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☆ China’s economy is in bad shape. Can its ‘whatever-it-takes’ stimulus effort turn things around?
▼ + stars: | 2024-10-06 | by ( Juliana Liu | ) edition.cnn.com time to read: +8 min

The stimulus measures should have come far sooner, says Lun, but better late than never. Beijing has largely held back on unveiling fiscal measures, which can include the use of taxation or other measures to impact public spending. Another one trillion yuan may be set aside for recapitalizing banks or helping indebted local governments to issue bonds. Jia said China’s economy had expanded sufficiently since then to support the issuance of Treasury bond financing between four trillion to 10 trillion yuan. Any meaningful stimulus measures must tackle the problem of oversupply in the property market, experts said.

Persons: Francis Lun, he’s, Lun, ”, we’re, Juliana Liu, Ray Dalio, Pan Gongsheng, Li Yunze, Wu Qing, Pan, Jing Liu, it’s, Xi, Jia Kang, Jia, Chi Lo Organizations: Hong Kong CNN —, Index, CNN, Geo Securities, Nikko Asset Management, Bridgewater Associates, National Development Reform Commission, People’s Bank of China, Financial Regulatory, China Securities Regulatory, HSBC, Reuters, Ministry, Finance, Ministry of Finance, China Academy of New, Barclays, BNP, Management Locations: China, Hong Kong, Causeway, Beijing, Renhuai

☆ What Harris’ unrealized capital gains tax proposal means for you
▼ + stars: | 2024-10-06 | by ( Katie Lobosco | ) edition.cnn.com time to read: +8 min

A billionaire minimum tax is one of several proposals pushed by Democrats in recent years to tax the rich. Harris has specifically called for raising the top tax rate on millionaires with long-term realized capital gains from 20% to 28%. Harris’ proposal to increase the tax rate on realized capital gains to 28% would apply to taxpayers with income over $1 million. How a tax on unrealized capital gains would workLet’s discuss how a billionaire minimum tax – which is, on a basic level, a tax on unrealized capital gains – would impact a homeowner. If passed, a billionaire minimum tax – an unprecedented tax on income not yet received – would likely face many legal challenges.

Persons: Kamala Harris that’s, “, ”, Mark Friedlich, Harris, hasn’t, Biden, Joe Biden, Erica York, it’s, ” Friedlich, Ron Wyden, Joe Manchin, Kyrsten, inheritances Harris hasn’t, Biden’s Organizations: Washington CNN, IRS, Wolters Kluwer, Accounting, Biden, Tax, Oregon Democrat, Senate Locations: Altrata, Oregon, Sens, West Virginia, Arizona

☆ The beginner's guide to nepo babies
▼ + stars: | 2024-10-04 | by ( Amanda Yen | ) www.businessinsider.com time to read: +9 min

AdvertisementThere's one other field that's become a magnet for nepo babies with something new to say: journalism. The coastersBrooklyn Peltz Beckham and Nicola Peltz Beckham at the Academy Museum Gala in December 2023. Brooklyn Peltz Beckham and Nicola Peltz Beckham also fall into this category. The activistsSome nepo babies use their inherited millions to address social issues they're passionate about. The normiesLastly, there are some nepo babies who have chosen professions in fields where their connections won't help them quite as much.

Persons: —, John Quincy Adams, John Adams, Liza Minnelli, Judy Garland, Chan Zuckerberg, Mark Zuckerberg, Taylor Swift, Zuckerberg, Forbes — isn't, ultrarich, Alexandre Arnault, Antoine Arnault, Delphine Arnault, Bernard Arnault, Vianney Le Caer, Murdoch, Donald Trump, Fred Trump, Bill Gates, David Ellison, Larry Ellison, Jessica Pegula, Emma Navarro, Bruce Springsteen, Michael Bloomberg, Lance, Lawrence, Williams, Logan Sargeant, McLaren, Lando Norris, Jack Schlossberg, Kennedy, who's, Z's, Ronan Farrow, Mia Farrow, Woody Allen, rocketed, Harvey Weinstein, Brooklyn Peltz Beckham, Nicola Peltz Beckham, Frazer Harrison, Paris Hilton, Olivia Jade Giannulli, Lori Loughlin, she's, David, Victoria Beckham, Nelson Peltz, Abigail Disney, She's, Zers, Elon Musk's, Vivian Wilson, Jennifer Gates Nassar, Charles Shaffer, Anna Wintour Organizations: Service, Fox, News Corp, Oracle, Skydance Media, Aston Martin, New Yorker, Brooklyn, Academy Museum, Paris, Hilton, University of Southern, Zen, Disney, Bank of Mom, Vogue, Columbia University Locations: —, New, University of Southern California, Mount Sinai

☆ Israel’s economy is paying a high price for its widening war
▼ + stars: | 2024-10-04 | by ( Hanna Ziady | ) edition.cnn.com time to read: +10 min

London CNN —In late September, as Israel’s nearly year-long war widened and its credit rating was downgraded yet again, the country’s finance minister, Bezalel Smotrich, said that, while Israel’s economy was under strain, it was resilient. Israel’s economy could shrink even more than that, based on a worst-case estimate by the Institute for National Security Studies at Tel Aviv University. Before the October 7 attack and ensuing Israel-Hamas war, the International Monetary Fund forecast that Israel’s economy would grow by an enviable 3.4% this year. Smotrich, the finance minister, is confident that Israel’s economy will bounce back once the war ends, but economists are concerned the damage will far outlast the conflict. Florion Goga/ReutersOther sectors of Israel’s economy, while less important than tech, have been hit much harder.

Persons: London CNN —, Bezalel Smotrich, ” Smotrich, Hassan Nasrallah, ratcheting, Karnit, ‘, Menahem Kahana, ”, “ Israel, “, Smotrich —, Flug, Ahmad Gharabli, Fitch, —, Coface, Avi Hasson, Hasson, Florion Goga, Yaron Liberman, ” Liberman Organizations: London CNN, CNN, West Bank, United Nations, BMI, Fitch Solutions, Institute for National Security, Tel Aviv University, International Monetary Fund, of Israel, Getty, Bank of Israel, Israel Democracy Institute, Institute for National Security Studies, Moody’s, Startup Nation Locations: Lebanon’s, Beirut, Israel, Lebanon, Gaza, Israel’s, Iran, AFP, Egypt, Syria, Golan, Jerusalem's Old City, United States, Tel Aviv, housebuilding . Tourism

☆ I'm a computer science professor at UC Berkeley. Tech jobs are drying up and graduates are no longer guaranteed a role.
▼ + stars: | 2024-10-04 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +5 min

James O'Brien is a UC Berkeley professor who says tech graduates struggle to secure top jobs. O'Brien says we need to embrace universal basic income as AI shrinks the job market. AdvertisementThis as-told-to essay is based on a transcribed conversation with James O'Brien, a professor at the University of California, Berkeley. There's still demand for people, and some people are getting jobs, but not across the entire industry. AdvertisementThere are also people coming from other schools that don't have quite the strong reputation that Berkeley does, and they're not getting job offers at all.

Persons: James O'Brien, O'Brien, —, I've, It's, it's, they're, that's Organizations: UC Berkeley, Service, University of California Locations: Berkeley

☆ IRS free tax filing will be available in 24 states for the 2025 season — here's who can use it
▼ + stars: | 2024-10-03 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Internal Revenue Service Commissioner Danny Werfel testifies before the House Appropriations Committee on Capitol Hill on May 07, 2024 in Washington, DC. Kevin Dietsch | Getty Images News | Getty ImagesWho can use IRS Direct File"This year, taxpayers in Direct File's 24 states will see far more tax situations covered than during last year's pilot," and the program will be available at the opening of tax season, IRS Commissioner Danny Werfel said Thursday on the press call. Next season, Direct File will also support interest income above $1,500, pension and annuity income (excluding individual retirement accounts) and Alaska Permanent Fund Dividends. The IRS and Treasury in May unveiled a nationwide Direct File expansion and invited all 50 states to join the program. During the pilot, more than 140,000 users filed returns and saved an estimated $5.6 million in tax preparation fees, the agencies said in April.

Persons: Danny Werfel, Kevin Dietsch Organizations: Revenue, Capitol, Getty, Social, NEC, Fund, IRS, Treasury Locations: Washington , DC, Alaska

☆ Trump's plan to scrap taxes on tips and overtime could reshape how millions of Americans get paid
▼ + stars: | 2024-10-02 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

Presidential hopeful Donald Trump has proposed getting rid of taxes on tips and overtime. AdvertisementIf former President Donald Trump gets his way, workers who collect overtime pay or tips could stop paying taxes on them. "Their employer can pay less to keep them but the worker is not worse off because now they don't have to pay taxes on that," Shierholz said. Or it could mean some salaried workers switch to hourly wages in order to qualify for a higher rate of untaxed overtime pay. Do you collect tips or overtime pay?

Persons: Donald Trump, Trump, —, It's, Kamala Harris, that's, Harris, it's, Heidi Shierholz, Shierholz, Joe Hughes, Alex Muresianu, Muresianu, Hughes, Rube Goldberg, Karoline Leavitt Organizations: Service, Yale, Trump, Social Security, Taxation, Economic, Tax Foundation Locations: Arizona, America

☆ South Korea military parade includes ‘monster missile’ and U.S. bomber flypast
▼ + stars: | 2024-10-01 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +3 min

SEOUL, South Korea — South Korea showcased a ballistic missile capable of carrying an eight-ton warhead and featured a flypast of a U.S. bomber at military parades in Seoul on Tuesday, a show of force now held annually to signal readiness to respond to North Korean threats. For decades such military parades had been held only infrequently in South Korea. Military officials have said Tuesday’s parade was partly intended to showcase South Korea’s military might as a deterrence to North Korea, which frequently stages parades featuring weapons such as intercontinental ballistic missiles. The South Korean parade included a flypast by a U.S. B-1B strategic bomber for the first time, while the U.S. Eighth Army band and an armored Stryker brigade also took part. “That day will see the end of the North Korean regime.”Dubbed a “monster missile” by South Korean media, the Hyunmoo-5 was a centerpiece of the parade, specifically designed to penetrate underground bunkers.

Persons: Yoon Suk Yeol, Yoon, ” Yoon, Yu Yong, Kim Kang Il, KCNA, Kim, Tuesday’s, Jeon Ha Organizations: Armed Forces, U.S, U.S . Eighth Army, Strategic Command, South, Defense Locations: SEOUL, South Korea, U.S, Seoul, North Korea, Pyongyang, Russia, Washington

☆ Fixing Social Security funding woes requires addressing immigration 'fraud,' Vance said. Here's what experts say
▼ + stars: | 2024-10-01 | by ( Lorie Konish | ) www.cnbc.com time to read: +12 min

Trump in March said on social media platform Truth Social that Democrats are "killing Social Security and Medicare by allowing the invasion of the migrants." The earnings suspense file is an electronic holding file for wage items where names and Social Security numbers on Form W-2s do not match the Social Security Administration's records, an agency spokesperson said via email. "Immigration, in general, has a very positive role," said Sam Gutterman, chairperson of the American Academy of Actuaries' Social Security committee. The Social Security Administration in an email explained that there are strict rules about who can legally receive benefits and Social Security numbers. "The Social Security Act does not permit payment of benefits to noncitizens residing in the U.S. if they're not lawfully present here," a Social Security spokesperson said.

Persons: Sen, JD Vance, Alex Wong, Donald Trump, Kamala Harris —, Vance, Harris, Tara Watson, Watson, Andrew Biggs, General, Jeffrey Brown, Brown, I've, " Biggs, Sam Gutterman, Renata Miller, they're, actuary, Stephen Goss, Goss Organizations: Radford University, Getty, Social Security, Medicare, Republican, Trump, CNBC, of Homeland, Brookings Institution, Immigration, Immigrants, American Academy of Actuaries, Taxation, Social, someone's Social, American Enterprise Institute, Social Security Administration, Social Security Administration Office, Finance, American Academy of Actuaries ' Social Security, Department of Health, Human Services, HHS, Department of Homeland, SSA Locations: Radford , Virginia, U.S, misdirection

☆ Both Trump and Harris say they'll build more border wall. In this county, the parts have been waiting, and rusting, since 2021.
▼ + stars: | 2024-09-29 | by ( Laura Strickler | Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +5 min

When President Joe Biden took office, he immediately halted border wall construction. “Vice President Harris believes in tough, smart solutions to secure the border, keep communities safe, and reform our broken immigration system,” Ehrenberg said. The border bill would have provided 1,500 more border personnel, upgraded technology and kicked off the “immediate resumption” of the border wall construction that was underway in 2021, according to its text. Del Cueto’s union supported the bipartisan border bill that is the basis for Harris’ border plan. “What I would say to Vice President Harris is she’s been there for 3 1/2 years.

Persons: Kamala Harris, Donald Trump’s, Harris, Joe Biden, Mark Dannels, it’s, ”, Dannels, Biden deputized, Mia Ehrenberg, Donald Trump, Trump, ” Ehrenberg, Consuelo Hernandez, Hernandez, ” Trump, Biden, Del Cueto, Del Cueto’s, she’s Organizations: NBC News, NBC, Border Patrol, National Border Patrol Council, Trump Locations: Cochise County , Arizona, Mexico, Cochise County, Coronado, Hereford, Ariz, U.S, Tucson, California, ”, Arizona, Rio Grande Valley of Texas, Rio Grande, Harris ’

☆ Op-ed: Your kids need a Roth IRA. It's the 'golden egg' savings vehicle for young people
▼ + stars: | 2024-09-29 | by ( Winnie Sun | ) www.cnbc.com time to read: +4 min

How a Roth IRA for kids worksYes, kids can have their own Roth IRA — and, just like for adults, the IRS rules are pretty straightforward. There's no minimum age requirement for contributing to a Roth IRA; if a child can earn money, they can have a Roth IRA. watch nowMore about those income requirements: To contribute to a Roth IRA, the child must have earned income. Why I like the Roth IRA for youngstersI think of the Roth IRA as the "golden egg" savings vehicle for young people because not only is the account tax-sheltered, it also has the beneﬁt of liquidity. Establishing a Roth IRA for youngsters is a powerful way to set them on the path to financial security.

Persons: Roth Organizations: Roth IRA, IRS, Social Security

The Summary Brett Favre revealed on Tuesday that he has Parkinson's disease. Hall of Fame quarterback Brett Favre’s announcement that he has Parkinson’s disease is bringing renewed attention to the potential links between collision sports and a risk of brain disease. It definitely says something.”Neurologists who treated boxing legend Muhammad Ali concluded in 2022 that his medical history supported a diagnosis of young-onset Parkinson’s disease, but they could not link the disease to head trauma. Many former football players have been found to show signs of the brain disease, which can only be diagnosed post-mortem. Crutchfield said it’s important for players to take breaks after a head trauma to avoid more serious brain injuries.

Persons: Brett Favre, Brett Favre’s, Favre, ”, I’ve, Parkinson’s, ” Favre, Angelina Katsanis, AP Favre, “, Shannon Shaffer, Hannah Bruce, Bruce, ” Neurologists, Muhammad Ali, Ali, Kevin Crutchfield, ’ ”, Crutchfield, Thor Stein, ” Stein, CTE, Stein Organizations: of Fame, NFL, POLITICO, AP, National Football League, Green Bay Packers, Army, —, Cleveland Clinic, Rune Labs, Boston University Alzheimer’s Disease Research, Hackensack Meridian Health, Boston, CTE Locations: Mississippi, Parkinson’s

Former Green Bay Packers quarterback Brett Favre said he's been diagnosed with Parkinson's, a stunning disclosure made to Congress on Tuesday while testifying about his potential misuse of taxpayer money. Favre, appearing before the House Ways and Means Committee, has been accused of improperly using political connections to redirect public money to his alma mater and his own pocket. "Sadly, I also lost an investment in a company that I believed was developing a breakthrough concussion drug I thought would help others, and I’m sure you’ll understand why it’s too late for me because I’ve recently been diagnosed with Parkinson’s," Favre told lawmakers. Recently, the doctor, running the company pleaded guilty to taking (public) money for his own use." The Hall of Fame QB improperly received program money for speaking engagements that he never made, according to a state auditor.

Persons: Brett Favre, he's, Favre, I’ve, Parkinson’s, Angelina Katsanis, who’d, Phil Bryant Organizations: Green Bay Packers, Parkinson's, POLITICO, AP, JAMA, NFL, Assistance, Fame, Gov, University of Southern Locations: Canton, Washington, University of Southern Mississippi

☆ Here’s how Trump says he’ll help US businesses through tariffs and taxes
▼ + stars: | 2024-09-24 | by ( Tami Luhby | Katie Lobosco | ) edition.cnn.com time to read: +9 min

Trump’s promised business tax cuts come alongside his suite of targeted tax relief for individuals, a list that continues to grow. Trump used tariffs, in part, to help boost American manufacturing. Reducing the corporate tax rateTrump has long wanted to reduce the corporate tax rate to below 21%. It will force owners of successful companies to sell their businesses to raise the cash to pay the tax, Trump said. Notably, the tax cut law temporarily created a special deduction for the owners of certain pass-through entities who pay business taxes on their individual tax returns.

Persons: Donald Trump, we’re, ” Trump, Trump, Kamala Harris, Joe Biden’s, Trump’s, ” John Murphy, Biden, ”, John Gimigliano, “, Harris, CNN’s Kate Sullivan Organizations: CNN, Trump, Democratic, Social Security, Republicans, Tax Foundation, China Business, Federal Reserve, US Chamber of Commerce, Economic, of New, KPMG Locations: Savannah , Georgia, America, Mexico, United States, American, of New York, Savannah

☆ Startups are using ‘rock dust’ to make agriculture carbon friendly
▼ + stars: | 2024-09-24 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Agriculture is responsible for more than 10% of global carbon emissions, according to the U.S. Environmental Protection Agency. But while agriculture is a massive carbon offender, it could now be part of a solution, as startups are trying new ways of using nature to save itself. Startups like Lithos, UNDO Carbon and California-based Eion are experimenting with several types of carbon-absorbing rocks that can accomplish what lime does while permanently removing carbon from the atmosphere at the same time. "We apply a rock dust onto farms, and that helps farmers condition the soil or make the soil better for improvements," said Anastasia Pavlovic, CEO of Eion. "Then over time, that manages to secure and sequester carbon, permanently removing it from the atmosphere."

Persons: Anastasia Pavlovic, Eion, " Pavlovic, Dan Prevost, Prevost, Elon, Pavlovic, Lisa Rizzolo Organizations: U.S . Environmental Protection Agency, Farmers, Eion, Midwest, CNBC Locations: California, Norway, Mississippi, Illinois

Annual fee Insider’s Take The Southwest Rapid Rewards® Premier Credit Card is worth considering if you fly Southwest, even occasionally. Southwest Rapid Rewards® Premier Credit Card OverviewThe Southwest Rapid Rewards® Premier Credit Card is the middle child of Chase's three Southwest consumer credit cards. Southwest Rapid Rewards® Plus Credit Card vs. Southwest Rapid Rewards® Premier Credit CardThe Southwest Rapid Rewards® Plus Credit Card is the "baby" card of the Southwest family. Southwest Rapid Rewards® Priority Credit Card vs. Southwest Rapid Rewards® Premier Credit CardThe Southwest Rapid Rewards® Priority Credit Card is Southwest's top-tier consumer credit card, and the option you should consider instead of the Southwest Premier if you frequently fly on this airline. The Southwest Rapid Rewards® Premier Credit Card has an "older sibling" — the Southwest Rapid Rewards® Priority Credit Card.

Persons: HBO Max, you'll, You'll, cardholders, Jasmin Baron, Read, Angela Fung Organizations: Business, Rewards, Card, Rapid, Southwest Premier, Southwest ®, Southwest, Southwest Premier cardholders, Apple, Disney, ESPN, HBO, Hulu, Netflix, Pandora, Paramount, Showtime, Spotify, YouTube, Southwest Premier Southwest, Central America, Rapid Rewards, Chase, Sapphire, Southwest Airlines, cardholders, TSA, Southwest Premier Chase, Finance Locations: Hawaii, Mexico, Caribbean, Central, Southwest airfare, Southwest, U.S, Chevron, Canada

☆ Warren Buffett's death plan dodges taxes and will make his kids 'philanthropic titans,' says wealth inequality guru
▼ + stars: | 2024-09-19 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

This story is available exclusively to Business Insider subscribers. On the positive side, he's not creating private wealth dynasties. But his children will become philanthropic titans by wielding taxpayer-subsidized private power through enormous charitable foundations upon his death. A progressive annual wealth tax, with rates becoming steeper as wealth goes above $1 billion. A cap on the charitable deduction so that wealthy people, like Buffett, don't get to opt out entirely of paying taxes.

Persons: —, Warren Buffett, Berkshire Hathaway, he's, Chuck Collins, Buffett, Collins, Bill Gates, don't Organizations: Service, Business, Institute for Policy Studies, Berkshire Locations: Berkshire

☆ Volatility looms as election season heats up. Fortify your portfolio against autumn market shocks
▼ + stars: | 2024-09-19 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +6 min

Recalibrate for risk Protecting your portfolio from sharp losses begins with understanding your comfort with risk and ensuring that your asset allocation reflects your long-term goals. "But over that period when markets were down, there were opportunities to harvest losses in stocks, individual names that experienced big pullbacks." And they've been a good buy for clients who are nearing retirement, seeking income and appreciate bonds' ability to offset stocks' volatility. Options for buffering losses Options are also playing a role in investors' portfolios as financial advisors try to mitigate volatility. Call options give investors the right to buy a stock at a specified strike price before a certain date.

Persons: Stocks, Goldman Sachs, Arun Prakash, Prakash's, Rafia Hasan, San, Hasan, they've, Andrew Herzog, We're, Herzog, he's, Gregory Guenther, Morningstar, " Guenther Organizations: Federal, Wealth Management, Fed, Treasury Bond ETF, SEC, GrantVest Financial Locations: San Francisco, Plano , Texas, Matawan , New Jersey

$ 5.34 $ 5.34 Estimated Environmental cost + $ 22.02 Say a pound of beef costs $5.34 at your local supermarket. The Hidden Environmental Costs of Food Damage to the natural world isn’t factored into the price of food. The proponents of true cost accounting don’t propose raising food prices across the board, but they say that increased awareness of the hidden environmental cost of food could change behavior. (True cost accounting also typically includes things like labor rights and dietary health, but here we’re focusing on environmental costs.) Large disparities between the retail price of food and its environmental costs are found in the proteins many of us eat every day.

Persons: True Price, ”, Claire van den Broek, “ They’re, Alexander Müller, True, “, Scott Swinton, Roger Cryan, Mario Herrero, chickpeas Organizations: United Nations, Rockefeller Foundation, True, Sustainability, Michigan State University, American Farm Bureau Federation, New, Cornell University, Price, Beef, Oxford University, “, U.S . Department of Agriculture, Mountain, United Nations Food, Agriculture Organization Locations: Dutch, United States, Berlin, New York State, Denmark, Walmart.com, U.S, North America, Europe, Brazil, India, Netherlands, Germany

☆ How to position your muni bond portfolio ahead of the election and potential tax law changes
▼ + stars: | 2024-09-18 | by ( Michelle Fox | ) www.cnbc.com time to read: +8 min

With the Federal Reserve rate-cutting cycle expected to begin and the November election just around the corner, now could be a good time to invest in municipal bonds. Interest earned on municipal bonds are free from federal tax. Close said he is already seeing financial advisors start to position their muni portfolios in anticipation of changes. Unlike the Treasury market, the muni market yield curve is upward sloping, Close said. In addition, there's room for lower-rated municipalities to outperform, such as A, BBB and high yield, Norton said.

Persons: Matthew Norton, Norton, Dan Close, Close, It's, Paul Malloy, Malloy, it's, Vanguard's Malloy, Nuveen's Organizations: Federal, Democratic, White House, Congress, municipals, Vanguard, BBB, AAA, AA, Treasury, Investment Company Institute, Fed Locations: Nuveen, California , New York, New Jersey, New York, California, AllianceBernstein

☆ GOP House Speaker Johnson backs keeping some of Biden's clean energy tax credits
▼ + stars: | 2024-09-17 | by ( Emily Wilkins | ) www.cnbc.com time to read: +2 min

Speaker of the House Mike Johnson, R-La., talks with reporters in the U.S. Capitol after the last votes of the week on Thursday, September 12, 2024. U.S House Speaker Mike Johnson said he would preserve some of the clean energy tax credits enacted under President Joe Biden but would seek to eliminate others, as an upcoming battle over taxes next year comes into focus in Washington. Johnson declined to specify which provisions he would support keeping in place, saying he's "not putting any of that on the table yet." More than a dozen members of Johnson's own party, many of whom face difficult re-election fights, asked the speaker in a letter last month to preserve some of the tax credits and deductions in the IRA. "Prematurely repealing energy tax credits, particularly those which were used to justify investments that already broke ground, would undermine private investments and stop development that is already ongoing," the 18 lawmakers wrote in the letter.

Persons: Mike Johnson, Joe Biden, You've, Johnson Organizations: U.S, Capitol, CNBC, Louisiana Republican, Riggs, D.C, Republican Locations: Washington, Louisiana

☆ Save on taxes and bolster your portfolio before year-end with these moves
▼ + stars: | 2024-09-16 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

It's September – and that means it's prime time to think about maximizing after-tax returns as the year winds down. Of course, there may be a price to pay for that performance: Uncle Sam will want his share of taxes. Here are a few steps that could help you hold onto more of your portfolio's returns this year. Munis spin out income that's free of federal taxes, and they may be exempt from state levies if the investor resides in the issuing state. By directly giving low basis highly appreciated stock (instead of selling the position and donating cash proceeds), you avoid incurring the capital gains tax.

Persons: it's, Sam, Nathan Hoyt, Joel Dickson, Vanguard's, Dickson, James Shagawat, Roth, Shagawat, Malcolm Ethridge, –, Ethridge Organizations: Nvidia, Regent Peak Wealth, Investors, Roth IRA, Treasurys, Wealth Locations: Atlanta, AdvicePeriod, Paramus , New Jersey, New York , New Jersey, California, Rockville , Maryland

☆ The US is considering a sovereign wealth fund. Alaska already has one, and it's funding a universal basic income.
▼ + stars: | 2024-09-14 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

Read previewBipartisan momentum is building around a sovereign wealth fund that could help the United States reduce its national debt or fund ambitious projects. And former President Donald Trump recently called for a similar state-owned investment fund to finance "great national endeavors" during a campaign stop at the Economic Club of New York. AdvertisementAlaska's fund offers benefits that mimic a universal basic income — a no-strings-attached, recurring payment distributed to people regardless of socioeconomic status. Federal lawmakers likely see a sovereign wealth fund serving a different purpose, like supporting industries or financing supply chain initiatives. Sovereign wealth funds — like Alaska's or Norway's Government Pension Fund Global, which is the largest in the world — are often funded by wealth generated from state-owned natural resources.

Persons: —, Joe Biden's, Donald Trump, Sarah Cowan, Winston Ma, Hunt, Ma Organizations: Service, White, Economic, of New, Business, Alaska Permanent Fund, NYU, Unicorns, Fund Locations: United States, of New York, American, Alaska

☆ Georgia Lt. Gov. Burt Jones won’t face charges in 2020 election interference case
▼ + stars: | 2024-09-13 | by ( Zoë Richards | Zoë Richards Is A Politics Reporter For Nbc News. | ) www.nbcnews.com time to read: +3 min

A special prosecutor announced Friday that Georgia Lt. Gov. Burt Jones will not be charged over efforts to overturn Donald Trump’s electoral defeat in the 2020 presidential election. Jones had denied wrongdoing in the case and blasted Willis in a statement Friday. Trump and more than a dozen other people were indicted in August 2023 on state felony charges in Georgia tied to efforts to overturn the 2020 election results. The case remains on hold over efforts to disqualify Willis in her role as prosecutor.

Persons: Burt Jones, Donald, Peter Skandalakis, Jones, Joe Biden, Mike Pence, ” Skandalakis, Fani Willis, Skandalakis, Willis, “, ” Jones, Trump Organizations: Gov, ’, of, Trump, College, Atlanta Judicial, Attorney’s Office, Futon, Attorney’s Locations: Georgia, of Georgia, Fulton County

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

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