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☆ Arizona is a top presidential battleground. But the Senate and House races there are taking place in their own universe.
▼ + stars: | 2024-10-19 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Sahil_Hs.Jpg | Sahil Kapur | ) www.nbcnews.com time to read: +6 min

In the House, two Republican congressmen are aiming to fend off a pair of Democratic former state legislators. Seven-term GOP Rep. David Schweikert is seeking to hang on against Amish Shah, a doctor, in the blue-trending Phoenix suburbs after winning by less than 1 point in 2022. And in the Tucson area, freshman Republican Rep. Juan Ciscomani is facing a rematch against Kirsten Engel after previously winning by under 2 points. Arizona’s two highly competitive House racesBoth of these House races are rated as “toss-ups” by the nonpartisan Cook Political Report With Amy Walter. “All four have distinct personalities,” said a Democratic operative working on House races, who spoke candidly on the condition of anonymity.

Persons: Mesa Mayor John Giles, Kamala Harris, Kari Lake, Donald Trump acolyte, Ruben Gallego, “, Donald Trump, ” Giles, hasn’t, David Schweikert, Shah, Juan Ciscomani, Kirsten Engel, Amy Walter, ”, Lake, “ Arizonans, Ciscomani, Blake Masters, Gallego, ” “, Trump, Lake’s, Don, Bacon, Dan Conston, Harris, Sen, John McCain, “ I’ve, I’m, ” Roberta Voss, Eli Crane, Crane, Jonathan Nez, Kevin McCarthy midsession, McCarthy, Marson Organizations: Mesa Mayor, Republican, Democratic, Senate, GOP, Trump, Nebraska Rep, Congressional, Fund, NBC News, Social Security, Navajo Nation, ” Arizona Republican, American Locations: Arizona, Phoenix, Tucson, Omaha, Navajo, ” Arizona

Democratic Sen. Tammy Baldwin and Republican Eric Hovde sparred over abortion rights and economic issues Friday night during their first and only debate of a hotly contested Wisconsin Senate race that has tightened just weeks before Election Day. “Look, it’s been brought back to our state,” Hovde said during the exchange. It’s very clear that he has never read Roe v. Baldwin won her 2012 Senate race by more than 5 percentage points and her 2018 re-election contest by nearly 11 percentage points, demonstrating her appeal in rural areas. Baldwin received her undergraduate degree from Smith College in Massachusetts and graduated from the University of Wisconsin Law School.

Persons: Democratic Sen, Tammy Baldwin, Eric Hovde sparred, Hovde, Baldwin, “ Eric Hovde, —, Roe, Wade, ” Baldwin, it’s, ” Hovde, “, …, ”, Amy Walter, you’ve, he’s, who’s, “ I’m, I’m, you’re Organizations: Democratic, Wisconsin Senate, U.S, Supreme, GOP, ”, Social Security, Washington , D.C, UW, “ Law, Smith College in, University of Wisconsin Law School, University of Wisconsin - Locations: Wisconsin, America, East, Ukraine, Washington, California, Washington ,, Smith College in Massachusetts, University of Wisconsin - Madison

☆ Drug costs, abortion, Obamacare: How Trump and Harris could change U.S. health care
▼ + stars: | 2024-10-19 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +18 min

He said a Harris administration "will build on existing programs, increasing federal spending to make health care more affordable for people." Still, Socal said a Trump administration wouldn't have much flexibility to dismantle or scale back the law without change from Congress. The IRA extended enhanced subsidies that made ACA health plans more affordable for millions of households through 2025 — a provision Harris plans to make permanent if elected, her campaign said. A Democratic House or Senate would likely block any of Trump's sweeping changes to Medicaid, according to Altman. Vance this month also said a future Trump administration would defund Planned Parenthood.

Persons: Donald Trump, Kamala Harris, Trump, Drew Altman, Harris, KFF, Anna Moneymaker, Biden, Joe Biden's, Mariana Socal, Socal, didn't, Stephen Patrick, KFF's Altman, Nathan Posner, Altman, Bill Clark, Roe, Wade, Joe Raedle, Stacey Lee, Johns, Lee, mifepristone, Sen, JD Vance, Trump's, Vance, Nicholas Kamm Organizations: Democratic, U.S, U.S . Naval, Getty, Reuters, CNBC, Congress, The Commonwealth Fund, RAND, U.S . Department of Health, Human Services, Washington , D.C, Republicans, Johns Hopkins Bloomberg School of Public Health, Trump, wouldn't, Biden, Medicare, Emory University, Lawmakers, Affordable, ACA, Medicaid, Democrats, White, Anadolu, Social Security, Capitol, CQ, Inc, The New York Times, Siena College, PBS, Prime, Convention, Johns Hopkins Carey Business School, Republican Party, U.S . Senate, Food and Drug Administration, FDA, CNN, Afp Locations: Israel, Washington, U.S, Washington ,, Canada, Jacksonville , Florida, Ohio

☆ Social Security's retirement trust fund may run out in nine years. Here's how the next U.S. president may address that
▼ + stars: | 2024-10-19 | by ( Lorie Konish | ) www.cnbc.com time to read: +7 min

As more retirees start to claim Social Security, there are not enough workers contributing to the program to make up for that increase in benefit payments. But the trust fund Social Security relies on to pay retirement benefits is projected to be depleted in 2033. watch nowBoth presidential candidates — former president Trump and Vice President Harris — have vowed to protect Social Security benefits. "Seniors should not pay tax on Social Security," Trump wrote on July 31 in all capital letters on social media platform Truth Social. Ending taxes on Social Security benefits would move the insolvency date of Social Security's trust fund closer by over one year, according to the Committee for a Responsible Federal Budget.

Persons: Donald Trump, Kamala Harris, Allison Joyce, —, Donald Trump —, Trump, Harris —, Jason Fichtner, Mike Blake, Howard Gleckman, Gleckman, Harris, Kevin Lamarque, Joe Biden, Biden, Governor Walz, Mia Ehrenberg Organizations: Art House Theatre, Bloomberg, Getty, Social Security Administration, Democratic, Republican, Social, Social Security, CNBC, Center, Alliance, Lifetime, Income, Trump, Reuters, ABC, Finance, Urban, Brookings Tax, Brookings, U.S, Union, Employers, Center for Economic, Research, Washington Democrats Locations: Fayetteville , North Carolina, Coachella , California, U.S, Detroit , Michigan

☆ Your election questions, answered
▼ + stars: | 2024-10-19 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +26 min

They ranged from questions about the Electoral College to specific inquiries about why ballots in some counties look the way they do. We’ll add answers to new questions weekly until the election and also send them out to the What Matters newsletter audience. CNN did not project that President Joe Biden would win the 2020 election until four days after Election Day. -- Linda in WashingtonThere were a lot of questions about the Electoral College, which should frustrate people on both sides of the aisle. I’m not including the election of 1800, even though it resulted in a tie in the Electoral College.

Persons: I’ve, Debbie, Ariel Edwards, Levy, Read, they’ve, Will, Trump, Dennis, Donald Trump, don’t, faithless, Sen, Bernie Sanders of, Ron Paul of Texas, Jeanette, Elon Musk, –, Democrats –, Elena, you’re, that’s, you’ve, Harris, Kamala Harris, CNN’s KFile, it’s, Ron, CNN’s Tami Luhby, Joe Biden, Hillary Clinton, George W, Bush, Jennifer Agiesta, what’s, we’re, hasn’t, noncitizens, Critics, doesn’t, Sheila, Nicole Unzicker, Unzicker, Terry I’m, Harvey Let’s, Doug Sosnik’s, Patricia, Al Gore, Rutherford B, Hayes, Samuel Tilden, Tilden, John F, Kennedy, Richard Nixon, James Garfield, Winfield Hancock, I’m, Sandra, Jack Smith, Julie Organizations: CNN, Electoral College, Washington, Puerto Rican, Social Security, Electoral, Library of Congress, Elon, Democrats, Trump, Colorado Presidents, Security, Federal, Republican, Heritage Foundation, Dominion, Senate, White, Democratic, Lumina Foundation, Supreme, eventual, Michigan Trump, Gallup Locations: Florida, Madison, Chad, Virginia, Michigan, Puerto Rico, Guam, Minnesota, Washington, DC, Puerto, Congress, Bernie Sanders of Vermont, Pennsylvania, Colorado, South Carolina, United States, California, Harris, Georgia, North Carolina, . Pennsylvania, Missouri, North Dakota, California , Maryland, Vermont, Washington ,, Ohio, Butler County, Texas, New York, It’s, today’s America, New Hampshire

☆ Here's what Wall Street money managers are doing to prepare their portfolios for their 3 biggest election concerns
▼ + stars: | 2024-10-18 | by ( Christine Ji | ) www.businessinsider.com time to read: +6 min

As election day draws near, 400 Wall Street money managers identified their top concerns. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Policy initiatives could have a significant impact on the economy, especially on issues concerning inflation, the housing market, employment, and international trade. Investors can benefit from both parties: Republicans would likely pass investor-friendly tax and energy policy, while Democrats would pass more favorable US-China and trade policy. AdvertisementHere's what Wall Street is worried about this election cycle and how top money managers are preparing their portfolios for November.

Persons: —, Kamala Harris, Donald Trump, PGIM, Wall, Kara Murphy, –, isn't, Murphy, Trump, Harris, we've Organizations: Service, Republican, White House, Congress, Investors, Kestra Investment Management, Social Security, Biden, Research, Senate, Democrat Locations: China, Latin America, Southeast Asia, deglobalization

☆ As nervous investors worry about the presidential election, public debt is a top concern financial advisors say
▼ + stars: | 2024-10-18 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

- | Afp | Getty ImagesMany investors worry about how the outcome of the presidential election will impact their investments. But there's another risk financial advisors are focused on — public debt, according to a new survey from Natixis Investment Managers. The term public debt is used interchangeably by the U.S. Treasury with national debt and federal debt. Experts say there are certain moves individual investors can make to limit the financial exposure they have to those broader risks. For investors who worry the country's debt may lead to slow growth, it can help to add international exposure to a portfolio, Cheng said.

Persons: —, they're, Dave Goodsell, Marguerita Cheng, Cheng, Goodsell, Bonds, Barry Glassman, Glassman, Roth, Pare Organizations: Elena Bozeman Government, Afp, Getty, Natixis Investment, Natixis Center, Investor Insight, U.S, Treasury, Social Security, Blue, Global Wealth, CNBC FA Council, Wealth Services, CNBC FA Locations: Arlington , Virginia, U.S, Gaithersburg , Maryland

☆ U.S. deficit tops $1.8 trillion in 2024 as interest on debt surpasses trillion-dollar mark
▼ + stars: | 2024-10-18 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

The Biden administration rang up a budget deficit topping $1.8 trillion in fiscal 2024, up more than 8% from the previous year and the third highest on record, the Treasury Department said Friday. Even with a modest surplus in September, the shortfall totaled $1.833 trillion, $138 billion higher than a year ago. The deficit came despite record receipts of $4.9 trillion, which fell well short of outlays of $6.75 trillion. Government debt has swelled to $35.7 trillion, an increase of $2.3 trillion from the end of fiscal 2023. Interest expense for the year totaled $1.16 trillion, the first time that figure has topped the trillion-dollar level.

Organizations: Biden, Treasury Department, Social Security, Treasury, Congressional, Office

☆ The government is getting fed up with ransomware payments fueling endless cycle of cyberattacks
▼ + stars: | 2024-10-18 | by ( Barbara Booth | ) www.cnbc.com time to read: +7 min

Zeroing in on cyber insurance as a key area for reform comes as the U.S. government scrambles to find ways to disrupt ransomware networks. For many organizations, deciding whether to pay a ransom is a difficult and urgent decision. The hacker group allegedly demanded a ransom to return the stolen data, though it remains unclear whether NPD paid it. Darren Williams, founder of BlackFog, a cybersecurity firm that specializes in ransomware prevention and cyber warfare, is firmly against paying ransoms. UnitedHealth Group experienced this firsthand after its subsidiary, Change Healthcare, was hit by the ALPHV/BlackCat ransom group in April 2023.

Persons: Anne Neuberger, James S, Ann Neuberger, scrambles, Paul Underwood, Underwood, Bryan Hornung, Hornung, I've, they'd, —, Ransom, LVHN, Darren Williams, BlackCat, LoanDepot Organizations: Brady, White, Washington , D.C, National Intelligence, FBI, Xact IT, Social, Lehigh Valley Health, Federal Trade Commission, NPD, Jerico, UnitedHealth Group, Change, Healthcare, LoanDepot Locations: Washington ,, what's, Pennsylvania, U.S

WASHINGTON — Kamala Harris’ campaign will launch a new television ad Thursday aimed at linking the three words the vice president has used to describe Donald Trump lately — unhinged, unstable and unchecked — with the policy implications voters might see if the former president returns to office. The Harris campaign has increasingly sought to link Trump’s recent behavior and comments with questions about his mental acuity and refusal to release recent medical records. “One has to ask, what is Donald Trump trying to hide? Earlier this month, the Harris campaign unveiled a digital ad slamming vice presidential nominee J.D. Trump’s campaign responded to the ad by saying that he is a “plain speaker” who talks about issues like the economy and immigration.

Persons: WASHINGTON — Kamala Harris ’, Donald Trump, Trump, Harris, ” Harris, Ronny Jackson, ”, “, that’s, J.D, Vance, Kamala Harris, Brian Hughes Organizations: NBC, GOP, Trump, Republican, Democratic Locations: ”

☆ AI helped Uncle Sam catch $1 billion of fraud in one year. And it’s just getting started
▼ + stars: | 2024-10-17 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —The federal government’s bet on using artificial intelligence to fight financial crime appears to be paying off. The Treasury Department credited AI with helping officials prevent and recover more than $4 billion worth of fraud overall in fiscal 2024, a six-fold spike from the year before. US officials quietly started using AI to detect financial crime in late 2022, taking a page out of what many banks and credit card companies already do to stop bad guys. The Treasury’s use of AI to fight financial crime is just getting started. Officials are testing new data sources to better spot fraud and shady payments, and they are teaming up with state agencies to fight unemployment insurance fraud.

Persons: That’s, “ It’s, Renata Miskell, ” Miskell, it’s, It’s, Janet Yellen, Yellen, Miskell, ” Organizations: New, New York CNN, US Treasury Department, CNN, Treasury, Treasury Department, Social Security, Internal Revenue Service, Juniper Research Locations: New York, Hong Kong

More significant to the political dynamics at play, however, is how the civilian overseas vote has eclipsed military voters abroad. “As it turns out, there are more overseas civilian voters than there are military voters,” said Michael McDonald, a University of Florida political science professor. GOP congressmen suing their own stateIn the Pennsylvania case, the dispute is over how overseas ballots are being vetted. Democrats, who intervened in the case, argue that the Republican lawmakers’ request could disenfranchise “tens of thousands” of overseas voters, including those in uniform. “Our lawsuit does not in any way affect military voters’ right to vote, which is protected by federal law under UOCAVA.

Persons: Kamala Harris, Donald Trump, Jocelyn Benson, they’ve, ”, it’s, Michael McDonald, Research he’s, Martha McDevitt, Pugh, McDevitt, who’ve, Michael Whatley, Benson, ” Patrick Gannon, “, it’d, we’re, Joe Biden’s, ’, disenfranchise, Pat Ryan, Lloyd Austin, Trump, ” Ryan, Ryan, ” Claire Zunk, ” McDevitt, they’re Organizations: CNN, Democrats, Commission, Republican, Michigan, ”, Republican National Committee, Republicans, Trump, Democratic, Overseas Citizens, EAC, University of, Research, North, RNC, North Carolina Board of, Elections, Social Security Locations: Pennsylvania, North Carolina, Michigan, Detroit, Harrisburg, University of Florida, Maine, Colorado, ”, New York, Iraq

☆ Some workers qualify for a maximum Social Security retirement benefit. But even people with moderate earnings can increase their checks
▼ + stars: | 2024-10-17 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

With that increase, the maximum Social Security benefit for a worker retiring at full retirement age will jump to $4,018 per month, up from $3,822 per month this year, according to the Social Security Administration. Who gets maximum Social Security benefits? Since Social Security retirement benefits are calculated based on the highest 35 years of earnings, workers need to consistently have wages up to that threshold to earn the maximum retirement benefit. If a wealthy person has other sources of income, for example from investments that do not require payroll tax contributions, that will not affect the size of their Social Security benefits, said Jim Blair, vice president of Premier Social Security Consulting and a former Social Security administrator. How can you increase your Social Security benefits?

Persons: Paul Van de, Van, Water, Jim Blair Organizations: Social, Social Security, Social Security Administration, Security, Budget, Premier Social Security Consulting

Former President Donald Trump’s closing message to a number of different groups increasingly includes this harsh line: Members of the group not voting for him need to have their "head examined." “Any African American or Hispanic that votes for Kamala … you got to have your head examined,” Trump said during an Atlanta rally Tuesday night. Trump has most often used the construct when speaking of Jewish voters. It's a group of voters Trump won 50-46 in 2016 when running against Hillary Clinton. “If any senior does not vote for Trump, we’re gonna have to send you to a psychiatrist to have your head examined,” he added.

Persons: Donald Trump’s, Kamala …, ” Trump, they're, Trump, Harris, Joe Biden, “ Biden, Biden, preemptively, It's, Hillary Clinton, Kamala Harris, Clinton, we’re, ”, “, Amy Spitalnick, “ Trump, he’s Organizations: Jewish, Catholic, Trump, NBC, “, Social Security, Public Affairs, NBC News Locations: Atlanta, Israel, Gaza

The costs of caring for ill and aging loved ones don’t show up on store shelves, but they’re front and center for voters like Sharon Zimmer. Chuck and Sharon Zimmer. If we’re looking at child care, we’re being biased if we’re not looking at elder care. Kelsey Flock, Aging and Disability Resource Center, La Crosse County, Wis.Coverage gaps like these are widespread, said David Grabowski, a professor of health care policy at Harvard Medical School. While the child care affordability crisis has gained more attention, including in the 2024 campaign, experts say elder care issues have flown comparatively under the radar.

Persons: Sharon Zimmer, Zimmer, Chuck Zimmer, ”, Sharon —, Kamala Harris, Sharon, Chuck, Harris, she’d, Donald Trump, Kelsey Flock, they’re, ” Flock, ” Trump, aren’t, Shekinah Fashaw, Walters, David Grabowski, Joseph Gaugler, “ It’s Organizations: U.S, AARP, Democratic, Republican, Aging, La, “, Trump, Social Security, University, Pennsylvania’s Perelman, of Medicine, Medicaid, Resource, Harvard Medical School, Center, Healthy Aging, University of Minnesota’s School of Public Health Locations: Onalaska , Wisconsin, Onalaska, “, La Crosse County , Wisconsin, La Crosse County, Wis

☆ Here's why the U.S. retirement system isn't among the world's best
▼ + stars: | 2024-10-16 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

"I think [a C+ grade] would describe a rating where there is a lot of room for improvement," said Christine Mahoney, global retirement leader at Mercer, a consulting firm. 29 out of 48 global pension systems in 2024, according to the annual Mercer CFA Institute Global Pension Index , released Tuesday. The U.S. system is often referred to as a three-legged stool, consisting of Social Security, workplace retirement plans and individual savings. Employers aren't required to offer a retirement plan like a pension or 401(k) plan to workers. American workers can withdraw their 401(k) savings when they switch jobs, for example.

Persons: Christine Mahoney, doesn't, Mercer, Mahoney, it's, Graham Pearce, Pearce, David Blanchett Organizations: Mercer, Natixis Investment Management, U.S, Mercer CFA, Global, Social Security, Employers, U.S . Bureau of Labor Statistics, Finance, Research Locations: Netherlands, Iceland, Denmark, Israel, Mercer, Singapore, Australia, Finland, Norway, U.S

☆ Global government borrowing is set to top $100 trillion — and shows no signs of slowing down
▼ + stars: | 2024-10-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Global government borrowing is set to hit $100 trillion this year, the International Monetary Fund said. In a report, it warned mushrooming public debt raises the chances of a "broader financial crisis." AdvertisementGlobal public debt is on track to surpass $100 trillion this year for the first time — and the increase threatens a wider financial crisis, the International Monetary Fund warned. The IMF also warned of a "severely adverse scenario," in which global debt could balloon to 115% of global GDP by 2026 because of "weaker growth, tighter financing conditions, fiscal slippages, and greater economic and policy uncertainty." The debt looks set to grow further with both presidential candidates, Kamala Harris and Donald Trump, pledging to spend big if they enter the White House.

Persons: —, Kamala Harris, Donald Trump, Harris, Trump Organizations: International Monetary Fund, Service, IMF, Treasury, Social Security Locations: China, United States, Israel, Ukraine

☆ International investors descend on London as Labour tries to woo new business to Britain
▼ + stars: | 2024-10-14 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

LONDON — The U.K. Labour government is hoping to woo foreign capital to the country on Monday, as it hosts its inaugural International Investment Summit in London. Prime Minister Keir Starmer, Finance Minister Rachel Reeves and Business Minister Jonathan Reynolds will lead the one-day event at London's Guildhall, which is expected to be attended by around 200 executives from the U.K. and overseas. Former Google chair Eric Schmidt, Goldman Sachs CEO David Solomon and GSK CEO Emma Walmsley are among the named guests. Newly appointed Investment Minister Poppy Gustafsson, co-founder of British cybersecurity firm Darktrace, will also be on hand to promote the U.K. as a place to do business. The date was determined by Labour's pre-election pledge to hold a business summit within its first 100 days in office.

Persons: Keir Starmer, Rachel Reeves, Jonathan Reynolds, Eric Schmidt, Goldman Sachs, David Solomon, Emma Walmsley, Poppy Gustafsson, Dr, Bruce Morley, Labour's, Reeves Organizations: Labour, International Investment Summit, Business, London's Guildhall, British, CNBC, University of Bath, National Insurance, Capital, Guardian, Treasury Locations: London

☆ Media mogul Barry Diller slams fellow billionaires who back Trump for economic reasons: they 'don't need another nickel'
▼ + stars: | 2024-10-14 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Barry Diller called out ultrarich Americans who support Trump for economic reasons. The IAC chairman said those people were ignoring Trump's character flaws in pursuit of financial gain. Both Trump and Harris have pitched tax breaks ahead of this year's presidential election. AdvertisementBarry Diller criticized other ultrawealthy Americans for backing former president Donald Trump for economic reasons when they don't need any more money. The CRFB study found that Harris' policy proposals would add $3.5 trillion to the deficit.

Persons: Barry Diller, Harris, —, Donald Trump, Diller, who's, He's, Kamala Harris, Michael Wolff, Andrew Ross Sorkin, Trump, John Paulson, Paulson, didn't, Trump's Organizations: Trump, IAC, Service, Paramount Pictures, Century Fox, USA Networks, Democratic, Business, Social Security, Budget Locations: New York City

☆ Health-care costs hit a post-pandemic high. These moves during open enrollment can help
▼ + stars: | 2024-10-14 | by ( Jessica Dickler | ) www.cnbc.com time to read: +7 min

Because of higher costs, employers are considering new ways to adjust their plan offerings, WTW found. Currently, employers subsidize about 81% of health-care plan costs, on average, while employees pay the remainder, according to professional services firm Aon. For workers, health-care expenses are already high: Family premiums for employer-sponsored health insurance rose 7% this year to an average of $25,572, KFF's 2024 benchmark employer health survey found. Health savings accountsAlong with a high-deductible health insurance plan, more than 50% of employers also offer a health savings account, or HSA, which can help with additional health-care costs. This is called supplemental life insurance, or voluntary life insurance, and it's optional coverage that you can add to your employer's basic group policy.

Persons: Aon, there's, Willis Towers Watson, WTW, Mercer, Beth Umland, Tim Stawicki, Regina Ihrke, Gary Kushner, WTW's Ihrke, Ihrke, Gallagher, Tom Kelly Organizations: Finance, Security, Workers, North, Kushner & Company, IRS Locations: U.S, North America

☆ Here's who would benefit from Trump's proposed tax break on car loan interest
▼ + stars: | 2024-10-14 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Trump's proposed tax break would make interest on car loans fully tax deductible. That tax break lets homeowners deduct annual mortgage interest payments from their taxable income, thereby reducing their tax bill. Few taxpayers claim itemized tax deductionsTo get the deduction, car owners would need to itemize their tax return to include their borrowing costs. About 14.8 million federal tax returns, or about 9%, claimed an itemized deduction on their 2021 federal tax returns, according to the most recent IRS data. An itemized tax break on car loan interest "would help only a fraction of taxpayers," said Leonard Burman, an institute fellow at the Urban-Brookings Tax Policy Center.

Persons: Donald Trump, Sarah Rice, Trump's, Experian, It'd, Seiberg, Trump, didn't, Erica York, —, Leonard Burman, Burman, York, it'd Organizations: Detroit Economic, Bloomberg, Getty Images, Federal Reserve Bank of New, AAA, Trump, Cowen Washington Research Group, Republicans, CNBC, Finance, Social Security, Taxpayers, Tax, Center, Federal Tax, Urban, Brookings Tax Locations: Federal Reserve Bank of New York, Detroit, York

☆ Obama’s reemergence on the campaign trail for Harris comes as he recognizes his own legacy is at stake
▼ + stars: | 2024-10-13 | by ( Edward-Isaac Dovere | ) edition.cnn.com time to read: +14 min

This past Wednesday alone, he recorded 21 videos for the Harris campaign. Obama acolytes have spent the last eight years rationalizing Trump as the last gasp backlash to the Democrat and his presidency. While most of the party leaders Harris called that Sunday afternoon, including Bill Clinton, and immediately pledged support, Obama held off. Harris advisers knew Obama and former House Speaker Nancy Pelosi favored an open process to find a new nominee. And according to people who know about the conversations, he checks in with several of his own closest aides now helping run Harris’ campaign, such as current campaign chair Jen O’Malley Dillon and his own 2008 campaign manager, David Plouffe.

Persons: Barack Obama, Obama’s, president’s, Harris, Obama, Kamala Harris, Joe Biden, Donald Trump’s, He’s, he’d, Trump, rationalizing Trump, Bruce Springsteen, ”, Hannah Hankins, ” Obama, Kai Jones, Biden, Jones, Obama “, ” Austin Davis, It’s, Hakeem Jeffries, Michelle, Jeffries, Alexandria Ocasio, Cortez, Marie Gluesenkamp Perez, Mary Peltola, Chuck Schumer, Pennsylvania Sen, Bob Casey, Casey, Elissa Slotkin, Ruben Gallego, Josh Shapiro, Arizona Sen, Mark Kelly, he’s, Kelly, “, Harris Obama, Mike Donilon, —, Bill Clinton, diehards, feckless, Nancy Pelosi, Jen O’Malley Dillon, David Plouffe, she’s, Michelle Obama, She’s, Paige Mirsky, hadn’t, ” Mirsky, Eric Swanson, Swanson, Pitt, ” Amelia Staresink, Sara Kulkarni, Eve Majewski Organizations: CNN — America, CNN, Democratic, Trump, Democrat, Netflix, House, Democratic Party, “, University of Pittsburgh, Washington, New, Democratic House, World Wildlife Federation, New York Rep, Washington Rep, Alaska Rep, Senate, Pennsylvania, Obama, August’s Democratic National Convention, White, Social Security, Republican Locations: Pittsburgh, Pennsylvania, New York, Washington, Alexandria, Michigan, Arizona, Buffalo, Canada, Grant Park

☆ Floridians detail Hurricane Milton and Helene’s toll on their mental health
▼ + stars: | 2024-10-13 | by ( Ramon Sanchez | Ray Sanchez | ) edition.cnn.com time to read: +10 min

The surging floodwaters from Hurricane Milton poured in through the windows late Wednesday and their refrigerator slowly floated away. Even after floodwaters subside, the stress and anxiety can lead to lingering mental health challenges. Storms can exacerbate existing mental health problems or lead to new ones. Concerns about the mental health effects of back-to-back disasters come as researchers predict more frequent extreme weather events. But research suggests the hurricanes will make people more vulnerable to mental health problems and likely make it harder for them to recover, she said.

Persons: Amber Henry clutched, Milton, ” Henry, Helene, Hillsborough County Sheriff Chad Chronister, ” Chronister, Hurricanes Irma, Michael, ”, Dana Rose Garfin, “, ” Garfin, Hurricane Milton, CNN “, Chronister, they’ve, Ning Lin, Sara Lesker, Henry, Gail Saltz, Kayla Lane, ” Lane, Lane, Fine, ” CNN’s Isabel Rosales, Ashley R, Williams, Christina Zdanowicz, Amanda Jackson, Emma Tucker, Cindy Von Quednow, Cheri Mossburg, Chelsea Bailey, Caroll Alvarado, Rebekah Riess, Devon Sayers, Mary Gilbert, Andy Rose, Zoe Scottie, Taylor Romine, Paradise Afshar Organizations: CNN, Hurricane Milton, Sunshine State, Hillsborough County Sheriff, Hurricanes, UCLA, League, Tropicana, Hurricane, Princeton University, Social, New York Presbyterian Hospital Locations: Lakeland , Florida, Tampa, wasn’t, Hurricane, Florida, Hillsborough County, Valrico, Lithia, Siesta, Florida’s, Pinellas, Hillsborough, Manatee, Sarasota counties, downtown St, Petersburg, Bradenton, Gulf, St . Petersburg, Long, New York, Lakeland, Bartow , Florida, Paradise

☆ Trump or Harris? Here are the 2024 stakes for airlines, banks, EVs, health care and more
▼ + stars: | 2024-10-13 | by ( Hugh Son | ) www.cnbc.com time to read: +18 min

Former President Donald Trump and Vice President Kamala Harris face off in the ABC presidential debate on Sept. 10, 2024. The previous Trump administration didn't pursue those types of consumer protections. In contrast, Democrats, including Harris, have historically supported EVs and incentives such as those under the Biden administration's signature Inflation Reduction Act. Meanwhile, Harris, if elected, can build on existing efforts of the Biden administration to deliver savings to more patients, they said. Trump also led multiple efforts to repeal the Affordable Care Act, including its expansion of Medicaid to low-income adults.

Persons: Donald Trump, Kamala Harris, he's, Harris, Joe Biden's, Trump, Pete Buttigieg, Jonathan Kletzel, didn't, — Leslie Josephs Banks Big, JPMorgan Chase, Biden, Tobin Marcus, it's, Sen, JD Vance, they're, Lindsey Johnson, Hugh Son, Pablo Di Si, EVs, Joseph Spak, Harris hasn't, Mike Wayland, Drugmakers, Trump hasn't, Mariana Socal, Annika Kim Constantino, David Zaslav, John Malone, Time Warner, Simon, Simon & Schuster, Marc DeBevoise, Jonathan Miller, Elon Musk's, Musk, I'm, MAGA, I'm Dark MAGA, —, TikTok, — Lillian Rizzo, Alex Sherman, Michael Lynn, — Amelia Lucas Organizations: ABC, Getty, U.S, Trump, Treasury, Justice Department, Federal Trade Commission, Consumer Financial, Bureau, CNBC, The Biden Department of Transportation, Democratic, American Airlines, JetBlue Airways, Spirit Airlines, Industry, Boeing, JPMorgan, Securities and Exchange Commission, Currency, Federal Deposit Insurance Corporation, Biden, Wolfe Research, Bank, Republican, Bankers, Democratic Party, Consumer Bankers Association, Republicans, Volkswagen Group of America, Automotive News, Environmental Protection Agency, UBS, Mike Wayland Health, Commonwealth Fund, Medicare, Johns Hopkins Bloomberg School of Public Health, Annika Kim Constantino Media, Paramount Global, Skydance, Warner Bros, Discovery, Allen & Co, Sun, Media, Disney, Fox Corp, Time, Simon &, Random, MGM, FCC, Integrated Media, Twitter, Capitol, White, Lawmakers, Meta's Facebook, Alex Sherman Restaurants, National Restaurant Association, National Labor Relations Board, Social Security, Washington Post, Cornell University Locations: United States, PwC, JetBlue's, U.S, China, Ohio, Michigan, California

☆ How Trump’s tariffs would work
▼ + stars: | 2024-10-13 | by ( Katie Lobosco | Annette Choi | ) edition.cnn.com time to read: +3 min

Study after study, including one from the federal government’s bipartisan US International Trade Commission, has found that Americans have borne almost the entire cost of Trump’s tariffs on Chinese products. When Trump was in office, he implemented tariffs on about $380 billion worth of goods imported into the US, according to a Tax Foundation analysis. The Trump tariffs also hit foreign steel, aluminum, washing machines and solar panels. But even if Trump implements tariffs on all US imports, the resulting revenue is unlikely to cover all these costs. The Committee for a Responsible Federal Budget recently estimated that Trump’s tariff plan would not generate enough revenue to pay for his other spending proposals.

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