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Artistgndphotography | E+ | Getty ImagesIf you own mutual funds, year-end payouts can trigger a surprise tax bill — even when you haven’t sold the underlying investment. But some lawmakers want to change that.Sen. John Cornyn, R-Texas, this week introduced a bill, known as the Generate Retirement Ownership Through Long-Term Holding, or GROWTH, Act. If enacted, the bill would defer reinvested mutual fund capital gains taxes until investors sell their shares.Bipartisan House lawmakers introduced a similar bill in March.Why mutual funds incur capital gains taxWhen you own mutual funds in a pre-tax 401(k) or individual retirement account, growth is tax-deferred.…

Immediately after the Trump administration blocked Harvard University on Thursday from enrolling future international students and retaining currently enrolled foreign students, some members of next year’s freshman class started scrambling.”I was on the phone with a parent who was visibly shaken and completely frantic,” said Christopher Rim, president and CEO of college consulting firm Command Education.Rim, who works with a large share of international students from abroad, said a few of his clients were accepted into the Class of 2029 and committed to Harvard on May 1, also known as National College Decision Day, which was just three weeks ago.Now, they don’t know what to do.”This is…

Topline “Sell America” could be the global catch-phrase for investors as tax cuts and rising defense spending add $2.4 trillion to the deficit — boosting treasury yields and pushing down the dollar. Traders work after the closing bell at the New York Stock Exchange (NYSE) on August 7, 2019 in New … More York City. – Wall Street stocks finished little changed on August 7, 2019, following a choppy session as a plunge in treasury bond yields early in the day underscored worries about a weakening global economy. (Photo by Johannes EISELE / AFP) (Photo credit should read JOHANNES EISELE/AFP…

A “Save Medicaid” sign is affixed to the podium for the House Democrats’ press event to oppose the Republicans’ budget on the House steps of the Capitol on Tuesday, February 25, 2024. Bill Clark | Cq-roll Call, Inc. | Getty ImagesThe multitrillion-dollar tax and spending package passed by the House of Representatives on Thursday includes historic spending cuts to Medicaid health coverage and the Supplemental Nutrition Assistance Program, or SNAP.Now, it is up to the Senate to consider the changes — and to perhaps propose its own.As it stands, the legislation — called the “One Big Beautiful Bill Act” — would…

Senate Majority Leader Charles Schumer (D-NY) (R) talks with House Minority Leader Hakeem Jeffries (D-NY) while attend an event to mark the 14 anniversary of the passage of the Affordable Care Act at the U.S. Capitol on March 21, 2024 in Washington, DC. Chip Somodevilla | Getty ImagesThe multitrillion-dollar tax and spending package House Republican passed on Thursday contains a multitude of changes that may affect consumers’ finances.But the “One Big Beautiful Bill Act” is missing something health care advocates hoped to see: an extension of the premium tax credits under the enhanced Affordable Care Act that are set to expire…

CNN  —  President Donald Trump on Friday demanded Apple make its iPhones in the United States or face a 25% tariff. “I have long ago informed Tim Cook of Apple that I expect their iPhone’s that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else,” Trump posted Friday morning on Truth Social. “If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.” Trump last week during his Middle East trip said he was displeased with Cook,…

CNN  —  President Donald Trump on Friday threatened a 50% tariff on goods from the European Union, citing a lack of progress in current trade negotiations. “Their powerful Trade Barriers, Vat Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, unfair and unjustified lawsuits against Americans Companies, and more, have led to a Trade Deficit with the U.S. of more than $250,000,000 a year, a number which is totally unacceptable,” he wrote in a Truth Social post Friday morning. “Our discussions with them are going nowhere!” Trump wrote. “Therefore, I am recommending a straight 50% Tariff on the European Union,…

House Speaker Mike Johnson speaks to the media after the House narrowly passed a budget bill forwarding President Donald Trump’s agenda at the U.S. Capitol in Washington, May 22, 2025.Kevin Dietsch | Getty ImagesThere’s a stark contrast between high-earners and low-income households in a sprawling legislative package House Republicans passed on Thursday.The bulk of the financial benefits in the legislation — called the “One Big Beautiful Bill Act” — would flow to the wealthiest Americans, courtesy of tax-cutting measures like those for business owners, investors and homeowners in high-tax areas, experts said.However, low earners would be worse off, they said.…

The Pakistan Cricket Board (PCB) dropped Shaheen Shah Afridi, Babar Azam and Mohammad Rizwan on Wednesday as it named a new-look squad for three home Twenty20 internationals against Bangladesh. Former New Zealand coach Mike Hesson will take charge for the first time after being appointed last week, replacing Aaqib Javed. Salman Ali Agha will captain Pakistan as they look towards next year’s T20 World Cup, to be hosted by India and Sri Lanka. Fast bowler Shaheen had played in Pakistan’s last T20 series in New Zealand in March, but batsmen Babar and Rizwan were omitted for the second consecutive T20…

New York CNN  —  Hours before President Donald Trump’s “reciprocal” tariffs were set to take effect last month, he said, “These countries are calling us up, kissing my a**. They are dying to make a deal. ‘Please, please, sir, make a deal. I’ll do anything, I’ll do anything, sir.” But the reality was that deals were not free-flowing. Instead, financial markets tanked after the tariffs took effect as impacted nations readied up retaliation plans, deepening the already steep losses markets experienced after Trump unveiled the rates on April 2. Even some of Trump’s biggest supporters begged him to back down.…