3 tax-planning lessons from Joe Biden’s tax returns

The Bidens reported adjusted gross income of $4.58 million on their 2018 return and paid $1.53 million in taxes that year. Here are a few takeaways from the Bidens’ tax filings. The Tax Cuts and Jobs Act made this an even more attractive move, as it reduced individual income tax rates starting in 2018. The Bidens had more than $11 million in AGI in 2017, when the top individual income tax bracket was 39.6%. Bumping some of that 2017 income into the following year might have helped trim their tax


The Bidens reported adjusted gross income of $4.58 million on their 2018 return and paid $1.53 million in taxes that year. Here are a few takeaways from the Bidens’ tax filings. The Tax Cuts and Jobs Act made this an even more attractive move, as it reduced individual income tax rates starting in 2018. The Bidens had more than $11 million in AGI in 2017, when the top individual income tax bracket was 39.6%. Bumping some of that 2017 income into the following year might have helped trim their tax
3 tax-planning lessons from Joe Biden’s tax returns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: darla mercado
Keywords: news, cnbc, companies, joe, return, million, tax, bidens, 2018, income, taxes, 2017, lessons, paid, taxplanning, deduction, returns


3 tax-planning lessons from Joe Biden's tax returns

Former Vice President Joe Biden takes the stage for the second night of the first Democratic presidential debate on June 27, 2019 in Miami, Florida. Drew Angerer | Getty Images

If you missed out on a deduction for state and local taxes on your 2018 return, you’re not alone: Former Vice President Joe Biden and his wife lost a large chunk of this tax break, too. The 2020 Democratic presidential hopeful released tax returns for 2016, 2017 and 2018 last week. He filed jointly with his wife, Jill, a teacher at Northern Virginia Community College. The Bidens reported adjusted gross income of $4.58 million on their 2018 return and paid $1.53 million in taxes that year. That’s down from $11 million in AGI in 2017, and $3.74 million in total taxes paid. About $10 million of their 2017 income came from CelticCapri and Giacoppa, two S-corporations that were paid for the couple’s book deals and speaking engagements. In comparison, their AGI was a more modest $396,456 in 2016.

In 2017, Biden reported an additional salary of $12,963 — money he was paid during the first three weeks of that year when he was still an employee of the U.S. government. It appears he did not get a W-2 reflecting the amount paid and taxes withheld, according to the return. The updated 2017 return reflects this change. The couple also amended their 2018 return, dropping a deduction for a $25,000 contribution to Walking with the Wounded, a charity group in the United Kingdom. The original return mistakenly identified the group as a Section 501(c)(3) nonprofit, according to the amended return. Here are a few takeaways from the Bidens’ tax filings.

SALT cuts

cmannphoto | Getty Images

This year marked the first time taxpayers submitted their returns under the new Tax Cuts and Jobs Act. This overhaul of the tax code went into effect in 2018, roughly doubling the standard deduction to $12,000 for single taxpayers and $24,000 for married-filing jointly, and doing away with personal exemptions. It also made changes to a number of itemized deductions, including a $10,000 cap on the deduction you can claim for state and local property taxes paid. In 2018, the Bidens paid a total of $361,966 in state and local taxes, but they were only able to deduct $10,000 of it. “He lost a big chunk of the deduction for SALT,” said Tim Steffen, CPA and director of advanced planning at Robert W. Baird & Co. In all, the Bidens had $314,351 in itemized deductions last year, including a deduction for a $275,796 charitable contribution by cash or check.

Lower tax brackets

Alena Vikhareva | iStock | Getty Images

Here’s a potential missed opportunity: deferring income into a future year to save on taxes. Taxpayers who would otherwise receive money toward the end of the year can opt to push that income to the new year. This way, you defer both the cash received and the tax payment. It’s a strategy that works for small businesses that can push back the receipt of income, as well as workers who get hefty-year end bonuses. The Tax Cuts and Jobs Act made this an even more attractive move, as it reduced individual income tax rates starting in 2018. The Bidens had more than $11 million in AGI in 2017, when the top individual income tax bracket was 39.6%. They had $4.6 million in AGI in 2018 — when the top rate was 37%. Bumping some of that 2017 income into the following year might have helped trim their tax bill. “It doesn’t look like the Bidens did a lot of income shifting to get income out of 2017 and into 2018 when it would be taxed at a lower rate,” said Steffen.

Household employees

juefraphoto | iStock | Getty Images


Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: darla mercado
Keywords: news, cnbc, companies, joe, return, million, tax, bidens, 2018, income, taxes, 2017, lessons, paid, taxplanning, deduction, returns


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Facebook to be slapped with $5 billion fine for privacy lapses, say reports

The Federal Trade Commission approved an approximately $5 billion settlement with Facebook over the company’s 2018 Cambridge Analytica scandal, a person familiar with the matter told The Wall Street Journal. The fine represents the largest ever imposed by the FTC against a tech company. Previously, the agency’s largest fine against a tech company came in 2012 when Google agreed to pay a $22.5 million penalty due to its privacy practices. The fine would represent approximately 9% of Facebook’s 20


The Federal Trade Commission approved an approximately $5 billion settlement with Facebook over the company’s 2018 Cambridge Analytica scandal, a person familiar with the matter told The Wall Street Journal. The fine represents the largest ever imposed by the FTC against a tech company. Previously, the agency’s largest fine against a tech company came in 2012 when Google agreed to pay a $22.5 million penalty due to its privacy practices. The fine would represent approximately 9% of Facebook’s 20
Facebook to be slapped with $5 billion fine for privacy lapses, say reports Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: salvador rodriguez
Keywords: news, cnbc, companies, facebook, facebooks, 2018, slapped, house, settlement, ftc, lapses, privacy, reports, billion, mark, tech, largest, fine, say


Facebook to be slapped with $5 billion fine for privacy lapses, say reports

Facebook co-founder, Chairman and CEO Mark Zuckerberg testifies before the House Energy and Commerce Committee in the Rayburn House Office Building on Capitol Hill April 11, 2018 in Washington, DC.

The Federal Trade Commission approved an approximately $5 billion settlement with Facebook over the company’s 2018 Cambridge Analytica scandal, a person familiar with the matter told The Wall Street Journal. Several other news outlets separately reported the approval.

The fine represents the largest ever imposed by the FTC against a tech company. Previously, the agency’s largest fine against a tech company came in 2012 when Google agreed to pay a $22.5 million penalty due to its privacy practices. The fine would represent approximately 9% of Facebook’s 2018 revenue.

The settlement drew criticism from a number of senators and Congress members, including Democratic Sen. Mark Warner.

“Given Facebook’s repeated privacy violations, it is clear that fundamental structural reforms are required,” Warner said in a statement on Friday. “With the FTC either unable or unwilling to put in place reasonable guardrails to ensure that user privacy and data are protected, it’s time for Congress to act.”


Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: salvador rodriguez
Keywords: news, cnbc, companies, facebook, facebooks, 2018, slapped, house, settlement, ftc, lapses, privacy, reports, billion, mark, tech, largest, fine, say


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

US viewership of the 2019 Women’s World Cup final was 22% higher than the 2018 men’s final

According to a statement from Fox Sports, citing data from Nielsen, approximately 14.3 million U.S. viewers tuned in to the final match on television, compared to 11.4 million for the 2018 Men’s World Cup Final, a 22% U.S. viewership boost. The 2015 Women’s World Cup Final in Canada aired at night in the U.S., while the 2019 Women’s World Cup Final in France aired earlier in the day. The 2019 FIFA Women’s World Cup Final also had to compete for viewers with the Men’s Concacaf Gold Cup final and


According to a statement from Fox Sports, citing data from Nielsen, approximately 14.3 million U.S. viewers tuned in to the final match on television, compared to 11.4 million for the 2018 Men’s World Cup Final, a 22% U.S. viewership boost. The 2015 Women’s World Cup Final in Canada aired at night in the U.S., while the 2019 Women’s World Cup Final in France aired earlier in the day. The 2019 FIFA Women’s World Cup Final also had to compete for viewers with the Men’s Concacaf Gold Cup final and
US viewership of the 2019 Women’s World Cup final was 22% higher than the 2018 men’s final Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: abigail hess
Keywords: news, cnbc, companies, final, cup, match, higher, 2019, womens, viewers, soccer, viewership, million, 22, 2018, world, mens


US viewership of the 2019 Women's World Cup final was 22% higher than the 2018 men's final

On Sunday, a crowd of nearly 60,000 people gathered at France’s Parc Olympique Lyonnais to watch as the U.S. Women’s National Soccer Team (USWNT) defeated the Netherlands 2-0 in the 2019 FIFA Women’s World Cup Final.

Back in the U.S., millions more were watching. According to a statement from Fox Sports, citing data from Nielsen, approximately 14.3 million U.S. viewers tuned in to the final match on television, compared to 11.4 million for the 2018 Men’s World Cup Final, a 22% U.S. viewership boost.

Fox Sports’ statement reports that online streaming viewership peaked at roughly 20 million, making it the most-watched soccer match on English-language television, men’s or women’s, in the U.S. since the 2015 FIFA Women’s World Cup final, which delivered 25.4 million viewers.

According to CNN, an additional 1.6 million viewers watched the final match in Spanish on Telemundo.

The 2015 Women’s World Cup Final in Canada aired at night in the U.S., while the 2019 Women’s World Cup Final in France aired earlier in the day. The 2019 FIFA Women’s World Cup Final also had to compete for viewers with the Men’s Concacaf Gold Cup final and the Men’s Copa América final, which both took place on Sunday as well.

USWNT captain Megan Rapinoe called the scheduling of all three matches on the same day “ridiculous and disappointing. ”

Despite these challenges, the 2019 championship game set a record for online streaming for Fox Sports. The match delivered an average minute audience of 289,000 viewers for the network — up 402% from the 2015 Women’s World Cup — making it the most-streamed women’s final in history.

Fox Sports reports that 17.8 million people viewed the 2019 final match on social media, an increase of 18% on Twitter and YouTube, compared to the men’s final in 2018.

According to The Wall Street Journal, U.S. women’s soccer games have generated more revenue for the USSF than U.S. men’s games over the past three years, and according to Nike, the 2019 women’s stadium home jersey is the top-selling soccer jersey, men’s or women’s, ever sold on Nike.com in one season.


Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: abigail hess
Keywords: news, cnbc, companies, final, cup, match, higher, 2019, womens, viewers, soccer, viewership, million, 22, 2018, world, mens


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

How to buy bitcoin, which has rocketed in value in recent months

Bitcoin has been on a surge, although its value did skid Thursday morning, plunging $2,000 in less than 24 hours after the cryptocurrency trading platform Coinbase experienced a Wednesday outage. That’s its highest price since January 2018 before a big crash in November 2018 wiped out 70% of its value and dropped the price below $4,000. It’s easy to buy bitcoin if you want to see what owning it is like. And if the price sounds too steep, you don’t need to buy an entire bitcoin just to participat


Bitcoin has been on a surge, although its value did skid Thursday morning, plunging $2,000 in less than 24 hours after the cryptocurrency trading platform Coinbase experienced a Wednesday outage. That’s its highest price since January 2018 before a big crash in November 2018 wiped out 70% of its value and dropped the price below $4,000. It’s easy to buy bitcoin if you want to see what owning it is like. And if the price sounds too steep, you don’t need to buy an entire bitcoin just to participat
How to buy bitcoin, which has rocketed in value in recent months Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: todd haselton
Keywords: news, cnbc, companies, 2018, participate, recent, value, bitcoin, works, price, big, buying, buy, rocketed, wiped, months


How to buy bitcoin, which has rocketed in value in recent months

Bitcoin has been on a surge, although its value did skid Thursday morning, plunging $2,000 in less than 24 hours after the cryptocurrency trading platform Coinbase experienced a Wednesday outage.

On Sunday, the digital currency soared above $11,000 for the first time in 15 months, climbing to $13,485.85. That’s its highest price since January 2018 before a big crash in November 2018 wiped out 70% of its value and dropped the price below $4,000.

Bitcoin is highly volatile, as those figures show, and is still off its highs of about $20,000 reached in late 2017.

It’s easy to buy bitcoin if you want to see what owning it is like. And if the price sounds too steep, you don’t need to buy an entire bitcoin just to participate in the market. You can purchase just a small fraction of one bitcoin.

This is not an endorsement to own bitcoin, and you should talk to a financial adviser if you want to make a big investment, but if you decide to participate in conversations about it or just want to understand a little more about how buying bitcoin works, check out the guide below.

Coinbase is one of the most popular options for buying bitcoin and other cryptocurrencies, so we’ll start there.


Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: todd haselton
Keywords: news, cnbc, companies, 2018, participate, recent, value, bitcoin, works, price, big, buying, buy, rocketed, wiped, months


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Social Security statements could be coming back to your mailbox

A measure under consideration in Congress could have big implications for how you view your Social Security statements. The bill, called the Beneficiary Education Tools, Telehealth, and Extenders Reauthorization Act of 2019, or BETTER Act, includes a provision that would reinstate mailed Social Security statements. Since 2012, the Social Security Administration has scaled back the mailing of paper statements after it established a website, My Social Security, that offered access to that informat


A measure under consideration in Congress could have big implications for how you view your Social Security statements. The bill, called the Beneficiary Education Tools, Telehealth, and Extenders Reauthorization Act of 2019, or BETTER Act, includes a provision that would reinstate mailed Social Security statements. Since 2012, the Social Security Administration has scaled back the mailing of paper statements after it established a website, My Social Security, that offered access to that informat
Social Security statements could be coming back to your mailbox Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: lorie konish
Keywords: news, cnbc, companies, 2018, online, individuals, social, security, statements, mailbox, paper, mailing, access, coming, agency


Social Security statements could be coming back to your mailbox

A measure under consideration in Congress could have big implications for how you view your Social Security statements.

The bill, called the Beneficiary Education Tools, Telehealth, and Extenders Reauthorization Act of 2019, or BETTER Act, includes a provision that would reinstate mailed Social Security statements.

Since 2012, the Social Security Administration has scaled back the mailing of paper statements after it established a website, My Social Security, that offered access to that information online. The agency also was able to save on the costs of mailing paper records.

In fiscal 2017 and 2018, Social Security statements were sent only to individuals age 60 and up who had not established online accounts. From 2014 to 2016, the agency mailed statements in five-year increments to people at ages 25, 30, 35, 40, 45, 50, 55 and 60. In addition, statements were delivered to people over age 60, those who were not yet receiving Social Security benefits and individuals who did not have an online account.

Workers of all ages who pay into the system can view their statements online by setting up an account at the My Social Security website.

The bill would nudge the Social Security Administration to reinstate mailed Social Security statements to individuals ages 25 and up who are not receiving Social Security benefits. The agency is required to provide those statements annually, according to existing law.

It was marked up in the House Ways and Means Committee on Wednesday, where it received bipartisan support. The next step is for the full House to consider it.

Advocates for the provision argue that many people are not accessing their online statements. A report from the Social Security Office of the Inspector General released in February found that 43% of registered users accessed their online statements in 2018, down from 48% in 2017 and 53% in 2016.

However, the cost of mailing statements fell dramatically in 2017 and 2018 after the agency scaled down the number of recipients. In 2018, the total cost was $7.6 million, compared to $24 million in 2016. During those years, the cost per statement was 52 cents.

Advocacy groups including Consumer Action and the Coalition for Paper Options have voiced their support for this change, which they argue would improve access to Social Security statements.

“This is one of the single most important financial planning tools that we’ll ever see,” said Linda Sherry, director of national priorities for Consumer Action.

Knowing how much in benefits you will receive can help you understand how much more you may need to save for retirement, she said.

It’s also important for individuals to regularly review those statements in case there are any errors on their earnings record that could reduce their benefits.

More from Personal Finance:

Bill could extend Social Security’s solvency for rest of century

Stakes are higher for women when claiming Social Security

It’s not baby boomers who have taken the most from Social Security

Online My Social Security accounts are not easy for some individuals to access, according to advocates for the paper version. You must know detailed information from your credit report and regularly update your password to gain entry.

“We are in no way opposed to online delivery for those people that prefer that and are capable of accessing it,” said John Runyan, executive director of the Coalition for Paper Options.

But individuals should have paper access until they decide they want online access, not the other way around, he said.

“If you don’t take steps [to get online access], you’re in the dark,” Runyan said. “That’s inappropriate.”


Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: lorie konish
Keywords: news, cnbc, companies, 2018, online, individuals, social, security, statements, mailbox, paper, mailing, access, coming, agency


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Why everyone is talking about free cash handouts—an explainer on universal basic income

Universal basic income is the distribution of free cash handouts to everybody or almost everybody in a population with few, or almost no requirements for receiving the money. And the rest of America is becoming more interested, too: Google searches for the term “universal basic income” have spiked as much as 100% between 2015 and 2019. And therefore, “very different income-support programs are often labeled ‘universal basic income,’ even when they have little in common or do not aim at the same


Universal basic income is the distribution of free cash handouts to everybody or almost everybody in a population with few, or almost no requirements for receiving the money. And the rest of America is becoming more interested, too: Google searches for the term “universal basic income” have spiked as much as 100% between 2015 and 2019. And therefore, “very different income-support programs are often labeled ‘universal basic income,’ even when they have little in common or do not aim at the same
Why everyone is talking about free cash handouts—an explainer on universal basic income Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: catherine clifford
Keywords: news, cnbc, companies, payments, talking, ubi, handoutsan, universal, 2018, work, social, free, explainer, income, basic, cash


Why everyone is talking about free cash handouts—an explainer on universal basic income

Universal basic income is the distribution of free cash handouts to everybody or almost everybody in a population with few, or almost no requirements for receiving the money.

The idea of free cash for all may seem too good to be true, but a growing number of high-profile people — from Democratic presidential hopeful Andrew Yang to tech billionaire Elon Musk — say universal basic income, or UBI, may become a reality. And the rest of America is becoming more interested, too: Google searches for the term “universal basic income” have spiked as much as 100% between 2015 and 2019.

So what is UBI? Here’s a primer.

What is UBI?

Universal basic income refers to regular cash payments made to a given population (such as adult U.S. citizens, for example) with minimal or no requirements for receiving the money, in order to increase people’s income, according to the International Monetary Fund. Beyond that, however, there is often disagreement about what constitutes UBI. “[T]here is no established common understanding” of UBI, according to economists Maura Francese and Delphine Prady. And therefore, “very different income-support programs are often labeled ‘universal basic income,’ even when they have little in common or do not aim at the same goal.” However, common variances on the basic tenet include whether cash handouts replace or supplement existing social welfare programs, whether payments are distributed to a household or individual, who foots the bill and how often the payments are distributed.

Why is everybody talking about UBI now?

There are two main conditions fueling the emergence of UBI as a serious topic over the last few years. The first is fears that automation will put millions of people out of work, leaving them with little or no income. “There is a pretty good chance we end up with a universal basic income, or something like that, due to automation,” SpaceX and Tesla boss Elon Musk told CNBC in 2016. “Yeah, I am not sure what else one would do. I think that is what would happen.”

This is Andrew Yang’s thinking too. Yang, a 44-year-old entrepreneur running for the Democratic presidential nomination, has made UBI the foundation of his 2020 campaign platform. His plan, which he calls the “Freedom Dividend,” is for the federal government to give all U.S. citizens over the age of 18 $1,000 per month. Fellow Democratic hopeful Sen. Bernie Sanders said in 2015 he is “absolutely sympathetic to that approach,” and former Vice President Joe Biden said in 2018 he would consider a UBI as a last resort. Republicans are more likely to be against UBI. Americans, however, are split on whether they would support universal basic income as a solution for those whose jobs are replaced by robots: 48% support and 52% do not, according to a February 2018 Gallup survey. There is also debate as to whether robots will actually take people’s jobs: A 2017 McKinsey & Company report estimates as much as one-third of the U.S. workforce could be out of a job because of automation by 2030, while a 2017 report from Gartner says artificial intelligence will create more jobs than it eliminates. The other major situation motivating the current conversation about UBI is America’s extreme and growing wealth inequality. Some see cash payments as a way to help even the playing field.

Andrew Yang in his campaign headquarters in February 2019. CNBC Make It

Facebook founder Mark Zuckerberg, for one, falls into this camp. “Every generation expands its definition of equality. Now it’s time for our generation to define a new social contract …. We should explore ideas like universal basic income to make sure everyone has a cushion to try new ideas,” Zuckerberg said in his 2017 Harvard commencement speech. After all, he said, it was because he had a financial safety net from his dentist father that he felt free to try something as risky as turning Facebook into a business. The wave of interest in UBI is also inspiring a smattering of experiments and pilot studies with UBI in the U.S. The once-bankrupt town of Stockton, California, initiated an 18-month experiment in February, distributing monthly checks for $500 to 130 randomly selected Stockton residents to mitigate poverty and inequality. Michael Tubbs, the town’s now 28-year-old mayor, decided on the program after reading Dr. Martin Luther King Jr.’s 1967 book, “Where Do We Go From Here: Chaos or Community?” In the book, King writes: “… the solution to poverty is to abolish it directly by a now widely discussed measure: the guaranteed income.” And one of the country’s top start-up accelerators, Y Combinator, has run small-scale tests in Oakland, California, to test and improve procedures ahead of a larger-scale program. In that program, 1,000 randomly selected individuals across two as-yet-undisclosed states will receive $1,000 per month for three years to study the impact of the cash transfer.

Who pays?

That depends on who you talk to. Hillary Clinton seriously considered running her 2016 campaign for president on a platform built with UBI. But she couldn’t figure out a reasonable way to pay for it. “Unfortunately, we couldn’t make the numbers work,” Clinton wrote in her campaign memoir, “What Happened.” “To provide a meaningful dividend each year to every citizen, you’d have to raise enormous sums of money, and that would either mean a lot of new taxes or cannibalizing other important programs. We decided it was exciting but not realistic….” Others believe there is a solution. Facebook co-founder Chris Hughes, a UBI supporter, says a guaranteed basic income should be paid for by the wealthiest 1% of society, according to his book, “Fair Shot: Rethinking Inequality and How We Earn.” And Yang proposes to pay for UBI by implementing a value-added tax, or VAT, of 10% on goods and services a company produces. “Because our economy is so vast, this would generate between $700 and $800 billion in revenue,” he said on Reddit in 2018. Indeed, Eric Toder of the Washington, D.C.-based Tax Policy Center told CNBC Make It in 2018 that such a VAT in the United States could raise anywhere from $500 billion to $1 trillion, depending on how broadly the tax is applied. One thing is certain, however: It would cost a lot. “A truly universal UBI would be enormously expensive,” say Hilary Hoynes and Jesse Rothstein, economics and public policy professors at the University of California at Berkeley. “The kinds of UBIs often discussed would cost nearly double current total spending on the ‘big three’ programs (Social Security, Medicare, and Medicaid),” according to their working paper published by the National Bureau of Economic Research in February. They also say these social welfare programs would still be needed even with UBI.

Will it work?

Critics say universal basic income is too expensive, that it gives people incentive to be unproductive, that it’s bad for people’s self-worth and that there are more efficient ways to spend government money to help those who can’t support themselves. “Just giving $1,000 to everybody in itself is not the right solution” if helping those who need it most in society is the goal, Thomas Piketty, an economist and professor at the Paris School of Economics, told CNBC Make It at Columbia University in March. And Ian Goldin, a professor of globalization and development at the University of Oxford, argued in the Financial Times that “individuals gain not only income, but meaning, status, skills, networks and friendships through work. Delinking income and work, while rewarding people for staying at home, is what lies behind social decay.” Nobel laureate in economics Joseph Stiglitz told CNBC in April, “I think there’s a certain dignity from work. Some of my younger students say, ‘Oh there could be a lot of dignity from meditation and from other ways of spending time.’ But I think for most people there will be a real desire to work,” Stiglitz says. As far as the data goes, it’s mixed. Some of the news seems positive. For example, left-leaning think tank Roosevelt Institute says a $1,000-a-month payment would actually grow the economy by $2.5 trillion by 2025 if it was paid for by increasing the federal deficit; however, increasing taxes would have no net benefit to the economy. And some small UBI use cases seem to show that cash handouts help those who receive them in some ways — alleviating emotional stress and helping individuals pay their bills. However, it is not a silver bullet for unemployment.

For instance, preliminary results of a two-year experiment in Finland that gave 2,000 unemployed people 560 euros ($638) a month show that, for the first year of the study, 2017, those getting cash payments reported improved well-being. However, there was no effect on employment status. Results for employment status in 2018, the second year of the study, are not yet available. A basic income pilot program in Ontario, Canada, launched in April 2017 with a plan to distribute varying monthly payments to more than 4,000 people living on incomes less than $34,000 Canadian (or about $25,925 U.S.) for up to three years via tax credits. Though the program shut down in August (due to the cost and a change in government leadership) the advocacy group Basic Income Canada Network got some feedback. Responses from 424 participants indicated the payments gave them increased personal agency, relief from anxiety, increased social connection and the ability to invest in things like education and job-hunting. Then there are the residents of Alaska, who receive a yearly dividend from the Alaska Permanent Fund, which was launched in 1982 to pass along oil profits to future generations. In 2018, the payment was $1,600. Alaskans reportedly use the money for everything from heating oil and clothing to medical emergencies, travel and student loan payments. And a 2018 study of Alaskans suggests that “a universal and permanent cash transfer does not significantly decrease aggregate employment.”

Like this story? Subscribe to CNBC Make It on YouTube!


Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: catherine clifford
Keywords: news, cnbc, companies, payments, talking, ubi, handoutsan, universal, 2018, work, social, free, explainer, income, basic, cash


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Botched your tax withholding in 2018? It’s about to get more complicated

The Internal Revenue Services offices in Washington, D.C. Adam Jeffery | CNBCFine-tuning your tax withholding is about to get a little more complicated. “If you want to get the withholding right, it will work like the tax return itself,” he said. Get your tax return”To get it right, you have to have your last year’s tax return,” said Isberg. In general, tax withholding is a balancing act for filers. If you want to get the withholding right, it will work like the tax return itself.


The Internal Revenue Services offices in Washington, D.C. Adam Jeffery | CNBCFine-tuning your tax withholding is about to get a little more complicated. “If you want to get the withholding right, it will work like the tax return itself,” he said. Get your tax return”To get it right, you have to have your last year’s tax return,” said Isberg. In general, tax withholding is a balancing act for filers. If you want to get the withholding right, it will work like the tax return itself.
Botched your tax withholding in 2018? It’s about to get more complicated Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: darla mercado
Keywords: news, cnbc, companies, tax, right, little, irs, 2018, refunds, form, return, complicated, head, withholding, isberg, botched


Botched your tax withholding in 2018? It's about to get more complicated

The Internal Revenue Services offices in Washington, D.C. Adam Jeffery | CNBC

Fine-tuning your tax withholding is about to get a little more complicated. The Internal Revenue Service is expected to release a draft of its new Form W-4, the form employees use to adjust the amount of income tax withheld from their pay, by the end of May. The draft form, which is expected to be in use for 2020, will be open for comments from the public. It will more closely reflect the changes from the Tax Cuts and Jobs Act. This overhaul of the tax law nearly doubled the standard deduction, eliminated personal exemptions and placed limits on certain itemized deductions. Last year, the Treasury Department and the IRS updated the withholding tables, incorporating these changes. Workers can anticipate putting in a little more time and effort to fill out the new form, said Pete Isberg, head of government relations at payroll company ADP. “If you want to get the withholding right, it will work like the tax return itself,” he said. “There will be input areas that look more like a 1040 summary than the old Form W-4.”

Get your tax return

“To get it right, you have to have your last year’s tax return,” said Isberg. He anticipates that in order to fill out the new W-4, employees will need to know their total deductions from the prior year, the tax credits they can expect to claim in the upcoming year, as well as additional sources of household income — including their spouse’s earnings. “People don’t generally remember their total deductions off the top of their head, so it’s not going to be super easy to do,” Isberg said. “But it’s going to be more accurate.” In general, tax withholding is a balancing act for filers.

If you want to get the withholding right, it will work like the tax return itself. Pete Isberg head of government relations at ADP

If you withhold far too much, you get a large refund the following year. But you’ve also given the government an interest-free loan. Withhold too little, and you take home more cash in your paycheck. But you may owe the IRS next spring. This year marked the first time filers submitted returns under the new tax law, and some wound up with smaller-than-expected refunds. Others owed the tax man. “They got more money in their pockets during the year, and they received smaller refunds,” said David Desmarais, CPA and member of the American Institute of CPAs’ personal financial planning executive committee. In all, the IRS issued 101.6 million refunds as of May 10, down about 1% from last year. The average refund check was $2,729, down from $2,778 last year, according to the IRS.

Prep for 2019

Guido Mieth | DigitalVision | Getty Images


Company: cnbc, Activity: cnbc, Date: 2019-05-24  Authors: darla mercado
Keywords: news, cnbc, companies, tax, right, little, irs, 2018, refunds, form, return, complicated, head, withholding, isberg, botched


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Mortgage refinances surge 8%, as rates fall to the lowest level since January 2018

The walking robot that could soon be delivering your packagesIt’s not fast and may be years from visiting your neighborhood, but a walking robot is part of Ford’s vision for how its autonomous vehicles deliver packages and goods in the…Technologyread more


The walking robot that could soon be delivering your packagesIt’s not fast and may be years from visiting your neighborhood, but a walking robot is part of Ford’s vision for how its autonomous vehicles deliver packages and goods in the…Technologyread more
Mortgage refinances surge 8%, as rates fall to the lowest level since January 2018 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: diana olick
Keywords: news, cnbc, companies, vision, fall, thetechnologyread, packagesits, refinances, surge, mortgage, level, vehicles, soon, rates, 2018, robot, packages, neighborhood, walking, visiting, lowest


Mortgage refinances surge 8%, as rates fall to the lowest level since January 2018

The walking robot that could soon be delivering your packages

It’s not fast and may be years from visiting your neighborhood, but a walking robot is part of Ford’s vision for how its autonomous vehicles deliver packages and goods in the…

Technology

read more


Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: diana olick
Keywords: news, cnbc, companies, vision, fall, thetechnologyread, packagesits, refinances, surge, mortgage, level, vehicles, soon, rates, 2018, robot, packages, neighborhood, walking, visiting, lowest


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Everybody complains Apple isn’t innovating, but R&D spending and patents tell a different story

Apple Chief Executive Officer Tim Cook greets customers at the grand opening of the new Apple Carnegie Library store in Washington, May 11, 2019. The analysts say that investors are focusing on the “apparent lack of ongoing innovation at Apple,” but that they believe that Apple is appropriately investing in new product categories. “When the iPhone (once in a generation product) becomes the basis of comparison, everything else, however successful, looks incremental,” the analysts write. Apple had


Apple Chief Executive Officer Tim Cook greets customers at the grand opening of the new Apple Carnegie Library store in Washington, May 11, 2019. The analysts say that investors are focusing on the “apparent lack of ongoing innovation at Apple,” but that they believe that Apple is appropriately investing in new product categories. “When the iPhone (once in a generation product) becomes the basis of comparison, everything else, however successful, looks incremental,” the analysts write. Apple had
Everybody complains Apple isn’t innovating, but R&D spending and patents tell a different story Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: kif leswing
Keywords: news, cnbc, companies, billion, granted, technologies, wearables, apple, patents, complains, spending, everybody, tell, different, according, product, 2018, iphone, innovating, isnt, rd


Everybody complains Apple isn't innovating, but R&D spending and patents tell a different story

Apple Chief Executive Officer Tim Cook greets customers at the grand opening of the new Apple Carnegie Library store in Washington, May 11, 2019.

Apple’s research and development spending has increased from $1 billion in 2009 to a projected $13 billion this year, not including stock-based compensation, according to a Thursday note from Bank of America analyst Wamsi Mohan.

The amount of money going into R&D in Cupertino shows that Apple is spending heavily both to fend off new technologies which could threaten its dominance in smartphones and tablets, as well as investing in technologies that could help the iPhone maker enter into new product categories, such as wearables, fitness and health.

“The patents around wearables suggest that Apple could be targeting AirPods with biometric sensors, Apple Watch with UV monitoring, gesture recognition for AR/VR applications, machine learning projects to enable autonomous driving and integration of various existing devices with a car,” according to the note.

The analysts say that investors are focusing on the “apparent lack of ongoing innovation at Apple,” but that they believe that Apple is appropriately investing in new product categories.

“When the iPhone (once in a generation product) becomes the basis of comparison, everything else, however successful, looks incremental,” the analysts write.

Apple’s massive scale can also mask how large some of its smaller product lines are.

“The wearables business in just 4 years is the size of a fortune 200 company with [estimated] $15 billion in sales (similar to Netflix, Paypal etc.) but the sheer size of the iPhone of $155 billion in 2018 (similar to General Motors) dwarfs the rapid growth of the relatively smaller businesses, ” Mohan writes.

Apple had 2,160 patents granted in 2018, down 3% from 2017, according to research from IFI Claims. Eight companies had more patents granted during that year, including Samsung, Qualcomm, Microsoft, and IBM, which led the table with 9,100 patents granted in 2018.


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: kif leswing
Keywords: news, cnbc, companies, billion, granted, technologies, wearables, apple, patents, complains, spending, everybody, tell, different, according, product, 2018, iphone, innovating, isnt, rd


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Symantec CEO Greg Clark steps down, stock drops

Symantec stock fell more than 15% Thursday after the security company said its president and CEO, Greg Clark, has stepped down. Symantec director Richard Hill, formerly CEO of Novellus Systems, was named interim president and CEO, effective immediately, according to a statement. Clark arrived at Symantec earlier that year through the acquisition of security company Blue Coat, of which he was CEO. Earlier in his career Clark was an executive at IBM after it acquired Dascom, a security company Cla


Symantec stock fell more than 15% Thursday after the security company said its president and CEO, Greg Clark, has stepped down. Symantec director Richard Hill, formerly CEO of Novellus Systems, was named interim president and CEO, effective immediately, according to a statement. Clark arrived at Symantec earlier that year through the acquisition of security company Blue Coat, of which he was CEO. Earlier in his career Clark was an executive at IBM after it acquired Dascom, a security company Cla
Symantec CEO Greg Clark steps down, stock drops Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: jordan novet
Keywords: news, cnbc, companies, symantec, fiscal, security, clark, drops, ceo, company, steps, stock, 2018, named, greg, hill


Symantec CEO Greg Clark steps down, stock drops

Symantec stock fell more than 15% Thursday after the security company said its president and CEO, Greg Clark, has stepped down. The company is looking for a permanent replacement.

Symantec director Richard Hill, formerly CEO of Novellus Systems, was named interim president and CEO, effective immediately, according to a statement.

In late April Clark made it clear that he wanted to spend more time with his aging father, Hill told analysts on a Thursday conference call. Hill also said that “for anyone, and certainly someone with the pride of Greg, he doesn’t like to see the results that happened in the fourth quarter.”

On Thursday Symantec reported earnings for the fourth quarter of its 2019 fiscal year, which ended on March 29. The company said it had 39 cents in earnings per share, excluding certain items, in line with the Refinitiv analyst consensus estimate. Revenue of $1.20 billion was just under the $1.21 billion estimate.

The company’s guidance, for both the first quarter of fiscal year 2020 and the full 2020 fiscal year, was lower than analysts had expected.

“When you’re at the top of the pyramid, sometimes things happen,” said Hill, 67.

Clark became CEO in 2016, replacing Michael Brown. Clark arrived at Symantec earlier that year through the acquisition of security company Blue Coat, of which he was CEO. Earlier in his career Clark was an executive at IBM after it acquired Dascom, a security company Clark had founded.

In 2016 at the time that Symantec announced that Brown, who had been in the CEO position for less than two years, would be stepping down, it did not yet have a replacement. The $4.7 billion Blue Coat deal came less than two months later. Brown in 2014 replaced Steve Bennett, who spent less than three years as CEO.

Symantec shares have risen less than 8% since Clark took the company’s helm, lagging behind the S&P 500, which has grown 32% in the same period. Clark received $17.3 million in total compensation in the 2018 fiscal year, which ended in March 2018, according to a filing.

Symantec’s stock fell after it disclosed results for the 2018 fiscal year, guidance for the 2019 fiscal year and an investigation, the company said in its most recent annual report. Following that, the company said, Clark opted to forgo a equity award for the 2019 fiscal year and decided that none of its named executive officers would see a bump in base salaries.

“A year ago Symantec began an investigation that happily resulted in our albeit late fiscal year 2018 10-K filing with no adverse material finding,” Hill said on the call. “Around the start of the investigation I had reached out to a board member of Symantec to offer my assistance. Several weeks later, unbeknownst to me, Peter Feld, managing partner at Starboard, a friendly activist investor, reached out to Greg Clark and the Symantec board to see if they could help. Peter went to his bullpen for a left-handed pitcher, and voila, I’m here.”

Additionally Symantec named its new chief financial officer: Vincent Pilette, who was previously Logitech’s chief financial officer. Pilette replaces Nicholas Noviello, whose departure was announced in January.

WATCH: Watch CNBC’s exclusive interview with Symantec CEO Greg Clark


Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: jordan novet
Keywords: news, cnbc, companies, symantec, fiscal, security, clark, drops, ceo, company, steps, stock, 2018, named, greg, hill


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post