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☆ House lawmakers relaunch the SALT caucus. Here's what to know about the $10,000 deduction limit for state and local taxes
  + stars: | 2023-02-13 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
Rep. Bill Pascrell, D-N.J., speaks at a news conference announcing the state and local taxes caucus outside the Capitol on April 15, 2021. Sarah Silbiger | Bloomberg | Getty ImagesA group of bipartisan House representatives relaunched the SALT caucus last week, calling for relief from the $10,000 limit on the federal deduction for state and local taxes. Without an act of Congress, the $10,000 limit will sunset after 2025, but members of the SALT caucus want to see changes sooner. With a slim Democratic House majority, the SALT cap was a sticking point during Build Back Better negotiations, and lawmakers in November 2021 passed an $80,000 SALT cap through 2030 as part of their spending package. More than 30 states have a SALT cap workaround
☆ Chris Christie says it was a 'big mistake' for the GOP to 'rise to the bait' and heckle Biden during the State of the Union address
  + stars: | 2023-02-13 | by ( Cheryl Teh | ) www.businessinsider.com   time to read: +3 min
Christie called it a "big mistake" for the GOP to heckle Biden at the State of the Union. Christie said that by booing Biden, Republicans were falling for the president's "bait." A better response from the GOP, Christie said, would have been to laugh and move on. Chris Christie said it was a mistake for Republicans to heckle President Joe Biden during his State of the Union address. And they did, a number of them did, and it was a big mistake," Christie told ABC's George Stephanopoulos on Sunday.
☆ Bernie Sanders, Elizabeth Warren, and other Democrats are once again trying to give retirees an additional $2,400 in their Social Security checks
  + stars: | 2023-02-13 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com   time to read: +4 min
Sanders, Warren and other Democrats introduced a bill to extend Social Security solvency through 2096. Sanders, alongside Sen. Elizabeth Warren and Reps. Jan Schakowsky and Val Hoyle, introduced legislation to beef up Social Security benefits and keep the program solvent through 2096. Social Security beneficiaries are currently facing down checks being cut as soon as 2035, as the program's trust fund slowly runs out. "Our job is to expand Social Security so that every senior in America can retire with the dignity that they deserve and every person with a disability can live with the security they need." Currently, only up to $162,000 is taxed for Social Security while any income above that limit is free from the tax.
☆ GOP Rep. Marjorie Taylor Greene dismissed any concerns of being reprimanded by Kevin McCarthy over her conduct at Biden's State of the Union address: 'Not one single bit'
  + stars: | 2023-02-12 | by ( John L. Dorman | ) www.businessinsider.com   time to read: +2 min
Marjorie Taylor Greene told the NYT she wasn't worried about GOP pushback due to her SOTU behavior. "I have the speaker's support, and he has mine," she told the newspaper after Biden's address. Greene called Biden a "liar" after he called out some Republicans over Medicare and Social Security. When Greene was asked about potential pushback against her behavior by House Speaker Kevin McCarthy of California, she expressed no worries. While McCarthy had earlier warned the House Republican Conference to behave themselves, Greene instead decided to do the opposite.
☆ Florida GOP Sen. Rick Scott on his relationship with Mitch McConnell after a failed challenge to lead Senate Republicans: 'Well, he just kicked me off a committee. So that was pretty petty.'
  + stars: | 2023-02-11 | by ( John L. Dorman | ) www.businessinsider.com   time to read: +4 min
Sen. Rick Scott said it was "petty" of Sen. Mitch McConnell to take him off the Commerce Committee. McConnell in a separate Fox News interview denied retaliation and said he had "no animus toward Rick Scott at all." And I gave it to two other senators, no particular reprisal in mind, no animus toward Rick Scott at all," he added. "That was the Scott plan. That was the Rick Scott plan.
☆ Pre-tax vs. Roth 401(k): Deciding which to use for retirement is trickier than you think
  + stars: | 2023-02-11 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +3 min
Prathanchorruangsak | Istock | Getty ImagesWhether you're starting a new job or updating retirement savings goals, you may need to choose between pre-tax or Roth 401(k) contributions — and the choice may be more complex than you think. While pre-tax 401(k) deposits offer an upfront tax break, the funds grow tax-deferred, meaning you'll owe levies upon withdrawal. By contrast, Roth 401(k) contributions happen after taxes, but your future earnings grow tax-free. Experts say these expected changes may also factor into the pre-tax vs. Roth contributions analysis. Plus, recent changes from Secure 2.0 have made Roth 401(k) contributions more appealing for some investors, she said.
☆ Asia-Pacific markets trade mixed ahead of China's inflation data: Live updates
  + stars: | 2023-02-10 | by ( Jihye Lee | ) www.cnbc.com   time to read: 1 min
BEIJING, CHINA - MAY 27: A general view of the skyline of the central business district at sunset on May 27, 2020 in Beijing, China. Asia-Pacific markets traded mixed on Friday, following moves on Wall Street and ahead of China's inflation data. Economists polled by Reuters are expecting to see core prices in China rise by 2.2% on an annualized basis. In Australia, the S&P/ASX 200 fell 0.68% in its first hour of trade as investors await the Reserve Bank of Australia's statement on monetary policy. Earlier this week, the central bank raised its benchmark interest rates by 25 basis points to 3.25%.
☆ Mitch McConnell slams Rick Scott's plan to sunset Social Security and Medicare, calling it 'a bad idea'
  + stars: | 2023-02-10 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
Florida Sen. Rick Scott continues to back his plan to sunset federal programs like Social Security and Medicare every five years. Mitch McConnell slammed the idea, saying on Kentucky radio that it's "the Scott plan. That's not a Republican plan." I'll defend Social Security and Medicare." "I've never ever said I would reduce Medicare or Social Security benefits.
☆ Biden to Hit Republicans on Social Security, Medicare in Florida
  + stars: | 2023-02-09 | by ( Tarini Parti | ) www.wsj.com   time to read: 1 min
President Biden is expected to continue his drumbeat against Republicans on Social Security and Medicare in Tampa, Fla., on Thursday, following his heated exchange with GOP lawmakers on the entitlement programs during his State of the Union address earlier this week. The president has increasingly used Medicare and Social Security to draw a contrast with Republicans, accusing some of supporting a plan to sunset the bedrock safety-net programs, as the White House finds itself in a stalemate with the new Republican House majority on spending levels and raising the debt ceiling.
☆ Biden Hits Republicans on Social Security, Medicare in Florida
  + stars: | 2023-02-09 | by ( Tarini Parti | ) www.wsj.com   time to read: 1 min
President Biden continued his drumbeat against Republicans on Social Security and Medicare in Tampa, Fla., on Thursday, following his heated exchange with GOP lawmakers on the entitlement programs during his State of the Union address earlier this week. The president has increasingly used Medicare and Social Security to draw a contrast with Republicans, accusing some of supporting a plan to sunset the bedrock safety-net programs, as the White House finds itself in a stalemate with the new Republican House majority on spending levels and raising the debt ceiling.
☆ Republicans called Biden a 'liar' for saying some of them wanted to sunset Social Security and Medicare. But there are several examples of lawmakers supporting cuts or weakening programs.
  + stars: | 2023-02-09 | by ( Kelsey Vlamis | ) www.businessinsider.com   time to read: +6 min
Speaker Kevin McCarthy has said cuts to Social Security and Medicare are off the table. House Speaker Kevin McCarthy has insisted that cuts to Medicare and Social Security are off the table. But there are several examples of Republicans suggesting cutting or weakening Social Security, Medicare, and Medicaid. "I want to save Social Security," Johnson said, according to local WKOW. It also involved decreasing Social Security benefits over time and for higher-earning retirees, as well as increasing Medicare premiums for some.
☆ Biden doubles down on needling Republicans over proposed Social Security and Medicare cuts: 'I'm your nightmare'
  + stars: | 2023-02-09 | by ( Kimberly Leonard | Warren Rojas | ) www.businessinsider.com   time to read: +11 min
"I guess I shouldn't say any more," he said, "but particularly on Social Security and Medicare." Rubio, who is in the rumored mix for the 2024 GOP nomination, said anybody who supports slashing Social Security or Medicare is delusional. "You have to listen to what the president said the last couple of years about protecting and fighting for Medicare and Social Security." "I've never ever said I would reduce Medicare or Social Security benefits. As for Social Security, its trust funds are expected to be insolvent by 2035, which would trigger 20% in cuts across the board.
☆ House Republicans just proposed ending the student-loan payment pause and 'prohibiting' Biden's broad debt cancellation as part of 10 major budget cuts
  + stars: | 2023-02-09 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
Republicans on the House budget committee put out a list of proposed spending cuts they would support in a debt limit deal. It also noted that it will not touch Medicare and Social Security after Biden called out the GOP for previously wanting to cut the programs. One area for proposed spending cuts focused on President Joe Biden's "student loan bailouts" — the press release said that ending the student-loan payment pause would save $25 billion, and "prohibiting" his broad plan to cancel student debt would save $379 billion. Republican lawmakers have strongly opposed broad student-loan forgiveness — even before Biden announced his plan to cancel up to $20,000 in student debt for federal borrowers at the end of August. Some Republican lawmakers have also previously introduced legislation to end the student-loan payment pause and block Biden from canceling any student debt, though none of those bills even made it to a vote in either chamber of Congress.
☆ Republicans meet Biden's calls for unity with partisan broadside
  + stars: | 2023-02-08 | by ( David Morgan | ) www.reuters.com   time to read: +4 min
A day after Republican U.S. House Speaker Kevin McCarthy called on Biden to work together toward compromise on the debt and spending, Arkansas Governor Sarah Huckabee Sanders delivered a partisan broadside during the party's official rebuttal to Biden's speech. Biden did pledge to work with Republicans, as during the last Congress when both chambers were controlled by Democrats. Republicans hope to exact spending cuts from Biden in exchange for raising the debt ceiling. He drew boos and shouts of "liar" by asserting that some Republicans would like to "sunset" Social Security and Medicare. The former president, facing several investigations from federal and state prosecutors, also described himself as "a victim" of Biden's Justice Department.
☆ Biden declares 'unanimity' after Republicans boo idea of Social Security cuts
  + stars: | 2023-02-08 | by ( ) www.reuters.com   time to read: +2 min
"Instead of making the wealthy pay their fair share, some Republicans want Medicare and Social Security to sunset," the president said. Sitting behind Biden, McCarthy shook his head as Biden raised the idea. Multiple House Republicans, including hardliners Marjorie Taylor Greene and Byron Donalds booed. Biden even urged protesting Republicans to contact his office, saying he would "give you a copy of the proposal." "So, folks, as we all apparently agree, Social Security and Medicare is off the books now.
☆ In State of the Union speech, Biden challenges Republicans on debt and economy
  + stars: | 2023-02-08 | by ( Jeff Mason Trevor Hunnicutt Nandita Bose | Jeff Mason | Trevor Hunnicutt | ) www.reuters.com   time to read: +7 min
Some Republicans heckled him at times during a speech that lasted 73 minutes. But over the past two years, we proved the cynics and the naysayers wrong," said Biden, a Democrat. The White House has said Biden will not negotiate over that necessity; Republicans want spending cuts in exchange for their support. And he stuck to that theme, highlighting a massive infrastructure bill and gently ribbing Republican lawmakers who opposed it. Some House Republican lawmakers have questioned Biden's victory in the 2020 presidential race against Trump, vowing to investigate his Cabinet and family.
☆ Marjorie Taylor Greene and other Republicans yell 'liar' as Biden accuses them of wanting to cut Medicare and Social Security
  + stars: | 2023-02-08 | by ( Brent D. Griffiths | Ayelet Sheffey | ) www.businessinsider.com   time to read: +3 min
Rep. Marjorie Taylor Green called Biden a "liar" after he accused the GOP of wanting to cut Medicare and Social Security. But McCarthy said cuts to Medicare and Social Security are "off the table." She was far from the only House Republican who was outraged at Biden's suggestion that the GOP would end Medicare or Social Security, massively popular federal programs. "Instead of making the wealthy pay their fair share, some Republicans, some Republicans, want Medicare and Social Security to sunset — I'm not saying it's a majority," Biden said before the boos grew louder. Potential cuts to Medicare and Social Security have surrounded negotiations to raise the debt ceiling.
☆ Credit Suisse warns that debt ceiling impasse will likely prove 'stressful' for markets
  + stars: | 2023-02-08 | by ( Jeff Cox | ) www.cnbc.com   time to read: +3 min
The debt ceiling battle shaping up in Congress is unlikely to get settled until later in the year and will probably cause market damage in the meantime, according to Credit Suisse. "We expect Congress to ultimately raise the debt ceiling. "Conditions are in place to make the journey to a debt ceiling increase difficult and increasingly stressful for markets." "A default due to failure to raise the debt ceiling would be a willful political decision," Farris wrote. Treasury yields have moved higher since spending hit the debt ceiling.
☆ State of the Union brings brief unanimity on Social Security, Medicare. Why experts say there's still reason to worry
  + stars: | 2023-02-08 | by ( Lorie Konish | ) www.cnbc.com   time to read: +4 min
That would include Social Security and Medicare. The Republican Study Budget Committee, which included a host of House GOP leaders, has also suggested other changes — raising the retirement ages for both Social Security and Medicare, as well as changing the measurement for annual Social Security cost-of-living adjustments. More recently, former Vice President Mike Pence called for reforming Social Security with the creation of private savings accounts. Rep. John Larson, D-Conn., has led a House bill that would apply reapply payroll taxes on $400,000 in earnings while also making benefits more generous. Biden similarly proposed expanding benefits and increasing payroll taxes on high earners during his presidential campaign.
☆ Disney's strategy to win its battle with DeSantis is to just wait until he runs for president, says a top Florida Democrat
  + stars: | 2023-02-06 | by ( Kimberly Leonard | ) www.businessinsider.com   time to read: +7 min
Disney will sue Florida for dissolving its self-governing status, predicted Democratic state Sen. Jason Pizzo. Florida lawmakers are deciding Disney's financial fate this week. Ron DeSantis will be to simply run out the clock, a top Florida Democrat predicted Monday. Other areas state lawmakers will consider would allow Florida to transport migrants from other states and to give the state more power to prosecute election fraud. Today, more than 40 lobbyists represent Disney before the Florida legislature, according to an Insider review of lobbying disclosures.
☆ Pieces of the shot-down Chinese spy balloon are expected to wash up near North Carolina and local police are warning residents not to touch it
  + stars: | 2023-02-05 | by ( Sarah Al-Arshani | ) www.businessinsider.com   time to read: +1 min
On Saturday, the US military shot down a Chinese spy balloon above the Atlantic Ocean. Police in a North Carolina town warned residents that debris may wash ashore. Local authorities cautioned residents against touching or moving pieces of the balloon. Late Saturday, the US military used an F-22 jet to shoot down the spy balloon with a single AIM-9X Sidewinder missile, Insider previously reported. Police said the military was working to collect the debris in the Atlantic Ocean, but it's likely that pieces could wash ashore.
☆ The green comet and Mars will appear side-by-side next weekend. Spot them together in the sky.
  + stars: | 2023-02-04 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com   time to read: +3 min
A green comet and Mars will appear side-by-side in the night sky on February 10 and 11. The green comet and the red planet will be visible side-by-side across the Northern Hemisphere on the nights of February 10 and 11. All that could make it much easier to spot the cosmic visitor, a ball of frozen gas and dust called Comet C/2022 E3 (ZTF), or Comet ZTF for short. Once you spot Mars, finding the green cosmic snowball should be a breeze if it's bright enough. How to see Mars and Comet ZTFThe Hubble Space Telescope took this snapshot of Mars in the 1990s.
☆ Elon Musk said he's getting rid of the 'legacy' Twitter Blue badge, the longtime free verification for labeling famous and notable users
  + stars: | 2023-02-03 | by ( Lakshmi Varanasi | ) www.businessinsider.com   time to read: +3 min
Elon Musk tweeted Friday that legacy Twitter Blue would soon be sunset. Susan Walsh/APElon Musk tweeted Friday that legacy Twitter Blue, which he calls Blue Verified, will soon be sunset. Until now, the platform allowed people with "free" blue checks under Twitter's old verification system to keep them. That meant that blue checks wouldn't just go freely to notable figures to denote their authenticity, but to anyone who paid a monthly fee for Twitter Blue. But some key questions remain: What will happen to notable figures who fail to pay for Twitter Blue?
☆ The new Select World Elite Mastercard is making its debut — and it gives you big discounts at fancy restaurants, hotels, and more
  + stars: | 2023-02-02 | by ( Joseph Hostetler | Credit Cards Reporter | Read More | ) www.businessinsider.com   time to read: +21 min
You can get exclusive discounts at restaurants at several cities in the US with the Select World Elite Mastercard. The Select™ World Elite Mastercard® will confer membership to the Select community (among other benefits). Coming soon: Select World Elite MastercardThe Select World Elite Mastercard (currently taking waitlist applicants here) has opened its waitlist as of February 2, 2023. Credit card perksThe Select World Elite Mastercard comes with standard World Elite Mastercard benefits, including access to the World Elite Concierge, Mastercard Luxury Hotels and Resorts, and discounts with Lyft, DoorDash, and Fandango. What to know about the Select World Elite MastercardThe Select™ World Elite Mastercard® offers a benefit that you won't find on any other card — membership to the Select community, giving you exclusive access to various events, discounts on travel, and more.
☆ Bed Bath & Beyond just missed another debt payment. See the full list of stores it will close, including Harmon and Buybuy Baby locations.
  + stars: | 2023-02-02 | by ( Avery Hartmans | Dominick Reuter | ) www.businessinsider.com   time to read: +20 min
In addition to 87 more Bed Bath & Beyond stores, the company now says it will close all of its remaining Harmon health and beauty stores, and five Buybuy Baby stores. San Leandro: 15555 East 14th St., Suite 24015555 East 14th St., Suite 240 Burbank: 201 East Magnolia Blvd. Marina: 117 General Stilwell Drive117 General Stilwell Drive Vallejo: 105 Plaza Drive, Suite 107105 Plaza Drive, Suite 107 * Palm Desert: 72459 Highway 11172459 Highway 111 * Visalia: 3125 South Mooney Blvd. Arterial * Coralville: 2515 Corridor Way Suite 5Kansas:Lawrence: 3106 S. Iowa St., Suite 2153106 S. Iowa St., Suite 215 Manhattan: 425 3rd Place425 3rd Place * Olathe: 15335 W. 119th St.Kentucky:Elizabethtown: 1998 N. Dixie Ave.1998 N. Dixie Ave. New Hartford: 4805 Commercial Drive4805 Commercial Drive Kingston: 1187 Ulster Ave.1187 Ulster Ave. Plattsburgh: 73 Centre Drive, Suite 10073 Centre Drive, Suite 100 Farmingdale: 251 Airport Plaza Blvd.
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