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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
Dr. Vivek Murthy said social media is contributing to a mental health "emergency." He's calling for a Surgeon General's warning label, which would require congressional action. Murthy said parents shouldn't let their kids have social media until after middle school. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe US Surgeon General says social media should come with a warning label — similar to the ones that appear on cigarette packs.
Persons: Vivek Murthy, Murthy, shouldn't, Organizations: Service, The New York Times, Business
5 Numbers to Know About the Coming Heat Wave
  + stars: | 2024-06-16 | by ( Jill Cowan | ) www.nytimes.com   time to read: +1 min
Millions of Americans from Texas to Maine will face sweltering conditions this week as a heat wave takes hold in the eastern half of the United States, according to forecasters. Beginning Sunday, rising temperatures will hit the South, then stretch over the Midwest before spreading to the East Coast by midweek. Here are five numbers to help put this coming heat wave — and our warming climate — in context. (In Pittsburgh, he added, there are temperature records dating back to 1875.) That figure would be just one of what Mr. Weiss said could be dozens of temperature records broken this week in cities across the northeastern United States.
Persons: It’s, Josh Weiss, Weiss Organizations: Prediction Locations: Texas, Maine, United States, East Coast, Pittsburgh, Ohio
“The American principle that no one is above the law was reaffirmed,” President Biden said after former President Donald J. Trump was convicted last month of falsifying records to cover up a sex scandal. “No one in this country is above the law,” David Weiss, the special counsel who prosecuted Hunter Biden on gun charges, said after Mr. Biden was convicted this week. The expression has been used by plenty of political figures in recent weeks, including Vice President Kamala Harris (“Donald Trump thinks he is above the law,” she said at a recent campaign event). The phrase “above the law” has appeared in The New York Times 100 times this year alone. The specific origin of the phrase is not clear, with several people getting credit for pushing it forward.
Persons: Biden, Donald J, Trump, ” David Weiss, Hunter Biden, Mr, , Kamala Harris, “ Donald Trump, Organizations: , New York Times
BTS’ Jin discharged from army service in South Korea
  + stars: | 2024-06-12 | by ( Reuters | Gawon Bae | ) edition.cnn.com   time to read: +2 min
CNN —Wearing a uniform and black beret, Jin, the oldest member of K-pop phenomenon BTS, was discharged from South Korea’s army on Wednesday after 18 months of duty. He is the first member of the group to wrap up the mandatory national service that put their music careers on hold. The 31-year-old appeared emotional as he hugged his colleagues at a military base in Yeoncheon, Gyeonggi province, television footage showed. “I cried during the ceremony,” Jin said later during a livestream which racked up over 3 million views on the Weverse fandom platform. Beyond music, BTS members are bankable fashion icons.
Persons: CNN —, Jin, , ” Jin, Louis Vuitton, Angela Weiss, Suga, Jimin, Valentino, Dior, Kim Jones Organizations: CNN, BTS, Getty, White Locations: South, Yeoncheon, Gyeonggi, Seoul, South Korea
Hunter Biden is expected to appeal his felony conviction for falsifying a federal firearms application, likely arguing that the judge in the case violated his constitutional rights in her instructions to the jury, according to people in his orbit and legal experts. Mr. Biden’s lawyer Abbe Lowell has also signaled that any appeal would be based on the Supreme Court’s landmark decision in 2022 that vastly expanded gun rights, a ruling that spawned legal challenges to the part of the federal firearms form at the center of the Biden case. In Mr. Biden’s case, it included a question asking buyers about their drug use. There is still a possibility that David C. Weiss, the special counsel in the case, will seek a plea agreement before the tax trial begins, and would have leverage in negotiations now that Mr. Biden is already a convicted felon, according to former prosecutors. Mr. Biden might have greater incentive to reach a deal to avoid another public airing of his personal ordeal beyond what was presented in Wilmington last week.
Persons: Hunter Biden, Biden’s, Abbe Lowell, Biden, David C, Weiss Locations: Wilmington, Del, Los Angeles
In his first reaction to the verdict, Hunter Biden didn’t attack the judge or prosecutors, simply saying he was grateful for the love and support of his family and blessed to be clean again. The Hunter Biden verdict also contradicted the central rationale of Trump’s multiple legal defenses in his four criminal cases, several civil matters and his entire presidential campaign. “So much for the weaponization of the Justice Department to go after just the enemies of the other side,” Michael Zeldin, a former senior Justice Department official and federal prosecutor, said on CNN Max on Tuesday. Stephen Miller, Trump’s former White House domestic policy adviser, argued that the Justice Department had actually shown favoritism toward Hunter Biden by not charging him with 50 felonies over foreign influence peddling. “Hunter Biden just became the Deep State’s sacrificial lamb to show that Justice is ‘balanced’ while the other Biden crimes remain ignored,” she wrote on X.
Persons: Joe Biden, Donald Trump, Biden, Hunter, , , Hunter Biden, Trump, ” Trump, Phil McGraw, couldn’t, ” Michael Zeldin, CNN Max, General Merrick, Garland, David Weiss, Weiss, “ Hunter Biden, ” Ken Buck, CNN’s Erin Burnett, ” Julian Zelizer, he’s, who’s, He’s, ” Zelizer, Democratic Sen, Robert Menendez, Henry Cuellar, Jamie Raskin, James Comer, Big Guy, ” Comer, Mike Johnson, Stephen Miller, Trump’s, ” Miller, Marjorie Taylor Greene, baselessly Organizations: CNN, Justice Department, Fox News, Trump, Democratic, Department, White House, Republican, Justice, Princeton University, , Robert Menendez of New, Biden, Maryland Democrat, Kentucky Republican, Big, Louisiana Republican, BIG, Georgia Locations: America, Manhattan, Delaware, Robert Menendez of, Robert Menendez of New Jersey, New York, Henry Cuellar of Texas, Mexican, United States, Kentucky, Ukraine, China, Louisiana
Joey Chestnut won't compete in Nathan's hot-dog-eating contest this year. Major League Eating, the event overseer, cited Chestnut's partnership with a rival brand. AdvertisementThe competitive-eating champ Joey Chestnut has been kicked out of an upcoming contest over a beef between him and the Coney Island hot-dog-eating competition he's won a whopping 16 times. Chestnut, 40, won't participate in this year's Nathan's Famous Hot Dog Eating Contest on July 4 — an event he won last year after pounding 62 hot dogs. In a statement posted to X on Tuesday, Major League Eating — the governing body that oversees the event — said Chestnut had "chosen to represent a rival brand that sells plant-based hot dogs rather than competing."
Persons: Joey Chestnut, wiener, , he's, Chestnut Organizations: Foods, Service, Business Locations: Coney
Denmark bans ramen noodles for being too spicy
  + stars: | 2024-06-12 | by ( Geoff Weiss | ) www.businessinsider.com   time to read: +1 min
Denmark's food safety agency has nixed three varieties of instant ramen. Ramen brand Samyang said it's the first time its products have been recalled for being too spicy. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The Danish Veterinary and Food Administration (DVFA), the nation's food safety agency, announced it was recalling three varieties of instant ramen, saying the noodles are so spicy that they could harm young children and some adults. In its note about the recall, the DVFA claimed that kids were filming themselves eating super-spicy food for social media challenges.
Persons: Organizations: Service, Danish Veterinary, Food Administration, Business Locations: Danish
The firm upgraded the ingredients maker to buy from neutral but lowered its price target to $48 per share from $50. "Though these items might not help earnings until 2025, we believe visibility surrounding them could improve in coming months and send the share price higher," he added. Lovallo has a $198 price target for Lennar, reflecting 30.1% in upside. Analyst Raimo Lenschow upgraded the marketing automation stock to overweight from equal weight and upped his price target by $4 to $29. Singlehurst raised her price target to $58 from $54.20, but the new forecast implies nearly 2% downside from Tuesday's close.
Persons: Goldman Sachs, Thomas Palmer, — Brian Evans, Edward Jones, Logan Purk, — Jesse Pound, John Lovallo, Lovallo, — Alex Harring, Oppenheimer, Colin Rusch, Rusch, Alex Bradley, Alex Harring, Raimo Lenschow, Lenschow, Wells, Steven Cahall, Wedbush, Michael Pachter, Pachter, Keith Gill, Piper Sandler, Valvoline Piper Sandler, Peter Keith, Keith, VVV's algo, hasn't, Will Gaertner, Gaertner, Morgan Stanley, Mark Murphy, Keith Weiss, Brent Bracelin, Louise Singlehurst, Singlehurst, Fred Imbert Organizations: CNBC, Analysts, Citi, Diamond Green Diesel, AMD, Devices, Nvidia, UBS, Lennar, KB, Barclays, Wells Fargo, Paramount, GameStop, Products, LSEG, Google, AI, JPMorgan, Oracle Locations: California, Tuesday's, VVV, reaccelerate, ORCL
Related VideoIn his opening statement at the trial, Biden's lawyer Abbe Lowell urged jurors in the Wilmington, Delaware, federal court to acquit his client. "They know how to put on a tight gun case." Biden's trial was not necessarily a lost cause. Hunter Biden's lawyers have argued this arrangement has perversely allowed Weiss to politicize the proceedings unchecked. This story was updated following the jury verdict in Hunter Biden's gun trial.
Persons: , Hunter Biden, Biden, Abbe Lowell, Prosecutors, Sarah Krissoff, didn't, Maryellen Noreika, Donald Trump, Lowell, Jared Kushner, Sen, Robert Menendez, John Edwards —, Joe Biden, ROBERTO SCHMIDT, David Weiss, General Merrick Garland, Weiss, Hunter Biden's, Noreika, Trump, Republicans gloated, Hallie Biden, Cozen O'Connor, Duncan Levin, Levin, He's, Krissoff, Evelyn Hockstein, Neama Rahmani, Rahmani Organizations: Service, Business, Alcohol, Tobacco, Firearms, Explosives, AFP, Getty, Trump, Justice, Republicans, Biden's, US, BI, Republican, U.S, U.S . Department of Justice, Hill, REUTERS, Justice Department, West, Creative Locations: Wilmington , Delaware, Manhattan, Delaware, California, New York, Texas
Live Updates: Hunter Biden Convicted of 3 Felonies
  + stars: | 2024-06-11 | by ( Glenn Thrush | ) www.nytimes.com   time to read: +2 min
“I don’t think the average American would have been charged with the gun thing,” Senator Lindsey Graham said. The prosecution in the Hunter Biden case is plunging into a day of wrenching testimony about his personal life — a day after airing damaging details of his addiction — to prove a legal pinpoint: that he improperly checked a single box on a federal gun application. “I don’t think the average American would have been charged with the gun thing,” Senator Lindsey Graham, Republican of South Carolina, told reporters this week. Why are you pursuing this one?”Lawyers for Hunter Biden agree. “Nobody is above the law,” Derek Hines, a top deputy to Mr. Weiss, said on Monday, adding, “not even Hunter Biden.”
Persons: Lindsey Graham, Hunter Biden, David C, Weiss, Mr, Biden, , Biden’s, Trey Gowdy, , Weiss’s, Beau —, ” Derek Hines Organizations: Republican, Fox News Locations: South Carolina, Los Angeles
Einat Weiss has been the CMO of NICE for the last four years, and she started her career on the tech and product side. So, she has a firm understanding of how the marketing space can utilize an emerging technology like AI. "One of the things that we see now that is becoming better and better is the ability to use AI to understand consumer intent," Weiss tells Business Insider. "This helps us as marketeers to have a much more outside-in view when we plan campaigns, when we think about messaging, when we think about what would resonate — this really helps to create it correctly based on what customers are looking for versus sometimes what we want to market to them."
Persons: Einat Weiss, Weiss Organizations: NICE
Hunter Biden, the president’s son, was found guilty on three felony counts related to buying a gun while he was in the throes of drug addiction. His lawyers argued that the special counsel who brought the case, David C. Weiss, had no evidence that Mr. Biden used drugs the day of his purchase or in the surrounding period. Before deciding to convict him on all three charges, the jury heard about Mr. Biden’s spiraling addiction to crack cocaine from women in his life, as well as in Mr. Biden’s own words, which the prosecution shared by using excerpts from the audiobook of his memoir. The verdict in Mr. Biden’s trial came just weeks after former President Donald J. Trump was convicted in a Manhattan courtroom of falsifying business records to cover up a hush-money payment to a porn star. Both trials were surrounded by partisan dynamics and questions about the criminal justice system’s ability to operate without regard to politics.
Persons: Hunter Biden, David C, Weiss, Biden, Biden’s, Donald J, Trump Locations: Manhattan
CNN —A federal jury has convicted Hunter Biden on all three federal felony gun charges he faced, concluding that he violated laws meant to prevent drug addicts from owning firearms. Leaving the courthouse after the verdict, Hunter Biden shuffled his family members into an elevator as he held hands with his wife. The weeklong gun trial featured intensely personal and gut-wrenching testimony about Hunter Biden’s well-known struggles with alcoholism and crack cocaine addiction. Hunter Biden’s defense team argued, unsuccessfully, that he didn’t view himself as a user or addict when he bought and possessed the gun. Defense attorney Abbe Lowell had implored the jury to acquit Hunter Biden on those grounds.
Persons: Hunter Biden, Joe Biden’s, David Weiss, Melissa, ” Hunter Biden, God, Biden, , , “ Jill, Hunter, Jill, Jill Biden, Kevin Morris, Valerie Biden, Biden’s, Donald Trump, Hunter Biden’s, Trump, Joe Biden, Weiss, Weiss ’, Maryellen Noreika, ” Prosecutors, Hallie Biden, Beau Biden –, Abbe Lowell, acquit Hunter Biden, CNN’s Hannah Rabinowitz, Paula Reid, Kit Maher Organizations: CNN, Department, Trump, Locations: Delaware, , New York, China
John Oliver bought the contents of a defunct Red Lobster at auction, beating out a local bakery. Oliver offered to buy the bakery new equipment if it created cakes in his likeness. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA small, family-owned bakery in the Hudson Valley is getting thousands of dollars worth of new kitchen equipment following a good-humored feud with John Oliver. On Sunday's episode of HBO's "Last Week Tonight," Oliver recounted how the viral back-and-forth stemmed from a stunt on his show where he purchased all of the kitchen equipment from a shuttered Red Lobster in Kingston, NY, at auction.
Persons: John Oliver, Oliver, Organizations: Service, Business Locations: Hudson, Kingston , NY
Hunter Biden was charged in September with three counts related to his purchase and possession of a firearm while using illegal drugs. Of course, Hunter Biden had the right to go to trial; it was his liberty at risk. Hallie Biden is the widow of Beau Biden, Hunter’s deceased brother. Testifying about intimate family matters must have been an enormous emotional trauma for her, as well as for Hunter Biden and his family. President Biden told ABC News before the verdict that he would accept the jurors’ decision, whatever it was.
Persons: Dennis Aftergut, Hunter Biden’s, Hunter‘s, Joe Biden, Hunter Biden, Hunter, Abbe Lowell, , ” Lowell, Maryellen Noreika, David Weiss, indicting, Weiss, General Merrick Garland, Weiss upping, Noreika, Kathleen Buhle, Hallie Biden, Beau Biden, Hunter’s, he’s, Biden, MAGA narrative’s, , Donald Trump’s, Stormy Daniels, MAGA Organizations: Defending American Democracy, CNN, of Justice, Colt, Alcohol, Tobacco, Firearms, Explosives, US, MAGA, Republicans, Department of Justice, Twitter, Facebook, ABC News Locations: Delaware
The Hunter Biden and Trump cases are vastly different, as is the way the former and current first families have responded to the trials. This is especially significant since Hunter Biden could face up to 25 years in prison if convicted, although a sentence for a first-time offender is unlikely to be that severe. The Hunter Biden trial is the latest cruel twist in the story of a family that has endured more tragedies than most could bear. The infringements on the Biden family’s dignity and privacy cut deep during the trial, which saw discomforting testimony about Hunter Biden’s former cocaine addiction. Media organizations, meanwhile, played an excerpt from Hunter Biden’s audio book that chronicles his spiral into addiction that was used in the prosecution case.
Persons: CNN —, Donald Trump, Joe Biden, Hunter, Trump, Hunter Biden, He’s, Nelson Mandela, WITCH HUNT, ” Trump, Eric, Donald Jr, Mike Johnson —, GOP nominee’s, Melania Trump, Biden, Jill Biden, Leo Wise, , ” Wise, , , Beau, It’s, Bill Clinton, Roger Clinton, Billy Carter, Jimmy Carter, Beau Biden’s, Hallie, Naomi, “ I’m, Attorney Alvin Bragg, Biden’s, General Merrick Garland, David Weiss, Wise, Joe Organizations: CNN, Biden, Trump, ABC, GOP, Media, Manhattan, Attorney, Republicans Locations: York, Wilmington , Delaware, New York, American, Wilmington, France, Europe, there’s, Mar, Georgia —, Ukraine, China
Elon Musk seemed less than impressed with Apple's WWDC presentation Monday. He responded to posts on X about the new iPhone home screen and iPad Calculator app. Musk has been taking jabs at Apple for the better part of a decade. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementElon Musk seemed slightly underwhelmed by a handful of updates Apple announced Monday during its WWDC presentation.
Persons: Elon Musk, Apple's, , Elon, Marques Brownlee, Apple Organizations: Apple, Service, YouTube, Business
Bridgewater Associates' Greg Jensen has listed Rogers Island for a cool $35 million. 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 . Greg Jensen, Bridgewater Associates' co-chief investment officer, has listed his Rogers Island property in Connecticut for $35 million, The Wall Street Journal first reported. The private island — which Jensen purchased for roughly $22 million in 2018, according to the Journal — is roughly 7.7 acres and has multiple houses, a tennis court, and a putting green.
Persons: Greg Jensen, Rogers, , Jensen Organizations: Bridgewater Associates, Service, Street Journal, Business Locations: Thimble, Connecticut, New York City
Eric Schmidt's AI drone company is poaching from Apple, SpaceX, and Google, according to Forbes. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementEric Schmidt's AI-powered military drone venture is quietly arming up. Forbes reports the ex-Google CEO's secretive company has poached roughly a dozen employees from Apple, SpaceX, Google, and more over the past several months. It's also sourced key candidates from the federal government and Schmidt's own nonprofit organization, Schmidt Futures, according to Forbes.
Persons: Eric Schmidt's, Organizations: Apple, SpaceX, Google, Forbes, Eagle, Service, Schmidt, Business Locations: Valley, Ukraine
"They know how to put on a tight gun case." Biden's trial is not necessarily a lost cause. This arrangement has perversely allowed Weiss to politicize the proceedings unchecked, Hunter Biden's lawyers argued. There's no evidence that Biden even loaded or used the gun before his brother's widow, Hallie Biden, threw it out. "Obviously, the conduct that the government ought to be addressing is whether somebody is on drugs and high while they're shooting a gun," Levin said.
Persons: , Hunter Biden, Abbe Lowell, Prosecutors, Biden, Sarah Krissoff, didn't, Maryellen Noreika, Donald Trump, Lowell, Jared Kushner, Sens, Robert Menendez, John Edwards —, Joe Biden, ROBERTO SCHMIDT, David Weiss, General Merrick Garland, Weiss, Hunter, Noreika, Trump, Republicans gloated, Hallie Biden, Cozen O'Connor, Hunter Biden's, Duncan Levin, Levin, He's, Krissoff, Evelyn Hockstein, Neama Rahmani, Rahmani, there's Organizations: Service, Business, Alcohol, Tobacco, Firearms, Explosives, AFP, Getty, Republicans, US Justice Department, Republican, U.S, U.S . Department of Justice, Hill, REUTERS, Justice Department, West, Creative Locations: Wilmington , Delaware, Manhattan, Delaware, California, New York, Texas
Two of Hunter Biden’s former romantic partners — his ex-wife and an ex-girlfriend — provided vivid, at times gut-wrenching, testimony on Wednesday about the depths of his drug addiction, grief and unsustainable spending in 2018, when he claimed to be drug-free on a federal firearms form. In his effort to prove that Mr. Biden lied about his drug use, the special counsel in the case, David C. Weiss, called Mr. Biden’s former wife, Kathleen Buhle, who remains locked in a yearslong fight with him over alimony payments after a 24-year marriage that ended in 2017. The prosecutors have set out to use testimony from at least three women to establish that Mr. Biden was a chronic drug abuser when he applied for a handgun in 2018. Almost all the events at issue in the trial happened in 2018, when Joseph R. Biden Jr. was out of office. Ms. Buhle’s testimony laid bare the painful personal toll of Mr. Biden’s addiction.
Persons: Hunter Biden’s, , Biden, David C, Weiss, Biden’s, Kathleen Buhle, Joseph R,
Kathleen Buhle in 2023. She was married to Hunter Biden from 1993 to 2017. In 2015, two months after her husband’s brother, Beau Biden, died of cancer, Ms. Buhle asked Hunter Biden to move out of their house in Washington. Soon after, Mr. Biden entered a relationship with her sister-in-law, Hallie Biden, Beau Biden’s widow. The special counsel in the case, David C. Weiss, has also signaled he intends to call Ms. Biden.
Persons: Kathleen Buhle, Hunter Biden, Hunter Biden’s, Buhle, Mr, Biden, Beau Biden, Hallie Biden, Beau Biden’s, David C, Weiss Locations: Oregon, Washington
13 protesters were arrested after barricading themselves in the office of Stanford's president. 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 . AdvertisementThirteen pro-Palestine protesters were arrested at Stanford University Wednesday after they barricaded themselves inside the school president's office building. This story is available exclusively to Business Insider subscribers.
Persons: barricading, Stanford, Organizations: Service, Stanford University Wednesday, The New York Times, Business Locations: Palestine, Gaza
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