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☆ 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

☆ This is the most expensive U.S. city to retire—and it isn't in California or Hawaii
▼ + stars: | 2024-09-21 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

New York City ranks as the priciest city in the U.S. to retire, according to WalletHub's 2024 analysis of the best and worst places to retire. Following NYC, the two Hawaiian destinations that offer the highest quality of life for retirees — Pearl City and Honolulu — tied for second place. The median rental price for a one-bedroom apartment hit $4,500 a month in August, per Zumper's latest data. That's pretty steep compared with the national median rental price of $1,534 for a one-bedroom and $1,915 for a two-bedroom. The median rental price for all bedroom types in Manhattan is $5,000 versus $4,209 in Brooklyn, according to Zumper.

Persons: it's, WalletHub, New York City It's Organizations: Broadway, New York City, —, Honolulu —, U.S . Census Bureau, for Community, Economic Research, Tax, Boston, Boston Seattle Yonkers , New York Santa Rosa , California Bridgeport , Connecticut San, Jersey, Index, Metropolitan Museum of Art, New Yorkers, New York City's Department Locations: Central, New, U.S, — Pearl City, Honolulu, New York Honolulu, Pearl City, Hawaii, Boston Seattle Yonkers , New York Santa Rosa , California Bridgeport , Connecticut, Boston Seattle Yonkers , New York Santa Rosa , California Bridgeport , Connecticut San Francisco, Fremont , California, Jersey City , New Jersey South Burlington, Burlington , Vermont, New York City, New York, Manhattan, Brooklyn, NYC

☆ China-Mexico freight traffic surges in Trump, Biden tariff era, as companies find ways to evade U.S. trade war
▼ + stars: | 2024-09-20 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +16 min

Patrick T. Fallon | AFP | Getty ImagesNew data shows a surge in trade between China and Mexico at a time of tough tariff talk during the presidential campaign. This nearshoring of manufacturing enables companies to change a product's origin of goods, also referred to as the "economic nationality" of a product. Data from freight analytics firm Xeneta shows China to Mexico container trade up by 26.2% from January to July 2024, after growing by 33% in 2023. Mexico is also a member of the Pacific Alliance, a trade bloc formed by Mexico, Chile, Colombia, and Peru. "Bilateral tariffs should be expected to lead to trade diversion, and that's exactly what happened in the aftermath of the trade war.

Persons: Patrick T, Fallon, Jordan Dethwart, Mary Lovely, Anthony Solomon, Simon Cohen, Peter Sand, Donald Trump, Trump, John Piatek, Biden, Piatek, Lovely, Moody's, Elon Musk, Musk, Tesla, Sand, Charles Van der Steene, Van der, Mexico —, Freightos, Erica York, York, Tim Robertson, Ian Arroyo, Arroyo, Saul Loeb Organizations: El, El Paso Sector, AFP, Getty, U.S, Companies, Peterson Institute for International Economics, Henco Logistics, European Union, European Free Trade Area, Pacific Partnership, Pacific Alliance, GEP, Motive, BMW, Ford, GM, Kia, gigafactory, Volvo, Pirelli, Michelin North America, Hyundai, SFK USA, Maersk, Bureau of Transportation Statistics, CNBC, United, Pacific, Port, U.S ., ITS Logistics, Tax, DHL Global, Dana, Afp Locations: El Paso, Mexico, New Mexico, Chihuahua, Sunland Park , New Mexico, China, Redwood Mexico, United States, Canada, U.S, Japan, Israel, Latin America, Chile, Colombia, Peru, USA, propping, Laredo , Texas, El Paso , Houston, San Diego, Monterrey, Fremont , California, Austin , Texas, Americas, Mexican, Monterrey . Mexico, East, lading, Maersk North America, Tijuana, El Paso , Texas, Pacific Coast Port, Lazaro, Laredo, Monterrey , California, U.S . West, U.S . East, Gulf, West Coast, Asia, Mexico City, Warren , Michigan

WASHINGTON — As president, Donald Trump slashed a lucrative tax break enjoyed by coastal donors and suburban swing-state voters. What shifted more than the economy is Trump's needs, said Caroline Bruckner, managing director of American University's Kogod Tax Policy Center. The reversal is one of a flurry of freebies that Trump and his rival, Vice President Kamala Harris, are offering voters in the stretch run before Election Day. Trump’s proposal to repeal the SALT cap, which is set to expire next year if Congress takes no action, would reduce federal revenue by $1.2 trillion over a decade, according to CRFB’s estimate. But many voters in those counties would stand to benefit considerably from a repeal of the SALT cap.

Persons: Donald Trump, he's, Trump, ransoming, Caroline Bruckner, Bruckner, Kamala Harris, Peter Zay, Harris, She’s, “, ”, Charlie Dent, ” Dent, ” Donald Trump, Jeff Kowalsky, Marc Goldwein, ” Goldwein, ” Harris, —, Donald Trump won’t, James Singer, Joe Biden’s, I’ve, it’s, Mark Cuban, Jackson, Biden —, Dent Organizations: WASHINGTON, Trump, Getty, Social, Foundation, Social Security, Democratic, CNBC, Tax Foundation, NBC News, Tax Locations: Washington, Anadolu, AFP, South Carolina, Mississippi, Harris, Manhattan, San Francisco, Silicon, Valley , Idaho, Aspen , Colorado, , Wyoming, Westchester County , New York, Fairfield County , Connecticut, Maricopa County, Arizona's, Philadelphia, Wilmington , Delaware, Montgomery, Chester, Delaware, Allegheny County

☆ These 10 U.S. cities offer the highest quality of life for retirees—none are in Florida
▼ + stars: | 2024-09-15 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Hawaii is home to the top two retirement destinations with the highest quality of life, per WalletHub's analysis. While Florida is home to the two best overall U.S. cities for retirees, when it comes to quality of life specifically, the first Florida town on the list comes in at 17th place. "Quality of life metrics focus on aspects like the share of elderly residents, poverty rates among seniors, community support and environmental conditions," WalletHub analyst Chip Lupo tells CNBC Make It. "Together, these metrics help identify cities that offer a supportive, enriching environment for retirees." Here are the top 10 cities in the U.S. to retire for the highest quality of life, according to WalletHub.

Persons: WalletHub, Chip Lupo Organizations: Pearl City, Tax Foundation, for Community, Economic Research, . Census, CNBC Locations: U.S, Hawaii, Honolulu, Florida

In fact, the Biden administration recently imposed its own set of tariffs, while extending ones first levied during the Trump administration. Take the tariffs the Trump Administration imposed on washing machines in 2018. The washing machine tariffs were part of a broad new tariff regime Trump imposed in an effort to protect American workers from anti-competitive Chinese trade practices. It resulted in what is generally viewed as a “trade war” involving retaliatory tariffs imposed on American goods. The White House gave a rationale similar to the Trump administration when it announced its tariffs.

Persons: Kamala Harris, Donald Trump, Trump, ” Trump, ” Harris, Biden, Harris, —, There’s, ”, ” Biden, Douglas Irwin, ” Irwin, ” Sen, Sherrod Brown, Sen, Tom Cotton, Nick Iacovella, “, ” Iacovella, Davis Organizations: GOP, Democratic, Tax, Trump, Coalition for, Prosperous, White, American Enterprise Institute, Federal, “ Ohio steelworkers, “ Workers, Administration, U.S . Steel, Harvard University, University of California Locations: China, Prosperous America, U.S, Mexico, Ohio , New York, Ohio

☆ Trump likely wouldn’t need Congress to approve his most controversial trade policy
▼ + stars: | 2024-09-12 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

New York CNN —It’s easy to dismiss many presidential candidates’ campaign promises as empty, because Congress would need to approve them. Alex Durante, an economist at the Tax Foundation, a right-leaning think tank, told CNN that 100% tariffs would threaten the economy. It’s possible he is floating 100% tariffs as just a threat designed to change the behavior of other countries. ‘No question it’s inflationary’The Trump campaign did not provide an explanation to CNN about how Trump would implement 100% tariffs nor what the trigger would be. He said Trump’s tariff plan, if enacted, would risk setting off a market panic like former UK Prime Minister Liz Truss did in 2022.

Persons: New York CNN —, Donald Trump, Trump, ” Trump, “, you’re, ” Maury Obstfeld, Obstfeld, ” Obstfeld, Christine McDaniel, George W, Bush, ”, McDaniel, George Mason University’s, Alex Durante, ” Durante, Brian Hughes, ” Hughes, ‘, Harris, Kamala Harris, ” Kent Smetters, Smetters, Wharton “, it’s, ” Wharton, Liz, Joe Brusuelas, ” “ I’m, Joe Biden, Biden, Brusuelas, Liz Truss, Matt Priest, Trump’s Organizations: New, New York CNN, Peterson Institute for International Economics, CNN, International Monetary Fund, Trump, United States Trade Representative, Commerce Department, Tax Foundation, University of Pennsylvania’s Wharton School, Penn Wharton Budget, Wharton, ABC, RSM, Democratic, Footwear Distributors, Retailers of America Locations: New York, Wisconsin, United States, China, Russia, “, American

☆ Senate debates taxes ahead of Trump’s 2025 expirations. It's a ‘make-or-break moment,' lawmaker says
▼ + stars: | 2024-09-12 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

With trillions in tax breaks scheduled to expire after 2025, lawmakers are debating policy priorities that could impact millions of families and small businesses. Enacted by former President Donald Trump in 2017, the Tax Cuts and Jobs Act, or TCJA, made sweeping tax changes, including temporary provisions that will sunset after 2025 without action from Congress. Some of the expiring TCJA provisions include lower federal income tax brackets, bigger standard deductions, a more generous child tax credit, higher gift and estate tax exemptions and a 20% tax break for pass-through businesses, among others. "This will be a make-or-break moment for the federal budget and for America's middle class," Senate Finance Committee Chairman Ron Wyden, D-Ore., said in a prepared statement at a Senate hearing on Thursday. In the meantime, lawmakers and organizations are voicing support for certain tax issues before the 2025 deadline.

Persons: Donald Trump, Ron Wyden, — Organizations: Finance, Tax, White House

Sen. JD Vance introduces former President Donald Trump during a rally at Herb Brooks National Hockey Center on July 27 in St. Stephen Maturen/Getty ImagesFormer President Donald Trump and Republican vice presidential nominee Sen. JD Vance continue to falsely describe how one of their major policy proposals, across-the-board tariffs, would work. Trump has falsely, and repeatedly, claimed that China – not US importers – pays the tariff. “It’s fair to call a tariff a tax because that’s exactly what it is,” said Erica York, a senior economist at the right-leaning Tax Foundation. He also said he would impose a “100% tariff” on countries that shift away from using the US dollar.

Persons: Sen, JD Vance, Donald Trump, Stephen Maturen, Trump, –, Kamala Harris, ” Trump, ” Vance, ”, Erica York, “, Joe Biden Organizations: Herb Brooks National Hockey Center, Republican, Democratic, Fox News, Trump, Tax, US, US International Trade Commission Locations: St, Cloud , Minnesota, China, Arizona

Former President Donald Trump and Republican vice presidential nominee Sen. JD Vance continue to falsely describe how one of their major policy proposals, across-the-board tariffs, would work. Trump has falsely, and repeatedly, claimed that China – not US importers – pays the tariff. A tariff is a tax that is paid by US businesses – not other countries – when a foreign-made good arrives at the American border. “It’s fair to call a tariff a tax because that’s exactly what it is,” said Erica York, a senior economist at the right-leaning Tax Foundation. He also said he would impose a “100% tariff” on countries that shift away from using the US dollar.

Persons: Donald Trump, Sen, JD Vance, Trump, –, Kamala Harris, ” Trump, ” Vance, ”, Erica York, “, Joe Biden Organizations: Republican, Democratic, Fox News, Trump, Tax, US, US International Trade Commission Locations: China, Arizona

☆ Fact check: Trump and Vance keep falsely describing how tariffs work
▼ + stars: | 2024-09-09 | by ( Katie Lobosco | ) edition.cnn.com time to read: +8 min

Washington CNN —Former President Donald Trump and Republican vice presidential nominee Sen. JD Vance continue to falsely describe how one of their major policy proposals, across-the-board tariffs, would work. Trump has falsely, and repeatedly, claimed that China – not US importers – pay the tariff. Facts First: Trump and Vance’s claims about how tariffs work are false. Together, the price increases cost consumers more than $1.5 billion during the first year the tariffs were in place. It’s true that after Trump imposed tariffs on foreign-made steel, some American steel companies reopened mills and created new jobs.

Persons: Donald Trump, Sen, JD Vance, Trump, Kamala Harris, ” Trump, “, ” Vance, ” “, ”, Erica York, Joe Biden, Rick Muskat, Howard Gleckman, Jeff Ferry, Ferry Organizations: Washington CNN, Republican, Democratic, Fox News, Trump, Tax, US, US International Trade Commission, US Treasury, US Customs, Protection, Deer Stags, CNN, Brookings Tax, Coalition for, Prosperous, Tax Foundation, China Business Locations: China, Arizona, Wisconsin, American, United States, South Korea, Mexico, Prosperous America

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow Trump's and Harris' tax plans would affect your walletThe majority of Americans, 56%, say they pay too much in federal income tax, according to an April 2024 Gallup poll. Only 22% believe they receive valuable services from those taxes, according to an AP-NORC January 2024 survey. If the 2017 tax cuts are allowed to expire in 2025, about 62% of taxpayers would see their bills go up, according to the Tax Foundation. This means the 2024 election will determine which political party will get to shape Americans' taxes for years to come.

Persons: Harris Organizations: Tax

☆ Trump tax cuts expire after 2025. Here's how the presidential election could affect your taxes
▼ + stars: | 2024-09-09 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +1 min

With the presidential election approaching, experts are sounding alarms about the upcoming expiration of the 2017 Tax Cuts and Jobs Act, or TCJA. Without action from Congress, trillions in tax breaks enacted by former President Donald Trump via the TCJA will expire after 2025. "If the 2017 tax cuts are allowed to expire after 2025, about 62% of taxpayers would see their tax bills go up," said Erica York, senior economist and research director at the Tax Foundation. "That's because the TCJA provided tax cuts for the vast majority of taxpayers." Both Trump, the Republican presidential candidate, and Vice President Kamala Harris, the Democratic candidate, have called for tax changes that could affect millions of Americans.

Persons: Donald Trump, Erica York, Kamala Harris, Stephen Moore, Trump, Harris Organizations: Tax, AP, Trump, Republican, Democratic, CNBC, White

☆ Harris and Trump both hate inflation. Their economic proposals could cause prices to go higher
▼ + stars: | 2024-08-19 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

Both candidates’ plans would probably raise the deficit and increase demand, including through government spending and tightening the labor market, Joe Brusuelas, chief economist at RSM US, told CNN via email. Trump has so far not released as detailed an economic plan as Harris. Risks of fueling demandA central part of Harris’ economic plan is making housing more affordable. “The problem right now is too many people chasing too few houses,” Justin Wolfers, professor of public policy and economics at the University of Michigan, told CNN. Economists have told CNN that businesses would be forced to raise wages and prices.

Persons: what’s, Kamala Harris, Donald Trump, Harris, Trump, Joe Brusuelas, Brusuelas, Harris ’, ” Marc Goldwein, ” Goldwein, “, ”, Biden, Joe Biden, ” Justin Wolfers, Michelle Holder, Holder, …, ’ Trump, ” Harris Organizations: CNN, RSM, Budget, Child Tax, “, Federal Reserve, Tax Foundation, Social Security, University of Michigan, John Jay College, Center, American Progress Fund, Peterson Institute for International Economics, National Guard Locations: ”, New York, China

☆ The 10 most affordable U.S. states for retirement in 2024: Half are in the South
▼ + stars: | 2024-08-13 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

For the second year in a row, West Virginia is the most affordable state for retirement in the U.S., according to financial services company Bankrate's best and worst states for retirement report, which published last month. The state's affordability ranking comes from "a low cost of living, low property taxes and affordable homeowners insurance," the report said. West Virginia is followed by Mississippi and Indiana, rounding out the top three. Here are the 10 most affordable states in the U.S. for retirement, according to Bankrate:The report's data came from a variety of sources, including the Tax Foundation and the Council for Community and Economic Research. 1 most affordable stateOn average, West Virginia's cost of living is 9% lower than the rest of the country, according to RentCafe.

Persons: MoneyGeek Organizations: Tax Foundation, Council for Community, Economic Research, Social Security, West Locations: lounging, West Virginia, U.S, Mississippi, Indiana

☆ Inside the tax battles Tim Walz fought — and won — in Minnesota
▼ + stars: | 2024-08-13 | by ( Brian Schwartz | ) www.cnbc.com time to read: +6 min

Kevin Mohatt | ReutersSix years before Tim Walz was tapped to be Vice President Kamala Harris' running mate, he was busy running for governor of Minnesota. Eric Gibson, then president of Ultra Machining Company, recalled asking Walz whether the Democrat believed that high corporate and state taxes hurt workers. Minnesota currently taxes corporate income at 9.8%. The nonpartisan Tax Foundation says that's the highest corporate tax rate of any state in the nation. Minnesota Governor Tim Walz speaks next to Wisconsin Governor Tony Evers at Yellowjacket Union, at University of Wisconsin-Superior, in Superior, Wisconsin, U.S. March 2, 2022.

Persons: Kamala Harris, Tim Walz, Kevin Mohatt, Walz, Eric Gibson, Gibson, Geoff Baker, Baker, Douglas Loon, Kamala, Andrew Harnik, wasn't, Harris, Tony Evers, Evelyn Hockstein, Loon, Minn, Bill George, George said Walz, George Organizations: Democratic, Minnesota, Chippewa, Reuters, Ultra, Democrat, CNBC, McFarland Truck Lines, Foundation, Democrats, Senate, Minnesota Chamber of Commerce, Fortune, UnitedHealth, U.S, Gov, Getty, Minnesotans, Tax, Yellowjacket Union, University of Wisconsin, Mayo Clinic Locations: Eau Claire , Wisconsin, U.S, Minnesota, Gull Lake, McFarland Truck Lines . Minnesota, Gull, Glendale , Arizona, Wisconsin, Superior, Superior , Wisconsin, St, Paul, Rochester, Minn

☆ Trump and Harris both want no taxes on tips. Here's why policy experts don't like the idea
▼ + stars: | 2024-08-13 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

U.S. Vice President Kamala Harris and Republican presidential nominee and former U.S. President Donald Trump. Former President Donald Trump and Vice President Kamala Harris both want to end taxes on tips — and some policy experts have already criticized the idea. Her comments come roughly two months after Trump shared a similar idea, also at a rally in the service economy hotbed. Generally, tipped workers are lower-income individuals, and some 37% weren't subject to federal income tax in 2022, the report found. Not taxing tips is "a fairly narrowly targeted tax exemption," said Garrett Watson, senior policy analyst and modeling manager at the Tax Foundation.

Persons: Kamala Harris, Donald Trump, Harris, Trump, Vance, Walz, Garrett Watson Organizations: Republican, Finance, Yale University, Tax Locations: Las Vegas, Nevada

☆ Vance wants to raise the child tax credit to $5,000. Here's why that could be difficult
▼ + stars: | 2024-08-12 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Sen. JD Vance of Ohio, former President Donald Trump's GOP running mate, wants to more than double the child tax credit. "I'd love to see a child tax credit that's $5,000 per child. More from Personal Finance:Tim Walz vs. JD Vance: Here's what the candidates could mean for your walletHere's how Kamala Harris' running mate Tim Walz could help shape the child tax creditThe expanded child tax credit failed in the Senate. Here's what it means for familiesWithout action from Congress, the maximum child tax credit will drop from $2,000 to $1,000 once Trump's 2017 tax cuts expire after 2025. During the pandemic, lawmakers temporarily increased the maximum child tax credit from $2,000 to either $3,000 or $3,600, depending on the child's age.

Persons: Sen, JD Vance, Ohio, Donald Trump's, Garrett Watson, Tim Walz, Kamala Harris Organizations: Republican, NMC, Wollard, Donald Trump's GOP, CBS, Tax, Finance, Columbia University Locations: Eau Claire , Wisconsin

☆ 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

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

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

☆ Trump wants to cut taxes on Social Security — but it could threaten benefits, experts say
▼ + stars: | 2024-08-09 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Republican presidential nominee and former U.S. President Donald Trump holds a campaign rally in Harrisburg, Pennsylvania, U.S., July 31, 2024. Former President Donald Trump this week repeated his plan to eliminate taxes on Social Security benefits for seniors. But the plan could deplete Social Security and Medicare trust funds sooner, policy experts say. More from Personal Finance:Tim Walz cut taxes on Social Security. 'People are stretched'Unemployment insurance program is unprepared for a recession, experts saySome experts have criticized Trump's plan, citing concerns about the federal budget deficit and the solvency of Social Security and Medicare trust funds.

Persons: Donald Trump, Tim Walz, Garrett Watson Organizations: Social Security, Republican, Social, Fox, Finance, Tax Foundation Locations: Harrisburg , Pennsylvania, U.S, Lago, Palm Beach , Florida

☆ Trump wants to cut Social Security taxes for seniors. It's not as good as it sounds.
▼ + stars: | 2024-08-08 | by ( Allie Kelly | Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Read previewFormer President Donald Trump said that if he's elected, he'd cut taxes on Social Security benefits for older Americans — but the policy risks shrinking those funds sooner than expected. "People on Social Security are being killed, and one of the things I'm doing is no tax for seniors on Social Security, and I'll get it done quickly." Trump had previously pitched his plan to eliminate taxes on Social Security, writing on his social-media platform Truth Social on July 31: "SENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!" Trump has vowed not to cut Social SecurityTrump has previously taken a strong position on Social Security — one at odds with many members of his own party who have faced criticism from Democrats for calling for Social Security cuts. For example, Trump said in January 2023 that "under no circumstances should Republicans vote to cut a single penny from Medicare or Social Security."

Persons: —, Donald Trump, Trump, Garrett Watson, Trump's, we'll, Social Security Trump, Biden, Kamala Harris Organizations: Service, Social Security, Fox &, Republican, Business, Social, The Tax, Security, Republican National Committee, Democratic, Medicare, Affordable Locations: Illinois

Here are some of the progressive measures Walz has enacted as governor:Child tax creditMany lower-income Minnesota families can access a state child tax credit, which Walz signed into law last year. Free college tuitionLast year, Walz signed a bill into law that made college tuition free for students from Minnesota families who earn less than $80,000 a year. Walz’s executive order directed state agencies to study the effectiveness of the care and investigate any health organization that denied it. The bill also raised the sales tax in the seven-county Twin Cities metropolitan area by 0.25% to create a permanent funding stream for Minnesota housing programs. Voting rights for ex-felonsLast year, Walz signed a bill into law that restored voting rights to more than 55,000 formerly incarcerated people in Minnesota.

Persons: Biden, Tim Walz, Kamala Harris, Joe Biden, Harris, Walz, ”, Roe, Wade, ” Walz, It’s, –, Walz “, Tim ”, Sandra Feist, “ Organizations: CNN, Minnesota Gov, Democratic, Tax Foundation, Free, North, Minnesota, US, Guttmacher Institute, Universal, US Centers for Disease Control, Income Housing Coalition, Twin, Republicans Locations: Minnesota, Iowa, Twin Cities, Minnesota . Minnesota

☆ The 10 worst states to retire in the U.S.—No. 1 isn’t California or New York
▼ + stars: | 2024-07-30 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

While the best state to retire in the U.S. is also one of the smallest in the country, the worst state to retire is the largest. Alaska ranks as the worst state in the U.S. to retire for the third year in a row, according to Bankrate's study of the best states to retire in 2024. If you're looking for space to spread out during retirement, Alaska is the largest U.S. state by land area. However, it state ranked poorly across a number of Bankrate's measurements. Here are the 10 worst states to retire, according to Bankrate.

Persons: Bankrate Organizations: Council for Community, Economic Research, U.S . Census Bureau, Tax Foundation, National Oceanic, Atmospheric Administration Locations: U.S, Alaska

☆ This is the best state to retire in 2024—it's not Florida or California
▼ + stars: | 2024-07-28 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

The best state to retire in 2024 is also one of the smallest in the U.S.At around 96 miles long and 35 miles wide, Delaware ranks as the No. 1 state to retire this year, according to Bankrate's list of the best states to retire for 2024. Last year, it placed second behind Iowa on Bankrate's list. To compile the ranking, Bankrate analyzed data from several sources, including the Tax Foundation, the Council for Community and Economic Research, the U.S. Census Bureau and the National Oceanic and Atmospheric Administration. Bankrate evaluated all 50 states across five weighted categories:Affordability (40%): Includes factors such as cost of living and state and local sales tax ratesIncludes factors such as cost of living and state and local sales tax rates Overall well-being (25%) : Looks at factors such as the number of arts and entertainment centers and the number of adults over 62: Looks at factors such as the number of arts and entertainment centers and the number of adults over 62 Quality and cost of health care (20%): Considers factors such as the number of health-care establishments and the cost of health careConsiders factors such as the number of health-care establishments and the cost of health care Weather (10%): Evaluates the average annual temperature and average number of tornado strikes, earthquakes and hurricane landfallsEvaluates the average annual temperature and average number of tornado strikes, earthquakes and hurricane landfalls Crime (5%): Includes factors such as the number of violent crimes and property crimesHere are the 10 best states to retire in 2024, according to Bankrate.

Persons: Bankrate Organizations: Iowa, Tax Foundation, for Community, Economic Research, U.S . Census, National Oceanic, Atmospheric Administration Locations: U.S, Delaware

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