Business

Judge orders Eric Trump to testify before election in New York attorney general probe of President Trump’s company

Eric Trump speaks in Portsmouth, NH on Sept. 17, 2020. Eric Trump, son of President Donald Trump, makes a stop in Portsmouth during one stop on his 'Make America Great Again!' tour. Erin Clark | Boston Globe | Getty ImagesEric Trump must comply with a subpoena for his testimony in a New York investigation into his family business before the presidential election, a judge on Wednesday ordered. The president's middle son must testify as part of the prboe no later than Oct. 7, the judge ordered. Lawyers for Eric Trump had previously said that he was willing to be deposed as part of the New York attorney general's probe of the Trump Organization, but only after the Nov. 3 contest between his father, President Donald Trump, and Democratic nominee Joe Biden. The order from New York Suprem...

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Business

U.S. House staff won’t participate in payroll tax deferral

House Speaker Nancy Pelosi, D-Calif., holds her weekly press briefing on Capitol Hill on Aug. 13, 2020. Jim Watson | AFP | Getty ImagesThe U.S. House of Representatives won't be rolling out the payroll tax deferral to its employees. Sept. 1 was the first day of President Donald Trump's order deferring the 6.2% employees pay toward Social Security. The so-called holiday, which applies to workers whose biweekly pay is below $4,000, is in effect until the end of the year. The tax delay is only a deferral and not forgiveness. Congress would need to pass legislation in order to forgive the taxes. Though private employers are expected to shy away from adopting the deferral due to its complexity, the federal government will be extending it to its employees, including military service memb...

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Business

Billionaires battle over proposed Illinois tax hike on the wealthy

Ken Griffin speaking at the 2018 Delivering Alpha Conference in New York on July 18th, 2018.  David A. Grogan | CNBCBillionaire hedge funder Ken Griffin is going head-to-head with the billionaire governor of Illinois over a plan to increase taxes on the wealthy. Griffin, the founder and CEO of Citadel, contributed $20 million to a campaign opposing a ballot measure that would allow the state to increase taxes on high earners. Illinois governor J.B. Pritzker has given more than $56 million to a campaign in support of the plan — setting up a big-money battle to influence voters before Election Day. The measure would repeal the state's constitutional requirement for a flat income tax, meaning all taxpayers pay the same state income-tax rate, currently at 4.95%. Repealing the requirement...

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Business

IRS guidelines on Trump’s payroll tax holiday leaves employers on the hook

U.S. President Donald Trump reacts at the Republican National Convention in Charlotte, North Carolina, August 24, 2020. David T. Foster | Pool | ReutersThe IRS issued long-awaited guidance on President Donald Trump's payroll tax deferral Friday night. And it appears to put the onus on employers to collect any taxes due after the holiday ends. The president signed an executive order on Aug. 8 calling for a deferral of the employees' portion of the payroll tax from Sept. 1 through the end of the year. Currently, employers and employees share responsibility for a 12.4% levy that funds Social Security and a 2.9% tax to support Medicare. Social Security taxes are subject to an annually adjusted wage cap ($137,700 for 2020), but Medicare taxes are assessed beyond that threshold. The exec...

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Business

20 strategists predict the U.S. presidential election — and how stocks will react

The White House in Washington, D.C. Bloomberg | Bloomberg | Getty ImagesA majority of stock market strategists polled by CNBC expect Democratic candidate Joe Biden to win the U.S. presidential race — but they're significantly split on what the election would mean for stocks. Fourteen of 20 strategists surveyed by CNBC picked a Biden victory over Donald Trump. Half of the 20 strategists expect the S&P 500 to decline in the first month following election day — though not all those who foresee a stock market slide picked Biden. Five of the 20 expect a rally, four predicted a range-bound market, and one declined to answer.Trump will carry most of the red states, however I believe he will lose Florida (and) that will carry Biden to victory.Eight said they expect a decline of 5% for the...

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