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Investopedia
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How State And Local Taxes (SALT) Could Spice Up The Election Season
~1.6 mins read
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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Worldnews

DR Congo, M23 Rebels Announce Ceasefire After Peace Talks In Qatar
~2.0 mins read
Tough negotiations are expected to resume in Qatar in the coming weeks for a broader peace deal. The government of the Democratic Republic of the Congo (DRC) and Rwanda-backed M23 rebels have agreed to pause fighting as they work towards a broader peace deal, according to their joint statement. The truce, declared late on Wednesday after a round of negotiations in Qatar’s capital Doha, has raised hopes that the latest wave of violence, spurred by M23’s bloody January assault and capture of the DRC’s two largest cities, may begin to subside. “Both parties reaffirm their commitment to an immediate cessation of hostilities, a categorical rejection of any hate speech, intimidation, and call on local communities to uphold these commitments,” said the joint statement. The “cessation of hostilities” would apply “throughout the duration of the talks and until their conclusion”, it added. Al Jazeera’s Alain Uaykani, reporting from the eastern DRC city of Goma, said the two sides’ mutual agreement to pursue peace, after numerous failed negotiation attempts, was an encouraging shift. However, he added that reports of continued clashes, including in South Kivu province, show how “fragile” any truce agreement is. The peace push mediated by Qatar comes after the Gulf state successfully brokered a surprise meeting last month between Congolese President Felix Tshisekedi and Rwandan President Paul Kagame. The session apparently paved the way for direct talks between DRC and M23, which Kinshasa had previously refused to meet with. The decades-long conflict has roots in the 1994 Rwandan genocide, with M23 made up primarily of ethnic Tutsi fighters. Many were former rebels integrated into the DRC army who later defected, citing discrimination and broken peace deals. Since 2021, the two sides have agreed to at least six truces that later collapsed. The latest bout of violence since January has killed thousands and raised fears of a wider regional war. The DRC, United Nations and Western governments have accused Rwanda of supporting M23 with troops and arms, but Kigali has long denied sending military help. Despite the truce statement, some DRC government and M23 sources cited by the Reuters news agency expressed frustration with the pace of negotiations. The sources said disagreements over potential confidence-building measures, such as the release of DRC-held prisoners accused of links to Rwanda and M23, had almost derailed the outcome. Ultimately, however, Qatar managed to pressure the two sides into releasing a joint statement agreeing to continue to work on a truce, according to informed diplomats cited by Reuters. “This is a crucial step towards ending the violence,” Maxime Prevot, Belgium’s foreign affairs minister, said on Wednesday in a post on X. Another informed source quoted by the AFP news agency said a “deeper round of discussions” was expected in Doha “in the coming weeks”. Follow Al Jazeera English:...
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Investopedia
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Lithium Stocks Surge On Report Rio Tinto May Be Considering Acquisition
~0.9 mins read
Shares of Albemarle (ALB), Arcadium Lithium (ALTM), and Sociedad Quimica y Minera, or SQM (SQM), jumped Friday following a report that mining giant Rio Tinto (RIO) could be looking to buy a company in the lithium sector.
wrote, "Rio Tinto may join BHP (BHP) in a big acquisition and some believe that a major deal in the lithium space may now not be too far away."
One of the world's biggest mining companies, Rio Tinto is better known for its copper, iron ore, and diamond extraction. However, it does produce lithium, which it says "is part of our portfolio of materials essential to a low-carbon future."
Lithium is a key ingredient in batteries used to power electric vehicles (EVs), as well as personal electronics such as laptops and cellphones.
Albemarle is the top lithium producer. However, it has struggled lately because of the tumbling price of lithium, which was driven lower by falling demand for EVs. In addition, Chief Executive Officer (CEO) Kent Masters has complained about China's dominance in the market, and warned Western nations they need to take steps to end it or risk losing supplies.
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Worldnews

Russia-Ukraine War: List Of Key Events, Day 1,130
~0.2 mins read
These are the key events on day 1,130 of Russia’s war on Ukraine. Here is where the war stands on Sunday, March 30: Follow Al Jazeera English:...
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