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☆ Opinion: Nikki Haley is right about the Trump tariffs
▼ + stars: | 2024-02-02 | by ( Opinion Edward J. Mccaffery | ) edition.cnn.com time to read: +5 min

Think about that for a second.”Second, Haley is almost certainly right: tariffs can be a regressive tax, borne largely, if not exclusively, by ordinary American workers. The moderate, non-partisan Tax Foundation found that the existing Trump tariffs will bring in a mere $74 billion in revenues over ten years, while costing jobs, lowering growth and depressing American wages. Haley is right. Who is likely to benefit most from any future Trump tax cuts? Haley is right; Trump wins.

Persons: Edward J, McCaffery, Robert C, Donald Trump’s, Nikki Haley, Haley, Trump, Adam Smith, Harris, Smoot, Hawley, Hood, Herbert Hoover, Ronald Reagan Organizations: CNN, Packard, University of Southern, McCaffery, Jobs, South Carolina Republican, Foundation, Tax Foundation, Biden, Trump, Tax, Walmart, Republican, Trump University Locations: University of Southern California, Washington, China

The economy has been a drag on Biden's poll numbers, but there are recent signs of improving consumer sentiment. “Though some forecasters thought a recession last year was inevitable, President Biden and I did not,” Yellen said Thursday at the Chicago Economic Club. Yellen also said Trump’s Tax Cuts and Jobs Act “prioritized tax cuts for corporations, disproportionately benefited top earners and did not fix the broken international tax system that encourages companies to shift jobs and profits overseas.”Political Cartoons View All 253 ImagesYellen said the tax cuts added $2 trillion to the national deficit “while doing little to spur investment." Her visit to Wisconsin comes a day after Biden himself was visiting the state to showcase the administration's infrastructure investments. A bipartisan agreement that would revive a variety of tax breaks for businesses and enhance the child tax credit, though not to pandemic-era levels, is moving through Congress.

Persons: Janet Yellen, Trump, Joe Biden, Donald Trump, Biden, ” Yellen, Biden’s, Yellen, I’m, “ Organizations: WASHINGTON, —, Biden, Chicago Economic, Fox News Locations: Illinois, Wisconsin, Milwaukee, Chicago

☆ E. Jean Carroll may face a hefty tax bill if Donald Trump owes her money — thanks to a law he signed while president
▼ + stars: | 2024-01-24 | by ( Sonam Sheth | ) www.businessinsider.com time to read: +4 min

E. Jean Carroll is seeking more damages from Trump in her second defamation trial. But she could have to pay a hefty amount in taxes — known as the "plaintiff double tax" — on those damages. It's all thanks to a tax bill that Trump signed in 2017, when he was president. AdvertisementE. Jean Carroll is seeking more damages in her second defamation trial against former President Donald Trump. But the judge determined in September that Trump had already been found liable for defaming Carroll, meaning the second trial focuses purely on whether Trump owes Carroll additional damages.

Persons: Jean Carroll, Trump, —, Donald Trump, that's, Jeremy Babener, Babener, Carroll, defaming Carroll Organizations: Trump, Service, Structured Consulting, Treasury Department's, Business, Planners Locations: Utah

☆ Caterpillar had a stellar 2023. Here's why all signs point to another strong year
▼ + stars: | 2024-01-08 | by ( Morgan Chittum | ) www.cnbc.com time to read: +6 min

Caterpillar outperformed a lackluster industrial sector and kept pace with last year's strong market. While falling modestly in the next two sessions, Caterpillar rose 23.4% in 2023. Club name Caterpillar was last year's ninth-best performer of the 30 stocks that make up the Dow Jones Industrials Average , which gained 13.7% in 2023. The onslaught on federal spending was a prime reason the Club first initiated a position in Caterpillar back in January 2023. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Dow Jones, it's, Jim Cramer, Jim Umpleby, Umpleby, Joe Biden's, Caterpillar's financials, Jim Cramer's, Jim, Drake Nickels, Smith Organizations: Caterpillar, Dow, CAT, Big Tech, Federal, Dealers, U.S, Joe Biden's Infrastructure Investment, Jobs, Law, Management, CNBC, CAL, Marine Corps, West, Marine Corps Base Locations: Camp Pendleton , California

☆ These bonds offering tax-free income will still be a good deal in 2024
▼ + stars: | 2023-12-27 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +6 min

Municipal bonds, favored for their tax-free income, are looking at a solid year in 2024 and could be a compelling purchase for investors hoping to lock in attractive yields. "We will likely see positive total returns," said Cooper Howard, fixed income strategist at the Schwab Center for Financial Research. "Munis are one of the best things going in the fixed income space," he said. It provides all the attributes of fixed income, and it serves as ballast to an overall diversified portfolio." Naturally, rates are on the minds of fixed income investors and strategists, as well as recession risk.

Persons: Cooper Howard, who've, Peter Higgins, Ben Barber, Schwab's Howard, Paul Malloy, It's, Beth Foos, Malloy, Howard, you've Organizations: Schwab Center, Financial Research, Morningstar U.S, Municipal, Shelton Capital Management, York Life Investments, Franklin, AAA, Vanguard, Bond, Morningstar Locations: New York , New Jersey, California

☆ Supreme Court hears tax case on 'income': It may 'have the biggest fiscal policy effects of any court decision,' expert says
▼ + stars: | 2023-12-05 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The Supreme Court is set to hear oral arguments Tuesday on a case that could affect broad swaths of the U.S. tax code and federal revenue. The closely watched case, Moore v. United States, involves a Washington couple, Charles and Kathleen Moore. Designed as a transition tax, the legislation required a one-time levy on earnings and profits accumulated in foreign entities after 1986. While the 16th Amendment outlines the legal definition of income, the Moore case questions whether individuals must "realize" or receive profits before incurring taxes. It's an issue that has been raised during past federal "billionaire tax" debates and could affect future proposals, including wealth taxes.

Persons: Moore, Charles, Kathleen Moore, Donald Trump's, Moores, Matt Gardner Organizations: Taxation, Economic, Finance Locations: United States, Washington

☆ There is still time to reduce your tax bill or boost your refund before year-end. Here are some moves to consider, experts say
▼ + stars: | 2023-12-03 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +4 min

Vesna Andjic | E+ | Getty ImagesWith roughly one month left in 2023, there's still time to reduce your tax bill or boost your refund, experts say. In 2018, the Tax Cuts and Jobs Act nearly doubled the standard deduction, slashing the number of filers who itemized. Make the most of your tax bracketBefore completing a year-end strategy that adds to your income, you should see if you can afford to "run up the income tax brackets," Dietz said. Pretax IRA contributions : You can still make up to $6,500 in pretax IRA contributions ($7,500 for age 50 and older) for 2023, which may offer a deduction. However, you need to check IRA tax break eligibility first.

Persons: Vesna Andjic, there's, Akeiva Ellis, deferrals, Ellis, Robert Dietz, Dietz, It's, Louise Cochrane Organizations: Vanguard, Taxpayers, Bernstein Private Wealth Management, — Locations: Boston, Minneapolis, Alameda , California

☆ 4 ways to maximize your tax break for charitable donations on Giving Tuesday, according to experts
▼ + stars: | 2023-11-28 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Getty ImagesWhen filing your taxes, you claim the larger of the standard deduction or your total itemized deductions. In 2018, the Tax Cuts and Jobs Act nearly doubled the standard deduction, slashing the number of filers who itemized. For 2023, the standard deduction is $13,850 for single filers and $27,700 for married couples filing jointly. Give profitable assetsWhether you're transferring money to a donor-advised fund or giving directly to a charity, experts recommend sending profitable assets, rather than cash. Bunching donationsAnother way to exceed the higher standard deduction is by bunching donations, which is a popular strategy for donor-advised funds, experts say.

Persons: Juan Ros, Michael Maye, Maye, bunching, Mitchell Kraus Organizations: Financial Management, Financial, MJM Financial, Capital Intelligence Associates Locations: Thousand Oaks , California, Gillette , New Jersey, Santa Monica , California

Sam Altman, CEO of OpenAI, attends the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S. November 16, 2023. "Sam and OpenAI were the catalyst that showed the world what AI tech is capable of," Jannsen said. Silicon Valley's high-profile startup CEO firings typically involve wrongdoing, rather than just philosophical differences about where the company is headed. "Sam Altman is a hero of mine," former Google CEO and investor Eric Schmidt said in an X post. — CNBC's Lora Kolodny contributed to this report WATCH: OpenAI says Sam Altman exiting as CEO because 'board no longer has confidence.'

Persons: Sam Altman, Carlos Barria, OpenAI, Steve Jobs, Altman, —, Jobs, U.S . Altman, Mark Zuckerberg, Jeff Bezos, Elon Musk, Greg Brockman, Brockman, Ron Conway, Greg, Brian Chesky, Matt Schlicht, Schlicht, Sam, Ryan Jannsen, Jannsen, Patrick Moorhead, They're, Moorhead, Josh Wolfe, Wolfe, he'd, Eric Schmidt, Tom Williams, Airbnb's Chesky, what's, Chesky, Satya Nadella, Zachary Lipton, Carnegie Mellon's Lipton, Lipton, — CNBC's Lora Kolodny Organizations: Economic Cooperation, Reuters, ChatGPT, Apple, U.S ., Amazon, Tesla, Microsoft, Tiger, Sequoia Capital, CNBC, Google, Lux Capital, Cq, Inc, Getty, Carnegie Mellon University, Industry Locations: Asia, San Francisco , California, U.S, Silicon Valley, OpenAI, what's, —

☆ San Francisco is moving forward with its tallest-ever apartment building as California's new laws to fight the housing crisis start to pay off
▼ + stars: | 2023-11-17 | by ( Eliza Relman | ) www.businessinsider.com time to read: +3 min

A new law fast-tracking affordable and mixed-income housing is paying off in San Francisco. Plans for the tallest-ever apartment building in the city are being fast-tracked under the new state law. The tower at 530 Howard Street will be the tallest residential building in San Francisco and the third-tallest building citywide, the San Francisco Chronicle reported. Newsom signed more than 50 housing bills last month that loosen restrictions imposed by CEQA, fast-track affordable housing projects, and encourage more dense, infill residential construction. "Turning a parking lot into housing, including affordable housing, is exactly what we need to do to build a stronger, more resilient San Francisco," Breed said in a statement to the Chronicle.

Persons: —, Bill, Paul Paradis, Paradis, Gavin Newsom, Newsom, San Francisco Mayor London Breed, Breed Organizations: Service, Affordable, Commission, Supervisors, San Francisco Chronicle, JPMorgan Chase, Gov, CEQA, San Francisco Mayor London, Bloomberg Locations: San Francisco, Bay Area, Francisco, —, California, Washington

☆ Make America Build Again
▼ + stars: | 2023-11-16 | by ( Adam Rogers | ) www.businessinsider.com time to read: +37 min

America is the sixth-most-expensive place in the world to build subways and trolleys. The solutions will cost trillions of dollars and require a pace of building unseen in America since World War II. Perhaps the single most pressing question we face today is: How do we make America build again? "For this class of projects, federal environmental laws are more the exception." The prospect of overhauling our hard-won environmental laws might feel like sacrilege to anyone who cares about the Earth.

Persons: Anne, Marie Griger's, Griger, —, They're, Obama, I'm, we've, We've, I'd, It's, Matt Harrison Clough, Jamie Pleune, AECOM, Joe Biden's, There's, David Adelman, David Spence, Spence, James Coleman, NECA, Coleman, everyone's, Danielle Stokes, Nobody, Bill McKibben, Mother Jones, McKibben, Michael Gerrard, Columbia University —, they've, David Pettit, it's, Zachary Liscow, That's who's, Adam Rogers Organizations: RES Group, Environmental, Infrastructure Investment, Jobs, Land Management, Forest Service, University of Utah, Harvard Joint Center for Housing Studies, Brookings, Bureau of Ocean Energy Management, White, University of Texas, Greenpeace, Natural Resources Defense Council, Act, NEPA, Berkeley, University of California, University of Southern, Southern Methodist University, Ecosystems Conservation, GOP, Biden, Motorola, Telecommunications, Conservatives, Federal Energy Regulatory Commission, FERC, University of Richmond, UC Berkeley, USC, Star, Sabin, Climate, Columbia University, Natural Resources Defense, Republicans, Democrats, Management, Budget, Yale Law School Locations: Panama, Colorado, . California, Los Angeles, San Francisco, China, America, Washington, , Wyoming, Nantucket, New England, San Francisco ., University of Southern California, California, New York, Florida, Southern California, Las Vegas

☆ Biden’s economic scorecard touts fragile advantage
▼ + stars: | 2023-11-09 | by ( Ben Winck | ) www.reuters.com time to read: +11 min

And if the political strategist James Carville was right that “it’s the economy, stupid,” the next several months could make or break Joe Biden’s economic record. As things stand, the current ruler of the free world touts a fragile advantage. Households’ disposable income after adjusting for inflation hit a record $20 trillion in the month that Biden’s measure was approved, according to the Bureau of Economic Analysis. STUDENT LOANSForgiving swaths of student debt was another of Biden’s campaign promises, but his efforts have so far failed. And with higher interest rates making debt service more expensive, Biden’s spending could come back to bite him on election day.

Persons: Joe Biden, Ken Cedeno, James Carville, Joe Biden’s, “, aren’t, Breakingviews, it’s, Biden, Donald Trump, Mitch McConnell, ”, Realtor.com, Congressional Republicans haven’t, haven’t, WALL, Lauren Silva Laughlin, Sharon Lam, Aditya Sriwatsav Organizations: Edmond's Catholic, REUTERS, Rights, Reuters, House, Republican, AMERICAN, ACT, Brookings Institution, Analysis, Walmart, Nordstrom, Deere, Caterpillar, Republicans, Commerce Department, Micron, Bank of America, Gallup, Federal Reserve, United Auto Workers, RSM, Congressional Republicans, Biden, Reuters Graphics Reuters, Conservative, Thomson Locations: St, Rehoboth Beach , Delaware, U.S, New York, Arizona, West Virginia

☆ Meet the guy in charge of deciding how to spend $1.2 trillion from Biden’s infrastructure bill
▼ + stars: | 2023-11-07 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

You can see in the funding for the infrastructure bill that we’re working hard to do all of that. We want to build generational wealth and do it in a way that heals communities rather than separates them. Between the Bipartisan Infrastructure Law, the Inflation Reduction Act and the CHIPS act, there’s been a $1.8 trillion dollar investment. You may recall that when this conversation started about three or four years ago, the number was $6 trillion. So $1.2 trillion is significant, but it’s just a downpayment on what the real needs are.

Persons: Mitch Landrieu, Joe Biden, Biden’s, Landrieu, Bell, you’ve, We’re, Biden, it’s, He’s, he’s, there’s, I’ve, Catherine Thorbecke, ”, David Tolley, WeWork, Adam Neumann, Neumann, ’, AFTRA, Ramishah Maruf, “, ” It’s Organizations: CNN Business, Bell, New York CNN, White, Infrastructure Investment, Jobs Act, Economic Security, Infrastructure Law, SAG, ’ Locations: New York, New Orleans, Lowndes County , Alabama, Napakiak, Alaska, China, America, Hollywood

Biden’s troubles stem in large part from negative perceptions about the economy, even as several indications show that it is performing strongly. Here’s a deeper look at what “Bidenomics” has, and hasn’t, accomplished. Since Biden took office, employers have created 14 million jobs, and the unemployment rate has been hovering around a 50-year-low for months. “Bidenomics is just another way of saying the American dream,” he said in a speech. The economy grew last quarter at nearly 5 percent, belying a global slowdown.

Persons: Biden, Donald Trump —, ”, Bidenomics, It’s Organizations: Infrastructure Investment, Jobs Locations: America

☆ Biden is pouring $16 billion into making Amtrak trains faster, easier to get to, and more accessible
▼ + stars: | 2023-11-06 | by ( Juliana Kaplan | Eliza Relman | ) www.businessinsider.com time to read: +5 min

Biden is pouring $16.4 billion into passenger rail in the Northeast Regional corridor. AdvertisementAdvertisementPresident Joe Biden — a known proponent of Amtrak — wants trains to run faster and better. His administration is pouring $16.4 billion from the 2021 bipartisan infrastructure law into the Northeast Regional corridor to do just that. Meanwhile, 80% of Amtrak trains were on time in 2020 — and that fell to 74% by 2022. "We're all on our way to creating world-class passenger rail that benefits communities nationwide by making our rail systems safer, more efficient, and more convenient," Landrieu said.

Persons: Biden, —, Joe Biden —, Mitch Landrieu, Transportation Pete Buttigieg, Bill Flynn, Marc Molinaro, Landrieu Organizations: Service, Amtrak —, White, Penn, Transportation, Federal Railroad Administration, Amtrak, European Union, Northeast Corridor Commission, NEC, Infrastructure Investment, Jobs Act, Republicans, New, New York Republican, Republican Locations: Boston, Washington, Baltimore, New York's, Connecticut, Metro, New York, Bronx, Manhattan, —, Northeast, West, Hudson

☆ A real-estate investor with a 311-unit portfolio breaks down the tax rule that saved her hundreds of thousands of dollars last year — and even allowed her to claim a $167,000 check from the IRS
▼ + stars: | 2023-11-02 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

So when she heard about a particular tax strategy on a podcast two years ago, it surprised her that she'd never come across it. Cost segregation. According to Rocket Mortgage, a cost segregation study takes about a month or two to complete. It's also worth keeping in mind the rules around cost segregation from the Tax Cuts and Jobs Act of 2017. Then there's the cost of a cost segregation study.

Persons: Anne Curry, she's, hasn't, she'd, Curry, Bernard Reisz, you've, Reisz, It's, it's, —, there's, I'm, who's Organizations: Rocket Mortgage, Internal Revenue Service, CPA Locations: New York City

☆ Biden announces $1.3 billion to build new power lines, upgrade aging electric grid
▼ + stars: | 2023-10-30 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

President Joe Biden announced Monday a $1.3 billion federal investment to build three new interstate power lines in an effort to upgrade the United States' outdated electric grid and transition it to clean energy. The department said the construction of the power lines would create roughly 13,000 new jobs. U.S. energy infrastructure was already in need of an upgrade. The $1.3 billion investment is a step in the right direction, but it does not mean three new power lines will magically appear. Federal agencies, along with the Biden administration, have previously said they would work to expedite federal permitting processes to make grid infrastructure development more efficient.

Persons: Biden, Joe Biden, Energy Jennifer Granholm, Leah Messenger, Messenger Organizations: Carnegie Mellon University, Infrastructure Investment, Jobs, States, Energy, Department of Energy, Biden, U.S . Energy Information Administration, Twin, National Grid, DOE Locations: Pittsburgh , Pennsylvania, United States, Arizona , Nevada , New Hampshire , New Mexico , Utah, Vermont, New Mexico, Arizona, The, New England, U.S, Twin States, States

"The majority of my friends who are single and living alone are stressed about the cost of living," Kaishon Holloway, a single man living in New York City, tells CNBC. On top of being solely responsible for living costs that couples can split, single people are excluded from several financial benefits reserved for married couples. Kaishon Holloway says he and his single friends are stressed about the cost of living. Single people often have to choose between getting a roommate or covering the entire cost of a house or apartment on their own. In some cases, married couples have advantages that simply don't exist for single individuals, such as with income taxes.

Persons: Kaishon Holloway, it's, Juhohn Lee, Mark Licea, Bella DePaulo, Monique Morrissey, that's, Holloway Organizations: Census, CNBC, U.S, Missouri Economic Research, Information, Massachusetts Institute of Technology, Economic Policy, Tax Locations: U.S, New York City, South Carolina, Missouri, New York

☆ The IRS gave us a window into how much tech titans have dodged in taxes
▼ + stars: | 2023-10-18 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

Microsoft recently revealed that the IRS said it owes nearly $29 billion in back taxes. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementThe IRS says Microsoft owes nearly $29 billion in back taxes — and it might signal a greater spotlight on how much tech titans are paying in taxes. Since 2004, we have paid over $67 billion in taxes to the U.S."AdvertisementAdvertisementWhat it means for other tech giantsMicrosoft isn't alone . In the US, around $165 billion in profits were shifted, and the US saw a 16% loss in corporate tax revenue.

Persons: —, Daniel Goff, Natasha, Janet Yellen, Ludvig Wier, Gabriel Zucman, It's, it's Organizations: Microsoft, Service, IRS, titans, Yale Law School, Treasury Department, Danish Ministry of Finance, UC Berkeley Locations: Puerto Rico, U.S

☆ The House Republican Conference has been built for chaos since the 1990s. It only took one slim majority for that to blow up on them.
▼ + stars: | 2023-10-16 | by ( John L. Dorman | ) www.businessinsider.com time to read: +8 min

Ideological battles among House Republicans are not a new phenomenon on Capitol Hill. But in recent years, conservative frustrations have boiled over, leading to the actual ouster of a GOP speaker. President Bill Clinton, right, shakes hands with House Speaker Newt Gingrich at the US Capitol on January 24, 1995. And the next Republican speaker, even a lawmaker as conservative as Jordan, will also have to navigate those choppy waters. House Republicans over the past 30 years could largely spare a few defections during the times when it held the majority, but with the current majority being so close, it no longer has that luxury.

Persons: Newt Gingrich's, —, Kevin McCarthy of, Steve Scalise, Jim Jordan of, who's, Jordan, Bill Clinton, Newt Gingrich, Doug Mills, Gingrich, Clinton, Bob Livingston of, Dennis Hastert of, George W, John Boehner of Ohio, Evan Vucci, John Boehner, Barack Obama, Boehner, Paul Ryan of Wisconsin, Donald Trump —, Trump, Ryan, wouldn't, McCarthy, Kevin McCarthy, Scott Applewhite, Joe Biden, afflicting Organizations: Republicans, Service, House Republican Conference, House Republicans, America, Capitol, AP, GOP, House, Republican, Rep, Tea, Firebrand Republicans, Blue Dog Locations: Kevin McCarthy of California, Louisiana, Jim Jordan of Ohio, Georgia, Bob Livingston of Louisiana, Dennis Hastert of Illinois, Washington

☆ What Is the Mortgage Interest Deduction?
▼ + stars: | 2023-10-15 | by ( Aly J. Yale | ) www.wsj.com time to read: +11 min

That’s thanks to the Home Mortgage Interest Deduction, which lets you write off the interest you pay on your mortgage loan throughout the year. What is the mortgage interest deduction? The mortgage interest deduction is a type of itemized tax deduction that has been around in some form since a federal income tax was introduced in 1913. Mortgage pointsMortgage points—an upfront fee you can pay at closing to lower your interest rate—are another form of mortgage interest, just prepaid. Whether you should take the mortgage interest deduction comes down to the age-old question of itemizing vs. using the standard deduction.

Persons: Aly J, you’re, won’t, ”, Paul T, Joseph, Joseph & Joseph, We’ll, “, Aaron Cirksena, “ You’re, ” Cirksena, Jan Organizations: Yale, Home, Joseph &, Joseph & Joseph Tax, MDRN, IRS, — Locations: Williamston, Mich, California, Annapolis, Md, “

However, as a financial professional and homeowner myself, I still see renting as a more conducive and efficient option to invest and build wealth. In this situation, the renter would have a higher return on investment, with $1.8 million compared to the homeowner with just $617,000. Even though the homeowner's payment stops once the mortgage is paid, the return on investment from just the down payment and maintenance expense favors the renter. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. Also, the homeowner still pays property taxes, which may increase over time, and still has to contend with annual maintenance.

Persons: it's, —, Joel Ohman, Jeffrey Zhou, doesn't, Get, Steven Gilbert, Gilbert, Says Ohman Organizations: Service, Gilbert Wealth, & $

☆ States announce major push to get to 20 million installed heat pumps, a cleaner alternative to gas furnaces that also provide AC
▼ + stars: | 2023-09-21 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +5 min

A coalition of 25 state governors announced a major push to reach 20 million deployed heat pumps by 2030, they said in New York City on Thursday. Heat pumps are energy efficient replacements for fossil fuel powered furnaces and air conditioners. Heat pumps can also save consumers money -- around $300 a year in the United States, according to the IEA. In places like Europe, where gas prices are higher, having a heat pump can save customers around $900 a year, the IEA says. Maine, for example, has been remarkably successful in installing heat pumps with its own legislative action.

Persons: Matt Johnson, Jay Inslee, Inslee, Kathy Hochul, Ali Zaidi, Zaidi Organizations: Energy, RMI, International Energy Agency, IEA, U.S . Climate Alliance, Washington, Washington State Department of Health, Brookings Institution, New, Infrastructure Investment, Jobs Locations: New England, Windham , Maine, New York City, United States, Europe, U.S, Washington , New York, California, Seattle , Washington, Seattle, Georgia, it's Maine, Maine

The focus is shifting to a new front: Synthetic graphite, an element developed in the late 19th century, but only redirected toward EVs in the past decade. Synthetic graphite could account for nearly two-thirds of the EV battery anode market by 2025, estimates Benchmark Mineral Intelligence. "It’s easier to set up a synthetic graphite production facility than it is to commission new mining sites for natural graphite” because producers can take advantage of incentives in last year's U.S. Inflation Reduction Act to build synthetic graphite capacity in the U.S. or Free Trade Agreement partners, she said. Other experts note synthetic graphite is generally higher purity and offers better and more predictable performance than natural graphite. Still, the construction of new production facilities for synthetic graphite, even with federal incentives, requires a staggering investment, said Novonix's Burns.

Persons: Simon Dawson, ”, Victoria Hugill, It's, Chris Burns, Norway's, Vianode, Hans Erik Vatne, Vatne, Bob Galyen, China’s CATL, Novonix's Burns, “, Fastmarkets, Burns, Paul Lienert, Nick Carey, Timothy Gardner Organizations: REUTERS, Mineral Intelligence, EV, U.S, Trade, Infrastructure Investment, Jobs Act, Norsk Hydro, Hydro, Galyen Energy, Thomson Locations: London, Britain, United States, Europe, China, U.S, Bainbridge , Georgia, Chattanooga , Tennessee, North America, Detroit

☆ IRS delays change for 401(k) catch-up contributions. Here's what higher earners need to know
▼ + stars: | 2023-08-28 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Terry Vine | Getty ImagesHigher earners who maximize retirement savings now have more time for pretax catch-up 401(k) contributions, thanks to new IRS guidance. Currently, "catch-up contributions" allow savers 50 and older to funnel an extra $7,500 into 401(k) plans and other retirement plans beyond the $22,500 employee deferral limit for 2023. But the IRS on Friday announced a two-year delay for the change, meaning savers can still make pretax catch-up contributions through 2025, regardless of income. "The administrative transition period will help taxpayers transition smoothly to the new Roth catch-up requirement," the IRS said in a statement. Some 16% of eligible employees took advantage of catch-up contributions in 2022, according to a recent Vanguard report based on roughly 1,700 retirement plans.

Persons: Terry Vine, Roth, Dan Galli, Daniel J, Galli, Diann Howland Organizations: IRS, Galli & Associates, Associates, American, Council Locations: , Massachusetts

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