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theguardian.com | 5 hrs. 16 min. ago

‘Trump accounts’ promise to mint child millionaires. Experts have their doubts

#affordable #Boom #budget #federal government #Fund #Georgia #growth #investment #KID #market #Return #stock #Stock Market #Trump

President has hyped growth of federal investment accounts to help US children – for his own political gainSince returning to the White House, Donald Trump has scrapped rules that made childcare more affordable and pushed to cut funding for the nation’s public schools. But with midterm elections fast approaching and his approval ratings very low, the US president has repeatedly trumpeted a two-month-old program designed to help the nation’s children. That program, unhumbly named “Trump accounts”, calls for the federal government to give a one-time $1,000 seed deposit to every newborn whose family applies.In campaign speeches this summer, Trump has sought to milk these accounts for maximum political advantage, making big promises about how much these accounts will help the nation’s children. In a speech in Las Vegas last month, Trump hailed the program, saying: “It’s really giving [children] a head start on the American dream… They start off with $1,000 … and they can end up with $100,000, $200,000, $300,000” and if the stock market booms, “you’d end up with $1m”. Continue reading...

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Finance minister nominee backs January crypto tax rollout despite industry, opposition pushback

#Crypto #cryptocurrency #economy #profit #shares #stock #Taxes #trade

The nominee to head the Ministry of Finance and Economy expressed his intention on Sunday to implement the cryptocurrency tax next January as scheduled, despite pushback from both industry players and opposition lawmakers. In written materials submitted to the National Assembly ahead of a confirmation hearing slated for Tuesday, Lee Hyoung-il, who currently serves as first vice finance minister, noted that specific tax rules would be finalized through a National Tax Service public notice by year-end, ensuring taxpayers face no confusion when filing. He also defended classifying crypto asset income as miscellaneous income under the current tax framework, calling it an “appropriate” approach to applying taxpayer-friendly measures, such as a basic deduction and a single tax rate. “Given that stock trades involving major shareholders, foreign equities and unlisted shares, along with transaction taxes, are already subject to taxation, extending tax rules to crypto assets is essential for tax fairness,” he said. The crypto tax regime treats profits from transferring or lending digital

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A veteran economist tells us why he sees a recession and a stock crash by the end of 2027

#business cycle #downturn #economy #market #recession #stock

Henrik Zeberg, an economist who studies business cycles, laid out his timeline for how and when a downturn could hit markets and the economy.

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US stocks jump as oil eases, inflation comes in near expectations

#Barrel #BIT #crude #Dow Jones #gasoline #Inflation #Iran #loss #market #Nasdaq #oil #oil price #Pullback #stock #stocks #United States

NEW YORK — U.S. stocks are rebounding Friday and clawing back much of their losses for the week after oil prices eased off their recent spurt. An update on inflation across the United States that came in close to economists’ expectations, even if prices are still rising too quickly for everyone's liking, also helped calm the market. The S&P 500 climbed 1 percent and was on track to break a four-day losing streak, its longest since June. The Dow Jones Industrial Average was up 479 points, or 0.9 percent, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 1.2 percent higher. They got help from a pullback in oil prices, which had jumped to their highest levels since May because of the ongoing war with Iran. The price for a barrel of Brent crude, the international standard, fell 2.5 percent to $104.93 after getting near $110 overnight. That took a bit of pressure off inflation, which remains stubbornly high. A report on Friday showed that U.S. consumers had to pay prices for gasoline, food and other costs of living that were 3.4 percent higher last month than a year earlier. Whi

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Stocks climb but US data boosts predictions of Fed interest rate hike

#Fed #FTSE 100 #index #interest rate #Interest rate hike #Rate Hike #stock #stocks

In London, the FTSE 100 index ended up 41.52 points, 0.4%, at 10,650.44.

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