Wealth
CNBC Chairman Mark Hoffman to step down in September
Mark Hoffman, Chairman of CNBC Mark Hoffman, CNBC’s president since 2005 and chairman since 2015, announced Tuesday he will step down on Sept. 12. Hoffman is leaving of his own accord. NBCUniversal hired Cesar Conde to oversee NBC News, MSNBC and CNBC in May 2020 to bring more centralized leadership to the group. KC Sullivan will return […]
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State, local relief not in cards for residents of high-tax states as House assesses Inflation Reduction Act
Rep. Tom Suozzi, D-N.Y., speaks during a news conference announcing the State and Local Taxes (SALT) Caucus outside the U.S. Capitol on April 15, 2021. Sarah Silbiger | Bloomberg | Getty Images After fighting to repeal the $10,000 limit on the federal deduction for state and local taxes, known as SALT, a group of House […]
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An unusual deal gave Virginia Gov. Glenn Youngkin $8.5 million in stock. He paid $0 in tax on it.
Virginia Republican gubernatorial nominee Glenn Youngkin speaks during his election night party at a hotel in Chantilly, Virginia, U.S., November 3, 2021. Elizabeth Frantz | Reuters In January 2020, Glenn Youngkin, now the Republican governor of Virginia, got some welcome news. A complex corporate transaction had gone through at the Carlyle Group, the powerful private […]
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Inflation Reduction Act extends ‘pass-through’ tax break limits for 2 more years. Here’s what that means for entrepreneurs
Senate Majority Leader Chuck Schumer, D-N.Y., discusses the Inflation Reduction Act on Aug. 7, 2022 in Washington, D.C. Kent Nishimura | Los Angeles Times | Getty Images Senate Democrats curtailed a tax break for certain pass-through businesses as part of the Inflation Reduction Act passed Sunday. A pass-through or flow-through business is one that reports […]
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With 87,000 new agents, here’s who the IRS may target for audits
Jeffrey Coolidge | Photodisc | Getty Images As the Democrats’ spending plan moves closer to a House vote, one of the more controversial provisions — nearly $80 billion in IRS funding, with $45.6 billion for “enforcement” — has raised questions about who the agency may target for audits. IRS Commissioner Charles Rettig said these resources […]
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On rare days, the market rises 5% — or even 10%, Wells Fargo finds. How to make sure you’re there for it
Gzorgz | Istock | Getty Images “It was the best of times, it was the worst of times.” With those classic words, author Charles Dickens famously opened his historical novel “A Tale of Two Cities.” He could easily have been describing the stock market. A new Wells Fargo analysis looked at the best 20 days […]
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As climate change threatens more homes, some properties are getting too costly to insure
Firefighters pull up to a burning house during the Kincade fire in Healdsburg, California, on Oct. 27, 2019. Josh Edelson | Afp | Getty Images As climate change threatens the U.S. with more natural disasters, it’s becoming increasingly costly for Americans to insure their homes — and it’s only expected to get worse, according to […]
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Embryos can count as dependents on Georgia state tax returns: For many families ‘there is no benefit at all,’ says analyst
Anti-abortion activists demonstrate outside the Supreme Court of the United States in Washington, June 13, 2022. Evelyn Hockstein | Reuters Residents of Georgia may now claim embryos as dependents on their state income tax returns. Any “unborn child with a detectable human heartbeat” may qualify for a $3,000 state income tax deduction for 2022, effective […]
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Employee stock purchase plans can carry ‘a big risk,’ says advisor. What to know before buying in
How employee stock purchase plans works Typically offered to all employees, ESPPs may allow you to purchase company stock at a discount of up to 15%, capped at $25,000 per year for tax-qualified plans. The plan collects after-tax contributions from each paycheck during an “offering period,” and uses the funds to buy company stock on […]
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House Democrats push for Biden’s billionaire minimum income tax
Erik McGregor | LightRocket | Getty Images As Democrats plow forward with a slimmed-down reconciliation package, House lawmakers are separately pushing another piece of President Joe Biden’s agenda: taxing the ultra-wealthy. Reps. Don Beyer, D-Va., and Steve Cohen, D-Tenn., have introduced the Billionaire Minimum Income Tax Act, calling for a 20% levy on households worth […]
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