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☆ Deductions for megamansions and Ferraris: The IRS details tax dodges by the ultra-wealthy and says it recently squeezed 100 millionaires for $122 million in missing taxes
▼ + stars: | 2023-10-20 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

There's more enforcement to come, thanks to the Inflation Reduction Act. The passage of the Inflation Reduction Act infused billions of dollars into the previously perpetually underfunded and paper-laden IRS. "Inflation Reduction Act funding gives us the ability to take swift and aggressive action to improve compliance and close the tax gap." Since the passage of the IRA, the IRS has closed several cases of high-earning taxpayers getting creative with their business expenses and deductions. The IRS is specifically taking aim at Americans who earn over $1 million, and have over $250,000 in tax debt.

Persons: it's, —, Daniel Werfel, That's, Werfel Organizations: IRS, Service, dodgers, Ferrari, Bentley, Lamborghini Locations: COVID

☆ Every type of used car is getting cheaper except trucks
▼ + stars: | 2023-10-10 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

The used car market took off during the COVID-19 pandemic. As of last month, used pricing had declined nearly 4% year-over-year, according to Cox Automotive's latest Manheim Used Vehicle Index, with one exception: Trucks. Overall, despite slight improvements in the used car market from 2020 and 2021, supply remains tight for used cars today, according to Cox, and is tighter than this same point both last year and pre-COVID. Used car dynamicsThe pandemic broke the used car market, and there is no "normal" for this market to return to. The ongoing UAW strike could also eventually threaten used car prices.

Persons: —, Cox, That's, It's, Chris Frey Organizations: Service, Manheim, UAW

☆ Sen. Bob Menendez's wife, Nadine Arslanian, racked up traffic violations – including using her phone while driving — before she struck and killed a pedestrian in 2018
▼ + stars: | 2023-10-05 | by ( Katherine Long | ) www.businessinsider.com time to read: +2 min

Nadine Arslanian married Bob Menendez in 2020, two years after she struck and killed a pedestrian. Records show that she has a history of traffic infractions, including using a phone while driving. AdvertisementAdvertisementNadine Arslanian, the wife of embattled New Jersey senator Bob Menendez , has a history of traffic violations stretching beyond a fatal 2018 crash in which she struck and killed a pedestrian, municipal records show, including two citations for using her phone while driving. Arslanian seems to have been something of a fixture in New Jersey traffic courts, racking up six tickets between 2005 and 2018 for violations, including using a phone while driving, ignoring traffic signs, and failing to maintain her headlamps. AdvertisementAdvertisementArslanian received another ticket for using her phone while driving in 2021, three years after she killed Koop, municipal records show.

Persons: Nadine Arslanian, Bob Menendez, —, Arslanian, Richard Koop, Mercedes, Menendez, Matt Friedman, Koop, Doug Anton, Kelly, Wael Hana, Mendendez's Organizations: Records, Service, Benz, Police, Politico, BMW Locations: New Jersey, Egyptian

By last year, with sanctions elsewhere tightening, Russia was buying more than a quarter of Japan's used-car exports for an average price of almost $8,200. That was more than double the price in 2020, when Russia took about 15% of Japan's used-car exports. Those sales had been on track to top $1.9 billion for all of 2023 before Japan imposed its own tougher sanctions, trade data show. A system of mandatory inspections pushes the cost of maintaining used cars higher for customers in Japan. Battery recycling firm 4R Energy has seen a "significant" tailwind from declining used-car prices, including the Nissan Leaf, said chief executive Yutaka Horie.

Persons: Sergei Karpukhin, Japan's, we've, Olesya Alekseeva, Takanori Kikuchi, Wataru Nishiwaki, Yutaka Horie, Daniel Leussink, Gleb Stolyarov, Kevin Krolicki, Sonali Paul Organizations: Toyota, REUTERS, Rights, SV Alliance, Japan's Ministry, Economy, Trade, Industry, Honda, Energy, Nissan, Sumitomo, Thomson Locations: Moscow, Russia, Ukraine, Japan, New Zealand, Southeast Asia, Africa, Toyama, Russia's Vladivostok, Malaysia, Mongolia, Pakistan, Tanzania, Niigata prefecture

☆ Nigeria's suspended cenbank governor to face fraud charges on Thursday
▼ + stars: | 2023-08-16 | by ( Camillus Eboh | ) www.reuters.com time to read: +2 min

Nigeria's Central Bank Governor Godwin Emefiele briefs the media during the MPC meeting in Abuja, Nigeria January 24, 2020. REUTERS/Afolabi Sotunde/File Photo Acquire Licensing RightsABUJA, Aug 16 (Reuters) - Nigeria's suspended central bank governor Godwin Emefiele will appear in a high court in Abuja on Thursday, when he is expected to enter a plea in a 20-count indictment, a government lawyer said on Wednesday. Government lawyers, on Tuesday, said they had filed additional graft charges against the governor, including allegedly "conferring unlawful advantages" and "unlawful procurement". Local papers said the central bank employee was a director in the private company. Emefiele, suspended by President Bola Tinubu in June, had already pleaded not guilty to charges of possessing a firearm illegally, which were subsequently withdrawn.

Persons: Nigeria's Central Bank Governor Godwin Emefiele, Afolabi, Godwin Emefiele, Emefiele, Bola Tinubu, Tinubu, Camillus Eboh, Chijioke, Sharon Singleton Organizations: Nigeria's Central Bank Governor, MPC, REUTERS, Rights, Government, Thomson Locations: Abuja, Nigeria, Rights ABUJA, Lagos, Africa's

☆ Electric Cadillac Escalade has 750 horsepower and can crab walk
▼ + stars: | 2023-08-09 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +6 min

CNN —The new all-electric Cadillac Escalade IQ shares virtually nothing with the boxy gas-powered Escalade, but it’s possibly the most important flag-bearer yet for the automaker’s transition to electric vehicles. So the new Escalade IQ has flashy light displays and electric motors able to produce a total of 750 horsepower. CadillacWhen it goes on sale next year, the Escalade IQ will be one of Cadillac’s most expensive models. Prices for the gas-powered Cadillac Escalade start at about $81,000, with the average one sold last year going for about $109,000 according to Edmunds.com. GM claims that the Cadillac Escalade IQ is the most aerodynamic large SUV the company has ever produced.

Persons: John Roth GM’s, Cadillac, ”, it’s, Mandi Damman Organizations: CNN, General Motors, GM, EV, Silverado EV, GMC, Hummer, Chevrolet Silverado, Insurance Institute for Highway Safety, Cadillac, GM’s Locations: Detroit, Hamtramck , Michigan

MediaNews Group | The Riverside Press-Enterprise via Getty ImagesOf the many acts that can get an Amazon merchant kicked off the site, few are as devastating as selling stolen goods. But suspended sellers, who spent years building their businesses on Amazon, told CNBC they had no idea they were selling stolen products. In an email to CNBC, Amazon said it's working with authorities and doesn't comment "on matters that are the subject of active law enforcement investigations." Tracing the stolen goods supply chainIn tracing the supply chain for suspended sellers, some patterns started to emerge. "Chances are stolen goods or similar ASINs/serial numbers are being bled in to every supply line," the employee wrote.

Persons: Levoit humidifiers, Frank —, Frank, Kenzo Sobrie, Dyson, blenders, they'd, Joe Quinlivan, Sellers, they've, Chris McCabe, Ricky Sala, what's, Sala, he'd, Tien Ngo, Ngo, Stride, Daniel Acker, ASINs, Armen Babayan, illicitly, Babayan, KZ, Juniper, couldn't, Cameron Webb, Kevin Cole, didn't, He's, Sobrie Organizations: MediaNews, Riverside Press, Enterprise, Getty, Amazon, CNBC, Retailers, LG, KZ International, California, Patrol, KZ, CHP, Amazon.com Inc, Amazon Robotics, Bloomberg, Oregon Prep Center, Facebook, FBI, Washington State Office, Ngo Wholesale Distributors, Ngo, Co, Wholesale, Los, Juniper Holdings, Telegram Locations: Eastvale , California, KZ's, Huntington Beach , California, Westborough , Massachusetts, Los Angeles, Miami, The Miami, New York, Washington, Santa Fe Springs, Los Angeles County, Garden Grove, Orange County, California, Huntington Beach, California , Florida, New Jersey

☆ Mercedes drivers can soon turn to ChatGPT for voice control
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

Mercedes-Benz (MBGn.DE) on Thursday said U.S. drivers could power some of their luxury vehicles with ChatGPT in a test program starting June 16. Compatible with some 900,000 vehicles that have the automaker's "MBUX" systems, ChatGPT will download over the air after drivers opt in via a Mercedes app or by voice command, the company said. Mercedes said ChatGPT would make its car system's answers sound more natural and would let drivers ask for destination information or address other queries, like what to cook for dinner. The automaker had previously let drivers and passengers issue a range of requests by voice, such as turning on seat heaters. Findings from the test program will inform Mercedes' plans for adding such artificial intelligence to other countries and in other languages, the company said.

Persons: Yves Herman, ChatGPT, Mercedes, Alexa, Jeffrey Dastin, Jamie Freed Organizations: Mercedes, Benz, REUTERS, Microsoft, General, Thomson Locations: Brussels, Belgium, Palo Alto , California, Bengaluru

☆ Clandestine Ukrainian unit claims successes against Russian forces in Bakhmut
▼ + stars: | 2023-06-15 | by ( Sam Kiley | ) edition.cnn.com time to read: +8 min

Because Kyiv region, Chernihiv region, Sumy region are forested areas. An aerial view of a battle field with damaged Russian tanks near Bakhmut in the Donetsk region, Ukraine, Saturday, May 27, 2023. Brabus and his group, all former soldiers with specialist skills, coalesced around an ex-officer from the Ukrainian forces after Russia's invasion. He said that signals intelligence suggested that Russian units were being swapped over. Ukrainian Armed Forces/ReutersSince Brabus and his group were in Bakhmut, there appears to have been growing anarchy among Russian commanders.

Persons: Brabus, Vladimir Putin, ”, –, “, wasn’t, Yevgeny Prighozhin’s Wagner, He’s, Wagner Organizations: Eastern, Eastern Ukraine CNN, Russian Volunteer Force, Russia Legion, “, NATO, CNN, intel, Ukrainian Armed Forces, Reuters, Russian 72nd Brigade Locations: Eastern Ukraine, Russia, Ukraine, Kyiv, Chernihiv region, Sumy, balaclava, Bakhmut, Donetsk, Russian, “, Zaporizhzhia

☆ Elliott proposes adding new directors to Goodyear’s board. How a margin-boosting plan might unfold
▼ + stars: | 2023-05-20 | by ( Kenneth Squire | ) www.cnbc.com time to read: +8 min

To implement its plan, Elliott is recommending adding five new directors to the board. Six members of the 12-person board (including CEO Richard Kramer) have served on the board for 11+ years. This, along with the underperformance and tenure of many directors makes for a compelling case for serious board reconstitution. Based on its history, we would expect this to be a diversified and qualified group of industry and professional directors with one Elliott executive. Elliott right now is working amicably with management and recommending potential directors as opposed to threatening to nominate their own slate of directors.

☆ Ford, GM and Toyota push into midsize pickup trucks, the latest battleground for U.S. automakers
▼ + stars: | 2023-05-20 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

Midsize pickup trucks are following the lead of their larger, full-size counterparts such as the Ford F-150, Chevrolet Silverado and Toyota Tundra. While the Detroit automakers dominate large pickup truck sales, Toyota Motor is the clear leader in midsize pickup truck sales with its Tacoma. Toyota has commanded a roughly 40% share of the American midsize pickup truck segment since 2019, when Ford and Jeep reentered the market, Edmunds reports. Edmunds reports the Detroit automaker's share of the U.S. midsize pickup segment last year was about 19%, followed by Stellantis ' Jeep Gladiator at 12.8% and the Nissan Frontier at 12.5%. Varying strategiesAutomakers' sales volumes speak to their diverging strategies in the midsize pickup truck segment.

☆ Why Tesla keeps making the Model S and X even as sales dwindle
▼ + stars: | 2023-05-02 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +5 min

Production ramped up slowly, but by 2017, Tesla was selling more than 100,000 a year of the Model S and its SUV sibling, the Model X. Similarly, pricing for the Model X SUV starts at about $98,000 but the smaller Model Y starts at just $47,000. Still, much like the S-class for Mercedes-Benz, the Model S remains Tesla’s flagship model, representing the brand. In fact, within its competitive class, the Tesla Model S and X are good sellers. By this point in their long lives, the Tesla Model S and X have become a stream of fairly steady profits, said Cox.

☆ New vehicle prices fall below sticker price after nearly two years - Kelley Blue Book
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

April 12 (Reuters) - New vehicles' average transaction price fell below the manufacturer's suggested retail price (MSRP) for the first time in 20 months, according to data published by automotive research company Kelley Blue Book. Vehicle prices turned hot after a pandemic-driven supply chain snag and an increased demand for private cars. The average transaction price of a new vehicle in the U.S. declined 1.1% in March to $48,008 from February's $48,558. However, March prices rose 3.8% compared to a year earlier. Top global automakers, except Toyota Motor Corp (7203.T), reported a rise in first-quarter U.S. sales on improving shipments to dealers as vehicle inventories improve.

☆ New vehicle prices fall below sticker price after nearly two years, Kelley Blue Book data shows
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

April 12 (Reuters) - New vehicles' average transaction price fell below the manufacturer's suggested retail price (MSRP) for the first time in 20 months, according to data published by automotive research company Kelley Blue Book. Vehicle prices turned hot after a pandemic-driven supply chain snag and an increased demand for private cars. The average transaction price of a new vehicle in the U.S. declined 1.1% in March to $48,008 from February's $48,558. Top global automakers, except Toyota Motor Corp (7203.T), reported a rise in first-quarter U.S. sales on improving shipments to dealers as vehicle inventories improve. Reporting by Pratyush Thakur in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Cheap new cars are going extinct while $60,000 SUVs and trucks flood the market
▼ + stars: | 2023-04-10 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

The $60,000 car is having a moment — and may be here to stayIn 2018, 44% of new vehicles sold were under $30,000, per an Edmunds release. Some of this has been going on since before COVID, especially as many automakers discontinued sedans several years earlier. Profit, as Jominy pointed out, is also a key factor — and automakers are even willing to sacrifice market share for it. "There is definitely a void happening in the market for those vehicles," Kunes added. "If they focus purely on luxury cars and high-end SUVs that cost $100,000, there are only so many people that can afford those."

☆ Car dealers reveal the 9 questions you should always ask before buying
▼ + stars: | 2023-04-08 | by ( Alexa St. John | ) www.businessinsider.com time to read: +9 min

Many of the car brands with more inventory on lots than others might also have higher loan payments. "The role of a dealer isn't just to sell them a car, it's to help them find the lowest interest rate possible, and that's both new car dealers and used car dealers. "Even based on the specific car, one bank may provide a lower interest rate on a specific sort of make and model." The used car market might be even more complicated for car shoppers than the new market right now. As a result, far fewer car shoppers have opted to lease a car in recent years.

☆ 9 questions you should always ask when buying a car
▼ + stars: | 2023-03-15 | by ( Alexa St. John | ) www.businessinsider.com time to read: +9 min

☆ 31% of new cars sold for above sticker price last month. These 10 models have the biggest premiums
▼ + stars: | 2023-03-10 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +2 min

An estimated 31% of new vehicles were sold above MSRP last month, according to a joint forecast from J.D. On average, new autos are priced 8.8% above the manufacturer's suggested retail price, or MSRP, according to new research from iSeeCars.com. The biggest premiums paid are for luxury vehiclesAs for which cars are priced the most above MSRP: Most of them are luxury models, according to the iSeeCars study. Coming in first for the highest premium is the Genesis GV70, whose average price of $56,476 is 27.5% above an MSRP of $44,299. For instance, the Chevrolet Silverado 1500 comes with an average price of $50,116, which is 1.9% below an MSRP of $51,103.

☆ Automakers abandoned the 'starter car' — and it's raising prices for everyone
▼ + stars: | 2023-03-07 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Many car companies are prioritizing high-profit vehicles over starter cars. Though those figures are averages, it's clear that lower-end vehicles are more costly than they used to be — a direction automakers have been moving in for years. "There is definitely a void happening in the market for those vehicles," Kunes added. What car buyers can look out forThe used market isn't much better, Kunes noted — the average used vehicle transaction price was $29,226 last month, per J.D. Power — "which really puts a lot of pressure on that lower-end market, and there's no manufacturers really stepping up to fill that void."

☆ Car buyers rejoice: Discounts are making a comeback — but you might have to ask for them
▼ + stars: | 2023-03-01 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

Car buyers didn't see the end-of-year blowout sales in November and December that they had been used to in holiday seasons' past. Instead, shoppers had to settle for new and used vehicles with markups above sticker price and no wiggle room. That puts discounts now at around $1,297, about 1% higher than the same time in 2022, Deutsche Bank analysts estimated this week. Where buyers might find the best incentivesLuxury vehicles saw the highest incentives at 6.2% in January, KBB said. "There's also some loyalty cash, and there's a pretty decent amount of rebates on some of the higher end vehicles.

☆ Meet the typical electric-vehicle buyer: A wealthy millennial trading in a luxury gas-powered car
▼ + stars: | 2023-02-28 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Non-luxury EVs are attracting former luxury buyers. As more electric vehicles have hit the market, the buyer base for them is continuing to skew younger. Since 2019, Gen X has overtaken the Boomer generation as the second-largest pool of EV buyers in the U.S., J.D. Only 28.5% of EV buyers in 2022 were women, compared to 29.1% in 2019. For the Kia brand more broadly, only about 6% of buyers are trading in luxury vehicles.

☆ Jaguar Land Rover opens three European self-driving tech hubs
▼ + stars: | 2023-02-21 | by ( Nick Carey | ) www.reuters.com time to read: +1 min

[1/2] Jaguar Land Rover unveils the new Jaguar F-Type model during its world premiere in Munich, Germany, December 2, 2019. REUTERS/Michaela RehleLONDON, Feb 21 (Reuters) - Luxury carmaker Jaguar Land Rover said on Tuesday it is opening three new engineering hubs in Europe to develop autonomous vehicle technologies as part of its partnership with Silicon Valley artificial intelligence company Nvidia (NVDA.O). The hubs in Munich, Bologna and Madrid will develop self-driving systems for JLR's next generation of luxury vehicles. JLR already has six global tech hubs the United States, China and Europe. The partnership with Nvidia gives JLR a well-funded ally as it tries to catch up with Tesla Inc (TSLA.O) and other luxury vehicle rivals in a digital technology arms race.

☆ Tesla's price cuts have triggered a serious surge in buyer interest
▼ + stars: | 2023-01-19 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Interest in Teslas on car-shopping website Edmunds surged after last week's price cuts. Tesla's price cuts also come at a time when shoppers are still struggling to find good deals on new vehicles, making discounts like Tesla's all the more appealing, Caldwell wrote. No longer priced as luxury vehicles, Tesla's cars will now compete with EVs marketed to mainstream buyers. The price cuts also allow Tesla's vehicles to qualify for an additional $7,500 tax credit on new EVs as part of the Biden administration's Inflation Reduction Act, another draw for shoppers. "Price cuts of 20% or more, with incentives, nationwide don't come around often, so acting now is in your best interest before any corrections in the opposite direction."

☆ The used electric car market is starting to take off as prices slowly drop
▼ + stars: | 2023-01-19 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

At first glance, today's product pipeline might not paint a good picture for the future of the used EV market. "If what we've produced in the last couple of years has been a rich mix, when that goes into the used market, that keeps used prices elevated as well," Dziczek said. Overall declines for used vehicle prices also generally apply to used EVs. Used EVs remain more expensive than used gas-cars, and many might not yet qualify for the used EV tax credit based on its price cap. Dealers are starting to feel incentivized to drop used EVs priced close to the cap to just below it.

☆ Romanian police seize Andrew Tate's luxury cars and assets
▼ + stars: | 2023-01-15 | by ( Associated Press | ) www.nbcnews.com time to read: +3 min

Romanian authorities descended on a compound near Bucharest on Saturday to tow away a fleet of luxury cars and other assets worth an estimated $3.9 million in the case investigating Andrew Tate, the divisive social media personality who is detained in the country on charges of human trafficking. Romania’s National Agency for the Administration of Unavailable Assets said in a statement that it removed a total of 15 luxury cars, 14 designer watches and cash in several currencies. About a half-dozen masked law enforcement officers and other officials descended on the compound Saturday to take away the goods. A man waits to load onto a flatbed truck a luxury vehicle which was seized in a case against Andrew Tate, on the outskirts of Bucharest, Romania on Saturday. A day later, Tate lost another appeal that challenged assets seized by prosecutors in the case so far.

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