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☆ Inheritance for your dog: How the rich put millions into trusts with very specific purposes, from taking care of pets to cryogenically freezing their bodies
▼ + stars: | 2023-07-28 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

Lawyers to the uber-rich told Insider how purpose trusts work and how to plan for centuries ahead. Fortunately, there is a workaround: purpose trusts. Trusts are well-known as a tool for saving millions on taxes, but purpose trusts are seldom used to pay less to Uncle Sam. Here is how purpose trusts workPurpose trusts are not absolutely necessary to make sure your pets are cared for after you pass, Yadav told Insider. Purpose trusts set up to maintain art collections usually include a timeline for liquidating or donating the artworks, according to lawyer Neil Solarz of Weinstock Manion.

Persons: Leona Helmsley, Naomita Yadav, Uncle Sam, Yadav, perpetuities, Neil Solarz, Weinstock Manion, Solarz, that's, Samantha, someone's, Shepherd Organizations: Siberian huskies, huskies Locations: Withersworldwide, California

☆ How the rich put millions into trusts to take care of their pets and pay for cryogenic freezing after they die
▼ + stars: | 2023-07-26 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

The rich can use trusts to devote millions to pets, art collections, and even cryogenic freezing. Lawyers to the uber-rich told Insider how purpose trusts work and how to plan for centuries ahead. Fortunately, there is a workaround: purpose trusts. Trusts are well-known as a tool for saving millions on taxes, but purpose trusts are seldom used to pay less to Uncle Sam. Here is how purpose trusts workPurpose trusts are not absolutely necessary to make sure your pets are cared for after you pass, Yadav told Insider.

☆ The Apple Tax Play That Keeps Uncle Sam at Bay
▼ + stars: | 2023-07-21 | by ( Laura Saunders | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/bonds-taxes-corporate-apple-microsoft-12cad866

Persons: Dow Jones

Weeks later, Mr. Trump is the former President Trump. Instead, in a brief televised address shortly before 2:30 a.m., Mr. Trump furiously laid down his postelection lie. For weeks, Mr. Trump had been peppering him with tips of fraud that, upon investigation by federal authorities, proved baseless. The cavalry “is coming, Mr. President,” Kylie Kremer tweeted to Mr. Trump on Dec. 19. On Jan. 15, Mr. Trump acquiesced to an Oval Office meeting with Mr. Lindell, who arrived with two sets of documents.

Persons: Donald J, Trump, Joseph R, Biden, Justin Clark, Rudolph W, Giuliani, Clark, Weeks, Mitch McConnell, McConnell, Jared Kushner, McConnell’s, Biden’s, William P, Barr, Mr, Trump’s, Sidney Powell, Lin Wood, sleuths, MyPillow, Mike Lindell, Patrick Byrne, Stephen K, Bannon, Michael T, Flynn, platformed, Jared Taylor, Enrique Tarrio, Doug Mills, Eric, “ We’re, ”, Fox, Eric Trump, Newt Gingrich, Joe Biden’s, Kevin McCarthy, Laura Ingraham, Obama, Dennis Montgomery, Thomas McInerney, McInerney, John McCain, Bannon’s, “ it’s, Paul Gosar, Doug Ducey, Roy Blunt of, Roy Blunt, Anna Moneymaker, —, “, ” Mr, Mark Meadows, Josh Holmes, Kushner, — Mr, Mitt Romney, Lisa Murkowski, Lindsey Graham, Sean Hannity, Lindsey Graham of, Sean Hannity’s, — I’ve, Let’s, Graham, Pat A, Axios, Brendan Smialowski, “ Hannity, Thomas, Jenna Ellis, Matt Morgan, Al Gore, George W, Bush, Brooks, Stefan Passantino, Powell, Lynsey Weatherspoon, Gore, William H, Rehnquist, Giuliani —, Kris Kobach, Mark Martin, Lawrence Joseph, Kobach, Uncle Sam, Mr . Biden, Ken Paxton, Jeffrey M, Landry, Paxton, Kyle D, Hawkins, Jacquelyn Martin, Joseph, Richard L, Chris Carr, Carr, Mike Johnson of, Mike Johnson, McCarthy, Privately, Ted Cruz of, John Sauer, ’, ” James E, Nicolai, North, Wayne Stenehjem, Stenehjem, Wayne, Tasos Katopodis, MAGA, Marjorie Taylor Greene, Marsha Blackburn of, Ms, Blackburn, Amy Kremer, Ann Stone, Roger Stone, Amy Coney Barrett, Kremer’s, Kylie Jane Kremer, Jennifer Lawrence, Dustin Stockton, Lawrence, Stockton, I’ve, Lindell, they’d, Taylor, Greg Locke, Covid, Michael McKinney, Tucker Carlson, Carlson’s, “ Donald Trump, ” Ms, Meadows, Georgia runoffs, Byrne, Cipollone, he’d, Martin, Mike Pence, reconvene, ” Kylie Kremer, James Yeager, Kylie Kremer, Yeager’s, Lawrence whooped, John Kennedy, James Lyle, Josh Hawley, “ You’ve, Lyle, Couy Griffin, Kennedy, Pete Marovich, Kremer, Julie Jenkins Fancelli, Alex Jones, Caroline Wren, Kimberly Guilfoyle, Donald Trump Jr, Katrina Pierson, Brad Raffensperger, Jeffrey A, Rosen, Department’s, Jeffrey Clark, Scott Perry, Hawley, Cruz, Year’s, Tom Cotton of, Cotton, Cindy Chafian, Chafian, Jones, Stone, Locke, Jan, “ You’ll, Gosar, Griffin, Robert O’Brien, I’m, ’ ”, Kenny Holston, Donald Trump, ” Mark Walker, Ben Margot, Stefani Reynolds, Samuel Corum, Erin Schaff, David J, Ted Cruz, John Bazemore Organizations: Twitter, Dominion Systems, Trump, Biden, Dominion, New, New York City, The New York Times, Senate, New York, Republican Party, Capitol, White, Times, The Times, America News Network, Fox, America, Boys, New York Times, American, Air Force, Electoral College, Republicans, Joe Biden’s Democratic Party, Republican, Facebook, Democrats, Associated Press, “ Fox & Friends, White House, West Wing, “, Federal Bureau of Investigation, Veritas, Justice Department, Postal Service, York Daily, Agence France, Zignal Labs, Amistad, Thomas More Society, Mr, Electoral, Supreme, Lawyers, General Association, Associated, State, University of California, Republican House, Women, Tea Party, Trump -, Breitbart, of, Credit, SPAN, Tea Party Express, Republican National Committee, Internet, Army, Des Moines Register, Marine, General Services Administration, Swedish, Cowboys, Capitol ., Street Journal, Save, General Association ., Law Defense Fund, Freedom, Coalition, Proud Boys, Willard, Homeland Security, Party, Getty, Georgia Electoral College Locations: Detroit, Arizona, Georgia, New York, America, China, Trump, Grand Rapids, Mich, Philadelphia, Atlanta, Milwaukee, Santa Cruz ,, Arizona —, Russia, North Vietnam, United States, Roy Blunt of Missouri, Kentucky, Utah, Alaska, Lindsey Graham of South Carolina, Erie, Pa, Pennsylvania, Long, Bush, Florida, tightest, Kansas, North Carolina, Ken Paxton of Texas, Texas, State of Texas, Michigan, Wisconsin, Irvine, Mike Johnson of Louisiana, Ted Cruz of Texas, Missouri, Washington, Marsha Blackburn of Tennessee, Trump’s, Hudson, Stockton, Tennessee, Des Moines, Meadows, White, fistfights, Nashville, West Monroe, La, Louisiana, drumbeating, Tom Cotton of Arkansas, Delaware

☆ Saudi golf shot plays through CFIUS hazards
▼ + stars: | 2023-07-14 | by ( Jennifer Saba | ) www.reuters.com time to read: +8 min

U.S. congressional lawmakers scrutinized PGA Tour officials on Tuesday this week about the group’s tie-up with a rival golf tournament owned by Saudi Arabia. Enter the Saudis, who launched an upstart golf tournament last year, LIV Golf, that competed with the U.S.-based PGA Tour and its European counterpart DTP. There are worries that Saudi Arabia, a regime viewed as hostile to women and LGBTQ groups, would have significant sway over golf’s culture. LIV Golf is owned by Saudi Arabia Public Investment Fund. Former AT&T Chief Executive Randall Stephenson resigned from the PGA Tour policy board, the Washington Post reported on July 9.

Persons: State Condoleezza Rice, Darla Moore, Covid, LIV Golf, Phil Mickelson, Brooks Koepka, Yasir Al, Ed Herlihy, Wachtell, Lipton, Katz, hasn’t, Randall Stephenson, Jamal Khashoggi, ”, Richard Blumenthal, –, Sherrod Brown, Maxine Waters, Janet Yellen, LIV Golf’s, Joe Biden hasn't, Saudi Arabian Crown Prince Mohammed bin Salman, Khashoggi, Uncle Sam, Refinitiv, China’s ByteDance, LIV, Stephenson, Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, Public Investment Fund, Augusta National Golf Club, State, U.S, PGA, LIV, Rosen, Breakingviews, Former AT, PGA Tour, Saudi, Department of Justice, Foreign Investment, U.S . Treasury, Saudi Arabian Crown, Walmart, Visa, Uber Technologies, Nation Entertainment, National Basketball League, Houston Rockets, People’s, NBA, backtrack, FIFA, Qatar, The Justice Department, Treasury, Committee, Homeland Security, Governmental Affairs, Saudi Arabia Public Investment Fund, T, Washington Post, Thomson Locations: Saudi Arabia, United States, American, U.S, South Carolina, Iran, China, Saudi, Hong Kong, People’s Republic, Beijing

☆ Powerball jackpot soars to $615 million. Here's how much the winner could owe in taxes
▼ + stars: | 2023-07-07 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you manage to score the winning ticket for the Powerball jackpot this Saturday evening, your winnings will shrink significantly after Uncle Sam takes its share. The Powerball jackpot winner can choose between a lump sum of $310.6 million cash or yearly payments worth $615 million. These are estimates until the Multi-State Lottery Association takes bids on the purchase of investments. "One thing that's unique about the lottery is that you can accept it over a 30-year period with annuity payments," said certified financial planner John Chichester Jr., founder and CEO of Chichester Financial Group in Phoenix. The odds of winning the Powerball jackpot are about 1 in 292 million.

Persons: Uncle Sam, John Chichester Jr, It's, Chichester Organizations: State Lottery Association, Chichester Financial Group, Finance, Federal, Shoppers, Amazon Prime Locations: Phoenix

☆ Jim Cramer's guide to investing: Don't be greedy
▼ + stars: | 2023-06-26 | by ( Julie Coleman | ) www.cnbc.com time to read: +3 min

As Cramer has said for years: Bulls make money, bears make money, but pigs get slaughtered. When Cramer first bought Amazon stock, he sold it off after a great run, even as the stock kept reaching new heights. Another part of keeping your inner pig at bay when it comes to investing is always paying taxes, according to Cramer. If you don't want to share your profits with the IRS, you may end up with none at all, he said. Shortly after the presentation, the shopping mall was obliterated by competition from Amazon, and Macy's stock fell by half.

Persons: CNBC's Jim Cramer, Cramer, he's, I'd, Uncle Sam, haven't Organizations: Bulls, Amazon Locations: Macy's

☆ Canada is calling Meta’s bluff
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

If Australia is any guide, Meta’s intended blackout will likely be short-lived. Meta has insisted it is unfair to expect the company to pay publishers when it drives traffic to their websites. Lawmakers are pushing for similar rules in Meta’s home state of California and in the U.S. Congress. Meta says it makes 40% of its revenue, which was $117 billion last year, in the U.S. and lists Australia and Canada among its most significant regions. If Canada calls Meta’s bluff, the tech giant may just as easily fold against Uncle Sam.

Persons: Meta, Mark Zuckerberg’s, Uncle Sam, Anita Ramaswamy, Jennifer Saba, Katrina Hamlin Organizations: YORK, Reuters, Facebook, Google, U.S . Congress, Meta, Twitter, Siemens, Telecom Italia, Vivendi, Intel, Thomson Locations: Canada, Australia, California, U.S

☆ UBS Just Outlined the Key People Tasked With Integrating Credit Suisse
▼ + stars: | 2023-06-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

Monday marked the official closing of UBS' acquisition of Swiss rival Credit Suisse, a deal both sides weren't exactly thrilled about. Specifically, the bank identified the Credit Suisse execs sitting in positions of power within its investment bank and wealth management division. UBS has not been bashful in hinting at what it is, and is not, interested in integrating from Credit Suisse. Credit Suisse was in rough shape by the time it got acquired, but that's not to say there weren't talented bankers there. Read more about the leaders of UBS' wealth and investment bank teams following its Credit Suisse deal.

Persons: Dan DeFrancesco, we've, Insider's Michelle Abrego, Kaja Whitehouse, that's, Read, Alexander Soros, George Soros, Jeffrey Epstein, Thoma, Nasdaq's, Morgan Stanley, Sam, Here's, Alex Soros, it's, We've, Jeffrey Cane, Hallam Bullock Organizations: Nasdaq, UBS, Swiss, Credit Suisse, Suisse, Credit Suisse execs, Lehman Brothers, George Soros Getty, JPMorgan, Thoma Bravo, Soros, Open Society Foundation, LinkedIn Locations: secondaries, New York, London

A circuslike atmosphere spread across the grounds of the federal courthouse where former President Donald J. Trump was set to appear on Tuesday, with hundreds of reporters in downtown Miami alongside those who wanted to be seen and heard. The small but colorful crowd included dozens of Trump supporters and a handful of critics, many dressed eccentrically to get their messages across on camera. There was the Uncle Sam who sped around the courthouse grounds on a two-wheeled hoverboard singing pro-Trump songs, the woman with a unicorn horn affixed to her forehead who wore an “Aunt-ifa” shirt and chanted derisively about the former president, and the man in a black-and-white jail jumpsuit carrying a sign that read, “Lock Him Up.”Adding to the buzz of the sunbaked scene — temperatures had reached 88 degrees by lunchtime — were trucks with flags and loudspeakers, and several people on foot with selfie sticks who broadcast live video streams to thousands of viewers while weaving in and out of the crowds.

Persons: Donald J, Trump, Sam Organizations: Trump, ifa Locations: Miami

In the days leading up to his arraignment in Miami, former President Donald J. Trump and several of his allies called on supporters to rally to his side. Stone Jr., Mr. Trump’s longtime political adviser, called for protests, insisting that they should be peaceful. A Miami chapter of the Proud Boys — long associated with Mr. Stone — echoed the invitation, posting a flier on its Telegram page last week advertising an event at the federal courthouse on Tuesday morning. All of this raised the level of concern among civic leaders in the city, who issued calls for protesters to remain peaceful. It did not appear that any Proud Boys showed up and about 500 people, including one with a pig’s head on a spear, answered Mr. Trump’s call to action.

Persons: Donald J, Roger J, Stone Jr, Trump’s, Stone —, Sam, ” Organizations: Trump, ifa Locations: Miami

☆ Uncle Sam wants migrants. Facing shortages, military recruiters trade citizenship for service.
▼ + stars: | 2023-06-11 | by ( Associated Press | ) www.businessinsider.com time to read: +7 min

The biggest challenges have been identifying geographic pockets of immigrant populations, finding ways to reach them and helping any of those interested navigate the complex military recruiting applications and procedures. The Air Force effort began this year, and the first group of 14 graduated from basic training and were sworn in as new citizens in April. As of mid-May there were about 100 in basic training who had begun the citizenship process and about 40 who had completed it. Thomas said the program required changes to Air Force policy, coordination with U.S. By the time Air Force recruits finish their seven weeks of training, the process is complete and they are sworn in as American citizens.

Persons: —, Bidari, Kalden Lama, Ed Thomas, Thomas, Natalia Laziuk, I've, Christine Wormuth Organizations: US Army, Navy, Service, U.S . Army Reserves, Army, Air Force, Army Staff, Dallas, Marine Corp, Defense, . Citizenship, Immigration Services Locations: Nepal, Dallas, U.S, America, American, United States, Cameroon, Jamaica, Kenya, Philippines, Russia, South Africa, Chicago, Mexico, Haiti, Nigeria, Ghana, Colombia, Dominican Republic

☆ Treasury buyers live for the moment, unfortunately
▼ + stars: | 2023-06-01 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

The bill to suspend the so-called debt ceiling, approved by the House of Representatives on Wednesday, solves the most immediate threat to the government’s creditors. The Federal Reserve’s fight against inflation also stands to knock Treasury prices, while pushing up yields. Spending caps and other measures in the debt ceiling deal are projected to save $1.5 trillion over the next decade, the Congressional Budget Office said Tuesday. Treasury Secretary Janet Yellen warned on May 26 that the federal government would be unable to pay its bills on June 5. The U.S. House of Representatives voted 314-117 on May 31 to suspend the debt ceiling, a legislative cap on how much the Treasury can borrow that had been set at $31.4 trillion.

Persons: Goldman Sachs, That’s, Sam, Janet Yellen, Joe Biden’s, John Foley, Sharon Lam, Streisand Neto Organizations: Reuters, Treasury, Reuters Graphics Reuters, Refinitiv, Congressional, U.S . Congress, U.S . House, Senate, U.S, Treasury Department, Thomson Locations: Treasuries, U.S, Washington

☆ Debt deal sacrifices $140 bln return on investment
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

The budget deal agreed to by President Joe Biden and top congressional Republican Kevin McCarthy would move $20 billion away from the Internal Revenue Service over the next two years. The change shores up cash for other agencies, but projections suggest the IRS funding would’ve made a significant step toward closing the government’s $925 billion budget gap. Biden approved $80 billion of new cash for the IRS in 2021, arguing the funding would strengthen enforcement and increase revenue collected by Uncle Sam. The CBO estimated in 2021 that for every $1 increase to IRS funding the government would recoup $6.40 to $7.10. The $20 billion being diverted from the agency could therefore raise as much as $142 billion through 2031.

Persons: Joe Biden, Kevin McCarthy, would’ve, Biden, Uncle Sam, Ben Winck, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, U.S, Internal Revenue Service, Office, CBO, IRS, White, Twitter, Toyota, Lufthansa, Thomson Locations: Saudi, East, Italy

☆ Debt ceiling debacle is ultimate winner’s curse
▼ + stars: | 2023-05-23 | by ( John Foley | ) www.reuters.com time to read: +5 min

The ongoing debt-ceiling standoff, which has the potential to tip markets into mayhem, is a kind of winner’s curse. Put differently, the U.S. government has racked up so much debt because everybody else needed it to. Reuters GraphicsBy getting into ever more debt, Americans have done the rest of the world a favor. Nobody knows when that point will come, though, and the debt ceiling doesn’t seem to reflect the market’s view of how much is too much. The U.S. share of the global economy is shrinking, the debt is growing, and so is the political theater it generates.

☆ A husband hid $500,000 in bitcoin during a divorce — and got busted by a crypto hunter
▼ + stars: | 2023-05-20 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +23 min

Thumb drive-size devices, such as a Trezor or Ledger, offer another way to secure crypto tokens cold by safeguarding both the crypto itself and the keys to access it. Transfers of digital assets between chains has helped to expand the crypto market by giving people more ways to pay and transact. With crypto staking, investors typically vault their crypto assets with a blockchain validator, which verifies the accuracy of transactions on the blockchain. The tax implications are another major consideration when choosing how to divide crypto assets. I think the people that are interested in digital assets are going to continue to be interested in digital assets," she said.

☆ The debt ceiling 'deadline' is June 1—what to know about the standoff and how it could affect your money
▼ + stars: | 2023-05-18 | by ( Ryan Ermey | ) www.cnbc.com time to read: +3 min

"I think, at the end of the day, we do not have a debt default," House Speaker Kevin McCarthy CNBC's "Squawk Box" on Wednesday morning. What's the debt ceiling? That limit, also known as the debt ceiling, must be raised to cover spending that Congress has approved. This isn't unusual — the debt ceiling has been raised 45 times in the past 40 years. So the U.S. is about to hit the debt ceiling?

Some Chinatown residents benefited from the development boom, selling properties to developers or drawing more customers from increased foot traffic. Some residents have shown tentative support for the luxury buildings, saying they might make the neighborhood safer or bring in wealthier Asian residents who could boost Chinatown's economy. Manhattan Chinatown's housing stock is "really aged," which has led to costly fires, according to Thomas Yu, executive director of Asian Americans for Equality. Chinatowns and the pandemicMany debates surrounding luxury development and affordable housing were accelerated by the pandemic, which shuttered hundreds of businesses across Chinatowns. However, business owners who spoke with CNBC said Chinatown's businesses, though still recovering, are keeping the city's culture alive.

☆ Opinion: What Trump gets right on Ukraine
▼ + stars: | 2023-05-13 | by ( Opinion Daniel R. Depetris | ) edition.cnn.com time to read: +8 min

For many political pundits and politicians, his observations on the war in Ukraine were no exception. Asa Hutchinson, who is challenging Trump for the 2024 nomination, declared that “Trump reminded everyone tonight of his support of Russia and his willingness to sell out Ukraine. The major difference between the Biden administration and Trump on the Ukraine question seems to be not whether talks should happen, but when. Another point Trump gets right is the vast disparity between the US and its European allies on the issue of assistance to Ukraine, even if his grossly exaggerates the amount of US aid. Join us on Twitter and FacebookTo be clear, some of what Trump said at the town hall about Ukraine was incorrect.

☆ Interest rates rise to 5.5% on new federal student loans—why they're still better than private ones
▼ + stars: | 2023-05-12 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

If you're taking out federal student loans to pay for school next year, they're about to get more expensive. The interest rate on direct undergraduate federal student loans — which are determined by Congress each year — will increase to 5.5% from 4.99% for loans disbursed on or after July 1, 2023, an Education Department spokesperson confirmed. The 5.5% interest rate applies to both direct subsidized and unsubsidized undergraduate loans. Existing federal loans have not been accruing interest since the pandemic pause on payments and interest went into effect in 2020. It's possible you could find a better interest rate with a private lender, but federal student loans come with benefits that could wind up being more valuable than a lower rate.

☆ Five ways the rich save big on estate taxes, from putting houses in trusts to buying offshore life insurance
▼ + stars: | 2023-05-08 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

Thanks to tax cuts made during the Trump administration, Americans can give or hand down nearly $13 million in assets without paying federal estate tax. Currently, individuals and married couples can gift or bequeath $12.92 million and $25.84 million, respectively, before a 40% federal estate tax kicks in. Private-placement life insurance, or PPLI, can be used to pass on assets from stocks to yachts to heirs without incurring any estate tax. The assets in the trust are treated as premiums, and if structured correctly, the benefit and assets in the policy are bequeathed free of estate tax. These trusts pay a fixed annuity during the trust term, which is usually two years, and any appreciation of the assets' value is not subject to estate tax.

☆ Banking crisis: Why markets are still freaking out about banks
▼ + stars: | 2023-05-04 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

Similarly, southeastern regional bank First Horizon was teetering, having scrapped a $13 billion merger with Canada’s TD bank. That market pessimism was echoed by Bill Ackman, the billionaire investor, who tweeted Thursday that regional banks broadly are in trouble. Without a miracle from DC, the outlook for regional banks is not great. There is so much pessimism percolating on Wall Street, smaller banks are going to get crushed. That means we can expect more bank failures, and more Wall Street panic, in the weeks and months ahead.

You know I’m no fan of Kevin McCarthy’s. Gail Collins: Bret, with your strong feelings about fiscal responsibility, you of all people should be offended by McCarthy’s ploy. But McCarthy now wants to use it as a hostage — attaching his wish-list of spending cuts (weaken the I.R.S.!) Bret: I don’t think anyone wants Uncle Sam to default on his debts — except, well, the nuttier Republicans who hold the balance of power in the House. McCarthy had to pass a bill that could garner their support.

☆ Took a huge hit on taxes this year? How investors can avoid a hefty bill next year
▼ + stars: | 2023-04-26 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

Last year was a complex one for investors, as the sharp market decline seemingly left traders short of huge capital gains from dumping highly appreciated stocks. "It's counterintuitive to people: Why do I have a large capital gains distribution this year? Meanwhile, investments that you hold for more than a year are subject to long-term capital gains rates, which can be as high as 20%. This means you sell a losing position to offset capital gains elsewhere in the portfolio, thus reducing the tax hit. Meanwhile, in a traditional IRA, taxes are merely deferred, but withdrawals are subject to income taxes.

☆ I asked 8 CNBC employees what they wish they'd known about money when they were young: Here are their answers
▼ + stars: | 2023-04-22 | by ( Emmie Martin | ) www.cnbc.com time to read: +4 min

In particular, I wish I knew about Roth individual retirement accounts when I was in high school. Even though they're for retirement savings, anyone with earned income can contribute to one, within certain income limits, and let their money grow tax-free. In the spirit of Financial Literacy Month, I asked my coworkers what they wish they knew about money when they were younger. Credit card debt adds up quicklyIn my 20s, I didn't think much about the interest I was paying on credit card debt, and it probably cost me thousands of dollars. —Mike Winters, money reporterBut credit can be a useful toolI wish I know more about credit in college and my early 20s.

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