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☆ Biden vs. Trump: Here's what the next president means for your taxes
▼ + stars: | 2024-06-08 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Howard Gleckman Senior fellow at the Urban-Brookings Tax Policy CenterOf course, future legislative updates, if any, will depend on which party controls Congress. More generous child tax creditAnother expiring TCJA provision is the bigger child tax credit, which some lawmakers have fought to expand in 2024. The TCJA doubled the maximum child tax credit to $2,000, boosted the refundable portion to $1,400 and expanded eligibility. Biden has called for an expansion, but there have been debates in Congress over the child tax credit design, including the amount, eligibility and refundability, said Gleckman. Fully extending the TCJA tax breaks could add an estimated $4.6 trillion to the deficit over the next decade, according to the Congressional Budget Office.

Persons: Joe Biden, Donald Trump, Chip Somodevilla, Alex Wong, Howard Gleckman, Garrett Watson, Biden, Trump, Gleckman, Watson, Lael Brainard Organizations: Urban, Brookings Tax, Tax, Center, Congressional Locations: Lower, China

☆ Janet Yellen warns AI in finance poses ‘significant risks’
▼ + stars: | 2024-06-05 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

For instance, Yellen will note that the “complexity and opacity” of AI models could cause problems. The problem is that many AI models operate as a “black box,” meaning their inner workings are impenetrable to outsiders. If Wall Street firms are relying on mysterious AI models, regulators will struggle to understand how safe their systems truly are. Likewise, Yellen will say there is a “concentration” risk linked to the fact that there are only a few companies providing AI models. AI models have a history of making stuff up, often in a convincing way.

Persons: Janet Yellen, Yellen, OpenAI’s ChatGPT, “, ” Yellen, ”, “ We’ve Organizations: CNN, US Treasury Department, Brookings Institution, Treasury, IRS, Treasury Department

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

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

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

☆ China, Xi Jinping's Plan for AI Will Wreak Havoc on the World Economy
▼ + stars: | 2024-06-02 | by ( Linette Lopez | ) www.businessinsider.com time to read: +18 min

According to the CCP's plan, by 2020, China was supposed to have "achieved iconic advances in AI models and methods, core devices, high-end equipment, and foundational software." Censorship requirements may slow China's AI development and limit the commercialization of domestic models, but they will not stop Beijing from benefiting from AI where it sees fit. We're not seeing a huge gap between the models Chinese companies have been able to roll out. The current price war is a race to the bottom, similar to what we've seen in the Chinese technology space before. A race to the bottom may simply beggar China's AI ecosystem.

Persons: Xi Jinping, China doesn't, there's, Beijing's, Reva Goujon, We're, It's, ChatGPT, Xie Huanchi, couldn't, you'll, —, Kenneth DeWoskin, it's, Matt Sheehan, they're, chatbot, Sheehan, Ernie Bot, There's, Alibaba, ByteDance's, Paul Triolo, Albright, we've, haven't, DeWoskin, Sam Altman, Elon Musk Organizations: Chinese Communist Party, CCP, Intelligence, Cyberspace Administration, Getty, Freedom, University of Michigan, Deloitte, CAC, Carnegie Endowment, International Peace, Baidu, Bloomberg, Companies, Brookings Institution, Beijing, The Commerce Department Locations: China, Beijing, China's, Hong Kong, Xinhua, , Washington, Brussels, Berlin, Taiwan, US, Xinjiang

☆ Elon Musk has been getting Trumpier. A direct line to Trump may be next
▼ + stars: | 2024-05-30 | by ( Clare Duffy | Brian Fung | ) edition.cnn.com time to read: +9 min

CNN —Elon Musk has sought to accumulate political capital commensurate with his extravagant wealth. Musk has discussed advising Trump should he win the 2024 election, the Journal reported, citing unnamed sources. Musk called Trump directly via cellphone to explore a role that could potentially give Musk significant influence over US policies. Reporting that Musk and Trump’s relationship has improved comes after Musk’s politics have become more aligned with Trump’s. For Musk to have a direct, private line to a future President Trump “would seem to be a blatant conflict of interest,” said Darrell West, a senior fellow in the governance studies program at the Brookings Institution.

Persons: CNN — Elon Musk, Musk, Donald Trump, Trump, Brian Hughes, –, Andrew Harnik, ”, Darrell West, ” West, Herika Martinez, —, Donald Trump’s, Biden, Ron DeSantis, Robert Kennedy , Jr, Paul Pelosi, Hillary Clinton, White supremacists, Imran Ahmed, X, CCDH, Donie O’Sullivan Organizations: CNN, Republican, Wall Street, Trump, SpaceX, Tesla, Brookings Institution, Securities and Exchange Commission, Federal Trade Commission, Traffic Safety Administration, Justice Department, Migrants, US Border Patrol, AFP, Getty, Twitter, US, Republican Florida, Politico Locations: Paris, El Paso , Texas, Ciudad Juarez, Chihuahua State, Mexico

☆ A US official says an 'unacceptably high' number of US weapons components have landed in Russian hands
▼ + stars: | 2024-05-29 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

US firms need to be vigilant with their exports, says Deputy National Security Advisor Daleep Singh. Singh said an "unacceptably high" number of US components have been found in Russia's weapons. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAn "unacceptably high" number of US arms components are landing in Russian hands, a US official said on Tuesday. "The percentage of Russian battlefield weaponry with US or allied branded components is alarmingly and unacceptably high," said Daleep Singh, US deputy national security advisor for international economics.

Persons: Daleep Singh, Singh, shouldn't, — Organizations: Service, Brookings Institution, US, Bloomberg, Business Locations: Washington

☆ Opinion | Biden Underestimates How Much Black Americans Care About This Issue
▼ + stars: | 2024-05-25 | by ( Jerel Ezell | ) www.nytimes.com time to read: +1 min

Black voters will not only be a driving force in the 2024 elections; they will most likely be the driving force. One way he could do it is by talking to Black America, especially young Black voters, about a sleeper issue: the climate crisis. Democratic strategists seem to see climate change as a key political issue only for white liberal elites and assume that other groups, like Black voters, are either unaware of or apathetic about it. In reality, Black Americans are growing increasingly concerned about climate change. A poll conducted by the Brookings Institution last September showed that climate change is now a greater political concern for Black Americans than abortion or the state of democracy.

Persons: Donald Trump, Biden Organizations: Democratic, Black, CBS News, Brookings Institution Locations: Black America

☆ Fed rate cut odds getting lower and lower because of 'hot' economy, says economist Allison Schrager
▼ + stars: | 2024-05-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed rate cut odds getting lower and lower because of 'hot' economy, says economist Allison SchragerAllison Schrager, The Manhattan Institute senior fellow, and Wendy Edelberg, Brookings Institution senior economic studies fellow, join 'Squawk Box' to discuss the nation's ability to issue debt, how the consumer and businesses are shaping with the economy, and more.

Persons: Allison Schrager Allison Schrager, Wendy Edelberg Organizations: Manhattan Institute, Brookings Institution

☆ Low-income Americans wait years to get housing vouchers that are often impossible to use. Fixing the system could mean more funding and less red tape.
▼ + stars: | 2024-05-18 | by ( Eliza Relman | ) www.businessinsider.com time to read: +9 min

The federal Housing Choice Voucher Program, also known as Section 8, is also the biggest, aiding about 5 million people in 2.3 million households. While it's illegal in some places to discriminate against voucher holders, the practice isn't outlawed everywhere. Fully funding housing vouchers would mean many more housing-insecure and unhoused people would get help. Related storiesIn its budget for fiscal year 2025, the Biden administration requested a $2.5 billion increase for voucher funding over 2023 levels. Researchers at the Department of Housing and Urban Development have proposed piloting a direct cash transfer program for rent as an alternative to housing vouchers.

Persons: Will Fischer, Biden, Jenny Schuetz, isn't, Lindsey Nicholson, Michael Stegman, Stegman, Tara Radosevich, Fischer, Schuetz Organizations: Service, Business, of Housing, Urban Development, Budget, Harvard, The New York Times, Republicans, Brookings Institute, Getty, Urban Institute, HUD, Washington State, Department of Housing Locations: —, Los Angeles, Fort Worth, Philadelphia, Iowa, Long Island City, Queens, Oregon

TradeBiden has left some of Trump's tariffs in place, illustrating the protectionist bent that continues to take hold in Washington. Biden has left some of Trump's tariffs in place, illustrating the protectionist bent that continues to take hold in Washington. As president, Trump fixated on the US trade deficit even as some economists argued against reading too much into such figures. He didn't see the fruits of his biggest trade deal, which went into effect in July 2020: the USMCA, a revamped North American trade deal known Experts at Brookings Institution have praised the treaty for growing regional trade. Trump has pledged to kill the Biden administration's new Asian trade talks, which the former president has dubbed "TPP two."

Persons: Biden, Niels Wenstedt, Trump, Katherine Tai, Sen, Elizabeth Warren, Barack Obama Organizations: BSR Agency, Getty, Republican Party, American Free Trade, World Trade Organization, Big Tech, Trump, Bloomberg News, Brookings Institution, TransPacific, US, Biden, Politico Locations: Washington, China, American, Mexico, Beijing

☆ Experts react to April’s CPI report
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExperts react to April’s CPI reportTiffany Wilding, PIMCO economist; Joe LaVorgna, SMBC Nikko Securities America U.S. chief economist; Wendy Edelberg, senior fellow in Economic Studies at the Brookings Institution; and CNBC's Steve Liesman join ‘Squawk Box’ to react to April's CPI data.

Persons: Tiffany Wilding, Joe LaVorgna, Wendy Edelberg, Steve Liesman Organizations: Nikko Securities America U.S, Economic, Brookings Institution

☆ Don't call them DINKs. Many childfree adults are ALICEs, living paycheck to paycheck without government assistance
▼ + stars: | 2024-05-14 | by ( Allie Kelly | ) www.businessinsider.com time to read: +5 min

A growing number of child-free adults, however, are falling through the cracks of the US economy. Many low-income childfree adults fall into the ALICE category — people who are asset-limited, income-constrained, and employed. The majority of these adults don't receive any state or federal rental assistance. AdvertisementMany Social Security and Medicare programs also primarily offer assistance to older adults, excluding adults under 62. He suggested expanding the Earned Income Tax Credit to benefit more adults without children, along with removing the extra qualifications childfree adults must meet to access SNAP benefits.

Persons: —, childfree, Robert Greenstein, Greenstein Organizations: Service, Business, Brookings Institution, Brookings, The Hamilton, Security, SNAP, Social Security Locations: Brookings

☆ Biden, Trump face 'massive tax cliff' amid budget deficit, experts say
▼ + stars: | 2024-05-14 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

The next U.S. president will face trillions in expiring tax breaks. While President Joe Biden and former President Donald Trump have shared early proposals, the federal budget deficit could complicate plans, experts say. Many TCJA tax breaks are temporary and slated to sunset after 2025 unless Congress passes legislation to extend them. "It's a massive tax cliff," said Erica York, senior economist and research manager with the Tax Foundation's Center for Federal Tax Policy. Here's why prices still aren't going downHowever, the federal budget deficit will be a "huge sticking point" amid tax negotiations, York said.

Persons: Joe Biden, Donald Trump, Erica York, Biden, York, Howard Gleckman Organizations: Trump, Tax, Center, Federal Tax, Finance, Congressional, Urban, Brookings Tax Locations: Washington

☆ Trump has promised an immigration crackdown if reelected. That could backfire on the economy
▼ + stars: | 2024-05-14 | by ( Matt Egan | ) edition.cnn.com time to read: +9 min

New York CNN —If voters return former President Donald Trump to the White House, he’s promised to launch an unprecedented crackdown on immigration and even conduct mass deportations. Trump recently told Time that he would aim to deport 15 million to 20 million people, perhaps by using the National Guard. Even though consumer prices are no longer skyrocketing, the cumulative impact of three years of high inflation is painful. “Most Americans view high inflation and high prices as unfair. But immigration remains a major concern for voters in the 2024 election and Trump has made it a centerpiece of his campaign.

Persons: Donald Trump, he’s, Trump, —, Mark Zandi, “ It’s, Joe Brusuelas, ” Brusuelas, You’d, ”, Karoline Leavitt, Joe Biden “, ” Leavitt, “, Joe Biden, Zandi, Trump’s, criminologists, Biden, Jerome Powell, Brusuelas, Goldman Sachs, ” Goldman Sachs, Wendy Edelberg, Edelberg, that’s Organizations: New, New York CNN, White, National Guard, Federal Reserve, CNN, RSM, Trump, Social Security, University of Michigan, Labor Department ., The Hamilton, ”, Hamilton, Security, Congressional, Office, The Hamilton Project, Brookings Institution Locations: New York, China, Covid, Mexico, United States

☆ Biden to increase tariffs on $18 billion in Chinese imports in a new warning to Beijing
▼ + stars: | 2024-05-14 | by ( Kayla Tausche | ) edition.cnn.com time to read: +5 min

Washington CNN —President Joe Biden is increasing tariffs on $18 billion in Chinese imports across a handful of sectors deemed strategic to national security – an attempt to cripple Beijing’s development of critical technologies and instead prioritize US production. The increases will apply to imported steel and aluminum, legacy semiconductors, electric vehicles, battery components, critical minerals, solar cells, cranes and medical products. That same trade law also requires the effectiveness of such tariff programs to be evaluated every four years, and the Biden administration decision is the result of that study. “China can’t be the only country that produces clean technology for the world we need,” a senior administration official said. The Chinese government, Biden argued, is providing state money to Chinese steel companies to make more steel than the economy demands, pushing down the price and making it impossible for other companies to compete.

Persons: Joe Biden, “, ”, Lael Brainard, “ China’s, Donald Trump, Biden, Wang Wenbin, Trump, Janet Yellen, Antony Blinken, “ They’re, ” Biden, Sam Fossum Organizations: Washington CNN, White, National Economic Council, CNN, Biden, Trade Organization, Brookings Institute, United Steelworkers, Trump, China’s Ministry, Commerce Locations: China, Beijing, Europe, Brazil, Turkey, Pittsburgh, Midwest

☆ Arizona is a cautionary tale for school vouchers as a wave of states are giving parents cash to send their kids to private school
▼ + stars: | 2024-05-13 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

Read previewThe prominence of school vouchers continues to surge across the country — but they might not benefit the families who need them the most. Over the past few years, states like Ohio and Arkansas have expanded their school voucher programs to allow most or all parents to receive funding to send their kids to private schools. The modern school voucher movement started to grow in the 1990s under the idea that the government would give parents a certain amount of money to put toward private school tuition. A new report from the Brookings Institution delved further into the implications of Arizona's voucher program. AdvertisementHave you received a school voucher or decided not to participate in your state's program?

Persons: —, Josh Cowen, Cowen, they've, Katie Hobbs, Rebecca Noble, Doug Ducey, Ducey, Hobbs Organizations: Service, Business, Michigan State University, Brookings Institution, Brookings, ESA, Catholic, Republican, Democratic, Arizona Locations: Ohio, Arkansas, Arizona, Brookings, Phoenix, Queen, Tennessee, Georgia, Alabama

☆ Biden Looks to Raise Tax Revenue When Trump Cuts Expire Next Year
▼ + stars: | 2024-05-10 | by ( Jim Tankersley | ) www.nytimes.com time to read: +1 min

President Biden’s top economic adviser said on Friday that lawmakers should take advantage of a looming tax debate next year to try to reduce budget deficits by sharply raising taxes on corporations and the rich. Under that plan, Mr. Biden would more than offset the cost of maintaining tax cuts for people earning $400,000 a year or less. A batch of tax cuts signed into law in 2017 by former President Donald J. Trump, who is facing Mr. Biden in a rematch this fall, is set to expire at the end of next year. It includes cuts for individuals at all income levels. Republicans built that expiration into the tax bill to reduce its projected cost to deficits and comply with congressional rules.

Persons: Biden’s, Biden, Lael Brainard, Donald J, Trump Organizations: Hamilton Project, Brookings Institution, White, National Economic Council, Republicans Locations: Washington

☆ Biden plans for higher taxes on the ultra-wealthy and corporations to extend middle-class tax breaks
▼ + stars: | 2024-05-10 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Director of the National Economic Council Lael Brainard speaks at the White House in Washington, D.C., on January 11, 2024. President Joe Biden's top economic advisor on Friday laid out plans for the country's looming debate over trillions in expiring tax breaks enacted by former President Donald Trump. Several provisions from the Tax Cuts and Jobs Act, or TCJA, of 2017 will expire after 2025 without any changes from Congress. Those include lower federal income tax brackets, a higher standard deduction and doubled estate and gift tax exemption, among others. The Republicans' signature tax package also permanently reduced corporate taxes by dropping the top federal rate from 35% to 21%.

Persons: Lael Brainard, Joe Biden's, Donald Trump Organizations: National Economic, White, Washington , D.C, Republicans, Finance, Hamilton, Brookings Institution Locations: Washington ,

☆ Opinion: Why I’m putting my ‘Mom’ role on my resume
▼ + stars: | 2024-05-10 | by ( Opinion Kara Alaimo | ) edition.cnn.com time to read: +5 min

Editor’s Note: Kara Alaimo, an associate professor of communication at Fairleigh Dickinson University, writes about issues affecting women and social media. According to research published last year by Pew Research Center, men who have children out-earn childless men. Lauren Smith Brody, founder of The Fifth Trimester, told me the survey results are consistent with what she has seen in her work coaching moms. As moms, many of us have to become expert at interviewing and hiring in order to find quality childcare providers. Of course, if only a few women add the title of mom to their resumes, they might be discounted by ignorant employers.

Persons: Kara Alaimo, ”, Kara Alaimo Lauren Tetenbaum, they’re, Lauren Smith Brody, “, ” Tetenbaum, I’ve, Barack Obama’s, —, Vivvi Organizations: Fairleigh Dickinson University, Women, Press, Facebook, CNN, Pew Research Center, Brookings Institution, United Nations, Twitter

☆ Many Gen Zers in their 'decisive decade' are leaving school and struggling to find work. They're part of America's disconnected youth.
▼ + stars: | 2024-05-05 | by ( Allie Kelly | Noah Sheidlower | ) www.businessinsider.com time to read: +9 min

Read previewYoung Americans are feeling increasingly isolated from their offices and classrooms, and these "disconnected youth" — or "opportunity youth" — may be ill-positioned for the future. Loneliness and a tough job market are leaving many Gen Zers feeling stuck, isolated, and unsupported. In fact, they're members of the disconnected youth — defined as Gen Zers who are not in school and not working. Disconnected youth are at risk of long-term stagnationMost Gen Zers — who are between the ages of 12 and 27 — are in this decisive decade. How to help disconnected youthAlthough many disconnected youth struggle with school and work, researchers cautioned against a "one size fits all" solution.

Persons: —, Gen Zers, Richard Reeves, Reeves, Zers, aren't, Zers —, Jonathan Zaff, Ian Rowe, Lara Aknin, Zaff, Zer, isn't Organizations: Service, Brookings, Business, Federal Reserve Bank of Dallas, National Center for Education Statistics, Boston University, American Enterprise Institute, Partnership Locations: North America, Brookings

☆ US food insecurity: The rising cost of living makes it hard for people with jobs to feed their families
▼ + stars: | 2024-05-04 | by ( Tami Luhby | ) edition.cnn.com time to read: +6 min

CNN —The mix of local residents visiting the Enfield Food Shelf in Connecticut has changed a lot in the last few years. It now seems that one unexpected expense tips people’s finances.”Between 300 and 400 households visit the Enfield Food Shelf in Connecticut each week. Khamphay Khen shops at the Enfield Food Shelf to help feed his family of six. The Enfield Food Shelf serves between 300 and 400 households a week. “Even though there are a lot of jobs available, and the unemployment rate is low, we’re seeing food insecurity increasing,” said East.

Persons: Kathleen Souvigney, Souvigney, ”, “, Jason Jakubowski, Khamphay, he’s, Khen, Honda, it’s, Enfield, Chloe East Organizations: CNN, Enfield Food, Survey, Connecticut Foodshare, Enfield Food Shelf, Urban Institute, The Hamilton, Brookings Institution Locations: Connecticut, Enfield, America

☆ 3 reasons your teens and 20s are 'the decisive decade'
▼ + stars: | 2024-05-04 | by ( Allie Kelly | ) www.businessinsider.com time to read: +6 min

And there are three key reasons Gen Zers' decisive decade will shape their ongoing mental and financial health. Unhappiness can shape long-term mental healthGen Zer's mental health outcomes are shaped by their involvement in school and work, Brookings researchers said. AdvertisementAt work, many Gen Zers are struggling with anxiety, work-life balance, and burnout — more so than millennials, Gen X, and boomers. Unhappiness and social isolation are especially affecting Gen Zers who reached adolescence during the pandemic. Not all Gen Zers start on equal footingTo be sure, Gen Zers' education, work, and financial outcomes are also dependent on their life circumstances in childhood.

Persons: —, Zers, Gen Zers, Ian Rowe, Gen X, Lara Aknin, it's, Zer, isn't Organizations: Service, Pew, Business, Brookings Institution, Brookings, Urban Institute, American Enterprise Institute, Research Locations: America, Brookings

☆ More Gen Zers could ditch college this fall — and some schools are worried they might never fully recover
▼ + stars: | 2024-04-27 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

A college enrollment crisis is likely coming this fall. It's a result of complications with the FAFSA form, along with a lower supply of high school seniors. There's also a limited supply of high school seniors right now due to lower birth rates during the Great Recession. But the immediate enrollment shock will likely come this fall — and both students and colleges will feel the impact. AdvertisementAre you a recent high school graduate not going to college?

Persons: It's, —, aren't, Katharine Meyer, Gen Zers, MorraLee Keller, Keller, There's, Meyer, They're, they're, there's, Hodges University —, Zers Organizations: Service, Brown Center, Education, Brookings Institution, National Center for Education Statistics, Federal Student Aid, Education Department, National College, Hodges University Locations: Florida, New York, Texas

☆ Containing the Middle East crisis: Inside Iran and Israel's attacks
▼ + stars: | 2024-04-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailContaining the Middle East crisis: Inside Iran and Israel's attacksMichael O’Hanlon, Brookings Institution senior fellow, joins 'Squawk Box' to discuss the latest developments in the Middle East, efforts by the Biden administration to contain the Middle East crisis, what's next in the Israel-Hamas war, impact of the $95 billion foreign aid package on Capitol Hill, and more.

Persons: Michael O’Hanlon, Biden, what's Organizations: Brookings Institution, Capitol Locations: Iran, Israel

☆ Fact check: Biden makes false and misleading claims during Pennsylvania campaign swing
▼ + stars: | 2024-04-19 | by ( Daniel Dale | ) edition.cnn.com time to read: +16 min

Washington CNN —President Joe Biden spent three days this week campaigning in the critical swing state of Pennsylvania. (The White House corrected the official transcript of Biden’s speech to make clear Biden should have said 2025 instead of 2024.) In other words, there will clearly still be some big and profitable corporations paying no federal income tax despite the existence of the new Biden tax. The center found that the top 0.1% of households paid an average effective federal tax rate of about 30.3% in 2020, including an average income tax rate of 24.3%. “The deficit is a trillion dollars lower, roughly, than when President Biden took office.

Persons: Joe Biden, Ambrose Finnegan, Biden, Jill Biden, PolitiFact, they’ll, it’s, “, Tami Luhby, —, ’ They’ve, Fuxian Yi, Yi, “ It’s, Derek Scissors, Trump, ” Biden, Biden’s “, Matthew Gardner, ” Howard Gleckman, Gleckman, Emmanuel Saez, Gabriel Zucman “, ”, I’ve, Donald Trump, ” Marc Goldwein, Goldwein, he’s, Afghanistan Biden, Biden’s, Finnegan, Finnegan “, Donald Judd, spokespeople, Andrew Bates Organizations: Washington CNN, Defense, Medicare, China, University of Wisconsin, Madison, American Enterprise Institute, CNN, Taxation, Economic, US, Biden, White, Urban, Brookings Tax, Urban Institute, University of California, Tax, Center, Trump, Federal Budget, Washington Post, Defense Department, Defense POW Locations: Pennsylvania, China, Iraq, Afghanistan, Scranton, Pittsburgh, America, Berkeley, “, New Guinea, ” New Guinea

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