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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe rise and fall of ExpressClothing retailer, Express, distinguished itself during the early 2000s as a shopping mall favorite of young professionals. But things started to go downhill in the years after well-regarded CEO Michael Weiss left the company in 2015. Express filed for bankruptcy in April. In June, a group of investors by the name of Pheonix bought the once-highflying retailer. Watch the video above to learn more.

Persons: Michael Weiss, Pheonix Organizations: Express

☆ Former employee accuses Davos summit organizers of pregnancy and race discrimination
▼ + stars: | 2024-07-09 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewA former employee at the World Economic Forum — the organizer of the illustrious Davos summit in the Swiss Alps — has accused the NGO and its founder, Klaus Schwab, in a lawsuit of pregnancy and race discrimination. Additionally, Smith said that after she announced her pregnancy in 2023, her position at the Forum "began deteriorating," according to the lawsuit. Others said they experienced sexual harassment by senior managers at the Forum as well as Davos VIP attendees, according to the Journal. In May, 86-year-old Schwab told staff in a memo he was stepping aside as the Forum's executive chairman as part of a planned transition.

Persons: —, Klaus Schwab, Topaz Smith, Smith, Smith didn't, Sam Altman, Bill Gates, Schwab Organizations: Service, Davos, Business, World Economic Forum, Journal, Forum, . Locations: Davos, Swiss

☆ Paramount co-CEOs tell workers it's 'business as usual' — and remind that there'll be layoffs
▼ + stars: | 2024-07-08 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

Paramount trio of CEOs told staff it was "business as usual" until its merger closes, Deadline reported. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementParamount's CEO trio told employees it was "business as usual" until its mega merger with Skydance formally closes, while reminding them that layoffs loom. This story is available exclusively to Business Insider subscribers.

Persons: —, Shari Redstone, David Ellison, Larry Ellison, Jeff Shell Organizations: Paramount, Service, Skydance, Business

☆ Watch CNBC’s ‘Halftime Report’ traders weigh in on the Fed, economy and 'Mag 7' comeback
▼ + stars: | 2024-07-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s ‘Halftime Report’ traders weigh in on the Fed, economy and 'Mag 7' comebackThe Halftime traders Steve Weiss, Shannon Saccocia, Joe Terranova and Jim Lebenthal discuss the technical breakout for some of the 'Mag 7' stocks and the economy.

Persons: Steve Weiss, Shannon Saccocia, Joe Terranova, Jim Lebenthal

☆ Jim Lebenthal expects a September Fed cut, but says he's nervous about the economy
▼ + stars: | 2024-07-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Lebenthal expects a September Fed cut, but says he's nervous about the economyThe Halftime traders Steve Weiss, Shannon Saccocia, Joe Terranova and Jim Lebenthal discuss the technical breakout for some of the 'Mag 7' stocks and the economy.

Persons: Jim Lebenthal, Steve Weiss, Shannon Saccocia, Joe Terranova

☆ Prosecutors knew Jeffrey Epstein had raped teens before giving him a sweetheart deal: transcript
▼ + stars: | 2024-07-02 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

Grand jury transcripts in Jeffrey Epstein's first Florida case were released this week. In 2006, prosecutors heard testimony that Epstein raped girls as young as 14, according to the documents. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementGrand jury transcripts in Jeffrey Epstein's first Florida investigation were released Monday. They show prosecutors cut a lenient plea deal with the disgraced financier even after hearing testimony that Epstein had raped girls as young as 14 and paid them to recruit others.

Persons: Jeffrey Epstein's, Epstein, — Organizations: Service, Business Locations: Florida, Palm Beach

☆ Biden needs the TikTok generation. His awful debate won't help.
▼ + stars: | 2024-07-01 | by ( Geoff Weiss | Alice Tecotzky | ) www.businessinsider.com time to read: +1 min

Social media is having a meltdown over Biden's debate performance. Biden was struggling with Gen Z voters, many of whom get news from TikTok, even before the debate. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Polls have shown Biden has glaring issues with critical Gen Z and millennial voters, with their support for him slipping even before the debate. This story is available exclusively to Business Insider subscribers.

Persons: —, Biden, Gen Organizations: Service, Business

☆ Trade Tracker: Steve Weiss trims Nvidia
▼ + stars: | 2024-07-01 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTrade Tracker: Steve Weiss trims NvidiaSteve Weiss, founder and managing partner at Short Hills Capital Partners, joins CNBC’s “Halftime Report” to explain why he's trimming Nvidia.

Persons: Steve Weiss Organizations: Short Hills Capital Partners

☆ Wall Street Law Firms Are in a Poaching Frenzy. Kind of Like the N.B.A.
▼ + stars: | 2024-07-01 | by ( Maureen Farrell | Anupreeta Das | ) www.nytimes.com time to read: +1 min

Hotshot Wall Street lawyers are now so in demand that bidding wars between firms for their services can resemble the frenzy among teams to sign star athletes. In recent years, highly profitable private equity giants like Apollo, Blackstone and KKR have moved beyond company buyouts into real estate, private lending, insurance and other businesses, amassing trillions of dollars in assets. As their demand for legal services has skyrocketed, they have become big revenue drivers for law firms. This is pushing up lawyers’ pay across the industry, including at some of Wall Street’s most prestigious firms, such as Kirkland & Ellis; Simpson Thacher & Bartlett; Davis Polk; Latham & Watkins; and Paul, Weiss, Rifkind, Wharton & Garrison. Lawyers with close ties to private equity increasingly enjoy pay and prestige similar to those of star lawyers who represent America’s blue-chip companies and advise them on high-profile mergers, takeover battles and litigation.

Persons: Simpson Thacher, Davis Polk, Paul, Weiss Organizations: Blackstone, KKR, Kirkland, Ellis, Bartlett, Latham, Watkins, Garrison, Lawyers Locations: Rifkind, Wharton

☆ Photos show Americans' horrified reactions to the Biden-Trump debate
▼ + stars: | 2024-06-28 | by ( Talia Lakritz | Geoff Weiss | ) www.businessinsider.com time to read: +1 min

Joe Biden and Donald Trump faced off in the first 2024 presidential debate. Biden's poor performance sparked panic among Democrats, and Trump lied throughout. Photographers across the US captured viewers' reactions to the debate ranging from dread to alarm. AdvertisementAcross the US, many viewers of the first 2024 presidential debate between Joe Biden and Donald Trump appeared to find the spectacle difficult to watch. As Biden's convoluted answers and poor performance sparked panic among Democrats, Trump dodged questions in favor of offering lies and misleading statements about his own political record.

Persons: Joe Biden, Donald Trump, Trump, — Organizations: Photographers, Service, Business

☆ Donald Trump could be in for a 'huge windfall' after the Supreme Court narrowed charges against January 6 rioters
▼ + stars: | 2024-06-28 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

The Supreme Court ruled Friday that a statute used against the January 6 attackers was applied too broadly. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. AdvertisementThe Supreme Court on Friday ruled that the obstruction statute used to prosecute the January 6, 2021, defendants was employed too broadly by the Department of Justice.

Persons: —, SCOTUS, John Roberts Organizations: Trump, DOJ, Service, Department of Justice, Business

☆ How Glossier's perfume saved it from the millennial dustbin
▼ + stars: | 2024-06-28 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. But the recent success of Glossier's "You" perfume — which isn't new, but has been introduced to a new Gen Z audience thanks to a viral TikTok — is helping pull the brand back to life. The TikTok wasn't part of some big plan of Glossier to get back into the graces of the younger crowd. Related storiesA single viral TikTok, in theory, might fade away, but Glossier reacted to the successful viral moment among Gen Z buyers. AdvertisementFor the record, as a dutiful millennial woman, I own and enjoy several Glossier products (I personally love their mascara).

Persons: —, Glossier, Kyle Leahy, Mack, TikTok, Emily Weiss, Marisa Meltzer Organizations: Service, Business, Bloomberg Locations: Sephora

☆ YouTuber Marques Brownlee breaks down how he makes money — and his response to critics of his negative reviews
▼ + stars: | 2024-06-27 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

15-year YouTube vet Marques Brownlee has 1,200 videos and 15 employees under his belt. Brownlee said he doesn't care how companies feel about his negative reviews. AdvertisementMarques Brownlee, one of YouTube's premier tech reviewers — and Team USA Ultimate Frisbee player — shared a fresh look into his enduring success. In an interview on Ben Thompson's Stratechery podcast, Brownlee recounted launching his YouTube channel roughly 15 years ago. This story is available exclusively to Business Insider subscribers.

Persons: Marques Brownlee, Brownlee, —, Ben Thompson's Organizations: YouTube, Service, Business

☆ The biggest scandal in gaming right now, explained
▼ + stars: | 2024-06-26 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

A top game streamer admitted to messaging a minor in 2017. That's why the Amazon-owned Twitch platform mysteriously booted him in 2020, Dr Disrespect said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementExactly four years ago today, one of the biggest stars on Amazon-owned Twitch was mysteriously booted from the video game streaming platform. On Tuesday, that streamer, Guy Beahm — better known by his "Dr Disrespect" persona — shared why.

Persons: —, Beahm —, He'd Organizations: Brand, Service, Twitch, Business

☆ How Delta made itself America's luxury airline — and what United wants to do about it
▼ + stars: | 2024-06-25 | by ( Leslie Josephs | ) www.cnbc.com time to read: +16 min

Rival United Airlines — second to Delta in net profit margins — is circling. Delta plans to open Delta One lounges in Boston and Los Angeles later this year, and is studying airports where it could open others. Like other airlines, Delta accepted billions in federal aid to weather the pandemic. Luxury air travel and the United States didn't go together for many years — and might not still, if you ask well-heeled globetrotters. And at Delta and other airlines, many of the perks for luxury flyers come through lounges.

Persons: Benoit Tessier, Ed Bastian's, Bastian, Ed Bastian, John F, Raymond James, Savanthi Syth, Andrew Nocella, Patrick Quayle, Quayle, Richard Anderson, Anderson, Delta, Barack Obama's, They're, Shai Weiss, Claude Roussel, Joe Biden, United States didn't, Henry Harteveldt, Scott Kirby Organizations: Airbus, Delta Air Lines, Reuters Delta Air Lines, Transportation Department, Rival United Airlines —, CNBC, Delta Air Lines Inc, Bloomberg, Getty, American Express, Kennedy International Airport, United, Boeing, U.S, Labor, Southwest Airlines, U.S ., JetBlue Airways, Delta, Corporate, Northwest Airlines, Endeavor, Virgin, American, Sky Club, New, LaGuardia, Etihad Airways, Singapore Airlines, Atmosphere Research, Airlines, Sky Clubs, Los Angeles International Airport, JFK, American Airlines, JPMorgan, Consumer Electronics, Starbucks Locations: punctuality, New York, Delta, Chicago, Boston, Los Angeles, Dubrovnik, Croatia, Amman, Jordan, Cape Town , South Africa, Atlanta, U.S, Queens, N.Y, United, Tokyo, York, United States, Las Vegas

☆ David Einhorn is suing the former employee who claimed to be his head of macro. Here are the most eye-catching parts of Greenlight's lawsuit.
▼ + stars: | 2024-06-25 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +8 min

Read previewDavid Einhorn warned James Fishback he was on "thin ice" less than a year after hiring him. Einhorn's firm, Greenlight Capital, is suing his former analyst, Fishback, Tuesday evening in New York. Advertisement"And, since he had absolutely no authority or discretion whatsoever over Greenlight's macro investment portfolio, he was not responsible for generating any profits, let alone 'over $100 million' of profits." Threats to disrupt Greenlight's partner dinnerThe suit claims Fishback threatened to stand outside Greenlight's annual gathering of investors and service providers with letters that "maliciously and disingenuously called into question Greenlight's macro investing abilities." AdvertisementThe review showed that Fishback had "almost no work files saved on Greenlight's network drive, and had engaged in very little activity on Greenlight's computer system.

Persons: —, David Einhorn, James Fishback, Fishback, Greenlight, Greenlight — Fishback, Azoria, Fishback's, Bari, Einhorn Organizations: Service, Greenlight, Business, Azoria Partners, Citi Locations: New York, Greenlight

☆ Hunter Biden’s DC law license suspended due to gun case conviction
▼ + stars: | 2024-06-25 | by ( Tierney Sneed | Marshall Cohen | ) edition.cnn.com time to read: +2 min

Washington CNN —Hunter Biden’s Washington, DC, law license has been suspended, according to a newly released order from a local court that pointed to his recent conviction on three gun crimes. The order was issued by Chief Judge Anna Elizabeth Blackburne-Rigsby of the DC Court of Appeals, which is the highest appellate court in DC and oversees the DC Bar. It is typical for bars in other states to reciprocate law license suspension or disbarment orders, meaning Biden’s license is also likely to soon be suspended in any other state where he is licensed. Biden has asked for a new trial in the gun case. During closing arguments in Biden’s gun trial, one of the prosecutors described him as a “Yale-educated defendant,” referring to the school where he earned his law degree.

Persons: Washington CNN — Hunter Biden’s, Anna Elizabeth Blackburne, David Weiss, Biden, Weiss, Boies Schiller, Flexner, Patrick Ho, Ho Organizations: Washington CNN, DC, of Appeals, DC Bar’s, Biden, Justice Department, GOP, Yale Locations: Washington CNN — Hunter Biden’s Washington, Wilmington , Delaware, Los Angeles, Hong Kong, Ho

☆ The demise of Cisco and Sun are cautionary tales. Nvidia's Huang is worried history could repeat itself.
▼ + stars: | 2024-06-22 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

Jensen Huang isn't sitting comfortably atop the world's most valuable company. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementFor Jensen Huang, unparalleled success has reportedly come with a healthy helping of anxiety. The Nvidia cofounder has been christened the tech world's Taylor Swift — with a rock-star persona to match the company's unprecedented riches. This story is available exclusively to Business Insider subscribers.

Persons: Jensen Huang isn't, —, Jensen Huang, Taylor Swift, Huang Organizations: Nvidia, Cisco, Sun, Service, Microsoft, Business Locations: Taiwan

☆ He wore a toga and spoke Latin. This ancient philosopher can help you survive the anxiety of the 2024 election
▼ + stars: | 2024-06-22 | by ( John Blake | ) edition.cnn.com time to read: +12 min

They offered three pieces of Stoic advice for handling the anxiety of this year’s election. Many Stoic leaders would never be labeled as “idiotai.” They were passionately involved in politics and the pursuit of justice. Holiday says Aurelius wrote constantly about justice in his classic book, “Meditations.”Epictetus, the ancient Greek Stoic and philosopher. But the Stoic leaders were known for their courage in standing up to political tyrants. Stoic leaders may seem like distant figures encased in marble, but we can learn from them, Holiday says.

Persons: Biden, Trump, Epictetus, Marcus Aurelius, Ryan Holiday, ”, Zeno, Citium, “, Aurelius, grappled, Donald Trump, Angela Weiss, “ Aurelius, Massimo Pigliucci, Don’t, “ Julius Caesar ”, Stoicism, don’t, Dominik Bindl, Holiday, ” Holiday, Pigliucci, Reinhold Niebuhr, ” Pigliucci, you’ve, ” Epictetus, Priscus, Vespasian, It’s, Marcus, chastising, unkind, he’s, He’s, John Blake Organizations: CNN, Police, Trump, Getty, ” CNN Locations: Greece, Rome, togas, Athens, New York City, Stoicism

☆ The stock market is in its longest stretch without a 2% sell-off since the financial crisis
▼ + stars: | 2024-06-21 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

The S&P 500 has gone 377 days without a 2.05% sell-off. That's the longest stretch for the benchmark since the great financial crisis, according to FactSet data compiled by CNBC. Zoom In Icon Arrows pointing outwards The S&P 500 has gone 377 days without a selloff of 2.05% or more, which is the longest period since the Great Financial Crisis. Year to date, the S&P 500 is up more than 14%. Zoom In Icon Arrows pointing outwards The S&P 500 has notched the longest stretch without a 2.15% or more gain since the Great Financial Crisis.

Persons: Angela Weiss, Adam Turnquist Organizations: New York Stock Exchange, Afp, Getty, CNBC, Nvidia, LPL

☆ The Everything Guide to Partying (Without Regrets)
▼ + stars: | 2024-06-21 | by ( George Gurley | Carson Griffith | ) www.nytimes.com time to read: +22 min

And don’t ask who else is coming. Romilly Newman, chef, food stylist, social media personality Don’t bring a guest to a seated dinner. Raul Tovar/Houses & Parties Rebecca Gardner Please don’t ask people to take off their shoes when entering your apartment. Bronson van Wyck Gosh, I don’t think you can avoid certain topics in 2024. But don’t think you’re décor.

Persons: Ivy Getty, Rufus Wainwright, We've, Lang Phipps, Kate Upton, Illa Gaunt, Rebecca Gardner, William Laird, Sarah Harrelson, Jen Rubio, Jason Sean Weiss Sarah Harrelson, Alex Hitz, Ariel Arce, Larry Milstein, Eat, Maneesh, “ I’m, Wes Gordon, Lizzi Bickford, Smile, Tefi Pessoa, Daisy Prince, There’s, “, Kristy Hurt, headhunter, Kendall Werts, Don’t, Jorn Weisbrodt Rufus Wainwright, Harry Hurt III, Liz Lange, Athena Calderone, Jennifer Gilbert, Kyle Hotchkiss Carone, it’s, you’ve, you’re, ”, Krista Schlueter, The New York Times Molly Jong, Gary Jackson Bronson van, —, Laila Gohar, Susan Gutfreund, it’ll, Josh Flagg, somebody’s, Bronson van Wyck, Max Tucci, Sara Ruffin Costello, David Sedaris’s, Steven Badius, Kyle Hotchkiss, Kendall Werts “, It’s, Truman Capote, Jennifer Gilbert Don’t, Romilly Newman, Raul Tovar, don’t, Emily Post, ” They’re, Jobe, Lela Rose, ” Lizzi Bickford, Paloma Sandoval, Elsie Richter, Whitney, I’m, Zibby Owens, Molly Jong, That’s, Yana Paskova, The New York Times Harry Hurt, Elise Taylor, Francis Hauert, Doris Hauert, Jana Platina, Plum Sykes, Putin, Julie Reiner, Karsten Moran, Jennifer Gilbert I, Ken Fulk, Nobody, Giselle, Emma Gwyther, The New York Times Kendall Werts, Sedi, Nikki Haskell, Andy Warhol, Richard Weisman, Patricia Altschul, Amy Sacco, Hunter McRae, The New York Times Patricia Altschul, Dorothy Parker, Joey Wolffer Joey Wölffer, they’re, now’s, Rufus Wainwright I’m Organizations: Yorker, The New York Times, Trump, Biden, The New York, Google Locations: Converse, Uggs, Gardens, East Hampton, N.Y, New York, Gary Jackson Bronson van Wyck, we’ll, Delmonico’s, Europe, stow, someone’s, New Hampshire, Ukraine, Israel

☆ Judge Aileen Cannon to entertain Trump’s claim the special counsel is unlawful in Friday hearing
▼ + stars: | 2024-06-21 | by ( Holmes Lybrand | ) edition.cnn.com time to read: +5 min

Trump is arguing that Jack Smith – who has brought charges against Trump in Florida and Washington, DC – was unlawfully appointed as special counsel. At the center of Trump’s argument is the claim that the Attorney General Merrick Garland does not have legal authority to appoint someone as special counsel who hasn’t confirmed by the Senate. The Justice Department says the attorney general has ample authority to appoint “inferior officers,” which would include special counsels. “This Court should hold as a matter of law that the Attorney General lawfully appointed the Special Counsel,” the attorneys wrote. Almost inverse from Trump, Biden argued that special counsel David Weiss was unlawfully appointed because he was already in the federal government and therefore not fully independent.

Persons: Donald Trump, Aileen Cannon, Trump, Jack Smith –, –, Merrick Garland, hasn’t, “, Trump’s, Cannon, Smith “, ”, Smith, Josh Blackman, Gene Schaerr, Matthew Seligman, I’ve, ” Blackman, Hunter Biden, Biden, David Weiss Organizations: Pierce , Florida CNN, Trump, Senate, The, Department, Republican, Fort Pierce, The New York Times, Citizens United, United, United States Government, Justice Department, State Democracy Defenders, CNN Locations: Pierce , Florida, Florida, Washington, Fort, United States

☆ We now know just how much money Elon Musk's X made after his takeover — and it's a lot less than before his purchase
▼ + stars: | 2024-06-18 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

Elon Musk himself had said in 2023 that X's revenue was down. X revenues plunged 40% in the months after Elon Musk took over, Bloomberg reported. AdvertisementElon Musk was right: X did lose lots of revenue when he took over. X revenues plunged in the wake of Elon Musk's fraught acquisition of the social media giant, new documents obtained by Bloomberg reportedly show. According to regulatory filings seen by Bloomberg, X generated $1.48 billion in revenue in the first half of 2023 — down roughly 40% from the first six months of 2022 before Musk's takeover.

Persons: Elon Musk, —, Elon Organizations: Elon, Bloomberg, Service, Musk's, Business

☆ Social media has gotten so bad that America's top doctor is intervening
▼ + stars: | 2024-06-18 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at the surgeon general suggesting warning labels for social media . The big storyA solution for socialsAnna Moneymaker/Getty Images; Chesnot/Getty Images; Chelsea Jia Feng/BISocial media has gotten so bad that the country's top doctor is intervening. AdvertisementIn his piece, Murthy said social media is a key culprit of the mental health crisis young people are facing. Generative AI adds more fuel to the misinformation fire social media platforms have been battling for years. Many of them are making fast use of social media platforms like TikTok and investing heavily in AI.

Persons: —, Anna Moneymaker, Chelsea Jia Feng, Vivek Murthy, Geoff Weiss, Murthy, It's, Katie Notopoulos, isn't, Adam Kovacevich, Dan Whateley, Mark Zuckerberg, Zuckerberg, Danielle DiMartino Booth, Instagram, Larry Fink, Dave Calhoun, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Annie Smith, Amanda Yen Organizations: Service, Business, US, The New York Times, of Progress, Getty, Meta, Bank of America, AIM, Apple, Apple Watch, Adobe, Justice, Marketing's, District of Columbia, DC, Boeing Locations: China, Schonfeld, New York, London

☆ The door is slamming shut on a $50 billion tax loophole used by the superrich
▼ + stars: | 2024-06-17 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

The US Treasury and IRS are closing a tax loophole used by the ü ber-wealthy. They're cracking down on "opaque" business structures that "inflate" deductions. The proposed regulations could generate $50 billion in new tax revenue, the agencies said. AdvertisementThe Treasury and IRS proposed new tax regulations Monday targeting the über-wealthy that they say could result in $50 billion in new tax revenue over the next decade. The initiative seeks to crack down on "related party basis shifting transactions" — or the use of "opaque business structures to inflate tax deductions," a Treasury press release said.

Persons: — Organizations: US Treasury, IRS, Service, Treasury, Business

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