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<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/renting-airbnb-not-passive-wont-do-it-again-2024-7">Airbnb</a> reported earnings after the market closed on Thursday.</li><li>CEO Brian Chesky pointed to multiple growth areas for the company.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/category/airbnb">Airbnb</a>'s third-quarter earnings report showed that the company keeps growing — and that 2025 will be the year it breaks into a new business.The short-term rental platform grew revenue and bookings during the quarter that ended September 30, it said after the stock market closed on Thursday. Executives said they're lining up long-term growth with its co-host program and an expansion beyond accommodations.Here are the highlights from the earnings report:<h2 id="06331326-417d-467b-843c-62561752f50c">Airbnb's third-quarter revenue grew despite a slow start</h2>Airbnb's revenue for the quarter rose 10% to $3.73 billion. Analysts surveyed by Reuters expected revenue of $3.72 billion. Earnings per share of $2.13 missed analysts' estimates of $2.14.Nights and experiences booked jumped 8% to 122.8 million from the same period in 2023. Bookings were slow early in the quarter but picked up later, CEO Brian Chesky said on Thursday's earnings call.Shares of Airbnb were 4% lower at $141.55 in after-hours trading on Thursday.<h2 id="8864efa4-c78c-476c-a7cc-e3f4be22aebc">Airbnb wants to get more people to list properties using co-hosts</h2>In October, Airbnb started offering its hosts <a target="_blank" class="" href="https://news.airbnb.com/airbnb-2024-winter-release/">co-hosts</a>, or people who can help manage a property that's listed on Airbnb. The company launched its co-host network with about 10,000 people signed up for the role in 10 countries, Chesky said on the call.The goal, as Chesky said, is to make hosting on Airbnb less of a burden — and attract more hosts and properties to the platform. While many people are interested in listing their properties on Airbnb, many don't want to spend the time managing the property, the CEO said."That's why we asked ourselves, what if we could match people with homes that don't have time with people that have extra time but don't have homes?" Chesky said."Not only would this unlock more supply, I think in the coming years, this can unlock millions of listings," Chesky added.<h2 id="d263d6c5-cd68-4ad1-85bb-a25ad5cbd34c">Airbnb has plans for an AI chat assistant that will be able to cancel and rebook reservations for you</h2>Airbnb is rolling out an AI chat agent that can answer basic questions, Chesky said on Thursday's call. But the company sees opportunities for AI to do a lot more, he said.Chesky said that future versions of the chat agent will offer personalized options based on users' bookings. The result: An AI assistant that can see your upcoming reservation and cancel or rebook it for you.Eventually, the AI assistant could take care of most customer queries instead of traditional customer support agents, Chesky said. "We think, in the future, the vast majority of our chats are going to be intercepted and handled directly by the AI agent," Chesky said.<h2 id="7cf99a7d-08d7-4282-8d44-895e3d03acb0">Airbnb is planning to expand beyond short-term rentals next year</h2>Airbnb said in its press release that it will break into a new business next year, though the company didn't offer many details on Thursday."We'll remain focused on accelerating growth while preparing for Airbnb's next chapter, which will take us beyond accommodations," the press release read. "You'll see more on this next year."On the call, Chesky said that Airbnb's expansion would start "with the nearest adjacencies around travel" before going "far beyond travel" over the next decade. He declined to say exactly what Airbnb's plans are.Chesky compared the expansion to Amazon growing beyond its bookselling business by adding CDs, DVDs, and other consumer products in the late 1990s."What I expect is, every year now for the coming years, we will launch one-to-two new businesses that will generate a billion dollars or more of revenue incrementally a year," he said.Axel Springer, Insider Inc.'s parent company, is an investor in Airbnb.

The 4 most interesting things from Airbnb's earnings

New Delhi: As the earnings season for the second quarter of FY25 unfolds, <keyword id="19959986" type="General" weightage="20" keywordseo="public-sector-banks" source="keywords">public sector banks</keyword> (PSBs) are expected to see a slight dip in profits compared to the previous quarter, according to a report by <keyword id="19896146" type="General" weightage="100" keywordseo="Motilal-Oswal" source="keywords" meta.keywordsubtype="org" meta.entityname="Motilal Oswal" meta.hostid="153" meta.entityid="Motilal Oswal">Motilal Oswal</keyword>. The report estimates that PSBs' Profit After Tax (PAT) will decline by 0.6 per cent quarter-on-quarter (QoQ), while showing a stronger year-on-year (YoY) growth of 17.2 per cent. "We estimate PSBs to report moderate <keyword id="19899597" type="General" weightage="20" keywordseo="earnings-growth" source="keywords">earnings growth</keyword> of 17.2 pc YoY/ a decline of 0.6 pc QoQ in 2QFY25," the report stated. The slower pace of growth can be attributed to flat net interest margins (NIMs) and a slight increase in loan loss provisions (LLP). The <keyword id="20171160" type="General" weightage="20" keywordseo="Net-Interest-Income" source="keywords">Net Interest Income</keyword> (NII) for PSBs is expected to grow by around 6 per cent YoY, although interest margins are likely to remain under pressure. Despite these near-term challenges, the report suggests that public sector banks are on track to post a compound annual growth rate (CAGR) of 15 per cent between FY24 and FY26, pointing to sustained long-term growth. In the private sector banking space, the report forecasts mixed results for the same quarter. For private banks under the coverage, Pre-Provision Operating Profit (PPoP) is expected to grow by 12 per cent YoY and 1 per cent QoQ. However, PAT growth is predicted to be more modest, increasing by 5 per cent YoY and 0.6 per cent QoQ. "For our private bank coverage universe, we estimate a PPoP growth of 12 pc YoY/1 pc QoQ and a PAT growth of 5 pc YoY/0.6 pc QoQ in 2QFY25," the report added. Looking ahead, private sector banks are expected to experience steady profitability growth, with earnings projected to grow at a CAGR of 12.4 per cent over FY24-FY26. Overall, while both public and private sector banks may face moderate growth in the second quarter due to margin pressures and higher provisions, their long-term earnings prospects remain positive. (ANI)

Profit of public sector banks expected to decline by 0.6 percent QoQ : Motilala Oswal

<ul class="summary-list"><li>Investors might consider Treasury bills over CDs for better liquidity and tax benefits: Jason Browne</li><li>Treasury bills offer higher yields in some cases and are exempt from state taxes.</li></ul>If you're looking to put money to work in the fixed-income market before short-term interest rates likely come down further, you're probably considering a <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/who-has-the-best-cd-rates-right-now">certificate of deposit</a>, also known as a CD.In many ways, buying a CD is the same as investing in a bond. You hand the money over to your bank or credit union for a set period of time, and they pay you a monthly dividend before returning your money at the maturity date.But there are some advantages to investing in another cash equivalent — 3-month and 6-month Treasury bills — according to Jason Browne, the founder of Alexis Investment Partners.One is that they're more liquid than CDs. You can buy and sell Treasurys through a brokerage account quickly without forfeiting interest already earned. But if you want to exit a CD before its maturity date, you usually must give up prior interest payments.This gives you more control over being able to deploy money into places like the stock market on a moment's notice in case of a correction, he said."T-bills are easy to buy these days at no commission through almost every discount broker," Browne said.Another reason is that Treasurys are exempt from state taxes, which vary, while CDs are not.Perhaps a third reason, depending on where you bank, is that in many cases the shortest duration Treasurys are paying better rates than CDs. Yields on 3-month bills are 4.6%, and while some banks are offering similar or slightly higher rates still, many have much less attractive yields. According to <a target="_blank" class="" href="https://www.depositaccounts.com/cd/3-month-cd-rates.html">DepositAccounts by LendingTree</a>, the average 3-month CD yield is 1.9%.In terms of duration, Browne said that short-end T-bills are better than durations in the middle or long end of the yield curve, at least for the time being, with the Fed only having cut 50 basis points so far."Right now I don't see a lot of benefit of going further than six months," he said. "I just think the further you go, you're getting paid significantly less for something that has duration risk, and it can give you less liquidity, therefore."Over the next year, however, Browne sees short-end yields becoming less attractive as the Fed cuts, and more medium-term yields rising as a soft-landing scenario — his base case — comes more into view for investors.Typically, fears about a recession push down yields on longer-duration bonds as higher investor demand for safe assets raise the price of the securities. Recession concerns are elevated at the moment with the labor market weakening, but Browne believes those clouds will clear in the months ahead, lowering investor demand for longer-duration bonds, causing their yields to rise.So, buying short-duration T-bills in the meantime buys you time while longer yields rise, he said."Our feeling is that we're going toward a more normal yield-curve environment," Browne said. "The transition until we get there is still paying you more for staying liquid, high-quality short duration."

Try this higher-interest, lower-tax alternative to CDs while rates are still high 

<ul class="summary-list"><li>The S&amp;P 500 could see more than 20% earnings growth over the next two years, according to Goldman Sachs.</li><li>The bank highlighted Trump's proposed tax cuts for corporations as an upside risk to their EPS forecast.</li></ul>President-elect Donald Trump's tax cuts could boost S&amp;P 500 earnings by more than 20%, Goldman Sachs said.Strategists at the investment bank predicted S&amp;P 500 earnings per share were on track to rise around 20% over the next two years. Goldman's forecast for full-year 2024 S&amp;P 500 EPS is $241. That will be followed by an 11% EPS increase in 2025, and 7% EPS increase the following year to $288 a share, Goldman said.Yet, those targets could easily be surpassed if Trump <a target="_blank" class="" href="https://www.businessinsider.com/tax-cut-tariff-plan-outlook-presidential-election-scenarios-harris-trump-2024-10?utm_source=facebook&amp;utm_medium=social&amp;utm_campaign=business-sf">slashes taxes</a> for corporations, the investment bank said in a note on Friday, noting that the latest election results had increased the upside potential to their forecast. "Tax reform is an upside risk. President-elect Trump has campaigned on cutting the statutory domestic corporate tax rate to 15% from its current 21%. We estimate that each 1 percentage point reduction in the statutory domestic tax rate would boost S&amp;P 500 EPS by slightly less than 1%, all else equal" the firm wrote. Trump's move to loosen regulation in the financial sector could also bring additional earnings. Stocks <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-trade-us-presidential-election-dollar-treasuries-stocks-crypto-djt-2024-11">rallied sharply</a> after Trump secured his second term in office on Wednesday. Traders poured $20 billion into US stocks the day Trump's election victory was confirmed, marking the largest single-day stock-purchasing boom in five months, Bank of America said. Weekly flows to financial funds, meanwhile, hit $2.9 billion, the largest single-day inflow on record.Trump's plans to levy <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-hit-company-stock-profits-hardest-china-investing-manufacturing-2024-11">hefty tariffs,</a> though, is a risk to corporate earnings, Goldman Sachs said. Each five percentage point increase in the effective US tariff rate could reduce S&amp;P 500 EPS growth by as much as 2%. the strategists estimated. The firm pegged the odds that Trump would follow through with his 10%-20% blanket tariff on US imports at 40%."During the 2018-2019 trade conflict, companies were generally able to pass the costs of tariffs through to customers," strategists wrote, referring to <a target="_blank" href="https://www.businessinsider.com/trump-tariffs-china-trade-war-chinese-goods-2018-8">Trump's trade war</a> with China in his first term. "However, even if that dynamic were repeated, tariffs could potentially reduce earnings via weaker consumer spending, retaliatory tariffs on US exports, and increased uncertainty."Economists have flagged Trump's economic plan as <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-win-high-inflation-risk-tariffs-deportations-taxes-2024-11">inflationary</a> and said his policies, including his tariff plan, are likely to send <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">interest rates higher</a>.Over the long term, Goldman is calling for a <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-future-returns-decade-forecast-goldman-sachs-2024-10">decade of lackluster returns for the S&amp;P 500</a>. That's partly due to higher interest rate expectations, strategists said in a note last month, as well as factors like <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-crazy-town-valuation-mania-sp500-barry-bannister-2024-11">stretched valuations</a> and high <a target="_blank" class="" href="https://www.businessinsider.com/sp500-outlook-next-decade-forecast-david-kostin-goldman-stocks-strategist-2024-11">market concentration</a>.

Trump's tax cuts could boost S&P 500 earnings by 20% over the next 2 years, Goldman Sachs says

<ul class="summary-list"><li>My bank has lowered the APY on my high-yield savings account by almost half a percent recently.</li><li>I'm not happy that my cash is generating less returns now, and I don't know what to do.</li></ul>It's never pleasant to receive an email from your bank informing you that the interest rate on your <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/best-high-yield-savings-accounts-rates-right-now">high-yield savings account</a> is decreasing.Unfortunately, like many Americans happy to collect a robust yield on their savings, I've gotten three of these notifications in the last three months as the Federal Reserve has begun to lower interest rates. From August until the end of October, the annual percentage yield (APY) on my high-yield savings account has fallen from 4.6% to 4.2%.I opened this bank account almost two years ago, right after graduating from college. Back in 2023, with inflation still elevated, interest rates were at their highest levels since the Great Financial Crisis, and it seemed like most banks were offering near-5% yields on savings. After paying off my bills every month, I would put the remainder of my paycheck into my high-yield savings account and watch the number creep up.Now, it looks like the days of a 5% APY are in the past. In September, the Federal Reserve dished out a 50 basis-point rate cut, signifying the beginning of the end for high rates. Continuing this trend, the central bank's chair, Jerome Powell, announced a <a target="_blank" href="https://www.businessinsider.com/federal-reserve-cuts-interest-rates-quarter-point-powell-inflation-election-2024-11">25 basis-point cut</a> last week, and is expected to slash rates further in the months ahead.Is there anything I can do about the state of my savings account, or do I have to watch my yield erode away slowly? Curious, I asked three financial experts for their advice on this topic.As a famous politician once said, we didn't just fall out of a coconut tree. Context is important. Patti Black, a financial advisor at Savant Wealth Management, reminded me that the recent high interest rate environment is a marked departure from the last decade, where interest rates were near zero and there was no yield on cash to be found. So, while yields dropping from nearly 5% might seem like a tough pill to swallow for someone like me who just opened an account in the last couple of years, it's still a pretty good deal when you consider where rates have been in the past.I didn't have a bank account during the post-2008 zero-interest rate policy era, so this was helpful context to have. Perhaps my generation is indeed coddled — first by our parents and now by Jerome Powell's post-pandemic rate hikes.Black also suggested that I switch up my perspective. While a rate-cutting cycle means less return on my cash, it also means lower borrowing costs for a car loan or a mortgage, which is good news for the housing market.But there are other options for where I can have my money sit, Black said. Of course, one alternative is a <a target="_blank" href="https://www.businessinsider.com/cd-rates-certificate-deposit-high-interest-where-to-invest-now-2024-10">certificate of deposit</a> (CD), which is essentially a savings account that holds money at a fixed interest rate for a fixed period of time. CDs generally pay higher interest rates than savings and money market accounts in exchange for locking up your money for anywhere between three months to many years. However, my hands are a little tied. A well-known rule of thumb is to keep three to six months of living expenses available in your bank account as an emergency fund (read: liquid and highly accessible), so it's not a good idea to lock up money in my high-yield savings account for a prolonged period time. I could withdraw my money from the CD if needed, but I'd have to pay back some or all of the interest I'd generated up until that point as a penalty.With this in mind, Black said that sometimes it doesn't matter what the rate on the high-yield savings account is — it's the best place to park cash for easy access.Armed with this context, I still wanted to see if there were more ways to put my cash to work for me.Daniel Milan, financial advisor at Cornerstone Financial Services, had some more thoughts on CDs. A three-month CD could be a good option if I were comfortable locking up my money for that period of time, according to Milan.My bank didn't offer CDs, so I would need to open up a new bank account, which isn't necessarily a bad thing. Some financial experts recommend having <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/how-many-savings-accounts-can-you-have">multiple bank accounts</a> for different savings goals. Searching online, I saw <a target="_blank" href="https://www.businessinsider.com/personal-finance/banking/best-3-month-cd-rates">multiple options</a> yielding over 4.6%.However, Milan didn't recommend locking up my money for longer. Usually, the longer the term of the CD, the higher the rate. But that's not always the case in today's market."In this current environment, it makes no sense to go further out than three months on a CD because the three-month CD is paying you more than a one-year or two-year right now," Milan said.Looking at CD offerings from a variety of banks, I discovered that this was indeed true — generally, the longer the CD duration, the lower the rate, especially after a 1-year duration. Rates on 6-month and 9-month CDs were also attractive depending on the bank, but again, my liquidity needs take those off the table.Many of the banks I looked at didn't offer short-term CDs, either. For example, one option offered a 4.5% APY on an 11-month CD, 3.7% on a 2-year, and 3.5% on a 5-year.It wouldn't make sense to move my money out of my savings account without high enough compensation for the lower liquidity."You're not getting paid for that illiquidity," Milan told me.Short-term <a target="_blank" href="https://markets.businessinsider.com/bonds">Treasury bills</a> are another investment option for higher yield, and they offer more liquidity than CDs, according to Richard McHorter, a private wealth advisor at SRM Private Wealth. A three-month Treasury bill currently yields 4.43%.There's also the added benefit of tax savings, which is especially appealing for McHorter, who lives in California: "If you're a resident of a high-income tax state, I would be looking at Treasury bills."As a resident of New York City, the idea of lower taxes certainly appeals to me. If I were to buy Treasury bills, I would only need to pay federal taxes, bypassing state and local income taxes.McHorter also said that there's a lot of uncertainty about interest rates right now, and they could actually start going back up again. Trump's proposed <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-hit-company-stock-profits-hardest-china-investing-manufacturing-2024-11">tariff policies</a> could increase inflation, in which case the Fed would probably increase rates to combat an overheating economy, he said.If I buy a three-month Treasury bill, I can reassess the inflation situation when I get my money back in three months and reinvest it accordingly, McHorter said.When it comes to interest rates and inflation, pay attention to the data and don't try to predict the market with your money, Milan advised. <a target="_blank" href="https://www.businessinsider.com/federal-reserve-cuts-interest-rates-quarter-point-powell-inflation-election-2024-11">Jerome Powell</a> himself has said that it's too soon to say how the election results could reshape markets and interest rates."My advice to anybody would be: just be diligent in reading and interpreting the data as it comes out," Milan said. Watch inflation data and Fed commentary, and base your investing decisions on the information you have at hand.It feels like the market is a bit in limbo as everyone waits for the effects of the election to ripple through, but as Black mentioned, not taking any action right now isn't the worst decision.What's next? For starters, I'm going to sit down and crunch some numbers for what three to six months of living expenses look like for me and keep that in my high-yield savings account. With the money I have left over, I have some good options.Are you a Gen-Zer who has recently been faced with an investing predicament? Feel free to reach out to Christine at <a target="_blank" href="mailto:cji@businessinsider.com">cji@businessinsider.com</a> to share your story.

The interest rate on my high-yield savings account keeps dropping. I asked 3 experts how to earn more on my cash.

The <keyword id="19994390" type="General" weightage="20" keywordseo="GST-Council" source="keywords">GST Council</keyword> on Saturday decided to tweak <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword> on items, including accommodation services for students and solar cookers, and took a host of taxpayer-friendly measures including waiver of interest and penalty for demand notices issued in the first three years of <keyword id="6354679" type="General" weightage="100" keywordseo="GST" source="Orion">GST</keyword> rollout. Briefing reporters after the 53rd <keyword id="3680839" type="General" weightage="20" keywordseo="GST-Council-meeting" source="Orion">GST Council meeting</keyword>, Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="Orion">Nirmala Sitharaman</keyword> said the Council has recommended to roll-out the biometric-based <keyword id="20433416" type="General" weightage="20" keywordseo="Aadhaar-authentication" source="keywords">Aadhaar authentication</keyword> of registration applicants on pan-India basis in a phased manner. This will help check fraudulent registration done to avail input tax credit and evade taxes. To reduce litigation, the Council decided to fix a monetary limit for tax officers to file appeals before the GST Appellate Tribunal, the High Court and the Supreme Court at Rs 20 lakh, Rs 1 crore and Rs 2 crore, respectively. It also recommended reduction of the quantum of pre-deposit required to be paid by taxpayers for filing of appeals under Goods and Services Tax (GST). The maximum amount of pre-deposit for filing appeal with the appellate authority has been reduced from Rs 25 crore CGST and SGST each to Rs 20 crores CGST and SGST each. This will help ease cash flow and working capital blockage for the taxpayers. "The 53rd GST Council meeting has taken a number of decisions on trade facilitation, easing compliance burden and giving relief to taxpayers in terms of easing compliance," Sitharaman said. The Minister said the next meeting of the GST Council will be held in August in which the Group of Ministers (GoM) on GST rate rationalisation under Bihar Deputy Chief Minister Sumant Chaudhary, will give a presentation on the status of the work and aspects covered by the panel and work pending before the panel. "What was decided in the Council is, when we meet in the next GST Council meeting we will start a discussion on rate rationalisation... There will be a presentation by the GoM irrespective of whether the report is draft... and then Council will start the discussion on rate rationalisation in the next meeting in August," Sitharaman said. The GST Council on Saturday recommended to exempt Accommodation Services of up to Rs 20,000 per person per month from GST. This is subject to the condition that these services are supplied for a minimum continuous period of 90 days. "It's primarily meant for students," Sitharaman said. In a taxpayer friendly move, the Council has decided to waive interest and penalties for demand notices issued under Section 73 of the CGST Act (for cases not involving fraud, suppression or wilful misstatement) for the fiscal years 2017-18, 2018-19 and 2019-20, if the full tax demanded is paid by March 31, 2025. GST, which subsumed 17 local taxes and cesses, was rolled out on July 1, 2017. With its introduction, prices of various products and services used by masses have moderated. As per the CBIC data, mobile phones and many household items including TV, refrigerator, washing machine and AC have become cheaper post GST. It has reduced burden on household income and improved affordability. The Council also decided to refer the standing committee's recommendation to exempt GST on fertiliser and cut rates on raw materials to the GoM on rate rationalisation. Currently, GST is levied at 5 per cent on fertilisers, while its raw materials like sulphuric acid and ammonia face 18 per cent tax. Also the Tax Collected at Source (TCS) rate for e-commerce suppliers has been cut from present 1 per cent to 0.5 per cent, which will ease the financial burden on the suppliers making supplies through E-commerce platform. Besides, services provided by Indian Railways to the general public, namely, sale of platform tickets, facility of retiring rooms/waiting rooms, cloak room services and battery-operated car services as well as intra-railway transactions would be exempt from GST. GST Council has prescribed a uniform rate of 12 per cent on all milk cans meaning steel, iron, aluminum which are irrespective of the use. The Council also recommended a uniform GST rate of 12 per cent on all carton boxes and cases of both corrugated and non-corrugated paper or paper board, which in particular, help the apple growers of Himachal Pradesh and Jammu &amp; Kashmir. All types of Sprinklers, including fire water sprinklers, will attract 12 per cent GST. Solar Cookers, whether it has a single or dual energy source, too will attract a 12 per cent tax. The Council also decided that GST anti-profiteering provisions will have a sunset date of April 1, 2025. Current cases and investigations with regard to profiteering complaints will be handled by the Principal bench of GST Appellate Tribunal (GSTAT), instead of the Competition Commission of India (CCI). Also, the time limit to avail input tax credit w.r.t. any invoice or debit note through any GSTR 3B return filed up to November 30, 2021 for FY 2017-18, 2018-19, 2019-20 and 2020-21, has been fixed at November 30, 2021. Sitharaman said less than two per cent of the total 58.62 lakh taxpayers under Central GST administration has been sent tax notices and the intention of the government is to make GST assessees life easier by reducing compliance requirements. "I want to reassure the assessees that our intent is to make GST assessees life easier, we are working towards less and less compliance. On behalf of the CGST, notices are not being sent left, right and centre. Only 1.96 per cent of all active tax assessees have been sent notices from Central GST," Sitharaman said.

GST Council tweaks tax rates; Waives interest, penalty on tax dues for first 3 years of rollout

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning. Memorials are being <a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/middle-east-israel-iran-lebanon-high-alert-october-anniversary-attacks-2024-10">held across Israel today</a> to mark the one year anniversary of the October 7 terror attacks.In today's newsletter, earnings season is upon us. <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-q3-earnings-preview-investors-themes-ai-interest-rates-2024-10">Here's what to look out for</a>.What's on deck:<ul><li>Markets: The 49 fintech startups worth keeping an eye on, <a target="_blank" href="https://www.businessinsider.com/49-most-promising-fintech-startups-according-top-vc-investors-2024">according to VCs</a>.</li><li>Tech: Amazon's Prime Day kicks off tomorrow, and there are some deals on <a target="_blank" href="https://www.businessinsider.com/amazon-october-prime-day-sale-includes-unusual-holiday-items-2024-10">surprising items</a>.</li><li>Business: Activist investor Starboard has informed Pfizer it has <a target="_blank" rel="noopener" href="https://www.businessinsider.com/starboard-activist-significant-stake-in-drugmaker-pfizer-2024-10">taken a significant stake</a>.</li></ul>But first, let's double-click on that for a second.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">EBITDA for everybody</h2><div type="image" title="trader at desk" height="1500" width="3000" msid="114018838" hostid="261" sizebytes="186350"></div>It's beginning to look a lot like earnings season.The numbers are being crunched and talking points prepared as companies get ready to report their financials and discuss expectations for the final stretch of 2024.Business Insider's Matthew Fox has a rundown of the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-q3-earnings-preview-investors-themes-ai-interest-rates-2024-10">biggest themes investors are watching this earnings season</a>.This crop of earnings is particularly important. It follows the first interest-rate cut in more than four years as the economy is on the cusp of nailing its soft landing. Meanwhile, the S&amp;P 500 gained 5% in the third quarter while trading near record highs.That translates into big expectations from investors, with Wall Street analysts looking for the S&amp;P 500 to see year-over-year earnings growth of 4.6%.Luckily for us, we'll get a sense of where things are headed early on. Big banks begin reporting at the end of the week, with JPMorgan and Wells Fargo kicking things off. The sector can act as a proxy for the wider market, with its insight into the health of consumers and corporations.But the true test will come in a few weeks when Big Tech reports, offering another update on how its massive bets on AI are paying off (or not at all).<div type="image" title="Jerome Powell Photo illustration" height="600" width="1200" msid="114018843" hostid="261" sizebytes="29880"></div>We've already got one indication companies are in good shape: <a target="_blank" href="https://www.businessinsider.com/september-jobs-report-unemployment-rate-nonfarm-payroll-growth-federal-reserve-2024-10">Friday's blockbuster jobs report</a>.The US economy added 254,000 jobs in September (the consensus forecast was 147,000), and unemployment dropped to 4.1% (estimates were it would stay at 4.2%).Considering the jobs market is the top priority of the Fed now that inflation is under control, that's good news … sort of.If you were banking on another jumbo rate cut next month, <a target="_blank" href="https://www.businessinsider.com/september-jobs-report-fed-rate-cut-outlook-november-labor-market-2024-10">those hopes have been dashed</a>. (One firm thinks there's still a chance, pointing to a low response rate on the survey that <a target="_blank" href="https://www.businessinsider.com/september-jobs-payroll-report-fed-rate-cut-outlook-labor-market-2024-10">could lead to a revision down</a>.)Philipp Carlsson-Szlezak, Boston Consulting Group's global chief economist, told me he expects the Fed to stick with the standard 25-basis-point cuts.But another blowout report — 250,000 jobs added and at least 4% wage growth — could lead the Fed to reconsider its easing policy."Just wait and see how this is going. This is so strong. There's no need to cut. We need to restrain the economy a little. Let's just pull back on the pace," he said.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Elon Musk <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-donald-trump-rally-butler-pennsylvania-assassination-attempt-2024-10">speaks at Donald Trump's rally</a> in Pennsylvania.</li><li>'Trump is going to win': Latino voters explain <a target="_blank" href="https://www.businessinsider.com/texas-latinos-shifting-right-trump-harris-gop-democrats-starr-county-2024-10">why they're moving to the right</a>.</li><li>Kamala Harris' tax plan for small businesses sounds like it will cost a lot of money. <a target="_blank" href="https://www.businessinsider.com/harris-tax-deduction-plan-small-business-startup-cost-2024-10">It won't</a>.</li><li>Jamie Dimon: <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-denies-donald-trump-claim-endorse-2024-10">No, I haven't endorsed Donald Trump</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="divorced elderly couple collaged with money and scribbles" height="900" width="1200" msid="114018835" hostid="261" sizebytes="221900"></div><ol><li>A major curveball in retirement preparedness. Divorce can derail the best-laid retirement plans, particularly for baby boomers (especially older women). <a target="_blank" href="https://www.businessinsider.com/divorced-boomers-lower-retirement-savings-401ks-social-security-income-2024-10">An analysis by BI shows</a> divorcees often have lower incomes and savings than married people.</li><li>The future of fintech. More than two dozen VCs nominated <a target="_blank" rel="noopener" href="https://www.businessinsider.com/49-most-promising-fintech-startups-according-top-vc-investors-2024">49 fintechs they believe are on the rise</a>. The startups, which haven't raised beyond a Series C, are focused on everything from AI (of course) to disrupting the insurance and healthcare industries.</li><li>More bad news for Trump Media. The No. 2 executive at former President Donald Trump's social media company resigned last week, with one report alleging his exit is tied to a whistleblower complaint. That follows a major shareholder selling their stake. <a target="_blank" href="https://www.businessinsider.com/donald-trump-truth-social-resignation-whistleblower-propublica-2024-10">But don't expect shares to crater</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Shopping bags with the Amazon logo in front of an orange grid background" height="1000" width="2000" msid="114018840" hostid="261" sizebytes="82008"></div><ol><li>Amazon Prime Day may look a little different this year. In addition to the usual Prime Day gadgets, like TVs and Airpods, Amazon is dishing out deals on tents, pocket knives, and chainsaws. It's a way for Amazon to market those items, typically sold at steep end-of-season discounts, as <a target="_blank" rel="noopener" href="https://www.businessinsider.com/amazon-october-prime-day-sale-includes-unusual-holiday-items-2024-10">early holiday deals</a>.</li><li>Microsoft told customers it lost log data for key security products. According to an update viewed by BI, <a target="_blank" href="https://www.businessinsider.com/microsoft-tells-customers-it-lost-log-data-key-security-products-2024-10">a software bug caused inconsistent collection of log data</a> for several important cloud services. Affected products included Microsoft Entra and Sentinel, though there's no evidence of cyberattacks stemming from the incident.</li><li>Hard times a-falling on the influencer middle class. Marketers are turning away from the small-time creators and micro influencers in favor of big stars and celebrities, a new survey found. It's a tough draw for those with less than 500,000 followers; the survey found more and <a target="_blank" href="https://www.businessinsider.com/micro-influencer-campaigns-decline-marketers-turn-to-big-stars-2024-10">more deals are going to those with audiences of millions</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="A man sits at a bar while being surrounded by dogs." height="1000" width="2000" msid="114018845" hostid="261" sizebytes="76756"></div><ol><li>It's not just you. Dogs are everywhere. Fewer adults may be having children, but that's not the case for pet ownership. Americans are spending more time and money on their "fur babies" — and public spaces are becoming more welcome to dogs. <a target="_blank" href="https://www.businessinsider.com/rise-of-dogs-and-childless-adults-shaping-real-estate-urban-amenities-2024-10">It might be the new normal</a>.</li><li>Starboard Value has its next target: pharma giant Pfizer. The activist investor has informed Pfizer that it has <a target="_blank" rel="noopener" href="https://www.businessinsider.com/starboard-activist-significant-stake-in-drugmaker-pfizer-2024-10">taken a significant stake in the drugmaker</a>, people familiar with the matter told BI. It comes after Pfizer's stock dropped significantly since it reached record highs in 2021 during the rollout of its COVID-19 vaccine.</li><li>The great stuff transfer. Baby boomers are starting to pass their wealth to younger generations, but it doesn't end there. They're also handing down their decades-old collection of prized possessions and <a target="_blank" href="https://www.businessinsider.com/millennial-gen-x-boomer-inheritance-stuff-house-collectibles-2024-10">leaving Gen Xers, millennials, and Gen Zers to deal with the mess</a>.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>Tim Tully taught himself to code at age 6 and still codes daily. Here's how computer science <a target="_blank" href="https://www.businessinsider.com/menlo-ventures-partner-tim-tully-invests-in-generative-ai-startups-2024-10">took him from startups to AI investing at Menlo Ventures</a>.</li><li>There are 3 signs that generative AI might be reaching peak market froth — <a target="_blank" href="https://www.businessinsider.com/generative-ai-market-froth-openai-cerebras-meta-2024-10">and it's not just OpenAI</a>.</li><li>China's stimulus won't fix its economy, <a target="_blank" href="https://www.businessinsider.com/china-stimulus-wont-fix-economy-xi-jinping-isnt-done-yet-2024-10">but Beijing isn't done yet</a>.</li><li>Why so many entry-level jobs <a target="_blank" rel="noopener" href="https://www.businessinsider.com/entry-level-jobs-tech-roles-require-years-of-experience-2024-10">aren't entry-level.</a></li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Kamala Harris' "60 Minutes" interview airs on CBS at 8 p.m. EDT.</li><li>ASEAN summit continues in Vientiane, Laos.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Grace Lett, editor, in Chicago. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

Earnings season kicks off after a blowout jobs report upended investors' hopes of another interest-rate cut

<ul class="summary-list"><li>Interest in moving to Canada has spiked among Americans after the election.</li><li>Beyond the physical move, there are financial considerations that potential movers should know of.</li></ul>The result of the 2024 elections left about half of the US displeased. As Donald Trump prepared to return to the White House, many Americans began considering a move up north, according to <a target="_blank" href="https://trends.google.com/trends/explore?date=today%201-m&amp;geo=US&amp;q=moving%20to%20canada&amp;hl=en-US">Google search traffic</a> at least.Interest in <a target="_blank" class="" href="https://www.businessinsider.com/we-moved-to-canada-not-perfect-but-prefer-over-us-2024-11">moving to Canada</a> tends to spike after big political events such as the <a target="_blank" href="https://trends.google.com/trends/explore?date=2016-11-01%202016-11-30&amp;geo=US&amp;q=moving%20to%20canada&amp;hl=en-US">2016 election</a> and the <a target="_blank" href="https://trends.google.com/trends/explore?date=2022-06-01%202022-06-30&amp;geo=US&amp;q=moving%20to%20canada&amp;hl=en-US">overturning of the Roe v. Wade</a> Supreme Court ruling.This phenomenon doesn't just live on the internet, either — some US residents are seriously considering the move."Even when Trump was elected last time, a lot of people felt that they weren't as comfortable staying in the States, and so we actually did see an influx of people moving to Canada," said Tiffany Woodfield, a senior financial advisor at SWAN Wealth Management of Raymond James.Moving, especially across borders, is a big decision and shouldn't be taken lightly. While the physical act of moving is complicated enough, Woodfield points out that there are a lot of financial considerations to be aware of."I think sometimes it can be a knee-jerk reaction," Woodfield said of <a target="_blank" class="" href="https://www.businessinsider.com/we-moved-to-canada-not-perfect-but-prefer-over-us-2024-11">moving to Canada</a>. "If they don't plan ahead of time, they can fall into traps that end up costing them money."<h2 id="c4feab40-7084-4563-951b-72a890ad2b58">You need to file US and Canadian taxes</h2>US citizens residing in Canada might not realize that even on the other side of the border, they're still not free from their tax obligations to Uncle Sam.If you are a US citizen, you still need to file federal US taxes and report your worldwide income to the IRS no matter where you live. In Canada, taxes are based on your residency status, so if you spend more than 183 days of the year living in Canada, you owe the Canadian government taxes.To prevent ex-pats from getting taxed twice on their income, the US and Canada have a tax treaty that provides a foreign income tax credit for any income tax paid to the other country, Woodfield explained. That means you can offset your US tax liability with taxes already paid to Canada, but you still need to file two separate tax returns — one to Canada and one to the US — to receive a tax credit.Additionally, the promise of free healthcare in Canada might sound enticing, but that does come at the cost of higher taxes, so be aware that your Canadian tax bill will probably be higher than what you paid in the US. You also don't have the option to file joint income tax returns with your spouse in Canada, Woodfield warned.<h2 id="7d31b42f-84db-43c3-b2f8-4f871c9958bf">Some Canadian investments have complicated tax implications</h2>"As a US person living in Canada, you don't want to invest in Canadian mutual funds or Canadian ETFs," Woodfield said. That's because these investments are considered Passive Foreign Income Corporations (PFIC) by the US government.PFICs are subject to unfavorable tax treatment from the IRS. The associated tax forms are lengthy and complicated, and you may end up paying high tax rates. If you're still a US citizen, investing in a Canadian mutual fund or ETF simply isn't worth the hassle.<h2 id="0333acc5-88aa-436b-bf74-7cb1b79b71b0">Bringing your retirement plan over the border can be tricky.</h2>401(k)s are a popular way to save for retirement here in the US, but Canadian employers offer a different type of retirement plan: the Registered Retirement Savings Plan (RRSP).Once you move to Canada, you won't be able to actively manage the holdings in your 401(k), according to Woodfield. One workaround is to roll your 401(k) to an IRA and have it managed in Canada. US citizens should also be aware that, in most cases, they won't be able to contribute to their IRA once they move to Canada.Another option is to transfer your US retirement account into an RRSP. However, if you choose this step, make sure you're committed to moving to Canada permanently, as you cannot move RRSPs to IRAs, Woodfield said.You may not be able to bring your brokerage accounts over the border, either. Some people don't realize this until they update their address with their US brokerage account after moving and receive a letter informing them that they have to close out their account.<h2 id="2d468c1f-efc0-45a8-9a7c-53c03c550ff1">You'll need a new financial advisor…and a lot of time</h2>US financial advisors are prohibited by law from providing Canadian residents with financial advice, as they aren't licensed in Canada. If you want expert advice, you need to work with a dual Canada / US licensed advisor.The earlier you start preparing for your cross-border move, the better — ideally, one to two tax years before moving, Woodfield said. That way, you can plan certain taxable events ahead of time and realize the greatest amount of savings, such as liquidating mutual funds. It's also easier to sell your home while you're still in the US, Woodfield said.If you've already begun the moving process or you're already in Canada, don't panic. Woodfield has worked with plenty of people after they've already moved, but the more time you give yourself, the better.Moving across the border is no simple feat, so make sure you're confident about your choice."I've had clients that have moved, and then after the fact, they think, 'Oh, I shouldn't have done this,'" Woodfield said."It's very hard to go back, so people need to be aware of that."

Americans moving to Canada should be aware of these 4 tax and investment implications

<ul class="summary-list"><li>The "Zone of Interest" won Academy Awards for best international feature and best sound.</li><li>In his review, Axel Springer CEO Mathias Döpfner says the film is the most unusual — and best — film about the Holocaust.</li></ul>This column by Mathias Döpfner, the CEO of Business Insider's parent company, Axel Springer, <a target="_blank" href="https://www.welt.de/kultur/kino/plus245677626/Oscar-Kandidat-The-Zone-of-Interest-Der-vielleicht-beste-Film-ueber-den-Holocaust.html">originally appeared in WELT</a>, another Axel Springer publication. A translated version appears below. The views expressed are his own.My weekend in <a target="_blank" href="https://www.businessinsider.com/cannes-film-festival-daring-celebrity-outfits-2023-5">Cannes</a> was supposed to be carefree: Two days, some rosé in the spring sun on the Croisette, the awards ceremony of the film festival, which awards the globally coveted Palme d'Or.The movies were also supposed to be as cheerful as my weekend. As cheerful as the first scene of the oddly named film "The Zone of Interest" — based on the novel of the same name by Martin Amis, who died on the day of the film's premiere in Cannes. A picnic by the river. Light green leaves on the bank, silvery flickers the surface of the water. Whooping fills the air. A family outing by bike, children playing and swimming, happy parents. An early summer dream. The Höss family on summer vacation. An abyss.But that cheerful illusion did not last. The images and sounds from A24's "Zone of Interest," which has earned a little over <a target="_blank" href="https://www.boxofficemojo.com/release/rl1134854913/">$24 million at the global box office</a>, have haunted me since that weekend. It is the first film to show precisely how the <a target="_blank" href="https://www.businessinsider.com/holocaust-survivors-use-tiktok-fighting-hate-antisemitism-2023-11">Holocaust</a> was possible. It is the most unusual — and I believe best — Holocaust film made to date. And I am beginning to understand something I never understood before.Unlike most Holocaust films, Jonathan Glazer, the director of "The Zone of Interest," tells the story from the perpetrators' — and thus the murderers' — perspective. More precisely, he tells the story of Rudolf Höss, the camp commander of Auschwitz, one of the worst criminals of National Socialism.<h2>'Zone of Interest' perfectly captures a life with no love</h2><div type="image" title="A still from Zone of Interest." height="563" width="1000" msid="108405542" hostid="261"></div>Glazer's film takes place in the commandant's villa, which was modern in the '40s: right angles, sober gray plaster. The house (still) stands directly at the wall of the camp. Behind it, the incinerators are smoking nonstop. Behind the wall begins the realm of death, where more than a million people were murdered until the camp was liberated in January 1945.To make the concrete wall look less brutal and more likable, Hedwig Höss, the commander's wife, planted vines in front of it. The garden was all her pride and joy, her "paradise garden" — lovingly planted with perennials, fruit trees, flowerbeds, vegetable beds, and a square pool with a slide for the children. A perfect world, there, at home, in the villa directly at the wall of the Auschwitz main camp, part of the largest mass-extermination camp of all time. This is where Rudolf and Hedwig Höss lived since 1940 together with their growing family of five children.In another early scene from the film, it's Rudolf Höss' (Christian Friedel) birthday. His wife (Sandra Hüller) got him a rowing boat. Even this early scene contains the essence of this film. The father of the family is alienated by the emotion of the moment; he puts one of his children in the boat as if it were a photo session for the "Völkischer Beobachter." He and the whole family, uptight and ultimately loveless, pretend to be happy. Pure coldness. It is the absence of love that explains everything.The couple's bed scenes also struck me in their particularity. The Hösses sleep in one room but separately. Their slippers in front of either single bed. No sex. No love. Rudolf racking his brain before falling asleep. Hedwig so frustrated she's hysterically laughing. The absence of love as a prerequisite for mass murder.<h2>In the film, violence isn't spoken. It's whispered.</h2><div type="image" title="A still image from &quot;Zone of Interest.&quot;" height="563" width="1000" msid="108405543" hostid="261"></div>Jonathan Glazer produced this film within 50 days, re-creating the Höss home bit by bit. Ten cameras were installed in the house and remotely controlled by the director's team. This allowed the actors to move around it as if it were everyday life.One day, the "chief incinerator engineer," Kurt Prüfer, and his supervisor, Fritz Sander, from the Topf and Sons company in Erfurt, meet with Höss. They have developed a new technology for crematoria. Twenty-four-hour operation. More efficient than anything before. Höss is enthusiastic. The language is reminiscent of the Wannsee Conference. Cold. Inauthentic. Euphemistic. There are no murdered people. There is only "cargo" that is "loaded."Shortly after the meeting, the Höss family once again goes swimming in the river. The father is fishing in the water and suddenly has skeleton parts in his hand. And ashes on his skin. A mishap. Everyone quickly goes home to wash the "Jewish dirt" off.Höss occasionally orders a female camp prisoner to the office for sex. The real-life model for this scene is Höss' relationship with Nora Mattaliano-Hodys, an <a target="_blank" href="https://www.businessinsider.com/auschwitz-photos-nazi-camp-history-liberation-anniversary-2020-1">Auschwitz prisoner</a> who was impregnated by Höss, placed in solitary confinement, and forced to have an abortion. In the film, after coitus, Höss runs through bunker-like corridors to a washroom to cleanse himself of "shame." Anxiously, he rubs his genitals with the disinfected washcloth. A scene of particular disgust.The provocative thing about this film is its coldness. Sober as a scientist, Glazer observes the events in the "paradise garden" at the gateway to hell. Here, the sunflowers are blooming. There, beyond the wall, the chimneys glow.One day, Hedwig Höss' mother comes to visit. The daughter proudly shows her around the garden, explaining the plants, lamenting how hard Rudolf has to work every day, and raving about how beautiful life is here. Beaming proudly, she says, "They call me the Queen of Auschwitz."The blossoms of the flowers in the garden of the Höss family are continuously covered in the gray ash from the crematoria's chimneys. The parents and the children have gotten used to it. They don't know it any other way. At some point, the mother-in-law can't take it anymore and secretly leaves without saying goodbye.The ideal world in front of the wall to inferno is shaken only when Rudolf Höss is transferred to Berlin. Hedwig does not like this at all. She does not want to give up Auschwitz and her carefree life there. Höss manages to get his family to stay. The house is kept in good order. And Höss himself is ordered back to the camp after barely six months.<h2>'Zone of Interest' created a soundtrack of horror</h2><div type="image" title="A still from Zone of Interst." height="563" width="1000" msid="108405546" hostid="261"></div>More important than the images of the film are its sounds. Mica Levi, the composer of the film's score, has written a dystopian melody of apocalypse. The soundtrack creates a horror soundscape that depicts the apocalyptic genocidal exposure of the decent German family. The constant cry of a baby is the primary sound of the family and also the symbol of constant irritation. From beyond the wall, the screams, the barking dogs, the frightened children's voices resound. As well as the blunt, short sound of gunfire, over and over again. While Frau Höss strolls through the flower garden with her mother and smells the sun-eyed shrubs, over there — bang — another one has died.The genius of the film also lies in the fact that it never shows the horror. We know the images. While we hear the sounds of murder, they form in our imagination. More cruel than any image shown in the cinema before. The violence is repressed, marginalized, and thus made possible. "The Zone of Interest" reminds us of this like a disturbing premonition.Is there nothing good in Höss' respectable house of horror? Not inside. But outside. At night, a Polish girl steals apples and pears from the Höss garden and secretly distributes them to where the slave laborers have to work the next day. The sequences are filmed using military thermal camera technology — a jarring visual that sets the compassionate act off from the rest of the film. A desperate gesture of humanity in this atrocity. But the shooting and gassing continues. Not in pictures but in the sounds that waft over the wall.With Höss, everything continues to be cold and uncharitable. The everyday life of the "banality of evil." It is what Hannah Arendt described in her book about the Eichmann trial. "The Zone of Interest" has given this thought its cinematic expression.In the end, we spectators are too close. We begin to live in the Höss house. We start to become members of the Höss family. At the <a target="_blank" href="https://www.businessinsider.com/queens-death-hyde-park-holocaust-memorial-used-for-flowers-cards-2022-9">Holocaust Memorial Museum</a> in Washington, you get the identity card of a Jew when you enter the permanent exhibition. You take the perspective of the victims. In Glazer's film, it's the opposite. One comes disgustingly close to the role of the passive perpetrator.At the very end, only revulsion remains. Rudolf Höss runs down the stairs of a large building. And starts to vomit. He has to throw up out of disgust with himself. The scenes of his physical revulsion are intercut with modern-day images from the Auschwitz memorial, the cleaners arrive with vacuum cleaners and clean the display cases with the children's shoes. In the camp, the chimneys smoke. In the garden, the flowers are blooming.Can a film be that cold? It has to. The murderers were even colder.

It's no wonder why 'Zone of Interest' earned 2 Oscars. It showed us the Holocaust like never before.

<ul class="summary-list"><li>Indexes slipped Thursday as traders focused on remarks from Fed Chair Jerome Powell.</li><li>Powell said the Fed is in no hurry to cut rates, and reiterated the strength of the US economy.</li></ul>Indexes ended lower on Thursday, with the election rally fizzling out as traders digested remarks from Federal Reserve Chair Jerome Powell and assessed the latest inflation data. The S&amp;P 500 and Nasdaq fell more than 0.5%, while the Dow Jones Industrial Average lost over 200 points. The 10-year Treasury yield, meanwhile, remained nearly flat at 4.447%, hovering close to its highest level since July.Here's where US indexes stood at the 4:00 p.m. closing bell on Thursday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,949.17, down 0.6% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 43,750.86, down 0.47% (-207.33 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 19,107.65, down 0.64%</li></ul>The slide comes after Powell signaled the Fed is in no rush to cut interest rates while the US economy remains on solid footing. "The economy is not sending any signals that we need to be in a hurry to lower rates," Powell said during prepared remarks at an event in Dallas. "The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully."Powell added the US has had the best domestic growth of any major economy, and emphasized the strength of the labor market. He said the October jobs report's slowing job growth was largely due to storm-related damage.Powell's comments come as investors seek hints of the Fed's intended easing path after a 25 basis point cut last week. Trump's election win has sparked worries that inflation could rise again under his proposals for broad tariffs and mass deportations, which could cause the Fed to pause rate hikes, economists say.Traders expect the central bank to cut another 25 basis points at its December meeting before pausing in January, according to the CME <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">FedWatch tool</a>.Powell's comments also follow the latest inflation reading which shows wholesale prices rose 0.2% in October, according to data from the Bureau of Labor Statistics.The data was in line with expectations but showed inflation remains somewhat sticky, with a year-over-year increase of 2.4%.The core producer price index, which excludes food and energy prices, rose 0.3% in the month and 3.1% year-over-year.Meanwhile, jobless claims data on Thursday, showed weekly claims dropped to their lowest since May, falling to 217,000 last week. That marks a 4,000 decline from the week prior.Here's what else is going on:<ul><li>Investors are underestimating how deep <a target="_blank" class="" href="https://www.businessinsider.com/fed-interest-rate-cuts-outlook-2025-trump-tariff-inflation-growth-2024-11">rate cuts will be in 2025</a>, Goldman Sachs says.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/electric-vehicle-stocks-trump-end-ev-tax-credit-tesla-rivian-2024-11?_gl=1*1794use*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMTYxNjYwOS40MTAuMS4xNzMxNjE3NjM3LjIyLjAuMA..">EV makers slid</a> on report Trump wants to scrap the EV tax credit.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/disney-stock-price-3q-earnings-streaming-profit-guidance-cruise-parks-2024-11?_gl=1*6r1dtf*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMTYxNjYwOS40MTAuMS4xNzMxNjE3NjUxLjguMC4w">Disney stock surged</a> as rare three-year forecast sees strong profit growth ahead.</li><li>China's weak economy and record US production will lead to a <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/oil-outlook-supply-crude-prices-us-production-china-opec-2024-11?_gl=1*1he4945*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMTYxNjYwOS40MTAuMS4xNzMxNjE3NjcwLjYwLjAuMA..">surplus</a> of one million barrels of oil a day next year, IEA says.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures were up. <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> rose 0.3% to $68.63 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, climbed 0.3% to $72.48 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> rose fell 0.5% to $2,572 an ounce.</li><li>The 10-year Treasury was nearly flat at 4.447%.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> was down 1.4% to $87,531. </li></ul>

Stock market today: Indexes fall as Powell says the Fed is in no hurry to cut interest rates

<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

<ul class="summary-list"><li>Indexes rose Thursday to continue a post-election rally after the Fed cut interest rates.</li><li>The Fed cut rates by 25 basis points, a smaller move compared to its September meeting. </li></ul>Indexes ended higher on Thursday, extending a post-election rally after the Federal Reserve delivered a rate cut at the end of its latest policy meeting. The Nasdaq jumped 1.5% to a new record high, while the S&amp;P 500 climbed 0.8% to a new record. The Dow Jones Industrial Index was nearly flat after surging by more than 1,500 points on Wednesday. Here's where US indexes stood at the 4:00 p.m. closing bell on Thursday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,973.10, up 0.74% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 43,729.34</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 19,269.46, up 1.5%</li></ul>Major indexes gained as the Fed <a target="_blank" class="" href="https://www.businessinsider.com/federal-reserve-cuts-interest-rates-quarter-point-powell-inflation-election-2024-11">cut rates by 25 basis points</a>, which was widely expected after an initial jumbo 50 basis point cut in September.Chair Jerome Powell said the Fed will continue to be data dependent, but that it is prepared to adjust its easing pace as necessary.Though some noted after the meeting that the Fed's tone may have sounded less confident about the path of inflation, noting "progress" has been made rather than the previous wording of "further progress," analysts were unconcerned."The Committee had used this language as a threshold to start cutting, so we interpret its removal as a reflection of the fact that the cutting cycle is already underway rather than as an indication of reduced confidence in the inflation outlook," analysts from Goldman Sachs said in a Thursday note.CPI data has been slightly sticky above the Fed's 2% target, with the <a target="_blank" class="" href="https://www.businessinsider.com/inflation-september-cpi-consumer-price-index-federal-reserve-interest-rates-2024-10">latest report</a> showing inflation cooled in September but less than economists had expected.The labor market, on the other hand, appears to be a smaller source of stress for the Fed, but Powell said it's "prepared to adjust the pace and destination" of easing as the jobs data evolves."There seems to be less anxiety about the risk of rising unemployment and slowing job growth," Fitch Ratings chief economist Brian Coulton said in a Thursday note.The latest employment data, released Thursday, shows weekly jobless claims increased slightly to 221,000, a gain of 3,000 from the week before and in line with expectations.Investors seem hopeful Trump's light regulatory stance and proposals for corporate tax cuts will make for a more friendly business environment. <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-bull-rally-trump-deregulation-tax-cuts-evercore-2024-11">Evercore ISI this week predicted</a> the S&amp;P 500 to jump 11% by next summer as the rally accelerates in Trump's second term. Powell said the election outcome will have "no effect" on the Fed's policy in the near future and reiterated that the Fed does not speculate on any administration's potential impact on the economy.Here's what else is going on:<ul><li><a target="_blank" class="" href="https://www.businessinsider.com/polymarket-whale-banked-85-million-profit-trump-president-election-win-2024-11?miRedirects=1">The Polymarket "whale" made a lot more</a> than previously thought betting on Trump to win. </li><li>Stocks are entering "Crazy Town" as valuations near generational highs. </li><li>Stocks tied to Russia rally as Trump's win <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/russia-stocks-trump-win-ukraine-war-putin-zelenskyy-2024-11?_gl=1*7o1w4e*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMTAxMTE0MC4zNzguMS4xNzMxMDEzMTI1LjYwLjAuMA..">fuels hopes</a> for an end to the Ukraine war.</li><li>Trump's win created a <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/wealthiest-people-in-world-net-worth-increase-trump-victory-stocks-2024-11?_gl=1*1kcs0b*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMTAxMTE0MC4zNzguMS4xNzMxMDEzMTUyLjMzLjAuMA..">record $64 billion</a> of net worth for the world's 10 richest people.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures were up. <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> rose 0.5% to $72.06 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, climbed 0.7% to $75.42 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> rose climbed 1.4% to $2,713.80 an ounce.</li><li>The 10-year Treasury fell nine basis points to 4.335%. </li><li><a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> was up slightly to $76,505.</li></ul>

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