Getty Images If your family has significant wealth, it’s now easier to avoid federal estate taxes, thanks to recent changes from the IRS. The IRS improved a strategy known as “portability,” used by high-net-worth married couples expecting to owe federal estate taxes when the second spouse dies. Here’s how it works: While a spouse may
Brendan Wallace, co-founder and managing partner of Fifth Wall in their Manhattan office. Source: CNBC Fifth Wall, a venture capital firm focused on real estate technology, is tripling down on its bet that climate tech will become an integral driver in the real estate space. It just announced commitments of half a billion dollars to
And a SoftBank-backed start up that wants to save your 401(k). Europe finally takes on inflation The European Central Bank increased its benchmark interest rates today for the first time in a decade, as inflation surges across countries that use the euro. The bank’s benchmark interest rates, before the increase, had been a negative 0.5
In this article CMG A Chipotle Mexican Grill sign is seen in the Park Slope neighborhood in the Brooklyn borough of New York City. Michael M. Santiago | Getty Images A union pushing to organize workers at Chipotle Mexican Grill has filed a complaint with the National Labor Relations Board after the burrito chain said
In this article TSLA Tesla reported earnings after the bell, and the results sent the stock up slightly after hours. Earnings per share (EPS): $2.27 (adjusted) vs $1.81 expected, according to Refinitiv Revenue: $16.93 billion, vs. $17.1 billion expected, according to Refinitiv Automotive gross margin came in at 27.9%, down from 32.9% last quarter and
In this article GS The Starling Bank banking app on a smartphone. Adrian Dennis | AFP via Getty Images British digital bank Starling on Thursday reported its debut annual profit as revenues at the firm almost doubled. The lender swung to a pre-tax profit of £32.1 million ($38.3 million) in its fiscal year ending March
In this article NCLH It’s one of the most basic laws of economics: When prices rise, demand falls. But despite rising travel costs and inflation, vacationers aren’t showing much interest in canceling their summer plans. Yet, they certainly appear open to changing them. Nearly 70% of those planning summer vacations said they anticipated making changes
The Consumer Financial Protection Bureau headquarters in Washington, D.C. Joshua Roberts/Bloomberg via Getty Images The Consumer Financial Protection Bureau plans to tighten rules around fraudulent money transfers via services like Zelle by pushing banks to repay more customers harmed by these alleged scams, according to a report published Tuesday in The Wall Street Journal. These
The Asian Development Bank has cut its growth forecast for China due to concerns over the country’s zero-Covid approach and strict lockdowns, which put even more pressure on the real estate sector. Gross domestic product growth for the world’s second largest economy is expected to be at 4% in 2022, down from an earlier estimate
In this article UAL United Airlines on Wednesday notched a key profit milestone in its pandemic recovery, but said it will scale back its growth plans through 2023. United reported its first quarterly profit — $329 million — since the Covid-19 pandemic began without the help of federal payroll aid, which expired almost a year
U.S. President Joe Biden spoke with media on July 20, 2022, after disembarking Air Force One at Joint Base Andrews in Maryland. Brendan Smialowski | Afp | Getty Images BEIJING — U.S. President Joe Biden said he expects to speak with Chinese President Xi Jinping by the end of the month. He did not elaborate
Rep. Kevin Brady, R-Texas. Bloomberg | Bloomberg | Getty Images In response to reports that the Biden administration could soon move to forgive student debt, Republican leaders warned Wednesday of “the perils” of such action. “It’s a giveaway to highly educated college grads,” said Rep. Kevin Brady, R-Texas, ranking member of the House Ways and
Sales of previously owned homes in June fell 5.4% from May, according to a monthly report from the National Association of Realtors, as prices set records and rates surged. The sales count declined to a seasonally adjusted annualized rate of 5.12 million units last month, the group said. Sales were 14.2% lower compared with June
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Student debt forgiveness has been at the forefront of recent federal policy discussions, with President Biden exploring using executive action to cancel up to $10,000 in student loan debt per borrower. Under current law, the tax code handles debt forgiveness differently depending on the borrower’s repayment plan—canceling student loan debt would have new, potentially complicated
Shoppers explore a mostly empty mall in Columbus, Ohio. Matthew Hatcher | Getty Images Don’t expect the stream of departures from retailers’ C-suites to stop anytime soon. Already this year, Gap and Bed Bath & Beyond abruptly replaced their CEOs as the companies’ sales plunged. GameStop fired its chief financial officer in the middle of
(Click here to subscribe to the Delivering Alpha newsletter.) Even if the economy faces two quarters of contraction — the traditional definition of a recession — Josh Friedman thinks it’s strong enough to withstand a more serious slowdown. Friedman is co-founder, co-chairman, and co-CEO of the $26 billion credit giant, Canyon Partners. He sat down with Leslie
MARK RALSTON | AFP | Getty Images So you didn’t win the $555 million Mega Millions jackpot Tuesday night. The glass half-full view? Phew! You dodged a huge tax bill. Of course, you get another shot in the next drawing to land a windfall — and then give a boatload of it to Uncle Sam.
Sen. Elizabeth Warren, D-Mass., questions Treasury Secretary Janet Yellen during the Senate Banking, Housing, and Urban Affairs Committee hearing on May 10, 2022. Tom Williams | Reuters Sen. Elizabeth Warren, D-Mass., along with 22 more Democratic lawmakers, want to save millions of Americans time and money by pushing the IRS to create its own free
In this article GS Pawel Toczynski | The Image Bank | Getty Images The U.S. economy is going through one of the most difficult periods I’ve seen in my 40-year career. Inflation, labor shortages, supply chain disruptions — all of them are hitting big business hard and small businesses even harder. And so this week,