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<ul class="summary-list"><li>The 2024 election will affect taxes, with key policy changes expected in 2025 no matter who wins.</li><li>Trump's plans could mean tax hikes for lower earners; Harris' proposals would target higher earners.</li></ul>Election Day is fast approaching, and no matter who wins, you'll probably see changes to your tax bill in 2025.In the fourth installment of BI's five-part series in the final stretch before the election, Business Insider is looking at the ways each candidate's policies could affect how much you pay in taxes. (Read <a target="_blank" rel="" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10">part one</a> about investments, <a target="_blank" rel="" class="" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">part two</a> about costs, and <a target="_blank" class="" href="https://www.businessinsider.com/housing-affordability-supply-impact-presidential-election-scenarios-homebuyers-harris-trump-2024-10">part three</a> about housing.)Each of the three sections below represents a key segment of the taxpaying population: low- and middle-income earners, high-income earners, and businesses. BI will unpack how a Trump or Harris presidency is expected to affect all three groups.<h2 id="340d6951-a382-4d10-927e-fbfb8a85b7a9">Low- and middle-income earners</h2>Under Trump's proposal, lower- and middle-income Americans could see some tax reductions, especially if they're trying to pay off a car or have a job that relies primarily on tips. Trump has proposed extending his slew of tax cuts from the Tax Cuts and Jobs Act of 2017 — also known as the "Trump tax cut." He's also seeking to eliminate taxes on <a target="_blank" class="" href="https://www.businessinsider.com/tax-tips-overtime-trump-proposals-income-money-election-2024-10">tips, overtime</a>, and <a target="_blank" class="" href="https://www.businessinsider.com/trumps-tax-plan-social-security-retirement-medicare-2024-8">Social Security benefits</a>, as well as making <a target="_blank" class="" href="https://www.businessinsider.com/trump-speech-detroit-new-car-loan-interest-tax-proposal-2024-10">car interest payments tax deductible</a>.Based on an analysis from the left-leaning Institute on Taxation and Economic Policy, keeping the income-tax cuts from the TCJA alone could mean a tax reduction of just over $1,000 for the middle 20% of Americans.But another part of Trump's tax policy — his plan to levy universal tariffs on all US imports — could end up undercutting this positive impact. Economic <a target="_blank" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4834397">analyses</a> have found that those tariffs could offset the tax benefits and then some for lower-earning Americans.Factoring in the cost of tariffs, Trump's tax package could result in higher tax bills for everyone but the top 5%, the Institute on Taxation and Economic Policy <a target="_blank" href="https://www.businessinsider.com/trump-tax-plan-tarriffs-benefits-top-earners-study-2024-10">found.</a>"A lot of those tariffs do end up harming lower-income families and taxpayers who buy goods from abroad," Garrett Watson, a senior policy analyst at the right-leaning Tax Foundation, said.Harris has <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-expanded-child-tax-credit-proposal-pro-family-2024-8">proposed</a> an expanded earned-income tax credit aimed at lower-income earners, and she wants to restore and expand upon a more generous child tax credit, similar to the one implemented under Biden's pandemic-relief bill in 2021. The <a target="_blank" href="https://taxpolicycenter.org/taxvox/key-harris-tax-credits-would-largely-benefit-low-and-middle-income-households">Tax Policy Center estimates</a> that Harris' proposals could bring down household taxes by an average of $750 — with the lowest-income earners seeing their after-tax incomes grow the most.Harris' and Trump's proposals share some key similarities: Both have proposed some version of eliminating taxes on tips. While Harris hasn't outlined specifically what she'd preserve from the TCJA, she's maintained Biden's promise not to raise taxes on those making below $400,000. The Trump campaign has also shown <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-expanded-child-tax-credit-proposal-pro-family-2024-8">interest in bolstering the child tax credit</a>.<h2 id="cbdc640e-2340-4bd9-af1d-48c2bab5e227">High-income earners</h2>If Trump makes all the TCJA's income-tax provisions permanent, middle-income Americans would get a tax break of about $1,000, while the top 0.1% of earners would see a cut of nearly $280,000, a <a target="_blank" href="https://taxpolicycenter.org/taxvox/those-making-450000-and-would-get-nearly-half-benefit-extending-tcja">Tax Policy Center analysis</a> found.Another boon for wealthy Americans would be an extension of the break in estate taxes. The TCJA <a target="_blank" class="" href="https://www.businessinsider.com/bernie-sanders-is-targeting-wealthy-with-two-new-tax-measures-2021-3">doubled</a> the amount of inherited wealth that could be considered tax-exempt, from around $5.5 million in 2017 to around <a target="_blank" class="" href="https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax">$11.2 million in 2018</a>.Trump has <a target="_blank" href="https://truthsocial.com/@realDonaldTrump/posts/113154156175795473">floated</a> lifting the $10,000 cap on the State and Local Tax deduction, known as SALT, from his 2017 tax bill. SALT mostly impacts affluent taxpayers in blue states with high local taxes, and a repeal of the cap would restore a tax break mostly enjoyed by higher earners in places like California, New Jersey, and New York, said Benjamin Page, a senior fellow at the Urban-Brookings Tax Policy Center.Harris' tax proposals target higher earners to help offset costs — if the TCJA were to expire for taxpayers making over $400,000, the top marginal rate would increase from <a target="_blank" href="https://www.brookings.edu/articles/which-provisions-of-the-tax-cuts-and-jobs-act-expire-in-2025/#:~:text=For%20example%2C%20the%20TCJA%20cut,levels%20if%20the%20TCJA%20expires.">37% to 39.6%</a>. She also supports two measures that have gained traction during the Biden administration: targeting ultrawealthy investors' capital gains and imposing a minimum income tax on billionaires."Unlike the Trump campaign, the other shoe for the Harris-Walz campaign comes on the high end," Ernie Tedeschi, the director of economics at the Yale Budget Lab and the former chief economist at the White House Council of Economic Advisers, said.Harris has proposed bumping the tax on <a target="_blank" href="https://www.businessinsider.com/what-is-capital-gains-tax-2018-8">capital gains</a> for Americans making $1 million or more from 20% to 28%. That would mean a higher tax rate on the money wealthy Americans make when they sell off assets like real estate or stocks — a <a target="_blank" href="https://www.businessinsider.com/capital-gains-taxes-hike-rate-over-1-million-brian-deese-2021-4">key source of income</a> for more affluent taxpayers.Harris also supports a minimum income tax for billionaires, a proposal <a target="_blank" href="https://www.businessinsider.com/biden-billionaire-income-tax-could-look-like-withholding-on-paychecks-2022-3https://www.businessinsider.com/biden-billionaire-income-tax-could-look-like-withholding-on-paychecks-2022-3">Biden has touted</a>. She hasn't released specifics on what that would look like.<h2 id="a4c38432-f9ca-4a2d-ab93-24e1a7b76af9">Big- and small-business owners</h2>Harris wants to bump up the corporate tax rate from <a target="_blank" href="https://kamalaharris.com/wp-content/uploads/2024/09/Policy-Book-Economic-Opportunity.pdf">21% to 28%</a>, while Trump has proposed lowering it from <a target="_blank" href="https://www.crfb.org/blogs/donald-trumps-proposal-lower-corporate-tax-rate-15">21% to 15%</a> for firms that make their products in the US.Harris has <a target="_blank" href="https://www.businessinsider.com/state-taxes-deductions-salt-relief-house-republicans-bill-2023-7">proposed</a> some specific breaks for small businesses. Her key proposals include beefing up the startup deduction for new businesses from $5,000 to $50,000, creating a standard deduction for small businesses, and incentivizing local governments to ease up red tape, such as <a target="_blank" class="" href="https://kamalaharris.com/a-new-way-forward/#:~:text=Vice%20President%20Harris%20and%20Governor%20Walz%20will%20work%20to%20reduce,and%20speed%20implementation%20of%20multi%20state%20or%20universal%20licensing%20recognition.">doing away</a> with barriers to licensing and making it easier to recognize credentials across states."Many startups may be able to deduct the cost of those startup expenses more quickly and more fully, which could encourage, at least on that margin, a little bit more startup activity," Watson said.Meanwhile, Tedeschi said Trump's tariffs could weigh on small businesses. Importers might have to choose between raising prices or absorbing the cost through lower margins.But Tedeschi said both candidates' proposals to eliminate taxes on tips could ultimately be a boon for small businesses."The employer's going to be able to pay a little bit less for those jobs, given the demand for them," he said. "The tipped workers are probably going to end up fine because again, their tips are tax-free."Trump's proposal to <a target="_blank" href="https://www.businessinsider.com/tax-tips-overtime-trump-proposals-income-money-election-2024-10">eliminate taxes on overtime pay</a> could also benefit small businesses by allowing them to reconfigure how they schedule and pay workers.One question mark for both campaigns is a TCJA provision that allows some business owners to deduct their business income from their taxable income. Democrats in Congress are hoping to preserve the deduction for business owners making under $400,000 but change it for those above that threshold, a Senate Finance Committee aide told BI.

What a Trump or Harris presidency would mean for your tax bill

In a significant diplomatic move, Prime Minister Narendra Modi met with Maldives President Mohamed Muizzu at <keyword id="20751669" type="General" weightage="20" keywordseo="Hyderabad-House" source="keywords" meta.keywordsubtype="org" meta.entityname="Hyderabad House" meta.hostid="261" meta.entityid="Hyderabad House">Hyderabad House</keyword> in Delhi on Monday. This visit is widely seen as an effort to reset ties between the two nations after a year of tense relations. <keyword id="20101322" type="General" weightage="20" keywordseo="President-Muizzu" source="keywords">President Muizzu</keyword>, who arrived in India on Sunday for a five-day visit, received a red carpet welcome. During a joint press briefing, President Muizzu expressed heartfelt gratitude to India, thanking President Droupadi Murmu, <keyword id="19899320" type="General" weightage="20" keywordseo="PM-Modi" source="keywords">PM Modi</keyword> and the people of India for their warm reception. He emphasised the Maldives' deep-rooted ties with India, noting that tourism — especially Indian visitors—remains a crucial pillar of the Maldivian economy. “India is our largest source market for tourists, and we hope to welcome even more Indian visitors in the future,” Muizzu remarked. Key areas of cooperation discussed included economic ties and maritime security, critical given the Maldives' position in the Indian Ocean. Following their talks, India granted the financially struggling Maldives a rollover of USD 100 million in Treasury bills, in addition to formalising a <keyword id="23458604" type="General" weightage="20" keywordseo="currency-swap-agreement" source="keywords">currency swap agreement</keyword> and a ₹3,000 crore currency swap. Prime Minister Modi characterised the "development partnership" as a key component of India-Maldives relations, asserting that India has consistently prioritised the needs of the Maldivian people. "Our development partnership is vital to our relationship with the Maldives, and we have always placed importance on the priorities of its people. This year, SBI rolled over USD 100 million in Treasury Bills, and a USD 400 million currency swap agreement was signed based on the Maldives' requirements," he explained. <div type="Article" hostid="261" msid="106837748" title="Withdraw troops by mid-March, Maldives tells India" mstype="2" mssubtype="0"></div>In September, India announced that the <keyword id="19934368" type="General" weightage="20" keywordseo="State-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="State Bank of India" meta.hostid="261" meta.entityid="State Bank of India">State Bank of India</keyword> would purchase Maldivian government bonds worth USD 50 million, following a similar USD 50 million transaction in May 2024. Additionally, Prime Minister Modi and President Muizzu witnessed the first <keyword id="20563654" type="General" weightage="20" keywordseo="RuPay-card" source="keywords">RuPay card</keyword> payment transaction launched in the Maldives and virtually inaugurated the runway at Hanimaadhoo International Airport. Modi stated that India and the Maldives would soon be connected through UPI. "Recently, we launched the RuPay card in the Maldives, and in the future, we will link both countries via UPI," he said during a joint press briefing. Muizzu also expressed his desire to conclude a <keyword id="19945642" type="General" weightage="20" keywordseo="Free-Trade-Agreement" source="keywords">Free Trade Agreement</keyword> with India, a step he believes will open the door to greater Indian investment in the Maldives. Modi emphasised India's commitment to supporting the Maldives through various initiatives, including supplying essential commodities and Covid vaccines, inaugurating airports, and constructing social housing. He noted that a new drinking water project is now operational on 28 islands, providing clean water to over 30,000 residents. The leaders also discussed the opening of consulates in Addu and Bengaluru. Tensions between India and the Maldives escalated following Muizzu's election last year, which saw a shift towards a pro-China stance and the promise to withdraw Indian troops stationed in the archipelago. His visit to China before India in January had raised eyebrows in New Delhi, as it was perceived as a slight. However, since attending Modi's swearing-in ceremony for a third term in June, Muizzu has moderated his anti-Indian rhetoric, signalling a thaw in relations. External Affairs Minister S Jaishankar has stated that the discussions provided "a new impetus" to the relationship. This meeting likely marks a positive turn in Indo-Maldivian relations, setting the stage for further cooperation between the two South Asian neighbours. (With inputs from agencies) <div type="Article" hostid="261" msid="112094153" title="Maldives President Muizzu thanks India for economic support, affirms hope of signing FTA" mstype="2" mssubtype="0"></div>

Maldives President Muizzu met with PM Modi in Delhi today. Here’s how it went!

<ul class="summary-list"><li>Some Americans have seen success when negotiating for a lower medical bills.</li><li>Medical billing offices might be willing to offer a discount to collect an immediate payment.</li></ul>For the last two years, Erin Duffy has studied a little-known strategy some people use to save money: <a target="_blank" href="https://www.businessinsider.com/guides/health/itemized-bill">negotiating </a>their medical bills.Initially, she just had anecdotal evidence of this strategy in action, Duffy, a research scientist at the University of Southern California who specializes in health policy and economics, told Business Insider.One of her more recent anecdotes came from a colleague who received a <a target="_blank" href="https://www.businessinsider.com/how-save-money-on-medical-bills-insurance-tips-2024-4">medical bill</a> they thought was "wildly high." The person said they called the billing office and were immediately given three options.Option No. 1 was to apply for financial aid if they were low-income, but they didn't qualify. Option No. 2 was to set up a <a target="_blank" href="https://www.businessinsider.com/personal-finance/personal-loans/medical-loans">payment plan</a>, which would spread out the cost over time but not reduce the amount. Option No. 3 was more to their liking: If they paid that day over the phone with a debit or credit card, then they'd get a discount."They paid less than half of the original bill amount, just because they were paying right away over the phone," Duffy said, adding that this is sometimes called a "prompt pay."While Duffy was intrigued by these stories, she said she found little research on the experiences of people who tried to reduce their medical bills. So, two years ago, she started creating a survey to help fill that void.Americans are no strangers to negotiation. Every year, people negotiate their <a target="_blank" href="https://www.businessinsider.com/how-much-money-to-ask-for-in-a-salary-negotiation-2015-5">salaries</a> and how much they pay for things like <a target="_blank" href="https://www.businessinsider.com/how-i-negotiated-my-cable-bill-2015-7">cable</a>, <a target="_blank" href="https://www.businessinsider.com/things-you-can-negotiate-to-save-money-2018-7">internet</a>, <a target="_blank" href="https://www.businessinsider.com/personal-finance/how-to-lower-your-bills-script-to-negotiate-2019-6">cellphone</a>, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/useful-tips-that-will-help-you-negotiate-better-car-insurance-prices-1001903253">car insurance</a>, and <a target="_blank" href="https://www.businessinsider.com/how-to-negotiate-lower-rent-tight-rental-market-2024-4">rent</a> bills. But when it comes to medical bills, many people just accept the cost, despite the fact that Americans collectively have <a target="_blank" href="https://www.businessinsider.com/inaccurate-medical-bills-trap-americans-doom-loop-credit-reports-cfpb-2022-3">billions</a> of dollars in medical debt and spend <a target="_blank" href="https://www.oecd.org/en/data/indicators/health-spending.html">more</a> on healthcare than any other developed country.Duffy's <a target="_blank" class="" href="https://mann.usc.edu/news/its-worth-challenging-that-troubling-medical-bill-study-finds/">survey</a> through USC, which was published in August, asked more than 1,000 US adults last year whether they'd recently received a "problematic" medical bill that they thought they couldn't afford, was unfairly high, or contained a mistake. The USC survey found that less than two-thirds of people who received a problematic medical bill decided to challenge it.However, healthcare experts told BI that trying to negotiate medical bills — while far from a guaranteed strategy — is worth a shot.Among the survey respondents who reached out to a billing office about an unaffordable bill, 49% said they received some form of price relief — including financial aid, bill cancellation, or a price drop. The survey also found that 62% of respondents who contacted the billing office to try to negotiate a lower bill — whether because they couldn't afford or it because they thought the bill was unfairly high — were able to get the cost dropped."We don't normally think about medical bills as something that you can negotiate, but it seems that sometimes you can," Duffy said.To be sure, most people Duffy surveyed didn't have an issue with their bills — and many of those with an issue didn't bother challenging the bills. Therefore, the sample size of people who contacted a billing office and pushed for a lower cost was small: Duffy said much more research is needed before any larger conclusions can be drawn.However, the survey's findings aligned with what Duffy and other <a target="_blank" href="https://www.consumerfinance.gov/ask-cfpb/what-should-i-do-if-i-cant-pay-a-medical-bill-en-2125/">healthcare</a> industry experts have been <a target="_blank" href="https://www.npr.org/2023/03/24/1165953653/medical-bills-debt-negotiation-forgiveness">hearing</a> for years. If you're persistent and a bit lucky, you might be able to negotiate a lower <a target="_blank" href="https://markets.businessinsider.com/news/stocks/how-to-get-financial-help-for-expensive-medical-bills-1030237702?miRedirects=1">medical bill</a>.<h2 id="54b411b8-d1b7-43fc-b72f-878e053b5ad7">"It's always worth it to ask"</h2>Patricia Kelmar, senior director of healthcare campaigns for the consumer advocacy organization PIRG, regularly hears from Americans about their frustrations with healthcare costs. She said that trying to negotiate a medical bill sometimes pays off."Based on the dozens of conversations I have with patients who reach out to us with their medical bill problems, I know that negotiating prices works," Kelmar told Business Insider, adding, "People do get discounts just by asking to pay less."Kelmar recalled an anecdote from a colleague who called a billing office two years ago after they received a medical bill that they thought would be challenging to pay off. The billing office came back with a proposal."They said, 'We have a sale today,' and they gave him like 20% off his bill," Kelmar said, which amounted to a couple hundred dollars.Offering people a discount could sometimes be in the best interest of billing offices. Their objective is to get people to pay their medical bills, but many people — whether it be for financial reasons or otherwise — don't pay them in a timely manner. As of June 2023, <a target="_blank" href="https://www.consumerfinance.gov/about-us/newsroom/cfpb-finds-15-million-americans-have-medical-bills-on-their-credit-reports/#:~:text=As%20of%20June%202023%2C%20about,from%2014%25%20in%20March%202022.">about 5%</a> of Americans, about 15 million people, had unpaid medical bills."I suspect that billing offices are willing to offer you a discount if you pay on the spot in person or on the phone because it's so hard for them to collect patient payments," Duffy said.Healthcare centers rely on more predictable insurance payouts, rather than patients' payments, to support their finances. However, some are beginning to demand patients <a target="_blank" class="" href="https://www.businessinsider.com/american-hospitals-corporations-charge-upfront-surgery-healthcare-2024-5">pay in advance</a> before performing certain procedures.In the years ahead, Kelmar said increasing consolidation in the healthcare sector could reduce the amount of "individual decision-making" in medical billing offices, potentially making them less likely to dole out discounts. But for now, she said encouraging people to try to negotiate their medical bills is still worthwhile."Patients should have the confidence to ask for a lower price because we know that some people are getting a lower bill," she said, adding "It's always worth it to ask."<h2 id="bdbb4acb-3620-436e-97fd-35f52002bb30">How to negotiate a medical bill</h2>Before anyone tries to negotiate a medical bill, Kelmar said they should do everything they can to ensure it's accurate. This includes asking for itemized bills and appealing denied insurance claims."People should realize that AI is doing a lot of the denials and appealing gets human eyeballs on that denial," she said.Next, Kelmar said people should check if they qualify for financial assistance through a hospital policy or government program like Medicaid."That might actually eliminate your bill or give you a big discount," she said.If this doesn't work, it might be worth trying to ask for a lower cost. Medical bills from healthcare providers tend to include a phone number for the billing office."They should just say, 'I can pay this much today or by the end of the month — do you want me to pay that and forgive the rest?'" Kelmar said.Kelmar said a billing office might be willing to reduce the bill if you put the payment on your credit card that day. She said this option could work for some people, but it's worth being cautious. That's because medical debt is subject to certain consumer <a target="_blank" href="https://www.thirdway.org/memo/states-lift-the-weight-of-medical-debt-from-american-families#:~:text=Effective%20in%20March%202024%2C%20a,of%20a%20patient's%20monthly%20income.">protections</a> that could be lost if one pays their medical bill with a credit card.If negotiating doesn't work, Kelmar said people should ask if they can be put on a payment plan to give them more time to pay their bills, adding that they should push for a low or no-interest plan.<h2 id="a9c47a33-7812-493d-a27c-a4da2286b12f">Why some people don't negotiate their medical bills</h2>Duffy and Kelmar have a few theories about why some people don't bother trying to negotiate their medical bills.First, the <a target="_blank" href="https://www.businessinsider.com/big-corporations-unitedhealth-optum-cvs-walgreens-taking-over-healthcare-industry-2024-4">US healthcare system</a> is quite complicated, so it can be difficult for many people to understand their medical bills — much less have the confidence to challenge them. Some people might not be aware that challenging their medical bills is something they can even do or do not know how to go about it.Additionally, negotiating a bill sometimes requires more than a single call — Kelmar said it can be a time-consuming process that requires persistence. Finding the time and energy can be difficult, particularly for people who are still recovering from a medical surgery or treatment.Lastly, it could come down to one's personality. Duffy said her survey found that people who are more extroverted — according to a standardized personality assessment — were more likely to challenge a problematic medical bill.Kelmar wishes US healthcare costs were lower so fewer people would be stuck with steep medical bills, but until things change, she recommends people continue to advocate strongly for themselves."Be confident in asking for what you need and you may very well see your bill go down," Kelmar said. "This isn't a great system. We need to fix it."

Medical bills are more negotiable than you think

<ul class="summary-list"><li><keyword id="19992557" type="General" weightage="100" keywordseo="medicare" source="keywords">Medicare</keyword> enrollment is open and insurers are making changes, increasing costs for some.</li><li>Medicare is a key health insurance source for older Americans, often linked to <keyword id="19966945" type="General" weightage="20" keywordseo="social-security" source="keywords">Social Security</keyword>.</li></ul>Older Americans relying on Medicare for their health insurance might be in for a costly surprise next year. Many insurers are making significant changes in 2025.Deductibles and prescription drug costs will become more expensive for some Medicare recipients — and it could impact whether older Americans can afford healthcare. Insurance company mergers and closures are contributing to shifting Medicare plans and prices. Companies like Aetna or AARP/UnitedHealthcare are <a target="_blank" class="" href="https://www.nerdwallet.com/article/insurance/medicare/big-part-d-changes">merging their coverage plans</a>, while previous insurers like Mutual of Omaha are leaving the market. That's leading to fewer — and sometimes pricier — options for Medicare recipients. "When plans end or a merger happens, Medicare enrollees can be impacted in two noticeable ways," Elizabeth <keyword id="23786390" type="General" weightage="20" keywordseo="ayoola" source="keywords">Ayoola</keyword>, personal finance writer at NerdWallet, said in a statement to Business Insider. "In the case of the former, enrollees may be left vulnerable without coverage and scrambling to find a new plan. In the event that a merger happens, enrollees could end up auto-enrolled into a plan that's no longer a good fit." Millions of older Americans depend on Medicare to pay for services like prescriptions and doctor visits. The federal insurance plan — which is often tied to Social Security andtypicallyapplies to people over 65 — is many baby boomers' main source of health coverage. Like other health insurance programs, recipientshave a yearly enrollment period.EligibleAmericans can now join, drop, or switch their supplementalMedicare plans through December 7. Ayoola told BI that if beneficiaries don't take action to adjust their health insurance plansbefore December 7, they could soon see higher out-of-pocket costs, reduced care options, or more limited drug coverage — issues that can't be resolved after the enrollment period closes. However, some beneficiaries will see price increases or loss of coverage regardless. "For people who are budgeting, open enrollment is especially important," Ayoola said. "Because it's a time to do comparison shopping and essentially see if you can find a cheaper plan somewhere else." <h2>Medicare changes on the horizon</h2>An estimate shared with BI from Healthpilot, a technology platform that helps customers choose Medicare plans, suggests that millions of older Americans could lose part of their Medicare benefits in 2025. Healthpilot estimates that there will be 1.5 million people impacted by <keyword id="23786388" type="General" weightage="20" keywordseo="medicare-advantageplan" source="keywords">Medicare Advantageplan</keyword> cancellations and 3.5 million impacted by prescription drug coverage cancellations, due in part to insurance consolidation. Former beneficiaries of those plans will need to find new coverage to replace them next year. The Medicare program has a few different branches: Parts A and B act as stand-alone health insurance programs and cover all types of inpatient and outpatient care, while Part D programs typically cover prescription drugs and basic provider visits as a supplement to people's private insurance plans. Part C, also known as <keyword id="20413657" type="General" weightage="20" keywordseo="medicare-advantage" source="keywords">Medicare Advantage</keyword>, allows seniors to join plans that are offered by private companies but are governed by Medicare rules. Advantage plans have their own caps on how much patients can spend out of pocket, and those numbers change annually. While beneficiaries with Part A and B Medicare could see premium adjustments, most major changes will occur for people with supplemental Part D and Medicare Advantage plans. An increasing number of Medicare Advantage and prescription drug plans are setting their deductible, or the amount of out-of-pocket costs patients are on the hook for before the plan kicks in, at the maximum allowed amount. Healthpilot found that 10% of Medicare Advantage plans will be at the maximum deductible — up from 5% last year. Most Medicare Advantage beneficiaries will still have prescription drug coverage in the new year, but they may face higher out-of-pocket costs. In total, the number of Medicare Advantage plans with drug benefits is largely holding steady, dropping2%. But within the group of Medicare Advantage plans that still have drug benefits, the number of $0 deductible plans will be cut in half — meaning more plans with prescription drug coverage will have higher out-of-pocket costs upfront. To be sure, not all older adultswill be negatively affected by the changes. Some might also have employer-sponsored or private healthcare coverage outside of Medicare, or have plans that aren't changing. But for the Americans who are impacted, the changes could mean healthcare becomes even more of a financial strain. <h2>Baby boomers are already struggling with healthcare costs</h2>These changing Medicare costs come as many low-income baby boomers are struggling to keep up with medical bills. Two older Americans shared with Business Insider their fears for what could happen if their out-of-pocket costs rise in the new year. <keyword id="23786389" type="General" weightage="20" keywordseo="lisa-callejas" source="keywords">Lisa Callejas</keyword> isworried about what would happen if her husband got sick next year. If that happens, they might not be able to afford treatment — her husband's Medicare out-of-pocket costs will go up to $14,000 from around $9,500. "It means we better not get sick," she said. Callejas, 55, and her husband movedto his native Mexico over the summerto save money. Their son died in January, and Callejas' husband, who worked with their son in the family business of home remodeling, can no longer do the manual labor necessary to keep operations running. Additionally, the rising <a target="_blank" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">cost of living</a> made it increasingly difficult to stay in the US on a lower income. They're living off the money they made from selling their house in the US and her husband's small <a target="_blank" href="https://www.businessinsider.com/boomers-living-social-security-government-aid-snap-loneliness-crisis-isolation-2024-8">Social Security</a> benefits, but fearful of 2025. Betty, similarly, goes to her dialysis appointments three times a week. She was diagnosed with kidney disease and other conditions a few years ago, forcingher to retire early from her steady job in health communications. Betty — who chose to use her first name for privacy but whose identity was verified by Business Insider —lives on her $1,848 monthly <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-social-security">Social Security disability payments </a>in southwest Illinois. The 61-year-old said she qualifies for both Medicare and <keyword id="20234511" type="General" weightage="20" keywordseo="medicaid" source="keywords">Medicaid</keyword>, but still pays a couple hundred dollars each month in healthcare expenses, in addition to her monthly $174 premium. Betty isn't sure yet if her Medicare premiums or deductibles will rise in the new year. If they do, she says she can't afford it. She already struggles to afford housing, groceries, utilities, and the car she needs to travel to her dialysis appointments. "Something as small as $20, I can't even imagine," she said. "I had about $10 left over for this month — but that was because I had to sell some jewelry that my mom picked out. I had to sell it in order to make the bills this month." <a target="_blank" class="" href="https://www.businessinsider.com/boomer-lives-on-social-security-struggles-financially-feels-lonely-retirement-2024-9">Low-income baby boomers</a> like Betty and the Callejas family might feel the greatest hurt from increased Medicare prices, Ayoola said, and these healthcare costs can derail retirement and long-term finances. Regardless of financial health, Ayoola suggested older adults talk to a Medicare expert or wealth advisor before choosing a 2025 plan. "We can't predict the future and we don't know which direction our health is going to go in," Ayoola said. "It's a good idea, no matter where your health is today, to always try your best to budget for health care expenses and look for ways to cut costs." Are you struggling to live on a fixed income in retirement? Are you open to sharing how it has impacted your healthcare access? If so, reach out to <a target="_blank" class="" href="mailto:allisonkelly@businessinsider.com">allisonkelly@businessinsider.com</a> and <a target="_blank" class="" href="mailto: jkaplan@businessinsider.com">jkaplan@businessinsider.com</a>. Correction: October 22, 2024 — An earlier version of this article misstated the number of plans affected by prescription drug coverage cancellations. The correct number is 3.5 million.

Medicare coverage will change in 2025. Some boomers are already struggling to keep up with their medical bills.

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/bill-gates-rational-optimist-microsoft-success-life-skills-careers-2023-11">Bill Gates is decidedly optimistic</a> about AI.</li><li>But he still has some big concerns about the cutting-edge technology.</li></ul>Bill Gates is a self-described optimist about <a target="_blank" class="" href="https://www.businessinsider.com/bill-gates-ai-letter-chatbots-future-predictions-2023-3">the future of AI</a>, but the tech still raises a few key concerns for him.Microsoft's cofounder laid out his three biggest worries about the tech while speaking on the latest <a target="_blank" class="" href="https://podcasts.apple.com/us/podcast/bill-gates-on-how-to-tax-the-rich-ai-misinformation/id1643307527?i=1000671268413">episode</a> of the podcast "On with Kara Swisher," released Monday.Gates said his first concern is "that bad people with bad intent will use AIs for cybercrime, bioterrorism, nation-state wars.""In that case you think, okay, let's make sure the good guys have an AI that can play defense against those things, and that makes you want to move ahead and not fall behind," he said.President Joe Biden's <a target="_blank" class="" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/11/fact-sheet-the-presidents-budget-advances-president-bidens-unity-agenda/">budget</a> for fiscal year 2025 includes billions earmarked for AI, including efforts to advance "the safe, secure, and trustworthy development and use of AI" and to invest in a "new AI safety institute to protect the American public's safety, security, and rights."Gates' second concern is about the fast "rate of change" that could lead to job losses."In the same way that that medical diagnosis will be superior with the right training set and a few more turns of the crank on how we drive reliability, that there's great progress on that, it will be superior at a telesales or telesupport type job, which are big parts of the economy," Gates said.A 2023 <a target="_blank" class="" href="https://www.businessinsider.com/generative-ai-chatpgt-300-million-full-time-jobs-goldman-sachs-2023-3">Goldman Sachs report said that AI could result in "significant disruption"</a> of the labor market and impact an estimated 300 million full-time jobs. A survey conducted by HubSpot last year found sales workers saved two hours and 15 minutes a day when they <a target="_blank" class="" href="https://www.businessinsider.com/ai-saving-sales-teams-hours-work-daily-survey-says-2024-1">used AI to automate manual tasks</a> including meeting scheduling, note-taking, and data entry."<a target="_blank" rel="" href="https://www.businessinsider.com/chatgpt-jobs-at-risk-replacement-artificial-intelligence-ai-labor-trends-2023-02">AI isn't replacing</a> salespeople — it's just taking care of the most repetitive aspects of their work," the study said.Gates said that even though you can say that AI frees up teachers and other professionals to be less spread thin, "we have unmet needs for labor.""If we free up all this labor, we can shorten the workweek, but the rate of change is scary," he added.Gates said his third concern, which "comes up a lot," is "the loss of control" scenario. Many AI researchers and experts have warned for years of the potential consequences if AGI, or artificial general intelligence that surpasses human intelligence, is reached — including possible <a target="_blank" class="" href="https://www.businessinsider.com/eric-schmidt-ai-doomsday-scenarios-worth-thoughtful-consideration-2016-6">doomsday scenarios</a>."My view is if you've managed to get through the first two, that actually that's not the hardest of the three," Gates said.Experts have warned AI models can be abused for purposes like <a target="_blank" rel=" nofollow" class="" href="https://www.businessinsider.com/hacker-online-scams-getting-worse-ai-cybersecurity-expert-2024-9">carrying out scams or cyberattacks</a> or <a target="_blank" rel="" class="" href="https://www.businessinsider.com/social-media-disinformation-misinformation-technology-regulation-artifical-intelligence-civil-liability-2024-7">spreading misinformation</a>, among other things.Besides Gates, other business leaders have also expressed concerns about AI and an interest in more regulation and guardrails on the technology. Many share some of Gates' concerns.<a target="_blank" class="" href="https://www.businessinsider.com/microsoft-economist-michael-schwarz-ai-bad-actors-2023-5">Microsoft's chief economist, Michael Schwarz,</a> said at the World Economic Forum last year that he was "confident AI will be used by bad actors, and yes it will cause real damage."OpenAI CEO Sam Altman has even said while he thinks "the best case is so unbelievably good that it's hard for me to even imagine," on the flip side, he imagines a worst-case scenario for AI could be <a target="_blank" class="" href="https://www.businessinsider.com/chatgpt-openai-ceo-worst-case-ai-lights-out-for-all-2023-1">"lights out for all of us."</a>Looking more at the present, Gates has said <a target="_blank" class="" href="https://www.businessinsider.com/bill-gates-uses-ai-meeting-summaries-notes-copilot-teams-2024-9">he uses AI in his own life to summarize meetings he attends</a>."The ability to interact and not just get the summary, but ask questions about the meeting, is pretty fantastic," he recently <a target="_blank" class="" href="https://www.theverge.com/24235730/bill-gates-ai-climate-change-energy-tech-microsoft-netflix">said</a> in a separate interview, referring to Microsoft's Copilot, which is powered by the company's OpenAI partnership and available as an add-on for Microsoft 365 office apps.

Bill Gates shares his 3 biggest concerns about AI

<ul><li><keyword id="19940212" type="General" weightage="100" keywordseo="bill-gates" source="keywords">Bill Gates</keyword>, in an interview with CNBC, talked about his college days</li><li>He never thought he would become a billionaire when he dropped out of college</li><li>Gates had a vision, and sheer love for software</li></ul> In the tech world, some of the biggest success stories come from people who chose to walk away from college to pursue their passions. <keyword id="19907283" type="General" weightage="20" keywordseo="steve-jobs" source="keywords">Steve Jobs</keyword>, <keyword id="19952202" type="General" weightage="20" keywordseo="mark-zuckerberg" source="keywords">Mark Zuckerberg</keyword>, and <keyword id="19903807" type="General" weightage="20" keywordseo="elon-musk" source="keywords">Elon Musk</keyword> are just a few famous examples. These billionaires didn't follow the traditional academic path, yet their vision led them to build empires that still stand tall today. Their journeys show how sometimes, unconventional decisions can lead to some stellar outcomes. Among these inspiring stories is one of the most well-known: <keyword id="19895622" type="General" weightage="20" keywordseo="microsoft" source="keywords">Microsoft</keyword> co-founder Bill Gates. Gates, who is one of the wealthiest people in the world today, never imagined he'd become a billionaire when he dropped out of Harvard. His focus was not on money or fame; it was on creating something revolutionary. At just 20 years old, Gates was consumed by the possibilities of software, willing to dedicate his entire life to it, without knowing how far that passion would take him. In a recent interview with CNBC, Gates shed light on his years fresh out of college. <h2> Bill Gates and his definition of success</h2> In the mid-1970s, Gates, along with his friend and co-founder Paul Allen, believed that the future of computing lay in making microcomputers accessible to the general public. At the time, their vision seemed far-fetched. Personal computers were not widely accepted, and people like Gates were often dismissed as hobbyists rather than serious entrepreneurs. <div type="Article" hostid="261" msid="113157890" title="Bill Gates says solving misinformation is now young people&amp;#39;s problem" mstype="2" mssubtype="0"></div> But that didn’t deter Gates. For him, success meant creating a product that would change the world. "Back then, it was just: Is my code really good? Does it work?" Gates told CNBC Make It. His goal was to build high-quality software that could make computers useful for everyday people. Gates also said that during those early years, his definition of success was closely tied to Microsoft’s growth. Everything he did was centered on building the company. His focus was so intense that he admits there was little room for anything else. "In my 20s, I didn't believe in weekends and vacations," Gates has said, noting that he pushed himself—and his employees—relentlessly. Over time, as Microsoft grew and Gates became one of the richest men in the world, his perspective on success started to change. He also said that he no longer measures success by how well Microsoft performs or how much money he makes. Instead, Gates now asks a different question: "Am I adding net value to the world?" <h2> "The magic of software"</h2> Gates, during the interview, also said that idea of having "a personal computer on every desk and in every home" was the driving force behind Microsoft. It might sound simple today, but back then, it was groundbreaking, Gates added. The billionaire also said that he was willing to put everything on the line for this vision. In his early 20s, he lived and breathed Microsoft. "It was all Microsoft, all the time in my 20s," he said. That intense focus helped Microsoft become a dominant player in the software industry. Today, the company is valued at over $3 trillion, and Gates himself is worth an estimated $128 billion. But when he first left college, Gates wasn’t dreaming of wealth. His singular mission was to make a lasting impact with software. He saw the potential of technology to change the world, and that vision drove him forward. "It was the magic of software. And I was willing to focus my life, in my 20s, just on software, just on the one job," he told the publication. <div type="Article" hostid="261" msid="113268606" title="Bill Gates and other billionaires can learn from MacKenzie Scott&amp;#39;s giving, a philanthropy expert says" mstype="2" mssubtype="0"><payload><![CDATA[See also]]></payload></div> <div type="Article" hostid="261" msid="113104502" title="Bill Gates reveals what he uses AI for most" mstype="2" mssubtype="0"><payload><![CDATA[See also]]></payload></div>

Was willing to focus my life on software: Bill Gates on when he dropped out of college

<ul class="summary-list"><li>Bill Gates' ideal tax system would leave him worth 62% less, but still a billionaire.</li><li>He warned that excessive taxes would deter people from starting businesses and curb economic growth.</li></ul>Bill Gates wants steeper taxes on the wealthy — but not so steep that he wouldn't be a billionaire, or that the founder of the next Microsoft wouldn't become one."I would <a target="_blank" class="" href="https://www.businessinsider.com/bill-gates-thinks-wealthy-pay-more-tax-some-rich-agree-2024-1">set tax rates quite a bit higher</a> for rich people," Gates said during a recent live recording of the "On With Kara Swisher" podcast. He voiced support for a tax system that would take away 62% of his wealth — but not over 99% as one hardline critic, Sen. Bernie Sanders, called for on his new <a target="_blank" class="" href="https://www.businessinsider.com/bill-gates-rich-wealthy-taxes-billionaires-bernie-sanders-microsoft-inequality-2024-9">Netflix show: "What's Next? The Future with Bill Gates.</a>""You definitely do get to the point where ... you're killing the goose that lays the golden egg," Gates said, noting that North Korea has "unbelievable equality.""We've created wealth, and I think that the system that does that has a few elements that we shouldn't throw out," he added.The Microsoft cofounder ranks as the world's sixth-richest person with a $163 billion net worth, per the Bloomberg Billionaires Index. He said America is the "envy of the world" as a place for <a target="_blank" class="" href="https://www.businessinsider.com/mark-cuban-wealth-billionaires-bill-gates-taxes-american-dream-netflix-2024-9">creating hugely valuable companies</a>, and the economy has to grow for the government to raise the social safety net as high as progressives like Sanders want.Gates also said he's a "huge believer" in the estate tax, and eliminating it would be a mistake as that would protect <a target="_blank" class="" href="https://www.businessinsider.com/how-americas-richest-family-dynasties-hold-and-grow-wealth-report-2021-6">dynastic fortunes</a> — wealth that's inherited, not earned.The tech billionaire and cofounder of the Bill &amp; Melinda Gates Foundation said the uber-wealthy should give more money to the government and commit the rest to help others. He said that "once you pay those taxes, whatever's left over, you should engage in philanthropy."Gates' latest comments suggest he'd like to be about $100 billion less wealthy at around $62 billion. He's previously said he would have paid "<a target="_blank" class="" href="https://www.businessinsider.com/bill-gates-pay-billions-more-in-tax-in-charge-system-2024-9">tens of billions</a>" more in taxes if he'd designed the US tax system.

Bill Gates calls for higher taxes on the rich — but warns against crushing the American dream

<ul class="summary-list"><li>Bill Gates, the billionaire founder and former CEO of Microsoft, spends <a target="_blank" href="https://www.businessinsider.com/6-ways-to-eliminate-meeting-fatigue-and-be-more-productive">a lot of time in meetings</a>.</li><li>To process what was discussed, he regularly uses the AI summary feature in Teams, he told The Verge.</li></ul>Meetings, like mushrooms, have a way of <a target="_blank" href="https://www.businessinsider.com/cutting-work-meetings-can-make-you-happier-and-more-productive-2024-7">popping up and proliferating</a>.That's especially the case for someone like Bill Gates, the billionaire philanthropist, cofounder, and former CEO of Microsoft.As part of his ongoing work in public health and artificial intelligence, Gates spends a lot of time in meetings.And when Gates is in the room or on the call, you can bet <a target="_blank" href="https://www.businessinsider.com/4-bllionaires-efficient-meetings-amazon-microsoft-apple-google-2024-5">it's going to get extremely detailed</a>, according to Chris Williams, the former VP of HR at Microsoft, who worked closely with Gates for eight years.Gates "was always curious, always wanted to understand, always drilling for more detail," Williams wrote last year for Business Insider.For Gates, each meeting contains a lot of material to digest after the fact — a task he says AI is well suited to assist with."I'd say the feature I use the most is the meeting summary, which is integrated into [Microsoft] Teams, which I use a lot," he said in an interview with <a target="_blank" href="https://www.theverge.com/24235730/bill-gates-ai-climate-change-energy-tech-microsoft-netflix">The Verge</a>. "The ability to interact and not just get the summary, but ask questions about the meeting, is pretty fantastic."The tool Gates is referring to is Microsoft's Copilot, powered by the company's partnership with OpenAI and available as an add-on feature for several Microsoft 365 office apps.Copilot allows users to "find and use info that's buried in documents or lost in conversations, and get things done in whole new ways using the power of AI," the company says.Of course, Microsoft's offering is one of <a target="_blank" href="https://zapier.com/blog/best-ai-meeting-assistant/">several</a> AI tools that are popping up to help office workers spend less time dealing with meetings.And Gates is not alone in using machine learning to lighten his workload: a survey by Hubspot last year found workers are <a target="_blank" href="https://www.businessinsider.com/ai-saving-sales-teams-hours-work-daily-survey-says-2024-1">using AI tools to save up to two hours per day</a> on tasks like scheduling meetings, note-taking, and data entry.In some cases, Copilot users have said the tool enables them to <a target="_blank" href="https://www.businessinsider.com/microsoft-generative-ai-tool-copilot-can-help-attend-fewer-meetings-2024-4">skip meetings altogether</a> in favor of catching up on the AI recap.As one of AI's most vocal supporters, <a target="_blank" href="https://www.businessinsider.com/bill-gates-ai-limitations-data-needed-solve-human-problems-2024-3">Gates is clear-eyed about the technology's limitations</a>."If it's a problem that humans are not good at dealing with, then present techniques don't create some novel approach," he said in another interview earlier this year.In short, current AI models <a target="_blank" href="https://www.businessinsider.com/ai-tackling-jobs-humans-dont-have-time-for-or-want-2024-2">are just a lot faster</a> at performing well-defined tasks that humans currently do, albeit more slowly, like transcribing and summarizing meeting notes.And while smarter meetings might not be the most exciting use-case imaginable for AI, the potential savings are significant.A survey from <a target="_blank" href="http://Reclaim.ai">Reclaim.ai</a> found <a target="_blank" href="https://www.businessinsider.com/workers-spending-less-time-in-meetings-productivity-2024-4">employees spend more than a third of their work hours in meetings</a>, which based on the average pay in the US, represents roughly about $29,000 per worker each year.That's money (and time) that, in some cases, could probably be much better spent.

Bill Gates reveals what he uses AI for most

<ul class="summary-list"><li>California Gov. Gavin Newsom vetoed an artificial intelligence safety bill on Sunday.</li><li>The bill aimed to create safety measures for companies spending $100 million on AI training.</li></ul>California Gov. Gavin Newsom <a target="_blank" class="" href="https://www.businessinsider.com/openai-tech-giants-oppose-california-ai-bill-kill-switch-2024-8">vetoed an artificial intelligence safety bill </a>on Sunday, a win for AI heavyweights like OpenAI and Big Tech companies that lobbied against it.The bill, SB 1047, was introduced earlier this year by Sen. Scott Weiner and <a target="_blank" class="" href="https://www.businessinsider.com/california-assembly-passes-ai-safety-bill-artificial-intelligence-big-tech-2024-8">passed the California State Assembly</a> last month. It aimed to force the development of safety measures at companies that spend $100 million or more training AI models so their tech could not be used to harm society — a loose definition that the bill said could include creating dangerous weapons or undertaking cyberattacks."This veto is a setback for everyone who believes in oversight of massive corporations," Sen. Wiener said in a statement on Sunday.About two weeks ago, Newsom said that he was concerned about the bill's <a target="_blank" class="" href="https://www.businessinsider.com/gov-newsom-says-hes-worried-californias-ai-bill-2024-9">potential "chilling effect"</a> on AI development. He said he didn't want California to lose its dominance over the AI space."The bill applies stringent standards to even the most basic functions — so long as a large system deploys it," the governor said in a statement on Sunday. "I do not believe this is the best approach to protecting the public from real threats posed by the technology."The now-killed bill also would have required companies operating in California to <a target="_blank" rel="" href="https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202320240SB1047">report any safety incidents</a> stemming from their AI products to the government. It would have protected company whistleblowers and allowed third parties to test models for safety. The bill said that if necessary, the developers should be able to <a target="_blank" rel="" href="https://www.businessinsider.com/openai-tech-giants-oppose-california-ai-bill-kill-switch-2024-8">enact a full shutdown </a>of their AI tools.The debate in California reflects the challenge governments face <a target="_blank" class="" href="https://www.businessinsider.com/california-ai-bill-makes-openai-meta-google-anthropic-nervous-2024-8">walking the fine line</a> between allowing tech companies to innovate while protecting against new potential risks. Newsom may also want to signal that the state is open for business after a string of <a target="_blank" class="" href="https://www.businessinsider.com/texas-company-headquarters-hq-tesla-chevron-charles-schwab-california-economy-2024-8#cbre-4">high-profile company exits, including Chevron, Tesla, Oracle, Charles Schwab, and CBRE.</a>In a release announcing the veto, Newsom's office also noted that the <a target="_blank" class="" href="https://www.businessinsider.com/gavin-newsom-qr-code-announce-sign-bill-law-2024-9">governor signed 17 bills</a> over the last month relating to generative AI, which crack down on deepfakes and misinformation and aim to protect children and employees.<h2 id="48f7390d-c052-44b8-9e70-a5e1c5628494">Relief to opponents</h2>Newsom's veto will come as a relief to many in Silicon Valley who had criticized the bill, saying it would hurt innovation.Meta's vice president of policy, Rob Sherman praised Newsom for rejecting the bill. In an<a target="_blank" class="" href="https://x.com/rmsherman/status/1840507226429219065"> X post</a> on Sunday, he said the bill would have "hurt business growth and job creation, and broken the state's long tradition of fostering open-source development."Marc Andreessen, general partner at Venture Capital firm Andreessen Horowitz, applauded Newsom's decision, too. In a <a target="_blank" class="" href="https://x.com/pmarca/status/1840490404141298172">statement</a> on X, he said the veto sided with California's growth and freedom over "safetyism, doomerism, and decline."Jason Kwon, <a target="_blank" rel="" class="" href="https://www.businessinsider.com/openai-tech-giants-oppose-california-ai-bill-kill-switch-2024-8">OpenAI's chief strategy officer</a>, warned in an August letter to Sen. Wiener that the bill could stifle progress and drive companies out of California.The ChatGPT maker joined tech giant Meta in lobbying against the bill. Meta said that the bill could discourage the open-source movement by exposing developers to significant legal liabilities.Andreessen Horowitz also cited similar innovation concerns and <a target="_blank" class="" href="https://stopsb1047.com/">paid for a petition campaign</a> against the bill.To be sure, not all of Big Tech opposed the bill.Elon Musk, who founded AI company xAI last year, said last month that although it was <a target="_blank" rel="" href="https://www.businessinsider.com/elon-musk-backing-california-controversial-ai-bill-2024-8">"a tough call and will make some people upset,"</a> he thought "California should probably pass the SB 1047 AI safety bill."Anthropic CEO Dario Amodei seemed to <a target="_blank" class="" href="https://www.businessinsider.com/anthropic-position-california-ai-bill-sb-1047-2024-8">switch sides</a> in the middle of the debate. In August, he said that the bill's "benefits likely outweigh the costs." However, he added that "we are not certain of this, and there are still some aspects of the bill which seem concerning or ambiguous to us."Several <a target="_blank" rel="" class="" href="https://www.businessinsider.com/openai-whistleblowers-oppose-safety-bill-sb1047-2024-8">former OpenAI employees</a> also supported the safety bill and said that OpenAI's opposition to the bill was disappointing."We joined OpenAI because we wanted to ensure the safety of the incredibly powerful AI systems the company is developing," former OpenAI researchers, William Saunders and Daniel Kokotajlo, wrote in the letter. "But we resigned from OpenAI because we lost trust that it would safely, honestly, and responsibly develop its AI systems."

Big Tech just notched a huge win in California with an AI bill veto

<ul class="summary-list"><li>Bill Gates said he donated millions to a pro-Harris super-PAC, three sources told The New York Times.</li><li>He reportedly donated $50 million to Future Forward's nonprofit arm, which doesn't disclose donors.</li></ul>Bill Gates has privately said he donated about $50 million to a pro-Harris super-PAC, <a target="_blank" class="" href="https://www.nytimes.com/2024/10/22/us/elections/bill-gates-future-forward-kamala-harris.html">The New York Times</a> reported, citing multiple sources.The billionaire Microsoft founder, who has not publicly endorsed either candidate for president, made the donation to Future Forward's nonprofit arm, Future Forward USA Action, three people briefed on the matter told the newspaper.Future Forward USA Action does not disclose its donors, meaning any contributions would not be made public.Two of the sources said that Gates has talked about his donation with Mike Bloomberg, the former New York City mayor, among others, per the Times.In a statement to the Times, Gates didn't confirm or deny the donations.He said that "this election is different," adding that he supports candidates who show a "clear" commitment to improving healthcare, reducing poverty, and fighting climate change in the US and worldwide.The Gates Foundation didn't immediately respond to a Business Insider request for comment, made outside working hours.Gates has previously said that he chooses not to make large political donations."There are times it might feel tempting to do so, and there are other people who choose to do so, but I just don't want to grab that gigantic megaphone," he said at a New York Times Dealbook conference in 2019.After Harris announced her candidacy in July, Gates told <a target="_blank" class="" href="https://www.france24.com/en/tv-shows/t%C3%AAte-%C3%A0-t%C3%AAte/20240726-bill-gates-on-kamala-harris-s-us-presidential-bid-it-s-great-to-have-somebody-younger">France 24</a> it was "great" to have "somebody who's younger, who can think about things like AI."The views of America's billionaires on the election have been the subject of intense speculation and reporting.Former President <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-mark-zuckerberg-democrat-assassination-meta-2024-9">Donald Trump claimed Meta CEO Mark Zuckerberg</a> called him to say, "There's no way I can vote for a Democrat in this election." A Meta spokesperson denied this and said that Zuckerberg would not be endorsing anyone, nor revealing how he would vote.Earlier this month, JP Morgan CEO <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-denies-donald-trump-claim-endorse-2024-10">Jamie Dimon</a> also had to deny he was endorsing the former president after Trump posted a photo on Truth Social with a caption saying he had.These billionaires' guarded stances are in stark contrast with Elon Musk, who has said he is "all in" supporting a Trump victory.Elon Musk's super PAC, America PAC, has spent more than <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-super-pac-spending-competitive-house-races-republicans-2024-9">$100 million</a> on the election, most of which went toward supporting former President Donald Trump and opposing Harris.The latest available ad-revenue data from X, the social media company Musk bought in 2022, shows America PAC has spent $201,021 on <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-x-america-super-pac-advertising-revenue-2024-10">advertising</a> on X since July.Last Sunday, Musk also said in an <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-rewards-petition-supporters-1m-check-trump-pac-2024-10">X post</a> that he planned to give away $1 million a day to a different swing-state voter who has signed his petition to support free speech and the right to bear arms.

Bill Gates privately said he donated $50 million to a pro-Harris super PAC, report says

<ul class="summary-list"><li>Some college football fans will soon be helping pay their favorite student-athletes.</li><li>The University of Tennessee is adding 10% talent fee to 2025 football tickets to compensate athletes.</li></ul>In the new age of college football revenue sharing, the cost of paying student-athletes is already being passed off — at least in part — to fans.The University of Tennessee announced in an email to Tennessee Volunteers fans on Tuesday that, beginning with 2025 football season ticket renewals, all football tickets will include a 10% "talent fee" that will go toward paying players."As the collegiate model changes, we have to remain flexible," UT's athletics director <a target="_blank" class="" href="https://www.youtube.com/watch?v=_JztRtFwK_k">Danny White said in a video</a> explaining the reasons for the price hike. "That connection between resources and competitiveness has never been tighter. Only now, we have the ability to share these resources with our athletes. We can generate revenue that will go directly to our players."On top of the 10% talent fee, the university also announced that 2025 ticket prices will be increasing 4.5% per seat on average. That means tickets will shoot up a total of 14.5% on average in 2025."We want to be a leader in college sports. That means we want to be a leader in revenue sharing," White said.But football fans aren't footing the entire cost of revenue sharing — only a portion of it. A spokesperson for UT told BI that the talent fee will help cover about 33% of the total cost of paying players. The university will be fronting the remainder of the annual $22 million revenue-sharing pool to pay athletes, <a target="_blank" class="" href="https://www.knoxnews.com/story/sports/college/university-of-tennessee/football/2024/09/17/tennessee-football-ticket-price-increase-2025-pay-players-revenue-sharing-nil/75085214007/">Knox News reported</a>.UT's spokesperson said the decision was made in preparation for the settlement of the <a target="_blank" class="" href="https://www.businessinsider.com/supreme-court-ncaa-third-party-endorsement-startups-2021-4">House v. NCAA federal antitrust case</a>, which could go into effect as early as July 2025. Last May, <a target="_blank" class="" href="https://www.businessinsider.com/how-college-sports-change-donor-fatigue-nil-recruiting-student-athletes-2024-6">the NCAA and five major conferences agreed</a> on a revenue-sharing model that would pay student-athletes a portion of the revenue their colleges make from ticket sales, broadcast deals, and merch bearing an athlete's name, image, and likeness (known as NIL). But that deal has since gone back <a target="_blank" class="" href="https://www.cbssports.com/college-football/news/whats-next-for-ncaa-nil-collectives-after-house-settlement-talks-hit-roadblock-from-federal-judge/#:~:text=The%20%242.8%20billion%20settlement%20in,settlement%20is%20transformative%20for%20players.">into negotiations after the judge overseeing the case paused</a> preliminary approval."We are also preparing for additional financial aid, potential compliance, marketing, and other resource development costs that are directly or indirectly associated with the proposed House model," the UT spokesperson told BI in an email. "These include new scholarships, taxes, fair market value assessment, reporting, and other unknown business and legal assessments that may be required."

College football fans are already starting to foot the bill for their athletes getting paid 

<ul class="summary-list"><li>Bill Gates spoke about misinformation in an interview with CNBC.</li><li>Gates said he has "handed this problem to the younger generation."</li></ul><a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/guides/tech/misinformation-vs-disinformation">Misinformation</a> is one problem Bill Gates won't solve."Misinformation is the one where I — a little bit — had to punt and say, 'Okay, we've handed this problem to the younger generation,'" Gates, 68, said during an interview with <a target="_blank" class="editor-rtfLink" href="https://www.cnbc.com/2024/09/05/bill-gates-online-misinformation-is-top-unsolvable-problem-for-young-people.html">CNBC published</a> on Thursday.Misinformation has been a concern almost since the advent of the internet. There was a global reckoning around the issue after the <a target="_blank" class="" href="https://www.businessinsider.com/fake-presidential-election-news-viral-facebook-trump-clinton-2016-11">2016 US election</a>. But the problem has only intensified as technology advances. False claims on social media are now harder than ever to spot, thanks in part to <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/social-media-disinformation-misinformation-technology-regulation-artifical-intelligence-civil-liability-2024-7">artificial intelligence</a>.A 2023 <a target="_blank" class="" href="https://www.pewresearch.org/short-reads/2023/07/20/most-americans-favor-restrictions-on-false-information-violent-content-online/sr_2023-07-20_contentmod_2-png/">Pew Research Center</a> survey found that 65% of American adults believe tech companies should do more to restrict false information and violent content online.But Gates, one of the most influential tech entrepreneurs of all time, said he doesn't have the answer."We should have free speech," he told CNBC. "But if you're inciting violence, if you're causing people not to take vaccines, where are those boundaries?"He added: "Even the US should have rules, and then if you have rules, what is it? Is there some AI that encodes those rules? You have billions in activity, and if you catch it a day later, the harm is done."Gates' experience with misinformation is personal. He was the subject of several prominent <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/bill-gates-pandemic-covid-19-misinformation-did-not-expect-2022-1">conspiracy theories</a> related to vaccines and other intervention measures during the height of the COVID-19 pandemic.One conspiracy theory that gained attention during the pandemic claimed <a target="_blank" class="" href="https://www.businessinsider.com/bill-gates-conspiracy-theory-covid-vaccine-microchips-response-2024-9">Gates put microchips in vaccines</a> to track people.Gates told CNET that a woman once confronted him about that conspiracy theory on the street."I really don't need to track you in particular," he said he told the woman.It has also affected his youngest daughter, Phoebe, who spoke out against <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/phoebe-gates-worst-part-tiktok-fame-is-conspiracies-bill-gates-2023-3">"misconceptions and conspiracy theories"</a> during an interview with The Information last March.<div type="image" title="Bill Gates and his daughter Phoebe arrive for TIME 100 Gala at Lincoln Center in New York on June 8, 2022." height="1472" width="2336" msid="113157384" hostid="261" sizebytes="123436"></div>"Hearing my daughter talk about how she'd been harassed online, and how her friends experienced that quite a bit, brought that into focus in a way that I hadn't thought about before," he told CNBC.Gates, who cofounded Microsoft in 1975, told CNBC he initially believed people would <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/bill-gates-microsoft-internet-artificial-intelligence-crazy-people-critical-mass-2023-12">use computers and the internet responsibly</a>."You know, my naivete that when we made information available, people would want correct information," he said.Gates added that people will seek out "correct information" for things like medical advice but can also fall victim to <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/guides/health/mental-health/confirmation-bias">confirmation bias</a>."Even I will wallow. Let's say there's a politician I don't like, and there's some article online criticizing him a little bit," he told CNBC. "I'm like, 'Oh, that's such a good critique [and] I enjoyed reading it, even if it was exaggerated.'"Representatives for Gates did not immediately respond to Business a request for comment from Business Insider.

Bill Gates says solving misinformation is now young people's problem

<ul class="summary-list"><li>California Gov. Gavin Newsom is concerned about the state's controversial AI bill.</li><li>The governor told a conference he's concerned about a potential "chilling effect" on AI development.</li></ul>California Gov. Gavin Newsom is concerned about the <a target="_blank" class="" href="https://www.businessinsider.com/openai-whistleblowers-oppose-safety-bill-sb1047-2024-8">state's controversial AI bill.</a>During an appearance at Salesforce's Dreamforce event in San Francisco on Tuesday, the governor said he was concerned about a potential "chilling effect" on AI development the bill could cause. The comments <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-09-17/newsom-says-he-s-concerned-about-chilling-effect-of-ai-bill">were first reported by Bloomberg.</a>Newsom said he didn't want California to lose its dominance in the AI space and warned that the impact of "signing wrong bills over the course of a few years could have a profound impact" on the state's competitiveness.California's AI bill, SB 1047, has divided <a target="_blank" rel="" class="" href="https://www.businessinsider.com/california-ai-bill-dividing-silicon-valley-musk-altman-openai-2024-8">Silicon Valley leaders</a>.It has gained support from influential figures, including Elon Musk and <a target="_blank" href="https://www.businessinsider.com/anthropic-position-california-ai-bill-sb-1047-2024-8">Anthropic's</a> Dario Amodei, but has been opposed by <a target="_blank" class="" href="https://www.documentcloud.org/documents/25064002-openai-opposition-letter-ca-sb-1047">OpenAI's Sam Altman.</a>The bill aims to introduce a set of measures that mitigate the risks posed by powerful AI models, including forcing companies operating in California to allow third parties to safety test their models.The bill also specified the provision of a "full shutdown," which functions as a <a target="_blank" class="" href="https://www.businessinsider.com/openai-tech-giants-oppose-california-ai-bill-kill-switch-2024-8">kill switch for AI systems.</a>Last month, the state's lawmakers voted to pass the AI safety bill, passing it onto Newsom, who has until September 30 to decide whether to sign it into law or veto it.While the governor has not publicly disclosed his position on the bill, he has signed other bills aimed at cracking down on the use of AI in political ads and the unauthorized use of entertainers' likenesses.Representatives for Newsom did not immediately respond to a request for comment from Business Insider, made outside normal working hours.

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