Argo Investments boss Jason Beddow says it's still too risky to buy the banks
- It's probably too early for investors to be buying back into the big four Australian banks even though they have fallen close to one-year lows, says the managing director of the $6 billion listed investment company Argo Investments.
- But Mr Beddow said Australian companies broadly are still generally expected to continue growing at about 7 per cent on average in 2018-19, with the domestic economy gaining momentum and interest rates still at historical lows.
- Mr Higgins, who has just stepped down as a director of Telstra after nine years on the telco's board, said those franking credits should have the same value to all Australian taxpayers regardless of their marginal tax rate.
- Mr Beddow said Argo was still a believer in the long-term value of private hospital operator Ramsay Health Care, which had been de-rated by the market since hitting a share price peak in September, 2016.
Bitcoin ATM Firm Not Liable for Scam Victim's Losses: Canadian Judge
- The victim, a woman whose name was withheld, had sued Instacoin ATM Canada to get back the C$62,500 she sent using the firm’s cryptocurrency vending machines to fraudsters, all the while thinking she was transferring the money to Canada Revenue Agency (CRA) to pay her taxes, according to the Canadian Broadcasting Corporation.
- Delivering the ruling in Charlottetown in Canada’s Prince Edward Island Province, Chief Provincial Judge Nancy Orr ruled that the contract between Instacoin ATM Canada and the woman was for the purchase of exchanging cash for bitcoin — not for the cryptocurrency vending machine firm to send the funds to the tax body.
- Recently, as CCN reported, a similar scam was exposed in Australia, resulting in the country’s taxman issuing a warning to the effect that the Australian Taxation Office does not accept tax debts to be paid in bitcoin.
Trump says GOP working on tax plan for middle class
- Washington (CNN) - Republicans are looking into implementing an additional tax break for middle-income Americans ahead of the midterm elections, President Donald Trump said on Saturday.
- Speaking to reporters after a campaign rally in Elko, Nevada, Trump said Republicans Rep. Kevin Brady of Texas and House Speaker Paul Ryan of Wisconsin are working on developing a "major tax cut for middle income people" in the coming weeks.
- It's unclear what tax proposal Trump was referring to on Saturday, with deep partisan divisions in Congress making it unlikely for a new tax plan to advance following the midterms during the lame duck sessions.
- Trump's announcement also comes just days after Democratic Sen. Kamala Harris announced legislation aimed at providing tax breaks for low- and middle-income individuals.
- Trump acknowledged his landmark tax legislation on Saturday, adding that the new tax plan would not be for businesses.
Tesla Model 3 costs $45K but is $35K after tax incentives
- Elon Musk claims a new $45,000 version will cost $35,000 — the original target for Model 3 — after federal and state tax incentives.
- The federal $7,500 electric-vehicle tax credit will be phased out starting in 2019.
- Tesla expects to start delivering the Model 3 with the new mid-range batteries in six to 10 weeks.
- Only the mid-range battery Tesla Model 3’s delivered in 2018 will have the $7500 federal tax credit.
- Tesla has said the $35,000 base price standard version would begin selling in four to six months.
- The tax credit phase-out and the reduction in base price will the post-tax credit price of the least expensive Tesla model will be staying relatively constant.
- California has indicated that they would increase state tax credits to off-set reduced federal tax credits.
- This would only help reduce the prices of Tesla and other electric cars sold in California.
Vancouver house rents plunge 20% as inventory spikes
- The dramatic slowdown in the detached home resale market combined with the introduction of the speculation and vacancy tax and other demand-side measures have prompted a host of owners of pricey houses to rent their homes, according to the president of a property management company.
- Petr Vokoun, who co-owns Orca Realty, told Glacier Media in an interview that over the last six months, the “deterioration” of the detached house resale market and the threat of the speculation tax has resulted in his company getting a slew of phone calls from luxury home owners.
- The spike in high-end rental inventory is “probably around 90 per cent due to owners not being able to sell their home, and 10 per cent due to those who don’t want to pay the speculation tax,” Vokoun assessed.
- Orca Realty is based on the North Shore, but Vokoun said that high-end rental inventory is surging across the region, from what he has discussed with other property managers.
Mega Millions jackpot surges to $1.6 billion. If you win, here's how to avoid big mistakes
- After no one hit all winning numbers in Friday night's Mega Millions drawing, the jackpot has surged to a staggering $1.6 billion — the largest prize in U.S. lottery history.
- Many experts recommend taking the lump sum, because if it's managed and invested properly, you could end up with more money over time than if you took payments spread out over several decades.
- Before you start planning how to spend the hundreds of millions you win, you should know a big chunk of it will go to federal and state coffers.
- On top of the federal withholding, you'll owe state taxes on the money unless you live where lottery wins are untaxed.
- For both the Powerball and Mega Millions jackpots, winners get anywhere from three or six months to one year to claim their prize, depending on where the winning ticket was purchased.
Japanese Government to Simplify Cryptocurrency Taxation Process
- Part of the problem according to the committee lies in the fact that calculating cryptocurrency gains for taxation purposes is a complex affair and this discourages some owners of digital assets from declaring their crypto holdings when filing tax returns.
- As previously reported by CCN cryptocurrency investors in Japan face crypto tax rates ranging between 15% and 55% and this is classified under miscellaneous income.
- For instance, investors who generate yearly earnings of more than 40 million yen (approximately US$365,000) pay a 55% rate on their cryptocurrency income.
- The view by the tax panel that simplifying the cryptocurrency tax filing process will enhance compliance is correct as it has been previously noted that a significant number of crypto investors in Japan could be evading taxes.
The $1 billion Mega Millions jackpot was just drawn — here are the winning numbers
- Shortly after the numbers were drawn, the California State Lottery website crashed.
- The odds of winning the record-breaking $1 billion jackpot were one in 302.5 million, or 0.00000033%.
- Five numbers between 1 to 70 were selected, in addition to one number between 1 to 25.
- The lucky winner would have the option to cash out over $513 million, or choose to be paid annually for 29 years (with a better tax rate).
This congressional district is drowning. Will voters choose a Republican to save it?
- The South Florida Republican represents the low-lying 26th District, which encompasses southwestern Miami, the Florida Keys and the Everglades — areas most at risk of rising sea levels as a result of climate change.
- But operatives in both parties see him as unusually strong for a Republican in such a blue district -- largely due to his willingness to buck the GOP on issues like climate change.
- Curbelo said Republicans' interest in climate change has grown as lawmakers representing agriculture-heavy districts have seen farmers' concerns about changing weather patterns grow.
- He also argued that GOP interest in his bill has grown as Environmental Protection Agency chief Scott Pruitt was ousted from Trump's administration and the President withdrew the United States from the Paris climate accord.
Small-cap stocks are getting hammered — three experts debate what to do next
- The small-cap Russell 2000 index has seen better days.
- The group of stocks has fallen into a correction, and is currently on track for its worst month since January 2016.
- Here's what three experts have told CNBC in the last week about the move.
- Bottom line: Small cap stocks have come under pressure, but some money managers are still bullish on the group, citing relative protection from trade war-induced volatility and the potential for further benefiting from tax reform.
- Not a Scientific Survey.
- Results may not total 100% due to rounding.