Energy sector is poised to move higher, says BTIG's Jonathan Krinsky
Jonathan Krinsky, BTIG, joins 'Closing Bell' to discuss Krinksy's thoughts on why the energy sector is poised for a breakout, the technicals behind this call and much more.
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Miami Herald
7 hours ago
- Miami Herald
Veteran economist sends blunt 4-word message on Social Security, SALT tax cuts
President Trump's "Big Beautiful Bill" has been a hot topic of conversation over several weeks, but if you're not sure what all the bill entails, you're not alone - there's a lot to it. While different people have different concerns about the bill depending on what parts of it affect them, one of the big issues that has them worried - especially older people - is the topic of Social Security. Don't miss the move: Subscribe to TheStreet's free daily newsletter President Trump previously made a promise to eliminate federal taxes on Social Security benefits, and while the bill doesn't do that, it does offer a different form of relief for people 65 and over. Instead of eliminating taxes, it offers a temporary increase to the standard deduction for older Americans, raising it to up to $4,000 from 2025 to 2028. The deduction begins to phase out at $75,000 for individuals and $150,000 for married couples filing jointly, meaning that it's ideal for retirees living on modest incomes. Related: Social Security income tax deduction hits major roadblock The Big Beautiful Bill has passed the House and now sits with the Senate, which has vowed to pass it by July 4. But before that can happen, many disagreements on its contents need to be resolved, leaving those hoping for the bill's passage in limbo. But now one high-profile economist has spoken out about the topic, and he has good news for those who are worried about the bill stalling. In an interview with CNBC's Closing Bell from June 6, Wharton professor emeritus and WisdomTree chief economist Jeremy Siegel shared his take on the future of the bill. More Social Security: Social Security income tax deduction clears crucial hurdleDave Ramsey has blunt words on social security, 401(k)sShark Tank's Levon O'Leary warns Americans on Social Security problem Closing Bell host Scott Wapner asked Siegel whether it's likely lawmakers will strike a tax bill deal. Siegel offered these four words: "That's going to happen." A deal will be made "despite all the debate about the tax cut," Siegel said. "We're going to get it. Whether SALT is the way it is, we're going to get that." Related: Social Security income tax deduction clears critical hurdle Siegel also said that if lawmakers don't do it in time, they may have to "separate the debt ceiling for a temporary six months until they work it out." But Siegel seemed assured, saying that the bill passing is "a 95% confidence plus for me." "Trade deal with China that keeps it as it is and the rest of the world - I think that's more like an 80% probability," he finished. Some Republicans are pushing back hard over the proposed $40,000 cap on state and local tax (SALT) deduction in the bill, going as far as to say they will stall the bill if it stays in place. Rep. Mike Lawler (R-N.Y.) is one of these voices, and a part of a group of blue-state Republicans who agree with his stance, including New York Republican Reps. Nick Lalota, Andrew Garbarino, and Elise Stefanik. If they all decide to vote no, the bill could be stopped from passing the Senate. "Lifting the cap on SALT is critically important to provide middle-class tax relief, and that's exactly what we did here by negotiating a $40,000 cap," Lawler said. Republicans continue to make changes to the bill, successfully amending their party-line tax and spending package June 11. Related: Scott Galloway sends bold statement on Social Security, US economy The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Bloomberg
a day ago
- Bloomberg
S&P 500 Halts Rally Near Record as Big Tech Swoons
Bloomberg Television brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today's guests are Saira Malik, Nuveen, Nancy Lazar, Piper Sandler, Steven Zaccone, Citi, John Flavin, Portal Innovations, Lisa Abramowicz, Bloomberg News, David Bahnsen, The Bahnsen Group, Brent Thill, Jefferies, Seema Shah, Sensor Tower, Raj Ganguly, B Capital Group, Matthew Freund, Barings BDC, Jason Kelly, Bloomberg News. (Source: Bloomberg)
CNBC
a day ago
- CNBC
Markets being choppier at these levels makes sense, says Wells Fargo's Scott Wren
Scott Wren, Wells Fargo, joins 'Closing Bell' to discuss the day's market action following the latest CPI data, what to expect from stocks going forward and more.
