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☆ 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 top 5% will benefit from Trump's tax plans while the rest of America pays more, a new analysis says
▼ + stars: | 2024-10-09 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

With the economy top of mind for many voters, tax policy will be significant in the election. Trump's proposals include eliminating taxes on tips and overtime, extending the 2017 tax cuts for individuals, implementing higher tariffs on imported goods, and reducing the corporate tax rate. Meanwhile, the Tax Policy Center has found that the policies would bring down post-tax incomes by $1,800 in 2025. Joe Hughes, a senior analyst on federal tax policy at ITEP, previously told BI that high-wage workers could take advantage of Trump's proposals to make more money. Ultimately, though, any tax proposals would need buy-in from the House and Senate.

Persons: Donald Trump, —, everybody's, ITEP, Ernie Tedeschi, Trump's, Matthew Gardner, Gardner, Trump, Casey B, Mulligan, Joe Hughes, Hughes, Brian Hughes Organizations: Service, Taxation, Yale Budget Lab, White House Council, Economic Advisers, IRS, American Progress, Trump, Policy Institute, Washington Post, Trump campaign's, Democratic, Senate Locations: ITEP

☆ U.S. job market slows, but it's not yet a 'three-alarm fire,' economist says
▼ + stars: | 2024-09-06 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

The unemployment rate also fell slightly, to 4.2% from 4.3% in July. For example, average job growth was 116,000 over the past three months; the three-month average was 211,000 a year ago. The unemployment rate has also steadily risen, from 3.4% as recently as April 2023. In other words, many more Americans entered the job market and looked for work; they're counted as unemployed until they find a job. That said, the job hunt has become more challenging for job seekers than in the recent past, according to Bunker.

Persons: Michael M, Ernie Tedeschi, Biden, hasn't, Julia Pollak, Bunker, " Tedeschi, Tedeschi Organizations: FedEx, Broadway, Santiago, Getty, of Labor Statistics, Yale Budget Lab, White House Council, Economic Advisers, Labor Department, ZipRecruiter, Workers, ., Federal Reserve Locations: New York City, U.S

☆ Both Trump and Harris want to eliminate taxes on tips. This is how it could affect workers
▼ + stars: | 2024-08-12 | by ( Tami Luhby | Matt Egan | ) edition.cnn.com time to read: +6 min

But the move likely wouldn’t help many tipped workers, largely because a sizable share don’t earn enough to pay federal income taxes, experts say. Harris would couple her plan to eliminate taxes on tips with a push for Congress to raise the minimum wage, a Harris campaign official said. Many states and municipalities have higher minimum wages and minimum tipped wages, while some states have eliminated lower minimum wages for tipped workers. Just excluding tips from federal income taxes could reduce revenues by at least $107 billion over 10 years, according to the Tax Foundation. Just getting rid of federal income taxes on tips would lead to a loss of about half that size.

Persons: Donald Trump, Kamala Harris, Trump, Harris, Republican Sen, Ted Cruz of, Democratic Sens, Jacky Rosen, Catherine Cortez Masto, it’s, ” Ernie Tedeschi, Biden, ”, Erica York, ” York, Tedeschi, Ted Pappageorge, “, Pappageorge, Bethany Khan, CNN’s Aaron Pellish Organizations: CNN, Republican, Social Security, Democratic, Yale University, Budget, White House Council, Economic Advisers, Tax Foundation, Culinary Workers Union Local, Culinary Union Locations: Las Vegas, Ted Cruz of Texas, Nevada, York

☆ The stock market is panicking, but you don’t have to
▼ + stars: | 2024-08-06 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

To be sure, the carnage on Wall Street and in equities markets around the world was real. But Monday’s panic was the Wall Street equivalent of a tantrum from a kid who just got told they can’t have ice cream for dinner. But don’t let the stock market drama fool you: The US economy is still in good shape, despite some turbulence. “And I’m not too worried about Wall Street becoming poor.”Stocks looked to bounce back Tuesday. Wall Street worked itself into a lather when ChatGPT came out two years ago.

Persons: CNN Business ’, Stocks, Dow, Wall, don’t, Rana Foroohar, That’s, it’s, Goldman Sachs, ”, Jan Hatzius, ” Goldman, There’s, Beryl, “, Beryl didn’t, Aaron Sojourner, ’ ”, ChatGPT, Rob Haworth, ” Haworth Organizations: CNN Business, New York CNN, CNN, Nikkei, of Labor Statistics, Coast, BLS, WE Upjohn, Employment Research, White House Council, Economic Advisers, Fed, Federal, Markets, Big Tech, Nvidia, Microsoft, Wall, Bank of Japan, US Bank Locations: New York, Japan

Elijah Nouvelage | Afp | Getty ImagesHow the LIFT Act could look todaySince the LIFT Act was first proposed in 2018, the cost of living has only skyrocketed, hitting working-class Americans especially hard. However, funding such a tax credit now could be tough amid growing concerns over the federal budget deficit. The advantage of the LIFT tax credit, said D'Acunto, is that it doesn't create the same market distortions the rent cap would ignite. Child tax credit is a 'huge priority' for DemocratsLIFT was first proposed years before Congress temporarily expanded the child tax credit during the Covid-19 pandemic, which could now be a bigger priority, experts say. Harris described the child tax credit changes as one of the "most important" and "most impactful" parts of the legislation in a 2021 speech.

Persons: Kamala Harris, Elijah Nouvelage, Tomas Philipson, Joe Biden's, Laura Veldkamp, Harris, Donald Trump, Francesco D'Acunto, Biden, Karl Widerquist, Jacob Channel Organizations: Democratic, Afp, Getty, White House Council, Economic Advisers, CNBC, Columbia University Business School, Georgetown University, D'Acunto, Federal, Plus, American Rescue Plan, Columbia University, . Census Locations: Atlanta , Georgia, Atlanta

What the LIFT Act would mean todaySince the LIFT Act was first proposed in 2018, the cost of living has only sky-rocketed, hitting working-class Americans especially hard. But a tax credit like LIFT would also be extremely costly, according to Tax Policy Center estimates from 2018 and 2019. However, funding such a tax credit now could be tough amid growing concerns over the federal budget deficit. Focus on the child tax creditLIFT was first proposed years before Congress temporarily expanded the child tax credit during the Covid-19 pandemic, which could now be a bigger priority, experts say. The American Rescue Plan boosted the child tax credit to $3,000 from $2,000, with an extra $600 for children under age 6 for 2021, and families received up to half upfront via monthly payments.

Persons: Kamala Harris, Kevin Mohatt, Francesco D'Acunto, Biden, Karl Widerquist, Jacob Channel, Tomas Philipson, Laura Veldkamp, Harris, Donald Trump Organizations: West Allis Central High School, Reuters, Georgetown University, D'Acunto, Plus, White House Council, Economic Advisers, Columbia University Business School, American Rescue Plan, Columbia University, . Census Locations: West Allis , Wisconsin

☆ A timeline of Elon Musk's political stances and donations before his latest embrace of the Republican Party
▼ + stars: | 2024-06-27 | by ( Jake Lahut | Grace Eliza Goodwin | ) www.businessinsider.com time to read: +10 min

And as one of the richest and most powerful people in the world, Musk's political stances carry a great weight. Musk's political donations dating back to 2002 fit neatly into just a single landing page on OpenSecrets, a nonprofit organization that tracks money in politics. AdvertisementThough Musk historically hasn't been big on political donations, he's publicly said that he weighs in on politics when it could affect his businesses. Musk's political coming of age during the pre-social media era remains much of a mystery. His latest donations have all been to Republican candidates and causes, with Sen. Chris Coons of Delaware being the last Democrat to receive any Musk donations back in 2020.

Persons: —, Elon, hasn't, that's, he's, Trump, Joe Biden, Donald Trump, Musk, Elon Musk, Paul Harris, Errol —, Ashlee Vance's, Musk's, Andrew Panzera, Tesla, Martin Eberhard, Marc Tarpenning, Trump Tesla, Alex Brandon Musk, George W, Bush, John Kerry, Barack Obama, Hillary Clinton, Clinton, Sen, Chris Coons, Rex Tillerson's, Hillary Clinton's, Marc Piasecki, Ron DeSantis, DeSantis, Biden, Nelson Peltz, MAGA, — Musk Organizations: Service, SpaceX, Business, White, Tesla, Getty, Pretoria City Council, Progressive Party, New York Times, Times, PayPal, Trump, Donald Trump AP, Democratic, California Democrats, National Republican Congressional, GOP, Republican, Elon, State, Paris Climate, America, NASA, Biden's, Cannes Lions, Democratic Party, Republican Florida Gov, Twitter Locations: Africa, Los Angeles, Republic of South Africa, Pretoria, South Africa, Canada, Johannesburg, Silicon Valley, California, Sens, Delaware, Paris, Texas, Musk's Texas

Trump’s campaign insists the former president is his own best adviser and he alone will make the call. Vance,” Trump Jr. told Newsmax in January. That’s a key concern of Trump’s top advisers who have otherwise let the former president dictate the process. “President Trump should not be made to explain other people’s scandals or statements.”Burgum’s wealth may have worked in his favor for a time when Trump trailed President Joe Biden in the money wars. But the recent influx of cash into the campaign following Trump’s fundraising blitz and criminal convictions has blunted that advantage.

Persons: Donald Trump, Donald Trump Jr, Sen, J.D, Vance, Rupert Murdoch, Trumpworld, Doug Burgum, Sean Hannity, Florida Sen, Marco Rubio, Trump, —, Burgum, Rubio, South Carolina Sen, Tim Scott, Elise Stefanik, Byron Donalds, Ben Carson, “, Susie Wiles, Chris LaCivita, Wiles, “ Susie, Nikki Haley, Scott, In Rubio, Hannity, Kellyanne Conway, Trump’s, Mike Pence, Conway, ” Conway, namechecked Donalds, Marc Andreessen, Brian Hook, Bill Ackman —, Ken Griffin, Griffin, Haley, Steve Bannon, Bannon, Paul, Trump’s Jesus, Jesus, ” Bannon, ” Trump, Newsmax, ” Tucker Carlson, Carlson, Vance “, I’ve, Pence, ”, bankroll, Marco Rubio’s, Joe Biden Organizations: CNN, Ohio Republican, North Dakota Gov, Fox News, Florida, Trump, Republican National Convention, House GOP, Florida Rep, Urban, Street, South Carolina Gov, Indiana Gov, Washington Post, Democratic Party, The New York Times, Wednesday, White, Politico, Trump Jr, GOP, Fox, North, Republican, New, ”, Wall Street, Murdoch’s, Corp, “ Locations: Milwaukee, South Carolina, Florida, New York City, Nevada, Conway, Mar, Washington, South Florida, Miami, Vance’s, North Dakota, White

☆ Americans are still paying more for shoes, luggage and hats after Biden left Trump’s tariffs in place
▼ + stars: | 2024-06-16 | by ( Katie Lobosco | ) edition.cnn.com time to read: +12 min

Courtesy Abby ChowningThe tariffs Biden left in place – which are paid by US importers and not China – hit roughly $300 billion of goods. After Trump’s tariffs hit, some US companies sought new manufacturers in other countries. The Covid-19 pandemic upended the global economy roughly two years after Trump’s trade war began. Several studies show that Trump’s tariffs only marginally contributed to the rise in US inflation experienced after the pandemic and the following supply chain crisis. Trump’s tariffs were meant to get China to address those issues.

Persons: Donald Trump, Trump, Tiffany Zarfas Williams, ”, Zarfas Williams, Joe Biden, –, “ Trump, ” Biden, “, Biden, ’, Abby, China –, Rick Muskat, Jake Muskat, Alena Margolis, Muskat, ” Muskat, Phil Page, Page, Bryan Finch, ” Page, Morgan, Nate Herman, Matt Priest, Priest, Steve Madden, ” Jared Bernstein, we’ve, ” Bernstein, Justin Sullivan, ” Herman, Xi Jinping, Biden “ Organizations: Washington CNN —, China, Trump, Biden, Deer Stags, JCPenney, America, Cap America, American Apparel & Footwear Association, Bureau of Labor Statistics, Footwear Distributors, Retailers of America, Adidas, Columbia, Nike, White House Council, Economic Advisers, China Business, Trade, National Council of Textile Organizations, Port Locations: Lubbock, Texas, China, Ukraine, Missouri, Vietnam, Bangladesh, Port of Oakland, Oakland , California

☆ The great tax debate: How will GOP fund tax cuts?
▼ + stars: | 2024-06-14 | by ( Robert Frank | ) 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 great tax debate: How will GOP fund tax cuts? CNBC's Robert Frank and Marc Short, former chief of staff to Vice President Mike Pence and former Trump White House Director of Legislative Affairs, and Ernie Tedeshi, director of economics at The Budget Lab at Yale University and former chief economist at the White House Council of Economic Advisors, join 'Squawk Box' to discuss the competing tax plans between President Biden and former President Trump, the new tax ideas floated by Trump in recent days, what the corporate tax rate should be, and more.

Persons: Robert Frank, Marc Short, Mike Pence, Ernie Tedeshi, Biden, Trump Organizations: Trump White House, Legislative Affairs, Yale University, White House Council of Economic Advisors, Trump

☆ Biden's new immigration executive order could tighten labor markets, but ease supply chain bottlenecks
▼ + stars: | 2024-06-04 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +8 min

Mike Blake | ReutersSince 2019, immigration has added 2 million workers to the U.S. labor supply, according to an April analysis by Tedeschi. Without immigrants, Tedeschi estimated that the size of the U.S. labor supply would have shrunk by 1.2 million during that period. The short answer is that this executive order will probably not increase inflation. Some experts say the executive order could bring down costs by smoothing out the U.S.-Mexico supply chain. Biden's executive order could help clear some of these supply chain bottlenecks.

Persons: Joe Biden, Leah Millis, Joe Biden's, Biden, Andrés Manuel López Obrador, Jose Luis Gonzalez, Ernie Tedeschi, Tedeschi, Trucks, Daniel Becerril, Donald Trump, I'd, Mike Blake, Tara Watson, Guillermo Arias, Jerry Pacheco, It's, Pacheco, Watson, Trump, Saul Loeb Organizations: White, . Border Patrol, Department of Homeland Security, NBC, Texas National Guard, Reuters, United, Yale University's, White House Council, Economic Advisers, Customs, Brookings, Immigrants, AFP, Getty Images Shipping, Border Industrial Association, Getty Locations: U.S, Mexico, Washington , U.S, United States, Texas, Ciudad Juarez, Nuevo Laredo, Biden's, San Diego , California, Mesa Port, Tijuana , Mexico, New Mexico, Calexico , California

☆ Live Updates: Inflation Expected to Cool Slightly
▼ + stars: | 2024-05-15 | by ( Ben Casselman | ) www.nytimes.com time to read: +9 min

Housing Inflation Remains Stubbornly High Economists had expected two measures of rental inflation to fade in 2023 and 2024, but that process is taking time to play out. There are two main measures of inflation in America, the Consumer Price Index and the Personal Consumption Expenditures index. Consumer Price Index Inflation Remains Hotter The Consumer Price Index is climbing faster than the Personal Consumption Expenditures index, in large part because it weights housing more heavily. With housing, Consumer Price Index inflation totaled 3.5 percent in March. But the convergence between new and existing rent inflation is taking a lot longer than expected.

Persons: There’s, “ It’s, ”, Mark Zandi, Biden, Zandi, grousing, “, O.E.R, We’re, would’ve, Mark Franceski, I’ve, Ernie Tedeschi, Tedeschi Organizations: New York Times, Federal Reserve, Index, Housing, Zelman, Associates, White House Council, Economic Advisers Locations: America, bam, Europe

☆ Businesses add $90 billion in surprise 'junk fees' each year, and it's starting to backfire
▼ + stars: | 2024-05-08 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +3 min

Businesses are adding $90 billion in fees to consumer's bills each year, according to one estimate. US consumers spend more than $650 a year per household on "junk fees," per the CEA. AdvertisementBusinesses are adding $90 billion in surprise "junk fees" to customers' bills each year — and it is starting to backfire. Junk fees are hidden costs that are added to product prices. Last June, President Joe Biden said his administration had taken steps to crack down on junk fees.

Persons: —, Noelle Weaver, Bradley Walker, Walker, Merrilee Bridgeman, Joe Biden Organizations: Service, White House Council, Economic Advisers, National Bureau of Economic Research, Wall Street, Democratic Locations: New Orleans, Charlotte , North Carolina

☆ Home prices rose 2.4 times faster than inflation since 1960s, study finds. What that means for homebuyers
▼ + stars: | 2024-03-19 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

"When demand for other consumer products comes up, or when it increases, it's usually not too hard for people to scale up supply," Brannon said. Moreover, the current housing affordability makes 64.2% of owners and renters have negative feelings about the economy, Redfin found. In fact, affordable housing is a pressing topic for both liberal and conservative voters: the topic is ranked as No. 1 for liberals while it's No.3 for conservatives, according to a separate survey by The Real Estate Witch. To address the issue, President Biden announced in early March as part of his budget for fiscal 2025, a plan to cut housing costs, boost supply and expand access to affordable housing.

Persons: Brannon, Kirabo Jackson, Qualtrics, Redfin, it's, doesn't, Brennon, Biden Organizations: Westend61, U.S . Census, White House Council, Economic Advisers, CNBC Locations: U.S

☆ Homebuyers need to earn 80% more than in 2020 to afford a house in this market. It's not just due to high mortgage rates
▼ + stars: | 2024-03-12 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Factors beyond high mortgage rates are affecting housing affordability for many Americans, according to experts. Almost four years ago, a household earning $59,000 annually could afford a new mortgage without spending more than 30% of their monthly income and with a 10% down payment, according to a recent report by Zillow Group. While the typical household in 2024 makes about $81,000 a year, up from $66,000 in 2020, wages have not kept up with housing costs. "Since January of 2020, the typical mortgage payment on the typical home in the U.S. has nearly doubled," said Orphe Divounguy, a senior economist at Zillow. Nowadays, potential homebuyers need to make about $106,500 a year in order to afford the typical home today, an 80% increase from January 2020, according to Zillow.

Persons: Orphe Divounguy, Kirabo Jackson, Jackson Organizations: Zillow Group, Finance, White House Council, Economic Advisers Locations: U.S, Zillow

☆ Live Updates: Biden Budget Underscores Divide With Republicans and Trump
▼ + stars: | 2024-03-11 | by ( Jim Tankersley | ) www.nytimes.com time to read: +6 min

Last week, House Republicans passed a budget proposal outlining their priorities, which are far afield from what Democrats have called for. Mr. Biden has sought to reclaim strength on economic issues with voters who have given him low marks amid rapid inflation. But Mr. Biden has been unwavering in his core economic-policy strategy, and the budget is not expected to deviate from that plan. White House officials, previewing the budget release, said Mr. Biden would propose about $3 trillion in new measures to reduce the budget deficit over the next decade. House Republicans released a budget last week that seeks to reduce deficits much faster — balancing the budget by the end of the decade.

Persons: Biden, Donald J, Trump, ”, “, ” Mr, ” Shalanda Young, Trump’s, Mr, Biden’s, . Young, Jared Bernstein Organizations: Republicans, Democrats, Republican, Tax, White, Budget, Mr, White House Council, Economic Advisers Locations: Israel, Ukraine

(AP) — The U.S., Canada and several indigenous groups announced a proposal on Monday to address the pollution from coal mining in British Columbia that's been contaminating waterways and harming fisheries on both sides of the border for years. The proposal would be executed through a century-old U.S.-Canada boundary waters treaty, establishing independent boards to study the pollution’s extent and make cleanup recommendations. It comes after indigenous groups in British Columbia, Montana and Idaho lobbied for more than a decade for the federal governments in the U.S. and Canada to intervene and stop the flow of pollution. The proposal calls for no more than two years of study to gauge the extent of pollution. Investigators in Canada found Teck Resources Limited discharged hazardous amounts of selenium and calcite from two coal mines north of Eureka, Montana.

Persons: ”, Tom McDonald, Joe Biden, Justin Trudeau, Stephenne Harding, Gary Aitken Jr, “ It’s, Rachel Poynter, ” Poynter Organizations: The Associated Press, U.S . Environmental Protection Agency, U.S ., White, Council, Environmental, Investigators, Teck Resources Limited, of, of Teck Resources Locations: Mont, U.S, Canada, British Columbia, Montana, Idaho, Kootenai, Lake Koocanusa, U.S . Canada, Elk, Kootenai Tribe, Canadian, Montana and Idaho, Eureka , Montana ., of Teck

☆ Opinion | Ban Fossil Fuels? Readers Had Strong Thoughts.
▼ + stars: | 2024-02-21 | by ( Peter Coy | ) www.nytimes.com time to read: +1 min

I got a lot of responses to my Friday newsletter on restricting the supply of fossil fuels, one of which said “oof no” in the subject line. He is an economics professor at Vassar College and was the lead energy economist for the White House Council of Economic Advisers in the George W. Bush administration. The United States is such a big producer of fossil fuels that if it abruptly banned or restricted production, the reduction in supply would drive up the world price of oil, curbing demand. That’s the good part. The bad part, Ho wrote, is that “banning fossil fuels in the U.S. just increases profits to OPEC countries that don’t abide by the ban and encourages them to drill for more oil.”

Persons: “, Benjamin Ho, ”, I’ll, Ho, George W, Bush Organizations: Vassar College, White House Council, Economic Advisers Locations: United States, U.S

☆ Premarket stocks: Joe Biden’s top economic adviser isn’t worried about the latest inflation data
▼ + stars: | 2024-02-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —US markets broke a five-week winning streak last Friday after disappointing inflation data reignited economic and interest rate-related fears on Wall Street. Then last week, two key inflation indicators for January — the Consumer Price Index and Producer Price Index — rose above Wall Street expectations. Richmond Fed President Thomas Barkin said the new data showed that the Fed needs more confidence before cutting rates. I think in this case, the market isn’t necessarily telling you much about the economy’s fundamentals, the market is telling you what other market participants think. And I think that those economic fundamentals get you to the part that says, you know, it’s not not the economy.

Persons: Price, Thomas Barkin, Raphael Bostic, isn’t, Bell, Jared Bernstein, Joe Biden, I’m, they’re, It’s, it’s, Joe Weisenthal, Elisabeth Buchwald, Hanna Ziady, Liam Peach, ” Peach Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Richmond Fed, White House Council, Economic Advisers, CPI, Apple, Google, Nvidia, Microsoft, Capital, Discover Financial Services, Discover, Hamas, Gross, Israel’s, Bureau, Statistics, Capital Economics Locations: New York

☆ Americans have $1.13 trillion in credit card debt. Here are some expert tips to help pay yours off
▼ + stars: | 2024-02-12 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Collectively, Americans now owe $1.13 trillion on their cards, and the average balance per consumer is up to $6,360, both historic highs. More from Personal Finance:Average credit card balances jump 10% to a record $6,360Credit card debt hits a 'staggering' $1.13 trillionAmericans can't pay an unexpected $1,000 expense Already, credit cards are one of the most expensive ways to borrow money. The average credit card charges a record high 20.74%, according to Bankrate. Try a 0% balance transfer credit card "My favorite tip is to sign up for a 0% balance transfer credit card," said Ted Rossman, senior industry analyst at Bankrate. Those offers are "just about the best tool you have against credit card debt," added Matt Schulz, chief credit analyst at LendingTree.

Persons: Achilles, Tomas Philipson, Philipson, Ted Rossman, Matt Schulz Organizations: University of Chicago, White House Council, Economic Advisers, Finance

☆ We have an economy that's continuing to defy expectations, says CEA Chair Jared Bernstein
▼ + stars: | 2024-01-22 | 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 EmailWe have an economy that's continuing to defy expectations, says CEA Chair Jared BernsteinJared Bernstein, White House Council of Advisers Chair, joins 'Squawk Box' to discuss the state of the economy, whether 'Bidenomics' is working, and more.

Persons: Jared Bernstein Jared Bernstein Organizations: White House Council

Energy Secretary Jennifer Granholm, Deputy Defense Secretary Kathleen Hicks and Brenda Mallory, chair of the White House Council on Environmental Quality, announced the projects Wednesday at the Pentagon. Because of the Pentagon's “relatively congested air space” outside Washington, solar panels were the best option for clean energy, he said. The building is a nationally registered historic landmark, so officials will work with local officials to ensure the panels meet all requirements. In addition to the Defense Department, projects also include installation of thermally efficient windows at the Energy Department headquarters in Washington, as well as efficiency upgrades to the Commerce and Transportation departments. The projects also include installation of solar panels at the U.S. Army Garrison in Wiesbaden, Germany, as well as energy and water efficiency improvements and solar panels at the Maui Air Traffic Control Tower in Kahului, Hawaii.

Persons: Biden, ”, Jennifer Granholm, Kathleen Hicks, Brenda Mallory, Brendan Owens, Owens, U.S . Army Garrison Organizations: WASHINGTON, The Defense Department, Pentagon, Energy Department, Energy, White, Council, Environmental, Naval, Defense Department, Commerce, Transportation, Interior, Veterans Affairs, General Services Administration, Personnel Management, Social Security Administration, National Oceanic, Atmospheric Administration, Energy Conservation Technologies, U.S . Army, Maui Air Traffic Control Locations: U.S, Germany, Washington, Georgia, Tennessee, Loa, Hawaii, Mauna, Wiesbaden, Kahului

☆ A bipartisan group of lawmakers' plan to boost the child tax credit for parents would help 'hundreds of thousands of kids get out of poverty,' a top economic official says
▼ + stars: | 2024-01-17 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

A bipartisan group of lawmakers proposed boosting the child tax credit for parents. The White House told BI that Biden is committed to fighting "for the full expanded Child Tax Credit." AdvertisementA bipartisan proposal to boost the child tax credit for parents appears like it might be on track to get the White House's stamp of approval. "We're very supportive of expanding the child tax credit," Bernstein said. "So, helping hundreds of thousands of kids get out of poverty, reaching 16 million kids with a more fair child tax credit, that sounds like a really smart idea to us."

Persons: Jared Bernstein, Biden, —, Ron Wyden, Jason Smith, Poppy Harlow, White, Bernstein, Joe Biden, hasn't, it's, Michael Kikukawa, Wyden, Smith's, Kikukawa, Democratic Sen, Sherrod Brown, GOP Sen, Mike Crapo Organizations: White House, Service, Democratic, Republican, Tax Relief, American Families and Workers, White House Council, Economic Advisers, American, Budget, Child, GOP

“It’s an ongoing effort,” said White House chief of staff Jeff Zients. “Under his leadership, we’ve attacked inflation from every angle.”The question is whether voters are feeling the improvement and will reward Biden. Or will they penalize him because inflation became a problem on his watch as the U.S. emerged from pandemic shutdowns? Past and current Biden administration officials say the decline in inflation since then was a result of a set of choices. Much of the public saw inflation through the lens of their grocery stores, strip malls and gas stations, but the White House considered it a worldwide issue.

Persons: Joe Biden, he's, Biden, ”, Jeff Zients, we’ve, Jason Smith of Missouri, Donald Trump, ” Trump, “ We're, Bharat Ramamurti, shutdowns, “, Jared Bernstein, White, Ben Harris Organizations: WASHINGTON, White, Bureau of Labor Statistics, Biden, Federal Reserve, House, National Economic Council, Congressional, Medicare, Factories, Shipping, White House Council, Economic Advisers, White House, U.S, Republican, Treasury Department, Associated Press, NORC, for Public Affairs Locations: “, U.S, Los Angeles, Long Beach , California, Russia, Ukraine, Israel, Red

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