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Instablog9ja
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Nigerian Police has began trial of officers caught on video hara§§ing corps members and extorting N1 million from them in Surulere, Lagos.
The men have been summoned and their trial has commenced. We urge the complainants to visit the Complaint Response Unit at the State Headquarters to testify at the ongoing trial.
Investopedia
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Treatment of state and local tax deductions on federal tax forms is fast becoming a hot topic during this presidential election cycle.
Calls for removing limits on state and local tax (SALT) deductions are gathering steam among politicians. Meanwhile, taxpayers—especially high-income earners—await more clarity.
Under current rules, SALT deductions allow taxpayers to deduct up to $10,000 in paid local taxes from their income, reducing the total federal income tax that would be owed.
The $10,000 limit was established by the Tax Cuts and Jobs Act of 2017 and is set to expire in 2025. Before that legislation, there was no cap on the amount of SALT deductions taxpayers could take.
According to the Bipartisan Policy Center, the SALT deduction primarily benefits high-income earners, along with taxpayers in states with high local taxes. Those taxpayers are talking to their financial advisors about how the result of this election could affect their tax bills.
In a reversal, Republican presidential candidate Donald Trump indicated support for removing limits on SALT deductions put in place by his administration. At a recent rally in Long Island, N.Y., Trump pledged to restore the original uncapped SALT deductions, which he said would save “thousands of dollars for residents of New York, Pennsylvania, New Jersey and other high-cost states.”
While prominent Democrats like New York Senator Chuck Schumer support restoring the full SALT deductions, Democratic presidential candidate Kamala Harris hasn’t addressed the issue.
The Bipartisan Policy Center said some legislators from high-tax states like California, New Jersey, and New York would also likely support eliminating the SALT deduction limits.
Eliminating the SALT deduction limits would come at a price.
The University of Pennsylvania’s Wharton School has estimated that axing limits on the deductions would cost the federal government up to about $1.2 trillion in tax revenue over 10 years, adding more pressure to the country’s fiscal deficit.
“It is unlikely that the policy would be passed in full, though there could be a less costly compromise, such as doubling the cap,” wrote Michael Pearce, deputy chief U.S. economist at Oxford Economics.
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Instablog9ja
1 h
13
The House of Representatives has thrown its weight behind the introduction of independent candidacy as part of the ongoing constitutional review on Thursday. The bill, sponsored by Akin Rotimi, spokesperson for the House and Chairman of the House Committee on Media and Public Affairs, was introduced for its first reading at the plenary session.
The bill, titled “A Bill for an Act to Alter the Provisions of the Constitution of the Federal Republic of Nigeria, 1999 (as amended),” seeks to enable candidates unaffiliated with political parties to contest in presidential, governorship, National Assembly, state assembly, and local government elections.
Rotimi, speaking after the plenary, emphasized that the amendment is aimed at expanding Nigeria’s democratic space and promoting greater inclusion in the political process. He said, “This bill will broaden the democratic process, thereby allowing citizens who are not affiliated with any political party the opportunity to run for public offices.”
The proposed bill seeks to amend Section 7 of the Principal Act by introducing new subsections (4A) and (4B). Subsection (4A) would allow any eligible voter or candidate for the State House of Assembly to run for local government office, regardless of political party affiliation or sponsorship. In subsection (4B), the bill stipulates that independent candidates must meet certain criteria to contest elections. For Chairmanship elections, candidates must secure verified signatures from at least 10% of registered voters across two-thirds of the electoral wards in the local government area.
Similarly, for Councillorship elections, candidates must obtain signatures from at least 10% of registered voters in two-thirds of the polling units within the electoral wards. Furthermore, the bill proposes an amendment to Section 65, replacing subsection (2). The new provision states that a person is qualified for election if they have at least a School Certificate or its equivalent, and either (a) are a member of a political party and sponsored by that party, or (b) are an independent candidate with verified signatures from 10% of registered voters across two-thirds of the local government areas in their Senatorial District or Federal Constituency.
Investopedia
1 h
14
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Major U.S. equities indexes pushed higher as the latest estimates from the Bureau of Economic Analysis showed that U.S. gross domestic product (GDP) growth slightly outpaced expectations in the second quarter of 2024.
The S&P 500 added 0.4% on Thursday, printing a new all-time closing high. The Dow gained 0.6%, ending just below the level of Tuesday's record close. The Nasdaq was also up 0.6%, boosted by strength in the tech sector and solid gains from semiconductor stocks.
Micron Technology (MU) shares secured Thursday's top performance in the S&P 500, skyrocketing 14.7% after the memory chip maker beat revenue estimates and provided higher-than-expected sales guidance for the current quarter. The Nvidia (NVDA) partner nearly doubled its revenue from the year-ago period, with strong artificial intelligence (AI) demand helping underpin the strong sales growth. The firm's CEO said Micron's competitive positioning has reached its highest point in company history.
Circuit board manufacturer Jabil (JBL) also reported strong quarterly results, topping sales and profit estimates for its fiscal fourth quarter. Like Micron, Jabil benefitted from strong AI demand during the quarter. The electronics manufacturer and Apple (AAPL) supplier also approved a $1 billion share repurchase plan and announced several cost-cutting initiatives. Jabil shares jumped 11.7% on Thursday.
Shares of beauty products company Estée Lauder (EL) popped 10.0% higher following the announcement of an economic stimulus in China. The makeup maker generates around a third of its revenue from the Asia/Pacific region. However, in its most recent earnings report, Estée Lauder pointed to softness in the prestige beauty market in China as a key factor behind its 2% year-over-year decline in organic net sales. Any improvement in consumer sentiment that results from the stimulus could flow through to increased consumer spending and help drive a sales recovery for Estée Lauder in the key market.
Super Micro Computer (SMCI) shares plunged 12.2%, falling further than any other S&P 500 stock on Thursday. According to a report in , the U.S. Department of Justice (DOJ) has launched an investigation into the server and data storage provider's accounting practices. News of the DOJ probe follows a report published last month by activist short-selling firm Hindenburg Research alleging that Supermicro had engaged in accounting manipulation.
Crude oil futures prices fell more than 3% amid reports that Saudi Arabia and other major producers are prepared to increase oil output in December, pressuring oil and gas stocks. Diamondback Energy (FANG) stock slid 6.5%, with news that insiders sold more than $2.3 billion worth of in the exploration and production company.
Softness in natural gas prices also dragged on companies in that part of the energy sector. Shares of natural gas players Targa Resources (TRGP) and Oneok (OKE) were down around 5.9%.
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Instablog9ja
2 hrs
15
VeryDarkMan has said if Fela could go to prison for speaking the truth, why wouldn’t he want to be like my role model?
He said he would like to go to prison like his role model, who is none for speaking the truth.
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Analysts Say Meta's Ambitions Make It A Top AI Pick
JPMorgan And Jefferies Analysts Sai...
Investopedia
2 hrs
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JPMorgan and Jefferies analysts said Meta's (META) AI and metaverse ambitions make it a top pick after the tech giant's Connect event keynote Wednesday, where Meta unveiled several new products and AI features.
The analysts said the event showcased Meta's progress in monetizing AI and made them more bullish on the stock, with JPMorgan analysts writing Thursday that they believe Meta has "earned the right to spend big on AI," given its "early AI benefits in both engagement and monetization."
Jefferies analysts added that Meta's "proven ability to successfully scale & monetize new products" added to their confidence in Meta's "new AI future."
JPMorgan lifted its price objective for Meta's stock to $640 from $610, while Jefferies maintained its target of $600, representing about a 5.7% to 12.7% premium above Thursday's closing price of $567.84. Both targets were higher than the analyst consensus of $587.66 compiled by Visible Alpha, though all but one of the 31 analysts surveyed held a "buy" or equivalent rating for the stock.
Meta shares finished slightly lower Thursday after hitting a record intraday high earlier in the session. They've gained about 60% since the start of the year.
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