Fox News Highlights – August 7th, 2025
Learn more about your ad choices. Visit podcastchoices.com/adchoices
FOX News Radio
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
24 minutes ago
- Yahoo
How Much You Could Save in Every State Under Trump's Proposed Capital Gains Tax Cut
Last week, President Donald Trump told reporters he would consider legislation proposed by Representative Marjorie Taylor Green to eliminate capital gains taxes for homeowners who sell their primary home and earn a profit. Learn More: Read Next: Currently, homeowners who sell their homes and earn a profit above the exclusion amount, which is $250,000 for single tax filers and $500,000 for spouses filing jointly, are required to pay. Considering home values rise over time, more home sellers could face the fact they could be on the hook for capital gains taxes. But how much could you save if the proposed capital gains tax cut goes through? How Many Homeowners Could Be Affected Research by CoreLogic found that homeowners who have mortgages have an average of $303,000 in home equity. High cost of living areas like San Francisco and Hawaii could see higher home equity values. Find Out: According to data by around one in three of homeowners are over the exclusion amount if they sell their home. The outlet also looked at data of the percentage of homeowners that will be over the exclusion by 2030, which is outlined below. State Percentage of Homeowners with Equity Over $250,000 Percentage of Homeowners with Equity Over $500,000 Alaska 22.5% 2.7% Alabama 13.4% 2% Arkansas 11.5% 1.7% Arizona 48.5% 10.3% California 62.2% 30.8% Colorado 59.5% 18.2% Connecticut 23.9% 6.8% Delaware 25.8% 3.9% Florida 47.8% 11.7% Georgia 31.3% 5.5 % Hawaii 79.1% 46% Idaho 54.9% 13.8% Illinois 12.5% 2.4% Indiana 13% 1.6% Iowa 9.8% 1% Kansas 15.3% 2.5% Kentucky 14.1% 1.9% Louisiana 9.8% 1.6% Massachusetts 62.3% 23.5% Maryland 31.8% 6.9% Maine 39.2% 8.3% Michigan 15.4% 2.3% Minnesota 22.5% 3.7% Missouri 14.3% 2.1% Mississippi 7.9% 0.7% Montana 53.6% 18% North Carolina 33.9% 6.7% North Dakota 16.7% 2.2% Nebraska 16.9% 2.3% New Hampshire 50% 9.3% New Jersey 46.2% 12.7% New Mexico 20.9% 3.5% Nevada 43% 7.6% New York 46.1% 18.7% Ohio 12.6% 1.5% Oklahoma 12% 1.7% Oregon 51% 12.9% Pennsylvania 20.4% 3.4% Rhode Island 47.2% 9.2% South Carolina 28.5% 6.3% South Dakota 25.4% 4.4% Tennessee 36.1% 8.3% Texas 32.9% 7.1% Utah 61.2% 16.1% Virginia 35% 9.4% Vermont 35.6% 7.9% Washington 64.8% 24.7% Wisconsin 17.7% 2.6 % West Virginia 6.8% 0.6% Wyoming 27.6% 8.3% Washington DC 51.6% 25.4% How Capital Gains Tax Work on Home Sales The current tax law stipulates that profits about the exclusion amount will be taxed at long-term capital gains rates. So if your home sale profit was $350,000, as a single filer you would only be taxed on $100,000. Depending on your taxable income, you could be taxed anywhere from 0% to 20%. These homeowners who are above exclusion amounts could save a significant amount but that's assuming their taxable income is higher to where the tax actually kicks in. Here's a simplified example: As a single person, your taxable income is $45,000 and you sold your home at a $300,000 profit. Since you profited $50,000 above the exclusion, you're responsible for long-term gains tax. But since your income sits below $48,350, your tax rate is 0%. What this spells out is that those who are high-income earners and have significant home equity will most likely benefit from the proposed tax cut that's not in effect yet. Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on More From GOBankingRates New Law Could Make Electricity Bills Skyrocket in These 4 States I'm a Self-Made Millionaire: 6 Ways I Use ChatGPT To Make a Lot of Money 5 Strategies High-Net-Worth Families Use To Build Generational Wealth 6 Hybrid Vehicles To Stay Away From in Retirement This article originally appeared on How Much You Could Save in Every State Under Trump's Proposed Capital Gains Tax Cut Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
24 minutes ago
- Yahoo
Charleston attorney Mullins McLeod becomes first Democrat to join the race for governor
A Lowcountry attorney announced his campaign for governor in a YouTube video on August 11, officially becoming the first Democratic candidate to formally enter the party's primary. Mullins McLeod is a personal injury attorney based in Charleston. He ran for governor in 2010 as a Democrat but dropped out of the race months before his party's primary election day. He said he is joining the race now because he thinks there is a job that needs to be done in Columbia. "That job is curing a cancer that has infiltrated our state government over the last 25 years," McLeod said in his campaign video. "The name of that cancer is corruption." McLeod said the Columbia establishment sells out South Carolinians to benefit their "large, corporate, for-profit friends." He said the establishment has promised and failed to take a tax burden off the backs of South Carolinians every election cycle. "In the real world where I live in, that's called fraud," McLeod said. "In Columbia, that's just business as usual." He called on voters to choose a governor who is a "servant leader" and will act in their best interest at all times. He said he is the only person running for governor who is not a politician and has experience fighting corruption in the courtroom. "We know the cure. It's servant leadership," McLeod said. "It's time that we the people kick corruption's teeth in at the statehouse." Another Democrat, State Rep. Jermaine Johnson (D-Richland), previously said he is working with an exploratory committee and is considering joining the race. More: Rep. Nancy Mace enters race for governor: 'I went from making waffles to making history' The Republican primary is packed with five candidates: Lt. Gov. Pamela Evette, Attorney General Alan Wilson, U.S. Reps. Nancy Mace (1st District), and Ralph Norman (5th District), and State Sen. Josh Kimbrell (R-Spartanburg). Bella Carpentier covers the South Carolina legislature, state, and Greenville County politics. Contact her at bcarpentier@ This article originally appeared on Greenville News: Lowcountry attorney joins South Carolina governor's race as a Democrat
Yahoo
24 minutes ago
- Yahoo
Lawsuit over Epstein files could expose Trump administration's handling of the matter
Denying the Justice Department's motion to unseal Ghislaine Maxwell grand jury transcripts on Monday, a federal judge rejected the DOJ's professed interest in transparency as disingenuous. What the judge described as the government's feigned interest in revealing Jeffrey Epstein-related information puts a finer point on a separate new lawsuit regarding the Trump administration's handling of the matter. The lawsuit, from nonprofit Democracy Forward, seeks to shed light on the administration's actions by asking a judge in Washington, D.C., to order the government to comply with the Freedom of Information Act. The group filed Freedom of Information Act requests, detailed in its complaint filed Friday, seeking senior administration officials' 'communications regarding the Epstein matter, including those regarding correspondence between President Trump and Epstein, as well as records concerning agency review of the Epstein matter.' The suit has been assigned to U.S. District Judge Tanya Chutkan, who presided over Donald Trump's federal election interference case, which the DOJ moved to dismiss after he won the 2024 presidential election. The legal claim in the new suit is that the government failed to comply with FOIA by not granting speedy processing of the group's requests under the federal transparency law. 'By failing to grant Plaintiff's requests for expedited processing on Plaintiff's FOIA requests concerning matters of widespread and exceptional media interest in which there exist possible questions about the government's integrity that affect public confidence, ... and national urgent need to inform the public, ... [government] Defendants have violated FOIA,' the complaint alleges. The administration will have an opportunity to respond in court. How it does so will reveal its latest stance in the affair that has dogged the White House for its lack of transparency and failure to fulfill its promise to release the full Epstein records. Subscribe to the Deadline: Legal Newsletter for expert analysis on the top legal stories of the week, including updates from the Supreme Court and developments in the Trump administration's legal cases. This article was originally published on
