Latest news with #Missouri-based
Axios
6 hours ago
- Business
- Axios
Why your grocery bill in Virginia might keep climbing
Beef prices have reached record highs nationwide — hitting Virginia at peak grilling season. Why it matters: The steep price tag might squeeze grocery budgets for the next two to four years, says Patrick Montgomery, CEO and cofounder of Missouri-based KC Cattle Company. These costs are "just the tip of the iceberg," Montgomery tells Axios. By the numbers: Ground beef — the second-most consumed meat nationwide — averaged $6.12 a pound in June, up nearly 12% from a year ago, according to federal data released last week. It's the first time that ground beef has been above $6 since the Consumer Price Index (CPI) data collection began in the 1980s, per the Joint Economic Committee's minority arm. Meanwhile, Virginians are eating more beef now (59.1 pounds) than they were last year (58.9). Zoom out: The beef supply chain is being strained by a multi-year drought and high consumer demand while farmers face higher production expenses. Pittsylvania County cow producer Hunter Johnson told WSET the costs of expenses like pesticides and fertilizers have increased 30-35%. And the Virginia Cooperative Commission says cattle supply is the lowest it's been since 2014. The other side: The spike in prices for "conventional sources of beef" could be a good thing for local butcher shops like Belmont Butchery, owner Tanya Cauthen tells Axios. "It actually makes local meat more competitive as a result because there's less of a price difference," she says. Yes, but: Cauthen has noticed that customers are buying smaller portions and asking more about alternative or cheaper steak cuts. Her pro tip on maintaining a family food budget: "Talk to your butcher about what you're trying to make, because they will probably have a suggestion that you would've never thought of." What we're watching: Whether the incoming U.S. tariff on Brazil, which accounts for nearly a quarter of all U.S. beef imports, will have an impact on Richmond-area restaurants.
Axios
3 days ago
- Business
- Axios
Beef prices keep going up, and there's no end in sight
Beef prices are at record highs, and industry experts tell Axios they could stay that way into 2026 and beyond. Why it matters: Meat's high price tag is squeezing grocery budgets at the height of grilling season, and as President Trump's tariffs creep into the inflation data. These prices "are just the tip of the iceberg," Patrick Montgomery, CEO and cofounder of Missouri-based KC Cattle Company, told Axios. "Prices for beef will continue to be tumultuous for the next two to four years." CPI shows rise in ground beef, steak prices By the numbers: Ground beef averaged $6.12 a pound in June, up nearly 12% from a year ago, according to new federal data released Tuesday. Steak prices jumped 8% year-over-year, per the latest Consumer Price Index (CPI) from the U.S. Bureau of Labor Statistics. It's the first time that ground beef has been above $6 since CPI data collection began in the 1980s, per the Joint Economic Committee's minority arm. It's a heavy price pressure for the second-most consumed meat in the U.S., according to USDA data released Thursday. The average American is expected to consume 59.1 pounds of beef in 2025 — compared with 102.5 pounds of chicken and 50.3 pounds of pork, per the data. What's behind the high price of meat The big picture: America's beef supply chain is being strained from multiple angles: climate, policy and economics. A multi-year drought shrunk cattle herds, and global imports are under threat — but consumer demand remains strong. "We're dealing with lower supplies of beef, and that's what's really driving up our prices of beef right now," Courtney Schmidt, sector manager at Wells Fargo's Agri-Food Institute, tells Axios, noting that it is taking a long time for herds to recover from the 2021-2022 drought. The number of farms in the U.S., including ranches, declined by 7% or 141,733 between 2017 and 2022, according to the latest USDA Census of Agriculture report, published in February 2024. The American Farm Bureau Federation cites high production expenses and foreign competition as two reasons for the closings. Zoom in: In May, the U.S. suspended live cattle imports from Mexico because of the New World Screwworm, a parasitic flesh-eating maggot. Andrew Coppin, CEO and co-founder of Ranchbot, tells Axios the temporary banning of the import of Mexican cattle added to this price pressure. "What we are experiencing as a country is a trifecta resulting in the perfect storm for record high beef prices," Montgomery told Axios. Trump's new 50% Brazil tariff, more imported beef Zoom out: With lower supplies in the U.S., Wells Fargo's Schmidt says there has been an increase in beef imports. "Those higher imports of beef have not been enough to offset the lower supply that we're having in the U.S. but that is helping with some of our prices," Schmidt said, adding that imported beef is primarily coming from Australia, Brazil and some from New Zealand. Yes, but: A new 50% U.S. tariff on Brazilian imports starting Aug. 1 could further disrupt global supply chains. Brazil accounts for around 23% of all U.S. beef imports. Brazilian meatpackers are reconsidering future beef shipments to the U.S. because of the tariff, Reuters reported Tuesday. Walmart opens its first beef facility The intrigue: Walmart, the world's largest retailer, opened its first-ever owned and case-ready beef facility in Olathe, Kansas, last month — part of a multiyear push to gain more control over the meat supply chain. Beef from the new 300,000-square-foot facility will be sold at Walmart stores in the Midwest region as part of a commitment to American-made products, the company said. Walmart hasn't disclosed what percentage of its total beef supply this facility will serve, but told Axios the Midwest region represents more than 600 stores across 14 stores. The retailer said the new facility increases "needed capacity in the beef industry and allows Walmart greater control in offering high-quality items for its customers while keeping up with customer demand."
Associated Press
4 days ago
- Health
- Associated Press
New Study Raises Red Flags About Ingredients Found in Gas Station Heroin
Research conducted on dogs shows serious adverse effects at doses far lower than commonly sold amounts The Stop Gas Station Heroin coalition is sounding the alarm after reviewing a new animal study commissioned by CBD American Shaman, a Missouri-based company that sells '7' products in stores across the country. The study, which tested the effects of increasing doses of two lab-made substances — '7' (7-hydroxymitragynine) and 'Pseudo' (mitragynine pseudoindoxyl) — was funded to support the company's bid for FDA drug approval. But the research methods and results raise serious red flags for consumers of Gas Station Heroin. First, a clear conflict of interest occurred in conducting this study: CBD American Shaman has been illegally selling 7 products as dietary supplements since 2022, and the research was released by Holistic Alternative Recovery Trust (HART), a group with a financial stake in 7 and Pseudo products. Second, the study suggests these drugs may be far more dangerous than their labels imply: CBD American Shaman tells consumers that 7.5 milligrams, or half a tablet, is a safe serving. But based on the study's own data, that amount may be more than 25 times higher than what would be considered safe for human consumption. Using standard FDA methods to translate the effects seen in dogs to humans, Stop Gas Station Heroin estimates that just 0.3 milligrams could cross the threshold for risk. Yet many consumers of these products are unknowingly ingesting significantly greater amounts. Moreover, the study points to clear risks of addiction and dependency with misuse. 'These are not natural products. They are chemically altered, unapproved pharmaceutical drugs being marketed as herbal remedies,' said Matthew Lowe, Executive Director of Stop Gas Station Heroin. 'You can't just slap a 'dietary supplement' label on a drug and skip the safety trials.' CBD American Shaman and other purveyors of Gas Station Heroin have marketed 7 and Pseudo products as supplements formulated to cure, treat, and mitigate disease — namely, chronic pain and opioid use disorder — even though the products have never been approved by the FDA for any medical use. If companies like CBD American Shaman want to sell these substances legally, they must demonstrate the drugs' safety and effectiveness through a rigorous series of clinical trials and submit the results to the FDA as part of the New Drug Approval process. Until then, Stop Gas Station Heroin is calling for the immediate removal of these synthetic street drugs from store shelves. About Stop Gas Station Heroin Stop Gas Station Heroin is a national coalition that aims to educate consumers about harmful synthetic drugs and advocate for smart regulation that distinguishes between legitimate, natural botanicals and dangerous, synthetic drugs, combined with enforcement of current federal laws around unapproved drugs. To learn more, navigate to Media Contact Colby Wilson [email protected] ### SOURCE: Stop Gas Station Heroin Copyright 2025 EZ Newswire
CNBC
4 days ago
- Business
- CNBC
Trump's ‘no tax on tips' sparks questions for workers: ‘We're looking at a crystal ball,' expert says
President Donald Trump's "big beautiful bill" includes a section called "no tax on tips" — an idea that both Republicans and Democrats floated during the 2024 that the provision has been enacted, questions remain about how the tax break works and who qualifies. Despite its name, "no tax on tips" doesn't eliminate tax on tips, which are still subject to payroll and state taxes. Instead, it's a deduction worth up to $25,000. The tax break is available from 2025 through 2028. It phases out, or gets reduced, once modified adjusted gross income exceeds $150,000. However, the IRS needs to clarify which occupations qualify, which is expected to come in early October, according to the agency. Meanwhile, "we're looking at a crystal ball" for guidance, said Larry Gray, a Missouri-based certified public accountant who serves as IRS liaison for the National Association of Tax Professionals. More from Personal Finance:Trump's 'big beautiful bill' caps student loans. What it means for youWhy 22 million people may see a 'sharp' increase in health premiums in 2026Trump's 'big beautiful bill' cuts SNAP for millions of families: Report In 2023, there were roughly 4 million U.S. workers in tipped occupations, representing 2.5% of all employment, according to estimates from The Budget Lab at Yale University. The cohort of workers who qualify for the tax break is even smaller — actors, musicians and singers, directors and playwrights — are included among the professions that are already prohibited under the legislation's text. Here's a breakdown of what to know about Trump's tip deduction. As written, "qualified tips" are cash tips an employee earns. This includes tips a customer offers in cash or added to a credit card charge, as well as payouts under a tip-sharing arrangement. Yet, the law also says that the tip must be paid voluntarily and determined by the customer or payor, which can put other forms of gratuities or mandatory service charges in question. "It's an entirely voluntary transaction," said Alex Muresianu, a senior policy analyst at the Tax Foundation. For example, the definition may exclude mandatory service fees, such as an automatic gratuity a restaurant might tack on for a large dining party. "Based on the plain text of the law, it's hard to argue that that's something that's given voluntarily," said certified financial planner and enrolled agent Ben Henry-Moreland, a certified financial planner with advisor platform who analyzed the legislation. To qualify for the deduction, tips must be "properly reported," according to Melanie Lauridsen, AICPA's vice president of tax policy & advocacy. That means employers must report the worker's tips on so-called information returns — such as Form W-2 or 1099 — with a copy going to the employee and the IRS. However, Trump's legislation also increased the income thresholds for certain information returns. That could raise eligibility questions for tipped workers who don't get a form. For example, Form 1099-K reports business transactions from apps, such as PayPal or Venmo, along with gig economy platforms like Uber or Lyft. For 2025, the 1099-K reporting threshold returns to $20,000 and200 transactions. Previously, the threshold was $2,500 for 2025. Starting in 2026, the threshold for 1099-NEC, which reports contract income, jumps from $600 to $2,000. However, there is also uncertainty about whether workers fully disclose cash tips to their employer and the IRS. "The elephant in the room around this whole 'no tax on tips' provision is, so many tips go unreported to begin with," said Henry-Moreland.
Yahoo
4 days ago
- Business
- Yahoo
Inszone Insurance acquires Stephenson, Baggs & Guthrie
US-based Inszone Insurance Services has expanded its presence in Oklahoma with the acquisition of Stephenson, Baggs & Guthrie. The terms of the transaction have not been disclosed to the public. Set up in 2003, the acquired company is active in the Oklahoma insurance market and has established a second office in Kingfisher, Oklahoma. It specialises in commercial insurance, with a focus on the oil and gas industry, in addition to its auto, home and benefits portfolio. Stephenson Insurance Center owner Justin Stephenson said: 'We weren't initially planning to sell. 'However, after engaging with Inszone, I recognised the value they offered was too significant to pass up. Their commitment to supporting our growth and the resources they bring to our agency made this partnership the ideal choice for our continued success.' Inszone Insurance CEO Chris Walters stated: 'This partnership strengthens our presence in the region and underscores our commitment to growing with quality agencies that prioritise client relationships and industry expertise." This month, Inszone acquired Chacon Insurance Service in Colorado, which served the Trinidad area for more than 60 years, offering personal and commercial insurance solutions. Established in 1957 by Carlos Chacon, Chacon Insurance Service has been a provider of personal and commercial insurance solutions to the Trinidad community for more than six decades. In June 2025, the company acquired Huffmaster Insurance, a Missouri-based company that has been delivering insurance services across personal and commercial lines since its establishment in 1990 by Susan and Kevin Huffmaster. Set up in 2002, Inszone is a full-service insurance brokerage providing property and casualty and employee benefits solutions. "Inszone Insurance acquires Stephenson, Baggs & Guthrie " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 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
