IMF says trade war will cut global growth to lowest since financial crisis a decade ago

The U.S.-China trade war will cut 2019 global growth to its slowest pace since the 2008-2009 financial crisis, the International Monetary Fund warned on Tuesday, adding that the outlook could darken considerably if trade tensions remain unresolved. The IMF said its latest World Economic Outlook projections show 2019 GDP growth at 3.0%, down from 3.2% in a July forecast, largely due to increasing fallout from global trade friction. Qilai Shen | Bloomberg | Getty ImagesThe global crisis lender sai


The U.S.-China trade war will cut 2019 global growth to its slowest pace since the 2008-2009 financial crisis, the International Monetary Fund warned on Tuesday, adding that the outlook could darken considerably if trade tensions remain unresolved. The IMF said its latest World Economic Outlook projections show 2019 GDP growth at 3.0%, down from 3.2% in a July forecast, largely due to increasing fallout from global trade friction. Qilai Shen | Bloomberg | Getty ImagesThe global crisis lender sai
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IMF says trade war will cut global growth to lowest since financial crisis a decade ago

The U.S.-China trade war will cut 2019 global growth to its slowest pace since the 2008-2009 financial crisis, the International Monetary Fund warned on Tuesday, adding that the outlook could darken considerably if trade tensions remain unresolved. The IMF said its latest World Economic Outlook projections show 2019 GDP growth at 3.0%, down from 3.2% in a July forecast, largely due to increasing fallout from global trade friction. The forecasts set a gloomy backdrop for the IMF and World Bank annual meetings this week in Washington, where the Fund’s new managing director, Kristalina Georgieva, is inheriting a range of problems, from stagnating trade to political backlash in some emerging market countries struggling with IMF-mandated austerity programs. The World Economic Outlook report spells out in sharp detail the economic difficulties caused by the U.S.-China tariffs, including direct costs, market turmoil, reduced investment and lower productivity due to supply chain disruptions.

The Hapag-Lloyd AG Leverkusen Express sails out of the Yangshan Deepwater Port, operated by Shanghai International Port Group Co. (SIPG), in this aerial photograph taken in Shanghai, China, on Wednesday, Aug. 7, 2019. Qilai Shen | Bloomberg | Getty Images

The global crisis lender said that by 2020, announced tariffs would reduce global economic output by 0.8%. Georgieva said last week that this translates to a loss of $700 billion, or the equivalent of making Switzerland’s economy disappear. “The weakness in growth is driven by a sharp deterioration in manufacturing activity and global trade, with higher tariffs and prolonged trade policy uncertainty damaging investment and demand for capital goods,” IMF Chief Economist Gita Gopinath said in a statement. Services were still strong across much of the world, but there were some signs of softening in services in the United States and Europe, Gopinath said. For 2020, the Fund said global growth was set to pick up to 3.4% due to expectations of better performances in Brazil, Mexico, Russia, Saudi Arabia, and Turkey. But this forecast was a tenth of a point lower than in July and was vulnerable to downside risks, including worse trade tensions, Brexit-related disruptions and an abrupt aversion to risk in financial markets.

Investment, trade stall

The IMF said foreign direct investment abroad by advanced economies came to “a virtual standstill” in 2018 after increasing in earlier years to average more than 3% of global gross domestic product annually – or more than $1.8 trillion. The institution said the decline of some $1.5 trillion between 2017 and 2018 reflected purely financial operations by large multinational corporations, including in response to changes in U.S. tax law. Global vehicle purchases fell by 3% in 2018, reflecting a drop in demand in China after expiration of tax incentives and production adjustments after adoption of new emissions standards in Germany and other eurozone countries. Global trade growth reached just 1% in the first half of 2019, the weakest level since 2012, weighed down by higher tariffs and prolonged uncertainty about trade policies, as well as a slump in the automobile industry. After expanding by 3.6% in 2018, the IMF now projects global trade volume will increase just 1.1% in 2019, 1.4 percentage points less than it forecast in July and 2.3 percentage points less than forecast in April. Trade growth was expected to rebound to 3.2% in 2020, however risks remained “skewed to the downside,” the IMF said, with a significant drag on both the U.S. and Chinese economies. For a table showing IMF country and regional forecasts, see

Tariff, reshoring losses


Company: cnbc, Activity: cnbc, Date: 2019-10-15
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This major tax deadline is today. What you need to know

FatCamera | E+ | Getty ImagesIf you asked the IRS for six more months to work on your 2018 tax return, you’re about to run out of time. This spring, about 15 million taxpayers asked the IRS for an extension on their 2018 tax return. Procrastinators take heed: If you miss this deadline, you’re on the hook for a 5% failure to file penalty. For instance, the state and local tax deduction is now capped at $10,000. More than 15 million taxpayers took this deduction on their 2018 tax return as of July


FatCamera | E+ | Getty ImagesIf you asked the IRS for six more months to work on your 2018 tax return, you’re about to run out of time. This spring, about 15 million taxpayers asked the IRS for an extension on their 2018 tax return. Procrastinators take heed: If you miss this deadline, you’re on the hook for a 5% failure to file penalty. For instance, the state and local tax deduction is now capped at $10,000. More than 15 million taxpayers took this deduction on their 2018 tax return as of July
This major tax deadline is today. What you need to know Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: darla mercado
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This major tax deadline is today. What you need to know

FatCamera | E+ | Getty Images

If you asked the IRS for six more months to work on your 2018 tax return, you’re about to run out of time. This spring, about 15 million taxpayers asked the IRS for an extension on their 2018 tax return. While those filers had to pay their projected taxes by April 15, they had to until Oct. 15 to complete and submit their returns. Procrastinators take heed: If you miss this deadline, you’re on the hook for a 5% failure to file penalty. Even with the extra time, accountants are still contending with last-minute filers and additional complexity from the Tax Cuts and Jobs Act, which went into effect in 2018.

“We are getting through extension season — a nightmare,” said Dan Herron, CPA and principal of Elemental Wealth Advisors in San Luis Obispo, California. “We have a long way to go in terms of understanding tax reform.” Changes stemming from the new tax code include the elimination of personal exemptions and the near-doubling of the standard deduction. Certain itemized deductions are now subject to new limitations, as well. For instance, the state and local tax deduction is now capped at $10,000. Here’s what taxpayers should know if they’re about to hit that extension deadline.

A new tax break

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There are several reasons why filers sought more time. For instance, investors in partnerships awaited Schedule K-1 forms from those businesses. These documents spell out the investor’s share of income from the partnership, and they often don’t arrive until late spring. In addition, small-business owners — including the people who owned those partnerships — were trying to determine whether they qualified for the new 20% qualified business income deduction. More than 15 million taxpayers took this deduction on their 2018 tax return as of July 25, the IRS found. The rules around the so-called QBI deduction were still in flux for most of 2018 and part of 2019. This was a case where it was better to wait for certainty, accountants said. “While we have an idea on a client’s situation as to whether they’re a trade or business, we were waiting until later for additional guidance,” said Chris Hesse, CPA and chair of the American Institute of CPAs’ tax executive committee. “We think your risk goes down if we wait as long as possible to file,” he said.

Next year’s blueprint


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: darla mercado
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Ethiopian Prime Minister Abiy Ahmed wins 2019 Nobel Peace Prize

Ethiopian Prime Minister Abiy Ahmedat at the National Palace in Addis Ababa, Ethiopia, on May 25, 2018. Ethiopian Prime Minister Abiy Ahmed has won the 2019 Nobel Peace Prize for his efforts to achieve peace with neighboring Eritrea. New Zealand Prime Minister Jacinda Ardern was also a contender, lauded for her response to the Christchurch shooting earlier this year. This year’s peace prize was the 100th to be awarded. According to the Nobel Institute there were 301 nominees in the running for t


Ethiopian Prime Minister Abiy Ahmedat at the National Palace in Addis Ababa, Ethiopia, on May 25, 2018. Ethiopian Prime Minister Abiy Ahmed has won the 2019 Nobel Peace Prize for his efforts to achieve peace with neighboring Eritrea. New Zealand Prime Minister Jacinda Ardern was also a contender, lauded for her response to the Christchurch shooting earlier this year. This year’s peace prize was the 100th to be awarded. According to the Nobel Institute there were 301 nominees in the running for t
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Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: vicky mckeever
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Ethiopian Prime Minister Abiy Ahmed wins 2019 Nobel Peace Prize

Ethiopian Prime Minister Abiy Ahmedat at the National Palace in Addis Ababa, Ethiopia, on May 25, 2018.

Ethiopian Prime Minister Abiy Ahmed has won the 2019 Nobel Peace Prize for his efforts to achieve peace with neighboring Eritrea.

He was awarded the prize Friday for his “efforts to achieve peace and international cooperation and for his decisive initiative to resolve the border conflict with neighboring Eritrea.” Ahmed worked with Eritrea’s President Isaias Afwerki on the peace agreement, to end the two-decade long conflict.

“An important premise for the breakthrough was Abiy Ahmed’s unconditional willingness to accept the arbitration ruling of an international boundary commission in 2002,” the Nobel Institute said in statement.

During Ahmed’s first 100 days as prime minister he has also lifted “the country’s state of emergency, granting amnesty to thousands of political prisoners, discontinuing media censorship, legalizing outlawed opposition groups, dismissing military and civilian leaders who were suspected of corruption, and significantly increasing the influence of women in Ethiopian political and community life.”

A statement from the office of the Prime Minister Ahmed said since coming to power in 2018 he had made “peace, forgiveness and reconciliation key components of his administration.”

“This victory and recognition is a collective win for all Ethiopians, and a call to strengthen our resolve in making Ethiopia – the New Horizon of Hope – a prosperous nation for all,” the statement added.

Swedish climate activist Greta Thunberg had been the favorite to win. Abiy Ahmed, elected leader in 2018, was the bookmakers’ second favorite to win. New Zealand Prime Minister Jacinda Ardern was also a contender, lauded for her response to the Christchurch shooting earlier this year.

This year’s peace prize was the 100th to be awarded. According to the Nobel Institute there were 301 nominees in the running for this year’s peace prize, the fourth highest on record. The record was 376 candidates in 2016. However, the list of nominees is only revealed 50 years after the prize is awarded.

Congolese doctor Denis Mukwege and human rights activist Nadia Murad were joint winners in 2018 for their efforts to end the use of sexual violence as a weapon of war.


Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: vicky mckeever
Keywords: news, cnbc, companies, prize, ethiopian, abiy, ahmed, peace, wins, prime, 2019, minister, 2018, win, nobel, efforts


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Ireland completes privacy probes into Facebook and Twitter; possible fines expected by end of 2019

Mark Zuckerberg, chief executive officer and founder of Facebook Inc. attends the Viva Tech start-up and technology gathering at Parc des Expositions Porte de Versailles on May 24, 2018 in Paris, France. Ireland’s Data Protection Commission has concluded investigations into Facebook’s WhatsApp and Twitter over possible breaches of EU data privacy rules, a spokesperson for the agency revealed to CNBC Monday. The investigations will now move into the decision-making phase, according to Graham Doyl


Mark Zuckerberg, chief executive officer and founder of Facebook Inc. attends the Viva Tech start-up and technology gathering at Parc des Expositions Porte de Versailles on May 24, 2018 in Paris, France. Ireland’s Data Protection Commission has concluded investigations into Facebook’s WhatsApp and Twitter over possible breaches of EU data privacy rules, a spokesperson for the agency revealed to CNBC Monday. The investigations will now move into the decision-making phase, according to Graham Doyl
Ireland completes privacy probes into Facebook and Twitter; possible fines expected by end of 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: elizabeth schulze
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Ireland completes privacy probes into Facebook and Twitter; possible fines expected by end of 2019

Mark Zuckerberg, chief executive officer and founder of Facebook Inc. attends the Viva Tech start-up and technology gathering at Parc des Expositions Porte de Versailles on May 24, 2018 in Paris, France.

Ireland’s Data Protection Commission has concluded investigations into Facebook’s WhatsApp and Twitter over possible breaches of EU data privacy rules, a spokesperson for the agency revealed to CNBC Monday.

The investigations will now move into the decision-making phase, according to Graham Doyle, head of communications for Ireland’s DPC. During this next phase, Ireland’s chief data regulator, Helen Dixon, will issue draft decisions, which are expected to come toward the end of the year.

These would mark Ireland’s first decisions related to U.S. multinational companies since Europe’s privacy law called the General Data Protection Regulation (GDPR) went into effect on May 2018.


Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: elizabeth schulze
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As Portugal heads to a new election, a cloud is hanging over its export-led economy

CACILHAS, PORTUGAL – SEPTEMBER 30: Portuguese Prime Minister Antonio Costa meets supporters along Rua Cândido dos Reis as he campaigns ahead of the legislative election. Portugal “is more exposed (to global trade) than before the crisis,” Ana Andrade, analyst at the Economist Intelligence Unit, told CNBC over the phone Wednesday. Portugal is (now) more integrated in the global trade system,” she said. Portuguese exports accounted for more than 40% of the country’s growth rate in 2018 compared to


CACILHAS, PORTUGAL – SEPTEMBER 30: Portuguese Prime Minister Antonio Costa meets supporters along Rua Cândido dos Reis as he campaigns ahead of the legislative election. Portugal “is more exposed (to global trade) than before the crisis,” Ana Andrade, analyst at the Economist Intelligence Unit, told CNBC over the phone Wednesday. Portugal is (now) more integrated in the global trade system,” she said. Portuguese exports accounted for more than 40% of the country’s growth rate in 2018 compared to
As Portugal heads to a new election, a cloud is hanging over its export-led economy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: silvia amaro
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As Portugal heads to a new election, a cloud is hanging over its export-led economy

CACILHAS, PORTUGAL – SEPTEMBER 30: Portuguese Prime Minister Antonio Costa meets supporters along Rua Cândido dos Reis as he campaigns ahead of the legislative election.

Economists are questioning how long Portugal’s economic recovery will last with a new political cycle about to begin.

Portugal — often described as somewhat of a success story in the euro zone after embarking on deep austerity measures in the wake of the sovereign debt crisis — has enjoyed growth rates above the region’s average for the last two years. However, its recent economic achievement is largely on the back of higher export levels — something that could become a problem given the ongoing trade disputes worldwide.

Portugal “is more exposed (to global trade) than before the crisis,” Ana Andrade, analyst at the Economist Intelligence Unit, told CNBC over the phone Wednesday.

“The share of exports has grown. Portugal is (now) more integrated in the global trade system,” she said.

In 2010, one year prior to requesting financial assistance from the International Monetary Fund (IMF) and the EU, Portugal exported about 37.3 billion euros ($40.88 billion). Since then, exports have increased almost every year, reaching about 58 billion euros in 2018, according to preliminary data. Portuguese exports accounted for more than 40% of the country’s growth rate in 2018 compared to almost 30% in 2010.

“Whilst the Portuguese economy is projected to grow faster than that of the euro zone as a whole, a sharper than expected global and European downturn would expose the persistent underlying macroeconomic imbalances,” Michiel van der Veen, an economist at RaboResearch, said in an email.

His forecasts point to a growth rate of 1.7% in 2019 and 1.2% in 2020. Portugal grew 2.8% in 2017 and 2.1% in 2018.


Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: silvia amaro
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Fintech unicorn Revolut’s losses double as it pushes for global expansion

British financial technology start-up Revolut’s losses doubled in 2018, the firm said Tuesday, as the company embarks on an aggressive global expansion. The London-headquartered firm recorded a £32.8 million ($40.3 million) net loss on revenues of £58.2 million for 2018. That was more than double the £14.8 million loss it posted a year earlier, while revenue climbed 354%. But the company added that its gross profit margin had improved despite the cost of sales jumping 247%, as that figure was lo


British financial technology start-up Revolut’s losses doubled in 2018, the firm said Tuesday, as the company embarks on an aggressive global expansion. The London-headquartered firm recorded a £32.8 million ($40.3 million) net loss on revenues of £58.2 million for 2018. That was more than double the £14.8 million loss it posted a year earlier, while revenue climbed 354%. But the company added that its gross profit margin had improved despite the cost of sales jumping 247%, as that figure was lo
Fintech unicorn Revolut’s losses double as it pushes for global expansion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: ryan browne
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Fintech unicorn Revolut's losses double as it pushes for global expansion

British financial technology start-up Revolut’s losses doubled in 2018, the firm said Tuesday, as the company embarks on an aggressive global expansion.

The London-headquartered firm recorded a £32.8 million ($40.3 million) net loss on revenues of £58.2 million for 2018. That was more than double the £14.8 million loss it posted a year earlier, while revenue climbed 354%.

But the company added that its gross profit margin had improved despite the cost of sales jumping 247%, as that figure was lower than the rise in revenue. Revolut attributed the rise in costs to card scheme charges and user acquisition.

Revolut started life in 2015 with a pre-paid card and app that let users spend abroad without paying high foreign exchange fees. It’s since expanded its platform to include cryptocurrency trading and business accounts, and recently added share trading to its growing list of features.


Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: ryan browne
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Dow drops to start Q4, but there’s a historical case to remain bullish on stocks in final trading quarter

Recession red flags are weighing on the stock market, and if you go back a year, fourth quarter 2018 was a painful one for investors. The S&P 500 had traded positively 80% of the time. That excludes the fourth quarter 2018, when stocks were battered and made the biggest contribution to a year in which stocks posted their worst performance in a decade. The S&P 500 and Dow plunged 13.97% and 11.8% in Q4 2018, respectively, their worst performances since 2011. The S&P 500 and Dow added a little ove


Recession red flags are weighing on the stock market, and if you go back a year, fourth quarter 2018 was a painful one for investors. The S&P 500 had traded positively 80% of the time. That excludes the fourth quarter 2018, when stocks were battered and made the biggest contribution to a year in which stocks posted their worst performance in a decade. The S&P 500 and Dow plunged 13.97% and 11.8% in Q4 2018, respectively, their worst performances since 2011. The S&P 500 and Dow added a little ove
Dow drops to start Q4, but there’s a historical case to remain bullish on stocks in final trading quarter Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: george manessis
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Dow drops to start Q4, but there's a historical case to remain bullish on stocks in final trading quarter

Recession red flags are weighing on the stock market, and if you go back a year, fourth quarter 2018 was a painful one for investors. But there is at least one historical reason to remain positive on stocks as the year’s final quarter starts: It’s been the quarter with the highest average gains over the past decade.

The S&P 500 Index has averaged a 4% gain in the final three months of the year over the past decade, according to a CNBC analysis of Kensho, a market data analysis platform. The S&P 500 had traded positively 80% of the time. The Dow Jones Industrial Average had added 5% in fourth quarters over the past 10 years, trading positive 80% of the time.

That excludes the fourth quarter 2018, when stocks were battered and made the biggest contribution to a year in which stocks posted their worst performance in a decade. The S&P 500 and Dow plunged 13.97% and 11.8% in Q4 2018, respectively, their worst performances since 2011. The Nasdaq plunged 17.5% in the period, its biggest quarterly fall since 2008. All three indexes posted losses of near-9% in December 2018 alone.

Volatility is back, with the third quarter a bumpy three-month stretch for stocks, and October has historically been a high point for the VIX volatility index.

But the market has proved to be, in the least, resilient, closing out the third quarter with a slight gain. The S&P 500 and Dow added a little over 1% each. Meanwhile, the Nasdaq slipped a bit lower, falling just short of the break-even level. And that’s in spite of the fact September has historically been a bad one for stocks.

For the year, the S&P is up 19%, its best performance through the first three quarters of a calendar year since 1997.


Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: george manessis
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Dollar sturdy after biggest quarterly rise since June 2018

The dollar rose to a 29-month high on Tuesday as renewed evidence of strength in the U.S. economy encouraged investors to buy dollars, especially versus the euro. The dollar had already scored its biggest quarterly gain since June 2018, and encouraging economic data from the U.S. have led markets to scale back expectations the Federal Reserve will cut interest rates in coming months. Data due on Tuesday are forecast to show consumer prices in the euro zone rose an annual 1.0% in September, uncha


The dollar rose to a 29-month high on Tuesday as renewed evidence of strength in the U.S. economy encouraged investors to buy dollars, especially versus the euro. The dollar had already scored its biggest quarterly gain since June 2018, and encouraging economic data from the U.S. have led markets to scale back expectations the Federal Reserve will cut interest rates in coming months. Data due on Tuesday are forecast to show consumer prices in the euro zone rose an annual 1.0% in September, uncha
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Dollar sturdy after biggest quarterly rise since June 2018

The new £10 note is seen alongside euro notes and US dollar bills on October 13, 2017 in Bath, England.

The dollar rose to a 29-month high on Tuesday as renewed evidence of strength in the U.S. economy encouraged investors to buy dollars, especially versus the euro.

The dollar had already scored its biggest quarterly gain since June 2018, and encouraging economic data from the U.S. have led markets to scale back expectations the Federal Reserve will cut interest rates in coming months.

Germany’s September CPI data, by contrast, rose less than expected, suggesting euro zone inflation was losing momentum and the region’s economy was not improving, despite a large dose of stimulus from the European Central Bank last month.

“The economic divergence trade between Europe and the U.S. has become even stronger, and unless there is a clear sign of a slowdown in the U.S. economy, the dollar is expected to stay on a strong footing,” said Commerzbank analyst Thu Lan Nguyen.

Data due on Tuesday are forecast to show consumer prices in the euro zone rose an annual 1.0% in September, unchanged from the previous month and below the ECB’s target.

Against a basket of other currencies, the dollar rose 0.2% to 99.58, its highest since May 2017.

Economic surprise indexes published by Citigroup for the United States and Europe showed an increased divergence. The former is at its highest in nearly two years; the latter has fallen to a 2019 low.

Elsewhere, the Australian dollar was the main underperformer in the G-10 after the Reserve Bank of Australia cut interest rates and expressed concern about job growth.

The Australian dollar fell 0.7% to $0.6700 after the RBA cut its cash rate to a record low of 0.75%, as expected.

The New Zealand dollar fell to a four-year low of $0.6238, as weakening business confidence bolstered expectations for monetary easing.


Company: cnbc, Activity: cnbc, Date: 2019-10-01
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Apple would have paid $1.4 billion more last year under Sanders’ income inequality tax plan

Senator Bernie Sanders (I-VT), speaks at the 2019 National Action Network National Convention in New York, April 5, 2019. Bernie Sanders’ proposed inequality tax plan, which would levy a new tax on companies whose CEOs earn more than 50 times as much as their average employee, mostly bypasses tech companies, which pay high salaries. Because the company has a relatively large base of retail store employees who are not paid as much as engineers or typical tech employees, CEO Tim Cook makes more th


Senator Bernie Sanders (I-VT), speaks at the 2019 National Action Network National Convention in New York, April 5, 2019. Bernie Sanders’ proposed inequality tax plan, which would levy a new tax on companies whose CEOs earn more than 50 times as much as their average employee, mostly bypasses tech companies, which pay high salaries. Because the company has a relatively large base of retail store employees who are not paid as much as engineers or typical tech employees, CEO Tim Cook makes more th
Apple would have paid $1.4 billion more last year under Sanders’ income inequality tax plan Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-30  Authors: matt rosoff, https, wwwlinkedincom in mattrosoff
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Apple would have paid $1.4 billion more last year under Sanders' income inequality tax plan

2020 Democratic presidential candidate and U.S. Senator Bernie Sanders (I-VT), speaks at the 2019 National Action Network National Convention in New York, April 5, 2019.

Bernie Sanders’ proposed inequality tax plan, which would levy a new tax on companies whose CEOs earn more than 50 times as much as their average employee, mostly bypasses tech companies, which pay high salaries.

With one big exception: Apple.

Because the company has a relatively large base of retail store employees who are not paid as much as engineers or typical tech employees, CEO Tim Cook makes more than 200 times the average Apple employee’s salary.

Specifically, the company reported approximately 132,000 employees at the end of its 2018 fiscal year, which ended Sept 30, 2018. Of those, about 70,000 work in its retail stores, according to Bloomberg.

The company’s proxy statement from its 2018 fiscal year reveals, “The 2018 annual total compensation of our CEO was $15,682,219, the 2018 annual total compensation of our median compensated employee was $55,426, and the ratio of these amounts is 283 to 1.” All public companies are required to reveal this ratio in SEC filings.

Under Sen. Sanders’ proposal, companies whose CEO makes more than 200 times the average employee’s salary would have an additional 2% tax levied on them. Apple’s effective tax rate was 18.3% on taxable income of $72.9 billion. Bumping that up another 2% would have meant an additional $1.4 billion payout.


Company: cnbc, Activity: cnbc, Date: 2019-09-30  Authors: matt rosoff, https, wwwlinkedincom in mattrosoff
Keywords: news, cnbc, companies, total, tech, tax, billion, companies, paid, inequality, employees, income, times, average, ceo, plan, 2018, sanders, apple


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Millennials are fleeing big cities for the suburbs

But the Journal notes other, more affordable, metropolitan areas are also gaining millennials, including cities like Austin, Columbus, Ohio, Los Angeles, San Diego and Seattle. A 2018 report from SmartAsset revealed similar results. It found that the most popular cities for millennials to move to include Seattle, Denver and Minneapolis — not New York or San Francisco. Notably, workers early in their career who are younger than millennials are still moving to big cities to find career opportuniti


But the Journal notes other, more affordable, metropolitan areas are also gaining millennials, including cities like Austin, Columbus, Ohio, Los Angeles, San Diego and Seattle. A 2018 report from SmartAsset revealed similar results. It found that the most popular cities for millennials to move to include Seattle, Denver and Minneapolis — not New York or San Francisco. Notably, workers early in their career who are younger than millennials are still moving to big cities to find career opportuniti
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Company: cnbc, Activity: cnbc, Date: 2019-09-29  Authors: alicia adamczyk
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Millennials are fleeing big cities for the suburbs

Breaking news: Millennials are getting older. And as they enter the next stage of life — marriage, kids, higher salaries —Gen Y is beginning its exodus from busy cities, just like the generations that came before it.

Data released by the U.S. Census Bureau earlier this week show that some 27,000 millennials between the ages of 25 and 39 left big cities like New York, San Francisco and Houston in 2018 for greener, and less expensive, pastures, the Wall Street Journal reports. Chicago, Las Vegas, Washington, D.C. and Portland, Oregon, are also seeing large numbers of residents leave.

That marks the fourth year in a row that there has a noticeable decline in the millennial populations in major cities.

And where are they moving? To combat the ever-increasing housing costs and lack of access to family-friendly amenities, to nearby suburbs, mostly, Axios reports. But the Journal notes other, more affordable, metropolitan areas are also gaining millennials, including cities like Austin, Columbus, Ohio, Los Angeles, San Diego and Seattle.

A 2018 report from SmartAsset revealed similar results. Using 2016 Census migration data, SmartAsset compared the number of people aged 20 to 34 who moved to over 200 U.S. cities to the number who moved away from them. It found that the most popular cities for millennials to move to include Seattle, Denver and Minneapolis — not New York or San Francisco.

Notably, workers early in their career who are younger than millennials are still moving to big cities to find career opportunities.

A 2018 survey of 1,200 adults aged 20-36 from Ernst & Young also revealed that more millennials are buying homes in the suburbs than in cities. Much of that is likely to do with the price: A 2018 report from Zillow found that home buyers will pay 26.5% of their income each month for a median-value home in a city, compared to 20.2% for a similar home in the suburbs.

“It was a surprise to me to see this generation increasingly choosing suburban locations to buy homes,” Cathy Koch, EY’s Americas tax policy leader, told CNBC Make It. But “the ‘suburbs’ may very well be smaller cities close to larger urban areas — these still afford the richness of city living (including employment opportunities) at maybe lower home prices.”

As more millennials buy houses, that trend will likely continue.

Don’t miss: Almost 70% of millennials regret buying their homes. Here’s why

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Company: cnbc, Activity: cnbc, Date: 2019-09-29  Authors: alicia adamczyk
Keywords: news, cnbc, companies, big, millennials, fleeing, revealed, 2018, suburbs, homes, similar, san, york, cities, smartasset


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