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<ul class="summary-list"><li>Trump wants to cut taxes on Social Security benefits, impacting current and future beneficiaries.</li><li>Experts warn these cuts could deplete the Social Security fund three years earlier than expected.</li></ul>Donald Trump plans to make changes to America's Social Security system with his return to the White Housein January. The president-elect promised on the campaign trail to <a target="_blank" class="" href="https://www.businessinsider.com/trumps-tax-plan-social-security-retirement-medicare-2024-8">cut taxes on Social Security benefits</a> in his second term. "People on Social Security are being killed, and one of the things I'm doing is no tax for seniors on Social Security, and I'll get it done quickly," Trump told "Fox &amp; Friends" in August. For some baby boomers, lower <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">Social Security</a> taxes could mean larger monthly checks in the short-term. But experts predict that the <keyword id="23944791" type="General" weightage="20" keywordseo="Social-Security-tax-cuts" source="keywords">Social Security tax cuts</keyword>, along with other campaign promises made by Trump, could quickly drain the national Social Security fund. That would put benefits at risk for low-income retirees and younger generations, who may <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">rely on that income</a> as they age. "It's designed to help retirees, but the people it's going to hurt are people that rely on Social Security the most," Taylor Lee, a certified financial planner at Belmont Capital Advisors, told BI of Trump's Social Security tax cut. More than 72 million Americans receive Social Security and the estimated average monthly check is <a target="_blank" href="https://faq.ssa.gov/en-us/Topic/article/KA-01903">$1,92</a>4.35 a month, per the Social Security Administration. Americans can begin taking Social Security at age 62, or wait until their full benefits kick in at 67, the national retirement age. Trump's campaign promise comes as Business Insider has <a target="_blank" class="" href="https://www.businessinsider.com/older-americans-regret-retirement-savings-taking-social-security-early-investments-2024-10">heard from older adults</a> with limited retirement savings, many of whom are struggling to afford necessities like housing and groceries on their fixed Social Security income. Income taxes on Social Security apply to all beneficiaries with an annual household income above $25,000, and most pay taxes on at least <a target="_blank" href="https://www-origin.ssa.gov/benefits/retirement/planner/taxes.html">50%</a> of their benefits. Lower-income beneficiaries pay less in taxes. <h2>Social Security tax cuts would hurt low-income retirees, younger generations</h2>US Social Security will be depleted<a target="_blank" href="https://www.businessinsider.com/when-will-social-security-benefits-run-out-retirement-crisis-boomers-2024-5">in the next decade</a> without Congressional action. The fund is largely financed through payroll taxes that Americans contribute to throughout their career. <a target="_blank" href="https://www.crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security">A report</a> published in October by the nonpartisan Committee for a Responsible Federal Budget said that Trump's campaign promises — which alsoincludes ending taxes on tips, reducing <a target="_blank" class="" href="https://www.businessinsider.com/trump-tax-plan-tarriffs-benefits-top-earners-study-2024-10">some income taxes</a>, expanding deportations, and imposing tariffs — would take a toll on the Social Security fund, making it "insolvent" within the next six years. That's three years earlier than the Congressional Budget Office's current estimation. Those policies would also lead to a 33% <a target="_blank" class="" href="https://www.crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security">benefit cut</a> in 2035, a 10% increase from what the Congressional Budget Office projects under the current law. Lee said that low-income boomers and younger generations are likely to feel the brunt of these cuts. Low-income boomers living on Social Security already pay less income taxes, so they wouldn't see the benefits Trump promised. Lee said that many don't have other <a target="_blank" class="" href="https://www.businessinsider.com/social-security-no-savings-snap-benefits-debt-boomers-experiences-2024-6">retirement savings </a>to fall back on if their benefits are slashed. He added that older Americans who are wealthy or middle class would feel less stress from Social Security cuts, and may benefit in the short term from Trump's tax plan. "It would help people in the middle class, people that have the luxury of having a 401(k) or an IRA and have multiple sources of retirement income," Lee said. "But the people that's going to hurt the most are people that don't have that traditional retirement income." Lee said it's possible that <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-social-security-insolvency-medicare-donald-trump-biden-mcconnell-2023-3">younger generations</a> will have lower Social Security benefits, requiring them to rely more heavily on retirement savings. To be sure, any changes Trump hopes to make the tax or Social Security systems would need to be approved by Congress. Working in his favor is that the<a target="_blank" class="" href="https://www.businessinsider.com/republicans-win-senate-election-majority-election-2024-11">Senate will have a Republican majority</a>.(Votes for House representatives are still being counted.) Lee added that tax funding is also not the only challenge facing Social Security: people are living longer, meaning that more benefits funding is required per person. As for other retirement finances, like <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/what-is-401k">401(k) accounts</a> and <a target="_blank" href="https://www.businessinsider.com/donald-trump-election-victory-impact-investments-costs-housing-taxes-childcare-2024-11">investments</a>, it's unclear what impact a second Trump term will have. The president-elect plans to impose tariffs on foreign goods and make broad tax cuts, a move that is likely to drive inflation and make the cost of living <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">more expensive</a>. With the <keyword id="23944794" type="General" weightage="20" keywordseo="future-of-Social-Security" source="keywords">future of Social Security</keyword> uncertain, Lee said it's important for retirees to build a strong financial plan. "There's a lot of planning that we can still do," Lee said. "Government policy — we really can't affect that. So we just have to control what we can control." Are you relying on Social Security in retirement? Are you adjusting your retirement plans based on Trump's return to office? If so, reach out to this reporter at <a target="_blank" class="" href="mailto:allisonkelly@businessinsider.com">allisonkelly@businessinsider.com</a>.

Trump's plan for Social Security will help baby boomers in the short term and cut benefits for anyone younger

<ul class="summary-list"><li>Daniela Vilu became a first-time homeowner in London in 2023 after a challenging journey.</li><li>The process took years and was filled with sacrifices and outbidding in the city's housing crisis.</li></ul><a target="_blank" href="https://www.businessinsider.com/best-things-to-do-london-england-what-to-skip-2024-1">London</a> is a city designed with young people in mind, but it's almost too expensive for the young. Yet, I feel I've conquered it. I became a <a target="_blank" href="https://www.businessinsider.com/tips-and-advice-for-first-time-homebuyer-2023-2">first-time homeowner</a> in May 2023, although it took almost everything in me.When the pandemic hit, I was 34 years old, studying and freelancing in Sweden. I worked part-time as a <a target="_blank" href="https://www.businessinsider.com/how-to-start-online-social-media-business-side-hustle-2023-1">social-media manager</a> to make ends meet.In between semesters, I returned to London for a freelance work contract and crashed on a friend's sofa. My two-week stint ended up being an eight-week lockdown. I decided then I would move mountains to get my own place in London.Three years and many sacrifices later, I signed a contract and was handed the keys to my own flat. As soon as I moved in, I fell into a <a target="_blank" href="https://www.businessinsider.com/guides/health/mental-health/what-is-depression">depression</a>. I didn't have time nor did I allow myself to ask the difficult questions while I was in the midst of it.When you achieve a goal, the rest of your life begins. I'm one of the lucky ones and yet I felt so miserable after my dream of owning my own place was fulfilled.<h2>The process took longer than expected</h2>The build-up was extraordinary — I spent years dreaming, looking at <a target="_blank" href="https://www.businessinsider.com/guides/tech/how-to-use-pinterest-board-toolbar">Pinterest</a> boards, planning, and decorating in my mind.I started seriously looking for a place in 2021, after finishing my studies and returning to full-time employment. While I was searching, I stayed with different friends. I didn't sign a lease because I didn't expect it to take this long, and I didn't want to pay for someone else's <a target="_blank" href="https://www.businessinsider.com/personal-finance/how-to-get-a-mortgage">mortgage</a> while saving for mine.I put in my first offer on a flat in early 2022, but it fell through. The search continued. I saw more properties and put in more offers. Because there's a <a target="_blank" href="https://www.businessinsider.com/savills-research-shows-350000-will-be-priced-out-of-uk-property-market-by-2020-2015-11">housing crisis in London</a>, I made an offer and got outbid several times.When I found the flat I ended up buying in October 2022, I was not impressed. It was a relatively new build (2007), spacious, yes, but no character, and it was £20,000 over budget. They accepted my £300,000 offer anyway. I thought I'd be moving in within a few months, but the process took seven months to complete.Because the process was so long, I felt I had climbed a treacherous mountain of conveyancing, solicitor questions, months of back and forth, and emails upon emails. At the top, the view was worth it, but I felt like I could fall of the cliff at any time.<h2>I can no longer choose how to spend my money</h2>My pre-homeowner nomadic lifestyle that permitted me to splurge on a night out or a quick jaunt to my hometown in <a target="_blank" href="https://www.businessinsider.com/leave-san-francisco-american-moving-dubrovnik-croatia-downsides-2023-6">Eastern Europe</a> had ended. Every penny has to be accounted for.My mortgage is quite something, and then there are utilities, water, gas, electricity, and internet — and then the boiler breaks. If I'm finding it hard to manage a budget considered generous by many standards, what about the people working minimum wage?Then there's the <a target="_blank" href="https://www.businessinsider.com/monthly-expenses-single-person-rent-taxes-living-alone-zillow-2023-2">single-person tax</a>. The harsh reality is being a single person sucks, for practical and financial reasons if not for romantic ones.It's not that I want a partner to share my woes with — strangely enough, I've never factored that in. But when the bills come, it's only me paying for everything. I wouldn't want to enter a relationship just to share the grocery bill with someone, but being single is challenging.<h2>Now I have walls, but I have no youth left in me</h2>Right after I moved in, I was torn between focusing on my accomplishment and my instinct to keep chasing whatever was left unconquered in my life, either personal or professional.Looking in from the outside, I'm relatively young and successful, I've achieved a great deal, and I'm a <a target="_blank" href="https://www.businessinsider.com/first-generation-african-american-felt-pressure-to-do-things-right-2022-6">first-generation immigrant</a> who managed to become a homeowner in one of the <a target="_blank" href="https://www.businessinsider.com/inside-luxury-home-london-regents-park-exclusive-neighborhood-2022-4">most expensive cities in the world</a>. But none of that feels like it matters if I'm fearful and lonely.Now that I've been here almost a year, there is light at the end of the tunnel. I do like living alone — I can close my door to the world and be free to run around naked from the bedroom to the kitchen through the hallway and scream my head off if I choose to do so.I now enjoy the peace and quiet of my flat, although it was eerie and unnerving at first. I may have had to leave my old life behind, but I can smile again. It just took much longer than I expected.

I bought a house in London and was miserable as soon as I moved in. The single-person tax is higher than I expected.

<ul class="summary-list"><li>Uber-rich business owners in high-tax states can save on income taxes without moving.</li><li>Instead of selling their businesses outright, they put their stock in a trust in a tax-haven state.</li></ul>Top earners continue to flock to states with little to no income tax such as <a target="_blank" href="https://www.businessinsider.com/where-rich-people-are-moving-florida-texas-tennessee-north-carolina-2024-1#:~:text=Wealthy%20people%20are%20moving%20to,even%20for%20the%20highest%20earners.">Florida and Texas</a>. It's an especially smart move if you're about to sell a business. As for rich entrepreneurs who aren't ready to make a move, they can still save on taxes with the right lawyer.By creating a special kind of trust, business owners can take advantage of the loose tax laws of other states. Instead of selling a business outright, they transfer their shares to an incomplete non-grantor trust set up in a <a target="_blank" href="https://www.businessinsider.com/us-states-tax-haven-billions-hidden-untaxed-wealth-assets-2022-9">tax-haven state</a> such as Nevada. When the shares are sold, the trust collects the proceeds without paying any state income or capital-gains taxes. The trust assets grow free of those taxes and are shielded from creditors.Dan Griffith of Huntington Bank expects ING trusts will surge in popularity with dealmaking on the rebound coinciding with a "silver tsunami.""You've got baby-boomer business owners who need to transition, and you also have a ton of capital on the sidelines looking for transactions," Griffith, Huntington's director of wealth strategy, said. "With more deals comes more need for tax-saving strategies."Investors can also benefit from putting their portfolios in ING trusts because that allows the dividends to grow free of state taxes. ING trusts are powerful tax-avoidance tools, so much so that New York and California have enacted laws to render them useless for state residents. California closed the loophole in 2023, estimating it would increase tax revenue by $30 million that year and $17 million each following year.Each state also has its own provisions to navigate, which makes setting up INGs cumbersome. However, Bank of America's Timothy Herbst said it could still be worth it in states without sky-high income-tax rates."That trust can grow conceivably without any state income tax," the wealth-strategy executive said. "That's a significant savings even in a state like North Carolina at 4.5%. It's not necessarily a huge income tax, but you look at a very large portfolio growing over decades, that can be real significant savings."<h2 id="a0857d85-806e-4e72-a9da-646cab9ef538">Here is how ING trusts work</h2>ING trusts come in different flavors. Nevada and Delaware are popular states for domiciling ING trusts, where they're referred to as "NINGs" and "DINGs," respectively. However, Wyoming and South Dakota are also options as they do not tax trust income or capital gains and protect trust assets from creditors.The person who creates the trust, otherwise known as the settlor, does not have to reside in that state, but the trust should be administered by a third party who does.Here's an example of how an ING trust can work.ING trusts are still subject to federal capital gains taxes, but the ultrawealthy users of INGs would likely be subject to that burden anyway. For a centimillionaire, it's not hard to reach the top rate of 37%, which applies to incomes above $578,126."These are superrich people," Bob Lord, a senior advisor on tax policy for the <a target="_blank" href="https://www.businessinsider.com/patriotic-millionaires-want-wealth-tax-congress-reconciliation-build-back-better-2022-7">Patriotic Millionaires</a>, said. "They're still taking in enough to get to the 37% bracket."Furthermore, INGs can be used to take advantage of a <a target="_blank" href="https://www.businessinsider.com/qsbs-qualified-small-business-stock-startups-criteria-taxes-2019-12">tax perk</a> for early shareholders that exempts at least $10 million in profits from the federal capital-gains tax. Steve Oshins, a Nevada lawyer, said founders could double their exemption by setting up an ING trust."This trust can serve as a second taxpayer so that the individual can get a second $10 million exemption," he said. "This can apply even if they don't live in a state with a state income tax."For the ING trust to pass muster with state authorities, there should be multiple beneficiaries in addition to the settlor and their spouse. Since beneficiaries do have to pay state income taxes — if applicable — when they receive distributions. For this reason, lawyers advise that clients take as few distributions as possible and let the assets grow in the trust for their children or future generations."It is usually better that the client knows that distributions won't be coming back to him or her or to their spouse," Herbst said. "If they did need those distributions, then it probably is not going to be the right strategy."That said, sometimes taking a distribution makes sense if there is financial need or the client has moved to a low-tax state since setting up the ING trust, Oshins said."You just have to look at each fact pattern on its own and make the right decision," he said.<h2 id="68a845c4-1176-4c9e-871e-cd1aab5eb265">Buyer beware</h2><ol><li>ING trusts can't be used to avoid state taxes on salaries or rental income.</li></ol>ING trusts cannot be used to defer income taxes on salaries or income from tangible assets in the state. That income, referred to as source income, is subject to state taxes.For instance, Griffith said, an Ohio resident cannot avoid state or local taxes on income from rental properties in the state even if they transfer ownership of the properties to an ING trust in South Dakota.For clients in states with aggressive tax authorities, Griffith recommends they step away from their business' day-to-day operations and collect a minimal salary before transferring their interests to the ING trust."What you really need to do is become essentially just a shareholder, be, as a business owner, somebody who says, 'I am just receiving dividends from this company. I own C-corp stock,'" he said. "In many states, that becomes non-source income."<ol start="2"><li>Setting up an ING trust is like threading a needle.</li></ol>These trusts have to be structured carefully to avoid <a target="_blank" href="https://www.businessinsider.com/real-estate-gift-tax-avoidance-trusts-wealth-planning-rich-inheritance-2023-5">triggering estate taxes of as much as 40%</a> while keeping the income-tax advantages. In addition to navigating the laws in the home state and the tax-haven state, the settlor has to retain certain rights and relinquish others. For instance, the settlor can't have the ability to compel distributions but should have the right to name beneficiaries at death."It's inherently complicated," Griffith said. "You've got to have a fairly sizable transaction to make the juice worth the squeeze."<ol start="3"><li>The trust has to be set up well before the business is sold.</li></ol>It is easier for a state tax authority to pursue income from the sale of a business if it is done shortly after the ING trust is established. Griffith recommends at least a year's delay, but it is the biggest challenge for clients, he said."They're like, 'Oh, I don't want to fund the trust until we know we're going to sell.'" he said. "You have to do it in advance. And if you do, those are the ones that I've seen that have been really successful."

This tactic to avoid income taxes without moving to Florida could surge thanks to a 'silver tsunami'

<ul class="summary-list"><li>Electric cars are expensive, but tax credits might be able to help.</li><li>Federal tax incentives are crucial for EV buyers. State rebates help, too.</li></ul>While electric-vehicle prices have come down in the past year, affordability is still an issue for US buyers.According to Cox Automotive, new EVs sold for an average of $56,328 in September, while the average price paid for any new car was $48,397.Such high pricing is making it harder for <a href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5">a new wave of shoppers</a> to commit to an electric car, but federal and state tax credits that give you money back for buying an EV could mean you're in luck if you're looking to plug in. You just need to know how to cash in.New requirements for a $7,500 federal tax credit under the <a href="https://www.businessinsider.com/how-to-get-electric-vehicle-tax-credit-ira-biden-2022-12">Inflation Reduction Act</a> went into effect at the start of this year. The revised rules <a href="https://www.businessinsider.com/list-evs-electric-cars-qualify-for-federal-tax-credit-2024-1">limited the number of EVs</a> on the market that qualify for the credit, but more vehicles are expected to qualify as automakers adjust. In the meantime, <a href="https://www.businessinsider.com/electric-vehicle-lease-payments-cheaper-affordability-hack-2024-9">a leasing loophole</a> is helping more buyers access the full $7,500 credit.Here's what to know about claiming tax credits and rebates on electric-car purchases.<div type="image" title="Tesla cars on the production line in a warehouse." height="3857" width="5142" msid="115030133" hostid="261" sizebytes="1143850"></div><h2>Federal EV tax credits</h2>The <a href="https://fueleconomy.gov/feg/tax2023.shtml">federal EV tax credit</a> is split: You can get $3,750 if the vehicle meets either the critical-minerals requirements or the battery-component requirements. If it meets both sets of requirements, it qualifies for the full $7,500 credit.Here's a closer look at those requirements:<ul><li>The vehicle must have a battery capacity of 7 kilowatt-hours or more.</li><li>The gross vehicle weight rating must be less than 14,000 pounds. (For context, the gargantuan Hummer EV weighs about 9,000 pounds.)</li><li>Final assembly of the vehicle must take place in North America.</li><li>At least 50% of minerals for the vehicle and battery components must be extracted, processed, or recycled in the US or countries with which the US has a free-trade agreement.</li><li>The manufacturer's suggested retail price can't top $80,000 for vans, SUVs, and pickup trucks, or $55,000 for all other vehicles.</li></ul><div type="image" title="A charger hanging out the side of a car." height="2673" width="3565" msid="115030135" hostid="261" sizebytes="227186"></div>The leasing loophole:<ul><li><a href="https://www.businessinsider.com/electric-vehicle-lease-payments-cheaper-affordability-hack-2024-9">Leased electric vehicles</a> are categorized under the "qualified commercial clean vehicles" tax credit, which has fewer restrictions than the "new clean vehicle" credit outlined above.</li><li>Under these rules, dealers are afforded $7,500 for all-electric vehicles and are not held to the individual buyer standards of income caps, MSRP limits, or mineral and component requirements. Dealers are taking advantage of this by passing along their $7,500 credit to lessees who may not otherwise qualify for the credit if they purchase the vehicle.</li></ul>If you're buying used:<ul><li>The used-EV credit took effect last year.</li><li>The vehicle must be at least two years old, under $25,000, and sold by a licensed dealership.</li><li>Your income can't exceed $150,000 if you're a joint filer or surviving spouse, $112,500 if you're a head of household, or $75,000 if you're a single filer.</li><li>Taxpayers are eligible for a credit of 30% of the vehicle price, up to $4,000.</li><li>The purchaser cannot be the same person who bought it new.</li><li>There can only be one credit taken per vehicle.</li><li>Taxpayers can use this credit once every three years.</li></ul><h2><div type="image" title="Three Ford Mustang Mach-E electric vehicles on a dealer lot." height="1665" width="2220" msid="115030136" hostid="261" sizebytes="198372"></div></h2><h2>State credits</h2>Some states have incentives for EVs in addition to the federal tax credits. Here are just a few examples.Colorado: <ul><li>Residents can get <a href="https://afdc.energy.gov/laws/11702">a tax credit</a> of up to $5,000 for buying or leasing a light-duty EV or truck or a plug-in hybrid EV.</li></ul>Illinois:<ul><li>The state offers <a href="https://www2.illinois.gov/epa/topics/ceja/Pages/default.aspx">rebates</a> of up to $4,000 for residents who buy or lease a new or used EV.</li></ul>New York: <ul><li>Residents can get a $2,000 rebate for EVs with an EPA-rated range greater than 200 miles, $1,000 for EVs rated 40 to 199 miles, and $500 for EVs with a range under 40 miles or with a sticker price under $42,000.</li></ul>Rhode Island:<ul><li>The state offers residents up to $1,500 for the purchase or lease of a new battery-electric vehicle or $1,000 for a used one. It also offers up to $1,000 for the purchase of a new plug-in hybrid vehicle or $750 for a used one.</li></ul>

Using tax credits and rebates to your advantage could save you thousands on a new electric vehicle

<ul class="summary-list"><li>Vice President Kamala Harris and Donald Trump will debate for the first time on Tuesday night.</li><li>Their face-off comes at a critical point in the extremely close 2024 race.</li></ul>Vice President <a target="_blank" class="" href="https://www.businessinsider.com/harris-trump-race-to-the-middle-labor-day-election-2024-9">Kamala Harris</a> and former President Donald Trump are set to face off on Tuesday in a major moment that could swing an extraordinarily close 2024 race.This will be the first time Harris and Trump have ever met each other in person, a reminder of just how dramatically the contest changed after President Joe Biden dropped out of the race in July.Harris enters the debate will clear momentum. Trump has struggled to settle on a clear attack against her and has lost ground since Biden's exit. Still, national polling averages show Harris has only a slight lead. In some cases, the race is even closer in the <a target="_blank" class="" href="https://www.businessinsider.com/battleground-states-2024-presidential-election-road-white-house-2022-12">small number of swing states</a> that will decide the election.As of Friday, only one state, Wisconsin, where Harris leads, has a larger than 3 percentage point difference between the pair in The Washington Post's polling average. Election forecaster Nate Silver has Trump as the slight favorite to win the Electoral College and thus the presidency.Trump hemmed and hawed over the debate rules in the wake of Biden's exit, but given Harris' momentum, he could never afford to seriously miss the face off. Just days before the debate, Harris agreed to mute the microphone of the candidate who is not speaking. Biden's team initially sought that rule change ahead of the June debate, but Harris' team had tried to push Trump into reverting back to a more free for fall format. Trump himself suggested he would be open to so-called <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-donald-trump-debate-microphone-philadelphia-2024-8">"hot" or "open" mics</a>, but ultimately stuck by the terms that he and Biden agreed to.Here are the vital facts you need to know before Tuesday night's debate.<h2 id="afefdb82-0d52-488d-b3ff-923ef909ac13">When is it and how can I watch it?</h2>The first debate between Harris and Trump is set for Tuesday at 9 p.m. ET. ABC News will host the debate, but other major networks will offer a simulcast. The debate will stream on ABC News Live, Disney+, and Hulu. You don't even need a cable log-in for ABC News Live, which you can access <a target="_blank" href="https://abcnews.go.com/Live">here</a>.The debate will be 90 minutes and feature two commercial breaks.<h2 id="63abad12-70ea-4800-b161-01ed1cfd5946">Who are the moderators?</h2>David Muir, anchor of ABC's flagship "World News Tonight," and Linsey Davis, who anchors the Sunday edition of "World News Tonight" are set to moderate. Both journalists have moderated presidential primary debates before but this will be their first general election debate.<h2 id="4e4411f2-1ec8-45ce-8a76-381cd4340649">Will the mics be muted?</h2>Yes. Harris' campaign confirmed in a letter to ABC News that it would accept that a candidate's mic will be muted when it is not their turn to speak."Vice President Harris, a former prosecutor, will be fundamentally disadvantaged by this format, which will serve to shield Donald Trump from direct exchanges with the Vice President," the Harris campaign wrote in a letter to ABC.Ultimately, the vice president's campaign said they accepted the rules to not "jeopardize the debate."<h2 id="35466ec5-5c5e-4f9b-8dc5-394bdaa3609b">How else will this be different?</h2>Like <a target="_blank" class="" href="https://www.businessinsider.com/what-happened-biden-trump-debate-takeaways-2024-6">June's Biden-Trump debate</a>, this face-off fundamentally differs from any modern major presidential debate. That's because both campaigns agreed on stiff-arming the<a target="_blank" class="" href="https://www.businessinsider.com/biden-trump-debate-commission-presidential-tradition-over-2024-5"> Commission on Presidential Debates</a>, a bipartisan group that organized presidential debates for decades. Republicans left the debate commission in 2022, but it was Biden's campaign that delivered the final blow. Like in June, there will also be no live audience. Biden's campaign said in May that muting the mics and nixing the audience would return presidential debates to an acceptable level of decorum — just about everyone agrees that the first debate in 2020 was an abject disaster as Trump repeatedly interrupted Biden.<h2 id="2459e33d-bbe8-4891-8cab-a3bd220d5e92">What questions can we expect?</h2>Only Muir, Davis, and likely a very few select people within ABC News know the exact questions. Unlike some past presidential debates, there is no theme for the night. That all being said, it is a virtual guarantee that questions related to the economy will dominate the evening.Polls have consistently shown voters view the economy as the biggest issue in the election. But recently, Harris has cut into Trump's once wide advantage of the subject. A late August Wall Street Journal poll found that Trump had a roughly eight- percentage point advantage when voters were asked who would best handle the economy. He also held a 5-point lead on better handling inflation. His margins are good, but they are nowhere near the 20-point advantage he once had over President Joe Biden on both issues late last year.Harris has rolled out a handful of economic plans. She has proposed giving up to <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-economy-proposal-25k-first-time-homebuyers-down-payent-2024-8">$25,000 to first-time home buyers</a>, a <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-small-businesses-tax-breaks-cut-red-tape-2024-9">potential $50,000 tax credit</a> to small business owners, and even broke with Biden by proposing a 28% capital gains tax rate for Americans who make at least $1 million— lower than the White House's proposed 39.6% top rate on capital gains.Trump laid out his economic agenda on Thursday in a speech before the New York Economic Club. He's promising to slash regulations and largely hopes to bank on voters' nostalgia for the pre-COVID-19 economy he oversaw. Trump also announced his support for a quasi-US sovereign wealth fund, though he provided few details on how it would work.Analysts at <a target="_blank" class="" href="https://www.reuters.com/world/us/goldman-sachs-sees-biggest-boost-us-economy-harris-win-2024-09-04/">Goldman Sachs </a>recently concluded that Harris' plans would grow the US economy more. While Trump, especially a return to his tariff-driven trade policy, would lead the economy to contract slightly.<h2 id="3619d48b-a15b-4887-9cb6-d272a3a8f0e2">What will Trump's approach be?</h2>Trump wants to squelch Harris' momentum by portraying her rush to the center as disingenuous. He is also trying to brand her as a Communist, harkening back to a long-held GOP tactic of invoking the red scare. Just like he did before facing off against Biden, the former president has also spent the lead-up to the debate trashing ABC News. Trump is well known for what in the sports world is called <a target="_blank" class="" href="https://www.businessinsider.com/biden-trump-debate-gamble-strategy-risk-election-2024-6">"working the referees,</a>" but his attacks also lay the foundation for him to dismiss the entire debate as rigged if it doesn't go well. Trump has repeatedly said that CNN was fair during the June debate after his allies questioned whether the network could be impartial.Trump has taken particular shots at George Stephanopoulos, host of "This Week," even though the former Clinton aide is not one of the two moderators.<h2 id="814f9dac-15ae-4419-9ad6-9f119929c499">How will Harris try to win?</h2>Harris is telegraphing that she wants to end the debate with a viral moment akin to when she told Vice President Mike Pence, <a target="_blank" class="" href="https://www.businessinsider.com/vice-presidential-debate-highlights-kamala-harris-mike-pence-2020-10">"Mr. Vice President, I'm speaking</a>" when he talked over her during the 2020 vice presidential debate. Harris reminded supporters of what happened in a fundraising email titled "Do you remember this" which included a gif of the moment. Reuters reported that Harris' team "believes the debate will be watched by many as video clips on social media platforms."She has spent the last few days in Pittsburgh, holding a mini-debate prep camp. Former Clinton aide Philippe Reines is playing Trump in mock debates, a role he also stepped into for Clinton in 2016.<h2 id="0516a5cb-7e14-466e-9be3-063c0e15cc38">What's next after the debate?</h2>The major party vice presidential nominees, Sen. JD Vance of Ohio and Gov. Tim Walz of Minnesota, are set to debate on October 1 in New York City. CBS News will host that debate. Trump and Harris are also likely to debate again next month, though those details are still being finalized.Voters will also soon be able to cast their ballots. North Carolina began sending out ballots on Friday. Pennsylvania, the biggest swing state of all, will kick off in-person early voting on September 16.

Trump vs. Harris: What to expect from the historic debate

<ul class="summary-list"><li>US stocks were on a roll following Donald Trump's victory in last week's election.</li><li>Markets are banking on lower taxes and fewer restrictions on businesses.</li></ul>The week since the US elections was better for stocks than anyone other than Donald Trump's biggest supporters could have expected.Many parts of the market <a target="_blank" href="https://www.sectorspdrs.com/sectortracker">caught fire</a> ever since Republicans significantly outpaced polls on November 5. The consensus view among strategists is that <a target="_blank" href="https://www.businessinsider.com/how-to-invest-trump-win-election-stock-market-outlook-strategy-2024-11">US stocks are set up for success during Trump's next term</a>, as they believe his policies will benefit corporations and the economy.Sébastien Page, an investment chief and head of global multi-asset at T. Rowe Price, is mostly on board with this upbeat sentiment. He told Business Insider last week that the post-election relief rally checks out, as markets finally have more clarity about policy in the next four years."The reduction in the uncertainty that we had going into the election — that's good for stocks," Page said in an interview, as are the possibilities of deregulation and corporate tax cuts.Even more vital for stocks is the economic growth backdrop. Widely followed indicators like GDP growth and the unemployment rate <a target="_blank" href="https://www.businessinsider.com/economy-outlook-tariffs-trump-trade-war-slowdown-jpmorgan-david-kelly-2024-10">suggest that the US is already on solid ground</a>, and <a target="_blank" href="https://tradingeconomics.com/united-states/consumer-confidence">consumer sentiment is rebounding strongly</a> from perplexingly low levels.While there have been signs of softness in the labor market, including <a target="_blank" href="https://data.bls.gov/timeseries/ces0000000001?output_view=net_1mth">lackluster job additions in four of the last five months</a>, Page expects the economic expansion to roll on — at least for now."The probability of recession is rarely zero, but my view is, it's unlikely for the next 12 months," Page said.<h2 id="d6647ee1-0cb2-4d09-9bed-457944a6aa59">3 key risks to watch heading into 2025</h2>Although Page is optimistic about the path forward for stocks and the economy, he thinks investors shouldn't ignore three risks that could cause a market reversal.Chief among Page's concerns is that valuations are historically high and leave little room for error on the earnings front.The S&amp;P 500's 35.6% rise in the last 12 months and 67% gain since its bear-market low in October 2022 has pushed the index's price-to-earnings (P/E) ratio to over 22x. That's the <a target="_blank" href="https://yardeni.com/charts/stock-market-p-e-ratios/">one of the richest marks in the last two decades</a>, and it suggests this supportive backdrop is no secret.<div type="image" title="S&amp;P 500 val 11-12-24" height="1120" width="1990" msid="115253245" hostid="261" sizebytes="168202"></div>And even if growth stays robust, stocks may have already pulled forward future gains."If you had to summarize my view, I'm positive on the economy, but I think it's mainly priced in," Page said.If earnings continue to defy expectations, as they have again in the third quarter, stocks could keep climbing. Profits increased about 7.1% in Q3, which is much higher than <a target="_blank" href="https://www.businessinsider.com/how-to-invest-q3-earnings-season-recession-risk-investing-strategy-2024-10">the 4.6% that analysts were calling for</a>. That's an underrated reason why stocks have done so well lately.But otherwise, it's quite possible that the S&amp;P 500 could give back much of its recent gains."There's a lot priced in," Page said. "The earnings expectations for next year are <a target="_blank" href="https://www.businessinsider.com/how-to-invest-q3-earnings-season-recession-risk-investing-strategy-2024-10">about 15% growth</a>. We're tracking at around 9% growth this year."Page added: "Earnings coming up is good, but high expectations can lead to disappointment."Stocks often perform well in expansions, the investment chief said, though there are exceptions.In 2022, the S&amp;P 500 had its worst year since the financial crisis, <a target="_blank" href="https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/spearn.htm">even as earnings ticked up</a>. Stocks were plagued by <a target="_blank" href="https://www.businessinsider.com/inflation-cpi-price-growth-june-2022-7">multi-decade high inflation</a>, interest rate hikes, <a target="_blank" href="https://www.businessinsider.com/gdp-q2-economic-growth-recession-inflation-hiring-us-recovery-progress-2022-7">two quarters of negative GDP</a>, and geopolitical flare-ups like Russia's invasion of Ukraine.Most of those concerns have since been neutralized, though new ones could pop up whenever."There's always tail risks, and next year it could be geopolitics — maybe another oil shock," Page said. "But I don't personally see a repeat of '22, unless something major happens to maybe commodity markets, or a major disappointment in earnings — something unexpected in terms of some of those flagship companies that are dominating the market."The last major concern Page cited is one that <a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-trump-president-economy-tariffs-trade-war-kelly-2024-11">many market observers have warned about lately</a>: a global trade war defined by steep tariffs, <a target="_blank" href="https://www.businessinsider.com/election-trump-harris-economy-inflation-stock-market-volatility-risk-orlik-2024-10">which could hurt growth and spark inflation</a>."The market might be underestimating the potential impact of trade wars that could be disruptive," Page said. "Maybe the market is thinking, 'This is a problem for another day,' and we'll see. But the president has more power over trade policy than fiscal, and all those expectations [are] for lower taxes, so maybe the market's underestimating this a little bit."Trump <a target="_blank" href="https://www.pbs.org/newshour/economy/trump-favors-huge-new-tariffs-how-do-they-work">has hinted</a> that he'll put 60% tariffs on Chinese imports and up to 20% tariffs on other foreign goods, though even some of his outspoken critics have said that he might be bluffing. That's Page's hunch as well."It's not necessarily what is actually going to happen," Page said. "With this administration, there's a tendency to use tariffs as part of a strategy to bring manufacturing into the country, as a negotiation tool."If Trump actually implements such tariffs, pundits like Anthony Scaramucci have said <a target="_blank" href="https://www.businessinsider.com/stock-market-crash-risk-outlook-trump-deportation-tariff-anthony-scaramucci-2024-11">there'd be a major market meltdown</a>. Page had no such call, but even if there was a modest pullback, the investment chief wouldn't necessarily complain."We like to buy when markets sell off," Page said.

'High expectations can lead to disappointment': A top strategist at T. Rowe Price outlines the 3 risks he's watching as markets celebrate Trump's win

<ul class="summary-list"><li>Carla Hoppe left a career at PwC and EY and started a financial literacy company.</li><li>She shared the common personal finance mistakes that even her former Big Four colleagues would make.</li></ul>This as-told-to essay is based on a transcribed conversation with Carla Hoppe, 40, who left her Big Four career and founded Wealthbrite, a UK-based financial literacy company. Business Insider verified her past employment at PwC and EY with documentation. The following has been edited for length and clarity.I started my career as a solicitor and worked at <a target="_blank" href="https://www.businessinsider.com/big-4-pwc-accountant-quit-start-business-2024-8">PwC</a> as part of their legal team in the UK.A few years into my career, I relocated to the US and became a tax advisor at the company. Roughly a year later, in 2014, I moved back to the UK and continued working at PwC until 2018, when I left <a target="_blank" href="https://www.businessinsider.com/ey-ernst-young-consulting-invests-ai-strategy-training-model-tools-2023-9">for EY</a> working as a director on the international tax and transaction services team.From my early days at PwC, I felt <a target="_blank" href="https://www.businessinsider.com/salary-of-consultants-accountants-big-4-deloitte-kpmg-ey-pwc-2020-7">Big Four businesses</a> operate super efficiently and do fantastic work. Still, the system had some creaks regarding financial literacy and business acumen. Through the work I did, which included demystifying the tax world for ordinary people, I noticed this was not just a problem among the people working at PwC but more broadly across the nation.Those experiences led me to create Wealthbrite, which I founded in 2021 after leaving EY in August 2020. We work with organizations to support their early career talent, providing them with training on navigating uncertainties around personal financial literacy and how businesses work.Here are three of the biggest financial mistakes I've seen <a target="_blank" href="https://www.businessinsider.com/deloitte-pwc-kpmg-ey-big-four-pay-perks-rto-policies-2024-4">Big Four</a> peers and other professionals making and my tips on how to avoid them:<h2 id="6d5f070c-d99c-48d0-861b-0122708b1d25">1. Lifestyle inflation</h2><a target="_blank" href="https://www.businessinsider.com/personal-finance/banking/lifestyle-creep">Lifestyle inflation</a> can look like spending all your earnings, or even more than what you're earning, to maintain a certain lifestyle. I've had conversations with friends and colleagues who've felt pressured in this way.When you work hard and long hours, sometimes you want to reward yourself. This can look like spending money or splurging and <a target="_blank" href="https://www.businessinsider.com/personal-finance/signs-spending-too-much-2023-12">overspending</a> to make up for working long hours or not enjoying your day job as much as you'd like.I've probably done this myself in the early days of my career. I remember getting really excited after finishing professional exams and qualifying as a lawyer because it came with a bump in pay. It felt like I could have a bit more fun with the money I was earning.Lifestyle inflation often happens because people don't take the time to budget. I've spoken to many people, not just in the Big Four but also in other professional services, and know that many aren't actively <a target="_blank" href="https://www.businessinsider.com/personal-finance/banking/how-to-budget">budgeting</a>.It wasn't common for my Big Four colleagues to talk about financial goals, but I had chats with people down the pub when they'd complain about the cost of things or confess to a spending splurge.After I left PwC and started talking about Wealthbrite, more former colleagues opened up. Some even confessed to deeper financial trouble, including large <a target="_blank" href="https://www.businessinsider.com/paid-off-credit-card-debt-solid-plan-2024-6">credit card debts</a>.When you aren't paying attention to what's going in and out of your bank account, it's easy to fall into a habit of splurging and not realizing you're spending beyond your means.You can have fun with your money, but it's important to budget and set <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/financial-plan">financial goals</a>. I encourage people to identify short-term, medium-term, and long-term goals and give yourself the opportunity to make those goals a reality.<h2 id="a7a67f71-5f24-4881-b9ac-1996f782b34f">2. Seeing investing or pensions as life admin</h2>By the time I qualified as a lawyer, I was earning more than my father ever had in his career. It meant I didn't feel super comfortable talking to family members about my financial situation.I'd never heard the word "investing" growing up.I also didn't feel comfortable speaking with colleagues about finances. One of the most damaging impacts was not making the most of my pension early in my career. I've spoken to friends across multiple industries who admit they did the same.Maximizing <a target="_blank" href="https://www.businessinsider.com/defined-benefit-pension-transfer-wealth-from-workers-to-companies-2016-8">pension contributions</a> is probably my No. 1 investment tip for people in workplaces like mine. More often than not, you're given very generous pension offerings, both in terms of the levels of contributions you can make and that your employer can make. Not maximizing that is a big mistake.I've spoken to many peers who are now at senior levels in the Big Four or law careers, who know they are now at the top end of the income spectrum and should probably speak to a <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/what-does-a-financial-advisor-do">financial advisor</a>. Still, they don't do it because it feels like life admin.Not everybody makes partner, and not everyone stays in the profession. People choose to leave or take a break for personal reasons. When they do, investments can help them continue to afford their lifestyle beyond their time in that job.I think there are a few questions people can ask themselves to work out whether seeking external support from an advisor is right for them. Do they have the time and appetite to learn about finances in ways that will help them maximize their financial position? And do they have the level of expertise to do that?When you're working at Big Four companies, there are all sorts of rules and regulations about the types of investments you're allowed to make because of audit restrictions. It can get messy and complicated, so it may make sense to bring in external support to help you navigate that.<h2 id="9c17d656-847c-4c55-86c1-e19b5cc5f348">3. Thinking talking about money isn't for the workplace</h2>When I was working at Big Four companies, talking about finances really wasn't done at all outside those key times in the year when we'd talk about promotions, pay raises, and benefits.In fields like law or the Big Four, you specialize really early on. You become an expert in your field. The culture becomes one where you're expected to know what's going on, and it can feel like if you don't know something, you're at a disadvantage. This is compounded when you deal with a topic like <a target="_blank" class="" href="https://www.businessinsider.com/quit-my-career-live-off-savings-financial-crisis-2024-6">financial health</a>, which many consider a social taboo.Organizations need to make it easier for people to come forward and say they are struggling with financial health and well-being.I think financial well-being has become a bigger conversation in the UK following COVID-19 and the nationwide <a target="_blank" class="" href="https://www.businessinsider.com/cost-of-living-crisis-uk-people-turn-to-tiktok-2022-11">cost-of-living crisis</a>. Gen Zers are also much more open about money conversations than previous generations.I recommend that early career professionals talk to their peers about what works for them from a personal finance position.I'd also encourage organizations to teach people about the language of money and finance and make that part of their everyday business practices. Employers owe people a duty of care when it comes to helping them really understand their pay and financial benefits.

3 money mistakes even accounting professionals make, according to a personal finance expert who worked at EY and PwC 

<ul class="summary-list"><li>Countries are exploring innovative strategies to combat declining birth rates.</li><li>Cash incentives, medals, and even car subsidies are among the measures being adopted.</li></ul>As <a target="_blank" href="https://www.businessinsider.com/world-faces-a-low-fertility-future-hit-global-economy-report-2024-3">fertility rates decline across much of the world</a>, countries are exploring innovative strategies to encourage women to have more babies.Several demography experts told Business Insider that these involved lump sums of money, gold medals, and even tax breaks.But none will be enough to solve the problem alone, they said.<h2 id="c639d815-9fff-43bc-b7e5-dfb3191bbb61">Baby bonuses</h2>Several countries have introduced so-called <a target="_blank" href="https://www.businessinsider.com/what-are-baby-bonds-money-at-birth-pressley-booker-treasury-2023-3">baby bonuses</a> to combat declining fertility rates.During the COVID-19 pandemic, Singapore offered one-time payments, and the "<a target="_blank" href="https://www.madeforfamilies.gov.sg/support-measures/raising-your-child/financial-support/baby-bonus-scheme">Baby Bonus Scheme</a>" continues to provide cash incentives for Singaporean couples having children.South Korea, which has the world's lowest fertility rate, runs an <a target="_blank" href="https://www.businessinsider.com/new-parents-south-korea-seoul-750-per-month-population-declines-2024-2">allowance system</a> that gives parents with <a target="_blank" rel=" nofollow" href="https://www.mohw.go.kr/board.es?mid=a10503000000&amp;bid=0027&amp;act=view&amp;list_no=1479667&amp;tag=&amp;nPage=1">a newborn $750 a month</a> until their baby turns 1 year old.According to Bloomberg, the country is even considering <a target="_blank" href="https://www.bloomberg.com/opinion/articles/2024-05-15/south-korea-fertility-crisis-could-public-subsidies-solve-it?embedded-checkout=true">a proposal to pay families about $70,000</a> to have children.Local Chinese governments, meanwhile, offer <a target="_blank" href="https://www.globaltimes.cn/page/202405/1312184.shtml#:~:text=Several%20regions%20across%20China%20have,associated%20with%20raising%20a%20family.">one-time subsidies, often worth thousands of dollars</a>, to encourage parents to have two or more children.However, experts say that financial incentives alone are not a long-term solution.Sarah Harper, a professor of gerontology and the director of the Oxford Institute of Population Ageing, told BI that cash incentives encouraged a "mini baby boom, followed by a baby crash."She added: "Those women who would have spread their childbearing across several years all go at the same time to get the cash bonus, and then there is a lull in childbearing."<h2 id="409e6f62-d8f9-48de-87b5-cf1eb6507b03">Gold medals, tax breaks, and car subsidies</h2>Other financial incentives include Kazakhstan's prize system for mothers with many children, inspired by the "mother heroine" honorary title from the Soviet era.<a target="_blank" href="https://www.bbc.co.uk/reel/video/p07r9zg7/the-country-where-mothers-win-medals-for-having-more-kids">BBC WorkLife reported</a> that mothers in the country received silver medals for six children, gold medals for seven or more, and a financial allowance for the rest of their lives.In 2022, Russian President Vladimir Putin <a target="_blank" href="https://www.cnbc.com/2022/08/18/russia-offers-mother-heroine-medal-and-16800-for-having-10-children.html">introduced a similar program</a>, offering a title and a lump sum of about $17,000 to Russian citizens with 10 or more children.Hungarian Prime Minister Viktor Orbán has also focused on boosting the fertility rate with financial perks.<div type="image" title="Hungarian Prime Minister Viktor Orbán gives a speech on a stage during Budapest's 2021 Demographic Summit." height="683" width="1024" msid="110972133" hostid="261"></div>Women in Hungary who <a target="_blank" href="https://www.businessinsider.com/hungary-income-tax-new-moms-encourage-women-children-birth-rates-2023-1">become mothers under 30</a> or have four or more children receive <a target="_blank" href="https://apnews.com/general-news-fa782634d725431390c3251f1b5e352a">a lifelong exemption from paying personal income tax</a>.Meanwhile, Hungarian families with three or more children receive subsidies for purchasing seven-seater cars, <a target="_blank" href="https://apnews.com/general-news-fa782634d725431390c3251f1b5e352a">The Associated Press reported</a>, and parents get <a target="_blank" href="https://kurier.plus/en/node/4692">loan deductions</a> on their homes based on the number of children they have.Trent MacNamara, a Texas A&amp;M professor whose work has focused on fertility rates, told BI that the impact of financial incentives on fertility rates was uncertain and might lead to only modest gains."For example, if a government transferred new parents about 5% of the costs of raising a child, we could expect a roughly 5% bump in fertility," he said.<h2 id="000c163b-b206-427d-be40-dc514c5124a6">Generous leave and flexible working conditions</h2>Financial incentives often have an underlying assumption that the cost of parenting is the main reason behind declining fertility rates.However, Poh Lin Tan, an assistant professor at the National University of Singapore, told BI that "an amalgam of factors" pushes people to have fewer children.In Singapore, these factors include people spending more time in education, changes to traditional family dynamics, and the conflict between building a family and a career, she said.In 2023, Singapore attempted to address some underlying factors by <a target="_blank" href="https://muse.insider.com/story/66630b82b38735ca9de564c0#:~:text=https%3A//www.pinsentmasons.com/out%2Dlaw/news/singapore%2Dlaunches%2Dfamily%2Dsupportive%2Dpolicies%2Dand%2Dcost%2Dof%2Dliving%2Dmeasures">doubling paid paternity leave</a> to four weeks and increasing unpaid infant-care leave from six to 12 days annually for a child's first two years.Scandinavian countries have gone even further.Norway <a target="_blank" href="https://ec.europa.eu/social/main.jsp?catId=1123&amp;intPageId=4704&amp;langId=en#:~:text=The%20parental%20benefit%20period%20is,same%20way%20as%20sickness%20benefit.">provides 49 weeks of parental leave with full pay</a>, Finland offers <a target="_blank" href="https://www.infofinland.fi/en/work-and-enterprise/during-employment/holidays-and-leaves">seven months to each parent</a>, and Sweden provides <a target="_blank" href="https://sweden.se/work-business/working-in-sweden/work-life-balance#:~:text=The%20Swedish%20parental%20insurance%20entitles,reserved%20exclusively%20for%20him%2Fher.">240 days per parent of leave</a>.But Philip N. Cohen, a family demographer at the University of Maryland, told BI that these policies often have unintended effects.He said that in some circumstances, parents don't end up having more kids; instead, they use generous leave provisions like paid time off and universal childcare to space out having fewer children so they benefit more.<h2 id="39089702-3112-4090-af8f-84a12976b236">Subsidized fertility treatments and vasectomy reversals</h2>Cohen said that other strategies to increase fertility rates included countries like Israel offering free or <a target="_blank" href="https://www.businessinsider.com/work-starbucks-for-the-ivf-benefits-take-home-zero-dollars-2022-2">heavily subsidized in vitro fertilization</a>.According to the <a target="_blank" href="https://www.aeaweb.org/research/ivf-marriage-market-israel">American Economic Association</a>, this may have also had an unintended consequence — leading Jewish Israeli women to delay getting married and having kids.<div type="image" title="IVF process close-up" height="1414" width="2121" msid="110971986" hostid="261"></div>Hungary also offers free IVF as part of its pronatalist policies, and Singapore and Japan offer significant subsidies.However, a <a target="_blank" href="https://www.imf.org/en/Publications/fandd/issues/2020/03/lessons-from-singapore-on-raising-fertility-rates-tan">2020 essay</a> by Tan said the Japanese example showed that reproductive technologies were not a panacea for low fertility rates.Japan has the world's highest percentage of babies born through IVF, yet it has <a target="_blank" href="https://www.businessinsider.com/tokyo-government-launching-dating-app-marriage-rates-population-decline-japan-2024-6#:~:text=On%20Wednesday%2C%20data%20released%20by,the%20numbers%20are%20even%20worse.">one of the lowest fertility rates</a>, she said.South Korea also covers the costs of various reproductive-technology treatments, such as egg freezing.More recently, Seoul's government made headlines with a proposal <a target="_blank" href="https://www.businessinsider.com/south-korea-pay-reverse-vasectomy-tubal-ligation-birth-rates-low-2024-5#:~:text=Business%20Insider's%20Matthew%20Loh%20reported,to%20address%20ailing%20birth%20rates.">offering up to $730 each to 100 people to reverse their vasectomies</a> or untie their tubes.<h2 id="7fc3cc7f-e4d0-49a8-9874-6ad137873e35">No magic bullet</h2>Experts agreed that there's no easy solution to the fertility crisis."No government has discovered a policy that produces sustained bumps in fertility," MacNamara told BI, adding: "Plenty of bright people in wealthy countries have spent decades trying to figure this out without evident success."He said that young people increasingly saw small families as the norm, which is a "really tough cycle to break."Even if a "magic formula" were to be discovered, he added, it would need to be implemented carefully to avoid then promoting unsustainable population growth."Rapid growth would make it harder to scale back our present overconsumption of resources, including fossil fuels," he said.

Falling birth rates are freaking countries out and spawning dubious fixes like tax breaks, cheaper cars, and free surgery

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! Turns out the dogfighting and flying in the "Top Gun" movies is spot-on, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/topgun-instructor-movies-flying-dogfighting-pretty-realistic-2024-3">according to an actual TOPGUN instructor</a>.In today's big story, the top habits of financially free people could serve as inspiration for what to do with your tax rebate.What's on deck:<ul><li>Markets: These market experts <a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-bubble-crash-rosenberg-grantham-summers-recession-economy-2024-3">see a bubble forming</a> as valuations outpace earnings.</li><li>Tech: What to expect from <a target="_blank" rel="noopener" href="https://www.businessinsider.com/nvidia-jensen-huang-to-give-look-ai-future-2024-3">the "Woodstock of AI"</a> event hosted this week by Nvidia.</li><li>Business: How to post on LinkedIn and <a target="_blank" href="https://www.businessinsider.com/linkedin-cringe-how-to-post-new-job-hiring-resume-2024-3">not be ashamed of it</a>.</li></ul>But first, what to do with that money from Uncle Sam.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3>The big story</h3><h2>Tax time</h2><div type="image" title="A woman looking at a tablet or notebook." height="960" width="1920" msid="108596204" hostid="261" sizebytes="68198"></div>Spring has nearly sprung. The blooming flowers and warmer weather probably have you thinking of one thing: Filing your taxes.In reality, tax season can be a pain, but at least there's <a target="_blank" href="https://www.businessinsider.com/trying-irs-direct-file-new-free-tax-filing-tool-2024-3">new free software to do it</a>, thanks to the IRS.For many filers, there is a light at the end of the tunnel in the form of a rebate.(Of course, that's not the case for everyone. But as my grandfather used to say, better to owe the government money than ask for some of yours back. To be fair, he was not an accountant, so don't take that as financial advice.)If you do snag a rebate, what should you do with it? It's a question plenty of Americans contemplate every year. And with <a target="_blank" href="https://www.businessinsider.com/recession-outlook-economy-hard-landing-unemployment-job-market-outlook-growth-2024-3">so much turmoil in the economy currently</a>, it's even more pressing.<a target="_blank" href="https://www.businessinsider.com/author/kathleen-elkins">Business Insider's Kathleen Elkins</a> has interviewed dozens of <a target="_blank" href="https://www.businessinsider.com/how-to-build-wealth-lessons-entrepreneurs-millionaires-financial-independence-interviews-2023-11">financially independent people</a> who don't need to work thanks to passive income or their investments.To get inspiration on what to do with your rebate, I asked Kathleen about some of the themes she constantly hears from these financial wizards.<div type="image" title="A photo-illustration of a smiley face." height="1000" width="2000" msid="108596206" hostid="261" sizebytes="29504"></div>Pay off your high-interest debt first. The top priority often cited by the financially independent is tackling debt with high interest rates. The rationale is the longer you wait, the more it will snowball. And with no definitive timeline on <a target="_blank" href="https://www.businessinsider.com/economic-outlook-fed-rate-cuts-inflation-jobs-powell-central-bank-2024-3">when rates will be lowered</a>, that snowball could quickly become an avalanche.Establish an emergency fund. Saving up a safety net is something else those on the path to financial freedom look to do before they even consider investing. Kathleen told me the standard amount was typically three to six months of living expenses.Keep it simple. Investing doesn't have to be complicated, according to these experts. Many often <a target="_blank" href="https://www.businessinsider.com/index-fund-investing-achieve-financial-independence-retire-early-build-wealth-2022-8">opt for index funds over individual stocks</a> or, dare I say, crypto. They're also not worried about timing the market since they almost always take a long-term approach.The power of an HSA. Health savings accounts are a favorite among this group <a target="_blank" href="https://www.businessinsider.com/how-health-savings-account-works-triple-tax-benefit-investment-tool-2024-2">thanks to their triple tax advantage</a>: contribute pretax dollars that grow tax-free over time until you withdraw your money tax-free to cover qualified medical expenses. The case for HSAs was so compelling Kathleen <a target="_blank" href="https://www.businessinsider.com/wealth-building-strategy-rich-use-invest-hsa-max-out-plan-2024-3">even opened one up for herself</a>.Don't forget yourself. People looking to achieve financial freedom are known to cut costs wherever possible. But Nischa Shah, an accountant and former investment banker, preached the value of <a target="_blank" href="https://www.businessinsider.com/how-to-invest-first-thousand-dollars-salary-earned-increase-income-2024-3">spending money on yourself</a>. That could be building a new skill, attending a conference, or hiring a coach.<h3>News brief</h3><h2>Your Monday headline catchup</h2>A quick recap of the top news from over the weekend:<ul><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/russia-vladimir-putin-presidential-election-vote-landslide-win-2024-3">Why the scale of Putin's landslide win matters so much</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/ukraine-drones-strike-multiple-russian-oil-refineries-in-energy-war-2024-3">Ukraine drones attack multiple oil refineries in the campaign against Russia's strategic energy industry</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/donald-trump-couldnt-condemn-vladimir-putin-alexey-navalny-death-2024-3">Trump couldn't bring himself to condemn Putin for Alexey Navalny's death</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/sacramento-basic-income-pilot-ubi-cash-payments-housing-poverty-2024-3">Sacramento will soon give low-income Black and Native American families $725 a month, no strings attached</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/dell-remote-workers-promotion-return-office-push-flexible-work-2024-3">Dell workers can stay remote — but they're not going to get promoted</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/national-association-realtors-lawsuit-settlement-housing-market-homebuying-agents-commissions-2024-3">The end of the Realtor monopoly</a>.</li></ul><h2>3 things in markets</h2><div type="image" title="A woman blowing bubbles." height="1331" width="2000" msid="108596209" hostid="261" sizebytes="87056"></div><ol><li>Market gurus are getting worried about a bubble. Experts like former Treasury Secretary Larry Summers are worried about stocks' lofty valuations. With stocks outpacing earnings, <a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-bubble-crash-rosenberg-grantham-summers-recession-economy-2024-3">these six market watchers detail how things could turn ugly</a>.</li><li>What part of the stock market will get the AI lift next? Nvidia, which makes AI-enabling GPU chips, was the initial benefactor of the AI boom. But Goldman Sachs sees <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-nvidia-ai-boom-spread-3-groups-stocks-2024-3">three more broad stages of the "AI trade</a>." That includes infrastructure players behind the tech and software and IT services with tools that will help companies utilize AI.</li><li>Bitcoin's looming halving feels like a big deal. The token's fourth halving, which is expected to take place in April, is <a target="_blank" href="https://www.businessinsider.com/bitcoin-halving-cryptocurrency-markets-investors-etf-spot-btc-supply-demand-2024-3">unlike others before it</a>, crypto market experts told BI. It's unlikely to be a "sell the news" event as the excitement surrounding spot ETFs continues to build, they said.</li></ol><h2>3 things in tech</h2><div type="image" title="Photo illustration of Jensen Huang." height="975" width="1300" msid="108596211" hostid="261" sizebytes="73368"></div><ol><li>All eyes are on Nvidia's Jensen Huang. The Nvidia CEO is set to host his GPU Technology Conference (GTC) this week. Nvidia employees are already referring to it as the "Woodstock of AI" and Huang is anticipated to <a target="_blank" rel="noopener" href="https://www.businessinsider.com/nvidia-jensen-huang-to-give-look-ai-future-2024-3">lift the lid on B100</a>, the next-generation version of H100 GPU — which will be a big deal if so.</li><li>AI's hottest new job. Demand for prompt engineer roles has skyrocketed amid the ChatGPT hype. That's probably because you don't need a formal tech background to do the work, and companies are offering salaries that echo the buzz. But <a target="_blank" rel="noopener" href="https://www.businessinsider.com/prompt-engineer-ai-careers-tech-fad-2024-3">some are warning that the job is merely a fad</a>.</li><li>Advance could win big from Reddit's upcoming IPO. The Condé Nast owner's stake in Reddit will be worth $1.7 billion if the social news company's listing this week pans out the way bankers are expecting. It's a rare case of a big media company investing in a digital property and <a target="_blank" href="http://www.businessinsider.com/reddit-ipo-advance-conde-nast-windfall-2024-3">not living to regret it</a>, BI's Peter Kafka writes.</li></ol><h2>3 things in business</h2><div type="image" title="A collage of photos from Michelin-star restaurant Quince." height="1000" width="2000" msid="108596213" hostid="261" sizebytes="435884"></div><ol><li>Quince vs. Quince. There's "Quince," the three-Michelin-starred restaurant founded in San Francisco in 2003, and then there's "Quince," the e-commerce startup known for affordable cashmere that launched in 2020. The restaurant is suing the startup, which now sells cookware, for encroaching on its territory. The startup says it's done nothing wrong. <a target="_blank" href="https://www.businessinsider.com/quince-restaurant-startup-trademark-infringement-lawsuit-tusk-2024-3">Which Quince will come out on top?</a></li><li>The shame of LinkedIn. As much as it is a professional platform, something about posting on LinkedIn feels really personal. But that's not a dunk on the platform. It's actually pretty helpful. You just have to get over the cringe part — <a target="_blank" href="https://www.businessinsider.com/linkedin-cringe-how-to-post-new-job-hiring-resume-2024-3">here's how</a>.</li><li>Some DINKs want kids — but can't afford them. In the current economic climate, more people are deciding that having children is too expensive. That's <a target="_blank" href="https://www.businessinsider.com/dinks-childfree-parents-choice-kids-childless-2024-3">the dark side of the "Dual Income, No Kids" lifestyle</a>, BI's Juliana Kaplan writes.</li></ol><h2>In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/china-says-ban-tiktok-backfire-us-congress-2024-3">China says moves to ban TikTok will 'eventually backfire on US.'</a></li><li><a target="_blank" href="https://www.businessinsider.com/teacher-shortages-america-hurting-students-high-school-tiktok-gen-z-2024-3">I'm a junior in high school. Here's the real reason my generation is falling behind</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/target-rolls-out-new-in-house-ad-buying-program-roundel-media-studio-2024-3">Target is taking a chunk of its ad business in-house to compete with Amazon and Walmart</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/menlo-ventures-betting-big-ai-startups-infrastructure-layer-2024-3">Anthropic-backer Menlo Ventures is preparing for a 'gold rush' of infrastructure startups. Here's why</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/retirement-crisis-aging-longevity-evergreen-economy-2024-3">Solving the looming retirement crisis means thinking differently about aging, economist says</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/chatgpt-assessed-joe-biden-hur-transcript-says-president-sounds-fine-2024-3">We asked ChatGPT and Claude to analyze Biden's cognitive abilities based on the Joe Biden-Robert Hur transcript. Their verdict: the president is doing fine</a>.</li></ul><h2>What's happening today</h2><ul><li>Don Lemon will release his interview with Elon Musk.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/george-glover">George Glover</a>, reporter, in London. <a target="_blank" href="https://www.businessinsider.com/author/grace-lett">Grace Lett</a>, associate editor, in Chicago.

It's tax season. Here's what to do if you get a rebate.

<ul class="summary-list"><li>Putin could raise taxes on high earners and companies after the country's election, Bloomberg reported. </li><li>More tax revenue would pay for the war in Ukraine and fund some social programs. </li></ul>Vladimir Putin could raise taxes after the presidential election this month to keep the money flowing to pay for the country's war in Ukraine. <a href="https://www.bloomberg.com/news/articles/2024-03-11/russia-weighs-tax-hikes-to-fund-war-in-ukraine-after-election" target="_blank" rel="noopener">Bloomberg reported on Monday</a> that the Kremlin is considering dipping into the pockets of high-earning Russians and corporations, as the government plans to hike taxes by as much as 4 trillion rubles ($44 billion). Sources said that the hikes could be finalized this summer. Under the plan, the government would raise personal income tax from 15% to 20% for those earning over 5 million rubles (roughly $55k USD) and from 13% to 15% for those making over 1 million rubles (roughly $11k USD) annually. Officials are also considering bumping up the corporate tax rate to 25% from the current 20%, according to Russia's <a href="https://storage.googleapis.com/istories/news/2024/03/11/nalogovaya-mobilizatsiya/index.html" target="_blank" rel="noopener">"Important Stories"</a> news site.Putin delivered a message to Russian lawmakers on February 29 that he wanted a fairer tax distribution, targeting higher personal and corporate incomes. The Russian president is widely expected to win reelection easily when the country votes on March 15-17. Economists with Bloomberg Economics said tax hikes would help generate public revenue to finance the war, reduce pressure on the ruble by stemming capital outflows, and fund child benefits the country hopes will stimulate its low birthrate. Russia's hefty spending on the Ukraine war since February 2022 is siphoning resources from the broader economy, with a 7.4% inflation rate and collapsing direct investment. Economists have warned that the country's economy cannot sustain <a href="https://www.businessinsider.com/russia-economy-ukraine-war-moscow-military-spending-inflation-worker-shortage-2024-2">the costs of either winning or losing the war</a> in Ukraine.With the Kremlin now allocating <a href="https://www.businessinsider.com/russia-not-ready-for-surprise-nato-attack-strategists-foresee-2024-3#:~:text=The%20call%20to%20boost%20spending,war%20began%2C%20by%20some%20estimates.">one-third of the national budget</a> to finance the military and the war in Ukraine, triple the amount in 2021, Finance Ministry data shows that nearly half of the national wealth fund's reserves were tapped by the end of last year.

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