Latest news with #EdwardKelly
New York Post
3 days ago
- Business
- New York Post
International Association of Fire Fighters endorses tax cuts in Trump's 'big beautiful' bill
The largest labor union for firefighters and emergency service workers in North America is giving the tax provisions in the One Big Beautiful Bill Act its official stamp of approval. Leadership of the International Association of Fire Fighters, which represents over 350,000 members, endorsed the tax cuts, specifically praising the elimination of taxes on qualified overtime pay and the increase in the state and local tax (SALT) deduction cap. 'Firefighters and emergency medical workers shouldn't be penalized for choosing a career in public service,' IAFF General President Edward Kelly said in a statement obtained by The Post. Advertisement 'President Trump respects the contributions lAFF members make to our country and recognizes the importance of ensuring these brave men and women can keep more of their hard-earned money.' 3 The International Association of Fire Fighters is backing the tax portion of the One Big Beautiful Bill Act. AP The One Big Beautiful Bill Act, which is intended to be President Trump's marquee legislative agenda, contains tax cuts, increased border security funding, energy reforms, bolstered defense and other conservative priorities. Advertisement On taxes, the megabill extends much of the 2017 Tax Cuts and Jobs Act and fulfills Trump's campaign promises of no taxes on qualified tips and overtime pay. It also increases the deduction for seniors by $4,000 in lieu of no taxes on Social Security, something that procedural rules ensnare. 3 The One Big Beautiful Bill Act is intended to be President Trump's marquee legislative agenda. Getty Images On overtime pay, individuals earning under $160,000 would get the tax exemption. The lAFF described this as a 'needed fix' for members 'whose jobs demand long hours and time away from home.' The SALT cap also jumps from $10,000 annually to about $40,000, which phases out after $500,000 in income, something the lAFF argued will help members in 'high-cost areas keep more of what they earn.' Advertisement 'These common-sense tax proposals from President Trump improve our members' quality of life and allow them to focus on what matters most: keeping their communities safe,' Kelly added. 3 The union argued that firefighters and emergency services workers will benefit from the elimination of taxes on overtime pay. Firefighter Montreal – Last month, the House GOP narrowly passed the legislative bundle through the lower chamber. Now it is up for consideration in the Senate, where GOP senators were looking to make adjustments. If the package of bills clears the Senate and receives adjustments, it will have to go back to the House before it can get to Trump's desk. Republicans are hoping to give the bill to Trump to sign by the Fourth of July. Advertisement During the 2024 election cycle, the lAFF declined to endorse either Trump or former Vice President Kamala Harris. The union estimates that its members safeguard about 85% of the population in the US and Canada.
Yahoo
14-05-2025
- Business
- Yahoo
Costco restricts purchases of hot-selling item after insane demand
Is the 'bar' closed? Costco's Gilded Age may be coming to an end. The Big Box retailer is restricting purchases of its iconic gold bars after savvy buyers clamored to cash in on the precious metal amid market turmoil. Now, customers will be limited to buying only just one of the store's 1 ounce bars — which are available in PAMP Suisse Lady Fortuna Veriscan and the Rand Refinery's South African bullion — per transaction, compared to two before, Business Insider reported. Gold hoarders could still earn a pretty penny even with a one-bar limit, however. The store's 1 ounce Gold Bar PAMP Suisse Lady Fortuna Veriscan sells for an eye-popping $3,389.99 on the website including shipping and handling, meaning those who purchased the item last year would've raked in a healthy profit given its then price tag of $2,779.99, Quartz reported. Since the items' launch in 2023, the chain has seen a veritable gold rush as Costco prospectors flocked from far and wide to gobble up their gilded treasure trove. According to a Bloomberg survey from October of last year, approximately 77% of Costco branches across 46 states had sold out of gold bars within a week, even after receiving fresh stock, the Daily Hodl reported. In April 2024, Wells Fargo estimated that the commerce giant was earning $200 million per month in gold bar revenue, Quarts reported. 'Our work suggests there has been significant interest given COST's aggressive pricing and high level of customer trust,' Wells Fargo equity analyst Edward Kelly said in a note to clients. 'The accelerating frequency of Reddit posts, quick online sell-outs of product, and COST's robust monthly eComm sales suggest a sharp uptick in momentum since the launch.' The gold fever quickly spread via social media as well. Finance influencer Humphrey Yang went viral earlier this month after purchasing the PAMP Suisse gold bar for $2,359 in April 2024, and then selling it to a gold dealer for just under $3,000, netting himself around $600 in profit. Since Yang sold his bar, the price of gold has skyrocketed to a staggering $3,300 per ounce with Goldman Sachs upping its year-end forecast for gold from $3,300 to $3,700, Yahoo Finance reported. The precious metal's skyrocketing valuation comes as spooked investors stockpiled gold to safeguard themselves against economic uncertainty spurred by President Donald Trump's tariff offensive. In February, the president's tariff plans even prompted some of the largest banks in the US and Great Britain to fly gold bars from London to New York City on commercial flights as a hedge against inflation. 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
14-05-2025
- Business
- Yahoo
Costco restricts purchases of hot-selling item after insane demand
Is the 'bar' closed? Costco's Gilded Age may be coming to an end. The Big Box retailer is restricting purchases of its iconic gold bars after savvy buyers clamored to cash in on the precious metal amid market turmoil. Now, customers will be limited to buying only just one of the store's 1 ounce bars — which are available in PAMP Suisse Lady Fortuna Veriscan and the Rand Refinery's South African bullion — per transaction, compared to two before, Business Insider reported. Gold hoarders could still earn a pretty penny even with a one-bar limit, however. The store's 1 ounce Gold Bar PAMP Suisse Lady Fortuna Veriscan sells for an eye-popping $3,389.99 on the website including shipping and handling, meaning those who purchased the item last year would've raked in a healthy profit given its then price tag of $2,779.99, Quartz reported. Since the items' launch in 2023, the chain has seen a veritable gold rush as Costco prospectors flocked from far and wide to gobble up their gilded treasure trove. According to a Bloomberg survey from October of last year, approximately 77% of Costco branches across 46 states had sold out of gold bars within a week, even after receiving fresh stock, the Daily Hodl reported. In April 2024, Wells Fargo estimated that the commerce giant was earning $200 million per month in gold bar revenue, Quarts reported. 'Our work suggests there has been significant interest given COST's aggressive pricing and high level of customer trust,' Wells Fargo equity analyst Edward Kelly said in a note to clients. 'The accelerating frequency of Reddit posts, quick online sell-outs of product, and COST's robust monthly eComm sales suggest a sharp uptick in momentum since the launch.' The gold fever quickly spread via social media as well. Finance influencer Humphrey Yang went viral earlier this month after purchasing the PAMP Suisse gold bar for $2,359 in April 2024, and then selling it to a gold dealer for just under $3,000, netting himself around $600 in profit. Since Yang sold his bar, the price of gold has skyrocketed to a staggering $3,300 per ounce with Goldman Sachs upping its year-end forecast for gold from $3,300 to $3,700, Yahoo Finance reported. The precious metal's skyrocketing valuation comes as spooked investors stockpiled gold to safeguard themselves against economic uncertainty spurred by President Donald Trump's tariff offensive. In February, the president's tariff plans even prompted some of the largest banks in the US and Great Britain to fly gold bars from London to New York City on commercial flights as a hedge against inflation. 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
New York Post
14-05-2025
- Business
- New York Post
Costco restricts purchases of this hot seller after insane demand
Is the 'bar' closed? Costco's Gilded Age may be coming to an end. The Big Box retailer is restricting purchases of its iconic gold bars after savvy buyers clamored to cash in on the precious metal amid market turmoil. Now, customers will be limited to buying only just one of the store's 1 oz bars — which are available in PAMP Suisse Lady Fortuna Veriscan and the Rand Refinery's South African bullion — per transaction, compared to two before, Business Insider reported. Advertisement Gold hoarders could still earn a pretty penny even with a one-bar limit, however. Gold and silver bars on display at a Costco Wholesale Corp. in Bayonne, New Jersey, Bloomberg via Getty Images The store's 1 oz Gold Bar PAMP Suisse Lady Fortuna Veriscan sells for an eye-popping $3,389.99 on the website including shipping and handling, meaning those who purchased them last year would've raked in a healthy profit given their then pricetag of $2,779.99, Quartz reported. Advertisement Since the items' launch in 2023, the chain has seen a veritable gold rush as Costco prospectors flocked from far and wide to gobble up their gilded treasure trove. According to a Bloomberg survey from October 2024, approximately 77% of Costco branches across 46 states had sold out of gold bars within a week, even after receiving fresh stock, the Daily Hodl reported. The store's 1 oz Gold Bar PAMP Suisse Lady Fortuna Veriscan. Costco In April 2024, Wells Fargo estimated that the commerce giant was earning $200 million per month in gold bar revenue, Quarts reported. Advertisement 'Our work suggests there has been significant interest given COST's aggressive pricing and high level of customer trust,' Wells Fargo equity analyst Edward Kelly said in a note to clients. 'The accelerating frequency of Reddit posts, quick online sell-outs of product, and COST's robust monthly eComm sales suggest a sharp uptick in momentum since the launch.' The gold fever quickly spread via social media as well. Finance influencer Humphrey Yang went viral earlier this month after purchasing the PAMP Suisse gold bar for $2,359 in April 2024, and then selling it to a gold dealer for just under $3,000, netting himself around $600 in profit. Advertisement Since Yang sold his bar, the price of gold has skyrocketed to a staggering $3,300 per ounce with Goldman Sachs upping its year-end forecast for gold from $3,300 to $3,700, Yahoo Finance reported. The precious metal's skyrocketing valuation comes as spooked investors stockpiled gold to safeguard themselves against economic uncertainty spurred by President Trump's tariff offensive. In February, the president's tariff plans even prompted some of the largest banks in the US and Britain to fly gold bars from London to New York City on commercial flights as a hedge against inflation.
Express Tribune
14-05-2025
- Business
- Express Tribune
US fire union urges probe into truck makers over soaring costs and delays
Listen to article The largest firefighters' union in the United States has called on antitrust authorities to investigate the country's major fire truck manufacturers, warning that industry consolidation is inflating prices and threatening public safety. In a letter to the Department of Justice (DOJ) and Federal Trade Commission (FTC), the International Association of Fire Fighters (IAFF) accused the industry's dominant players of stifling competition. Three companies — REV Group (REVG.N), Oshkosh Corporation (OSK.N), and Rosenbauer ( — control roughly two-thirds of the US market for fire and emergency vehicles, the union said. Prices for fire trucks have more than doubled in the past decade, with some ladder trucks now costing up to \$2 million. Meanwhile, some fire departments face delivery delays of up to four years. "It's really a critical hazard in public safety," IAFF President Edward Kelly said. The IAFF and antimonopoly group American Economic Liberties Project (AELP) urged the FTC to launch a market study and the DOJ to consider enforcement action. They warned that inflated costs and long lead times are undermining emergency response capabilities, especially in cities grappling with natural disasters. Fire departments, they said, are increasingly locked into contracts with 'floating' pricing — where final costs can rise after an order is placed. 'We are paying the price for all these corporate decisions,' Kelly said. 'It serves the investor well, but it doesn't serve the public when you call 911 and the ladder truck is out of service.' A spokesperson for Oshkosh said the company is investing in manufacturing capacity, technology and process improvements to meet growing demand. REV Group cited labour shortages, inflation, and pandemic-related disruptions as drivers of cost and delay, but said it has boosted production by 30% in two years and launched faster-delivery models. Rosenbauer said its backlog is shorter than the industry average and that it is also increasing output. Kelly added that fire departments are experiencing the knock-on effects of consolidation in other areas — from dispatch software to vehicle parts and personal protective equipment. The IAFF cited recent wildfires in California where dozens of fire trucks were reportedly unavailable, contributing to the deaths of at least 29 people in two communities.
