Ingenious ways to pass on your wealth inheritance tax-free - without turning your children into lazy brats
It's a classic conundrum. How do you give away your hard-earned money without undermining the values of hard work and financial responsibility you hope to instil in your offspring?
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Reuters
11 minutes ago
- Reuters
Trump met Citi, BofA CEOs to discuss plans for Fannie and Freddie, sources say
NEW YORK, Aug 6 (Reuters) - U.S. President Donald Trump met the CEOs of Citigroup (C.N), opens new tab and Bank of America (BAC.N), opens new tab on Wednesday to discuss the administration's plans to privatize U.S. mortgage financing companies Fannie Mae and Freddie Mac, according to two sources familiar with the situation. Citi CEO Jane Fraser met with Trump at the White House, said one of the sources, who declined to be identified discussing a private meeting. Trump also met BofA CEO Brian Moynihan and his team, a second source said. The White House declined to comment on private meetings. The Trump administration plans to take both firms public and is asking for pitches from the largest banks. The president plans to privatize the mortgage companies, potentially with a large share offering. But in social media posts in May, Trump said he intends to keep government mortgage guarantees and oversight. The meetings follow those held in late July with other bank leaders, including Goldman Sachs (GS.N), opens new tab CEO David Solomon, the second source said. Fannie Mae and Freddie Mac have been under federal conservatorship since 2008 following the financial crisis, during which both entities became insolvent amid the subprime mortgage meltdown. Since then, the companies have rebuilt capital reserves, repaid their Treasury loans and returned to consistent profitability. Shares of both firms, currently traded on over-the-counter markets, have surged amid speculation over privatization plans. The pair guarantee over half of the nation's mortgages. Taking the firms public would end a far-reaching government backstop that was intended to be a temporary reprieve, but could also make mortgages pricier and harder to obtain if the entities guaranteeing fully return to the private sector. Analysts noted that while Trump has been willing to risk economic turmoil in his wide-ranging tariff agenda, there may be more sensitivity to drama in mortgage rates, which are highly visible and familiar to many consumers. "Tariffs may have impacted the stock market, but they did not result in immediate price hikes at Walmart or Dollar General," wrote TD Cowen analyst Jaret Seiberg in a May note. "By contrast, the price of mortgages will respond to each recap and release development. That makes the political cost more immediate. It is why we expect a slower and more deliberative process."
Reuters
11 minutes ago
- Reuters
Beyond Meat misses quarterly revenue estimates as plant-based demand weakens
Aug 6 (Reuters) - Beyond Meat (BYND.O), opens new tab missed Wall Street estimates for second-quarter revenue on Wednesday, hurt by weak demand for its plant-based meat products in the U.S. amid ongoing macroeconomic uncertainty. Shares of the company, which also announced a 6% reduction in its global workforce, fell about 4% after the bell. U.S. consumer demand for plant-based meat continued to decline this quarter amid skepticism over taste, processing and price. Macroeconomic uncertainty has pressured consumer spending in the U.S., prompting many to opt for cheaper animal protein. "Consumers' growing concerns about processed foods are severely diminishing the appeal of Beyond Meat's product line, causing retailers and quick service restaurants to pull back sharply on orders," Rachel Wolff, analyst at Emarketer, said. Retail sales of refrigerated plant-based meat alternative products in the U.S. have fallen 17.2% so far this year, and frozen plant-based meat alternatives have fallen 8.1%, according to data from SPINS. The El Segundo-based company said it will lay off 44 North American employees to cut costs, incurring a one-time charge of $0.8–$1.3 million. Revenue for the quarter ended June 28 fell nearly 20% to $75 million, compared with analysts' average estimate of $82 million, according to data compiled by LSEG. It also reported a loss per share of 43 cents, compared with estimates of a 37-cent loss. The company withdrew its annual sales target, citing macroeconomic volatility, earlier in May.
BBC News
14 minutes ago
- BBC News
Gordon Brown calls for gambling tax to cut child poverty
Former Labour Prime Minister Gordon Brown has repeated his call for higher taxes on gambling to lift half a million children out of has backed a think tank report from the Institute for Public Policy Research (IPPR), saying the move could raise £3.2bn to fund scrapping the two-child limit and benefit who was also chancellor under Tony Blair, said taxing online casinos and slot machines would be "the first crucial step in the war we must wage against child poverty".A spokesperson for the Betting and Gaming Council rejected the proposals, describing them as "economically reckless" and claiming they could push gamblers onto the black market. The Department for Media, Culture and Sport has been contacted for comment. The two-child limit and benefit cap affects 1.6 million children and is blamed for rising rates of food insecurity by anti-poverty campaigners, who say getting rid of the cap is the "single most effective" step the chancellor could take to reduce child two-child limit restricts child tax credit and universal credit (UC) to the first two children in most households, while the benefit cap sees the amount of benefits a household receives reduced to ensure claimants do not get more than the government is expected to publish a child poverty strategy in autumn, and children's charities and campaign groups have been united in calling for the two-child limit to be in the Guardian, Brown states: "Britain is now enduring the worst levels of child poverty since modern records began, even worse than in the Thatcher-Major years, and far worse than in most European countries..."These are austerity's children, the victims of 14 years of Tory rule, an era whose most vindictive act was to treat newborn third and fourth children as second-class citizens, depriving them of all the income support available to their first and second siblings."Flagging that child poverty is set to rise to "a wholly unacceptable" 4.8 million, Brown urges Chancellor Rachel Reeves to make "a straightforward budget choice" to raise taxes on online gambling companies to fund tackling child proposals focus on online gambling firms - the fast-growing part of the industry - and avoid any changes to bingo or lotteries. The IPPR suggested increasing taxes on online casinos from 21% to 50% and raising those on slots and gaming machines from 20% to 50%.Many online gambling firms are based offshore and pay little or no UK corporation tax, the IPPR report flags, and already benefits from unique tax advantages, including a complete exemption from VAT. The IPPR said raising gambling taxes in the way they suggested would be unlikely to reduce overall government Parkes, principal economist and head of quantitative research at IPPR, said: "The gambling industry is highly profitable, yet is exempt from paying VAT and often pays no corporation tax, with many online firms based offshore. "It is also inescapable that gambling causes serious harm, especially in its most high-stakes forms."Set against a context of stark and rising levels of child poverty, it only feels fair to ask this industry to contribute a little more."But a spokesperson for the Betting and Gaming Council said they rejected the "economically reckless, factually misleading" proposals which they insisted "risk driving huge numbers to the growing, unsafe, unregulated gambling black market, which doesn't protect consumers and contributes zero tax".They added: "Further tax rises, fresh off the back of government reforms which cost the sector over a billion in lost revenue, would do more harm than good - for punters, jobs, growth and public finances." Sign up for our Politics Essential newsletter to keep up with the inner workings of Westminster and beyond.
