born into poverty, Vance attended the flagship school in his home state, Ohio State University, before obtaining a law degree from Yale. Walz has led a progressive rewrite of the state tax code over the objection of business interests in the state.

Persons: Ohio Sen, JD Vance, Tim Walz, Vance, Walz, —, Sen, Kamala Harris, Donald Trump, Harris, he'll, Peter Loge, it's, Joe Biden, Trump, Nate Silver, Margaret Brennan, Norah O'Donnell, Brennan, O'Donnell, Scott Olson, Bradley Tusk, Tusk, whittle, Mike DeWine, Jeff Swensen, deindustrialization, he's, Lina Khan's Organizations: Minnesota Gov, Service, Ohio, Gov, Trump, School of Media, Public Affairs, George Washington University, Ohio Republican, Democratic, CBS Broadcast Center, CBS, Paramount, CBS Evening, Democratic Party, Minnesota National Guard, Army National Guard, Ohio State University, Yale, Federal Trade Commission, Big Tech, Foundation, Social Security, Tax Foundation Locations: Ohio, Minnesota, Vance, New York City, Springfield , Ohio, Iraq

☆ Here’s how Trump says he’ll help US businesses through tariffs and taxes
▼ + stars: | 2024-09-24 | by ( Tami Luhby | Katie Lobosco | ) edition.cnn.com time to read: +9 min

Trump’s promised business tax cuts come alongside his suite of targeted tax relief for individuals, a list that continues to grow. Trump used tariffs, in part, to help boost American manufacturing. Reducing the corporate tax rateTrump has long wanted to reduce the corporate tax rate to below 21%. It will force owners of successful companies to sell their businesses to raise the cash to pay the tax, Trump said. Notably, the tax cut law temporarily created a special deduction for the owners of certain pass-through entities who pay business taxes on their individual tax returns.

Persons: Donald Trump, we’re, ” Trump, Trump, Kamala Harris, Joe Biden’s, Trump’s, ” John Murphy, Biden, ”, John Gimigliano, “, Harris, CNN’s Kate Sullivan Organizations: CNN, Trump, Democratic, Social Security, Republicans, Tax Foundation, China Business, Federal Reserve, US Chamber of Commerce, Economic, of New, KPMG Locations: Savannah , Georgia, America, Mexico, United States, American, of New York, Savannah

☆ These 9 'Back to the USA' stocks will get the biggest boost from an American manufacturing boom: Bank of America
▼ + stars: | 2024-09-21 | by ( Laila Maidan | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. He believes that the rise of the US trade deficit over the past year will likely make it a key issue for both political parties. AdvertisementAlthough the Trump administration has traditionally been linked to trade wars and more protectionist measures, Biden's administration maintained the Chinese tariffs. It will create more manufacturing jobs and boost demand for domestic companies with in the logistics and supply chain process. A September 19 research note from Bank of America suggests that this shift is set to benefit domestic small- and mid-cap stocks most.

Persons: —, Trump, Manish Kabra, Kabra, Jill Carey Hall Organizations: Service, Business, US, of, Tax, Bank of America Locations: China, Red

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