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<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! A 72-year-old VC investor still runs four marathons a year. He spoke to BI about <a target="_blank" href="https://www.businessinsider.com/training-tips-for-older-runners-from-72-year-old-marathoner-2024-10">how he fits the training into his busy schedule</a> as he tries to run 100 marathons before he turns 100.In today's big story, a final look at the impact a Harris or Trump presidency <a target="_blank" rel="noopener" href="https://www.businessinsider.com/election-preview-consumer-outlook-how-trump-harris-housing-taxes-2024-11">will have on your finances</a>.What's on deck:<ul><li>Markets: A survey exclusively shared with BI shows how a slice of Wall Street <a target="_blank" href="https://www.businessinsider.com/wall-street-election-predictions-professional-investor-survey-2024-11">thinks the election will go</a>.</li><li>Tech: Nvidia is replacing Intel in the <a target="_blank" rel="noopener" href="https://www.businessinsider.com/intel-struggles-qualcomm-deal-chip-industry-turmoil-2024-9">Dow Jones Industrial Average</a>.</li><li>Business: We spoke to more than 750 people about <a target="_blank" href="https://www.businessinsider.com/cant-find-job-unemployment-applications-retirement-mba-age-competition-openings-2024-11">their struggles finding a job</a>.</li></ul>But first, let's go over it one more time.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">The White House and your wallet</h2><div type="image" title="Trump and Harris." height="1743" width="2323" msid="114952573" hostid="261" sizebytes="392138"></div>On the eve of election day, we're offering a final breakdown of how both candidates might affect your wallet.Business Insider ran a <a target="_blank" href="https://www.businessinsider.com/election-preview-consumer-outlook-how-trump-harris-housing-taxes-2024-11">five-part refresher series</a> last week examining how the policies proposed by Vice President Kamala Harris and former President Donald Trump impact US consumers.With little middle ground between the two candidates, there are a wide range of implications. Let's get into it:<a target="_blank" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10">Investing</a>: The corporate tax rate is the major difference between the two sides that'll likely have the biggest impact on markets. Trump's plan to reduce the rate, which stands at 21%, is viewed by most as beneficial for corporate earnings. Harris wants to raise the corporate tax rate, which would likely have the opposite effect.<a target="_blank" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">Cost of things</a>: Both candidates are looking to keep leveraging tariffs, but Trump's policy is much more aggressive. His broad-based 10%-to-20% tariff on most imported goods will ultimately make those products more expensive, according to most economists. When it comes to grocery prices, Trump previously said he'd restrict food imports to boost local farmers. Harris wants a federal ban on price gouging, but that'd only be applicable during national emergencies.<a target="_blank" href="https://www.businessinsider.com/housing-affordability-supply-impact-presidential-election-scenarios-homebuyers-harris-trump-2024-10">Housing</a>: Harris wants to boost construction, with a goal of adding 3 million new housing units during her first term. The former president views his immigration plan — deporting millions of people from the country — as a way to address the housing shortage. Banning mortgages for immigrants living in the US illegally is another way to lower demand, according to Trump.<a target="_blank" href="https://www.businessinsider.com/tax-cut-tariff-plan-outlook-presidential-election-scenarios-harris-trump-2024-10">Taxes</a>: Trump is expected to expand on the tax cuts he established in 2017. The highest earners in the country, those in the top 0.1%, would see a tax reduction of nearly $280,000 whereas middle-income Americans would get a $1,000 break on their taxes, according to one analysis. Harris' proposals will favor lower-income earners, although she's promised to not raise taxes for anyone making below $400,000. She does support a minimum income tax for billionaires.<a target="_blank" href="https://www.businessinsider.com/childcare-costs-presidential-election-scenarios-parents-paid-leave-harris-trump-2024-10">Childcare</a>: Both candidates have discussed increasing the amount of the child tax credit, which currently provides up to $2,000 per child. Harris has also zeroed in on childcare costs, promising to cap those expenses at no more than 7% of families' income. Neither candidate has suggested funding childcare facilities or boosting hiring, which is a key issue for the industry.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Harris leads Trump by three points in a <a target="_blank" rel="noopener" href="https://www.businessinsider.com/harris-trump-iowa-polling-lead-swing-states-2024-11">new poll in GOP-leaning Iowa</a>.</li><li>TGI Friday's <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tgi-fridays-files-for-bankruptcy-2024-11">filed for Chapter 11 bankruptcy</a>.</li><li>Scoop: Gwyneth Paltrow's lifestyle brand Goop <a target="_blank" href="https://www.businessinsider.com/gwyneth-paltrow-goop-lays-off-employees-pivot-beauty-food-fashion-2024-11">conducted another round of layoffs</a>.</li><li>In an all-hands, Intel CEO addresses employee concerns about <a target="_blank" rel="noopener" href="https://www.businessinsider.com/intel-chips-act-funding-all-hands-meeting-2024-11">the US election and CHIPS Act funding</a>.</li><li>WATCH: How Elon Musk is reshaping American politics. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-reshaping-american-politics-ahead-of-2024-elections-2024-11">A conversation with Politico and BI</a>.</li><li>How a free meal cost an investor <a target="_blank" href="https://www.businessinsider.com/how-a-free-meal-cost-an-investor-his-retirement-savings-2024-10">his retirement savings</a>.</li><li>The China threat and the EV slowdown — <a target="_blank" href="https://www.businessinsider.com/auto-industry-faces-trouble-in-china-ev-slowdown-2024-11">2 takeaways from a busy few weeks in auto news</a>.</li><li>Record producer Quincy Jones has <a target="_blank" rel="noopener" href="https://www.businessinsider.com/quincy-jones-dead-obituary-2024-11">died at 91 in his home in Bel Air</a>.</li><li>The US dollar is jittery, and it's not <a target="_blank" rel="noopener" href="https://markets.businessinsider.com/news/stocks/us-dollar-presidential-election-fed-interest-rates-china-npc-stimulus-2024-11">only because of the presidential election</a>.</li><li>The Navy's top ballistic missile interceptor comes with a heavy price tag, <a target="_blank" href="https://www.businessinsider.com/us-navy-top-interceptor-missile-heavy-price-tag-low-procurement-2024-10">but the US can't afford to go to war without it</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Photo of Wall Street with American flags" height="1333" width="2000" msid="114952577" hostid="261" sizebytes="241826"></div><ol><li>These investors give the slight edge to Trump. A survey of some of SumZero's investor community, which includes small hedge funds and family offices, found 53% believe <a target="_blank" href="https://www.businessinsider.com/wall-street-election-predictions-professional-investor-survey-2024-11">Trump will win the election</a>. That follows other signals the finance world is sending that it views Trump as the favorite, including European stocks trading at a discount due to concerns over tariffs.</li><li>Interest rate cuts are back. The Fed will announce Thursday what it plans to do with rates, with <a target="_blank" href="https://www.businessinsider.com/interest-rate-cuts-federal-reserve-election-jerome-powell-inflation-jobs-2024-11">most traders expecting a 25-basis-point cut</a>. After that, there's one more chance for the Fed to cut rates in December, although JPMorgan's strategy chief said a Trump win <a target="_blank" href="https://www.businessinsider.com/trump-win-fed-pause-rate-cuts-easing-jpmorgan-david-kelly-2024-11">could give the central bank pause</a>.</li><li>Wall Street analysts are scratching their heads over Comcast's potential reorg. The company's president suggested it might spin out CNBC and MSNBC into a new firm while retaining NBC and adding a partner to its steamer. On paper the move makes sense, but analysts question how the cable networks could survive by themselves and <a target="_blank" href="https://www.businessinsider.com/comcast-cable-network-spinoff-peacock-partnership-deal-wall-street-analysis-2024-11">who would be willing to team up with Peacock</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Jensen Huang" height="3526" width="5289" msid="114952576" hostid="261" sizebytes="532426"></div><ol><li>A monumental swap. S&amp;P Dow Jones Indices announced Nvidia will replace Intel in the Dow Jones Industrial Average index, which looks to project the most relevant picture of the US economy. It shows <a target="_blank" rel="noopener" href="https://www.businessinsider.com/intel-struggles-qualcomm-deal-chip-industry-turmoil-2024-9">how far Intel has fallen from relevancy</a>, and raises questions about the future role it'll play in computing and AI. BI's Emma Cosgrove explains <a target="_blank" rel="noopener" href="https://www.businessinsider.com/why-nvidia-replacing-intel-dow-jones-industrial-average-explained-2024-11">why it's such a big deal</a>.</li><li>Everything we know about the Apple Intelligence rollout. Some of Apple's long-awaited AI features rolled out last week, including a new Siri interface and enhanced Messages. However, other features unveiled at WWDC in June won't be available until 2025. We've got <a target="_blank" href="https://www.businessinsider.com/apple-intelligence-features-rollout-timeline-iphone-16-2024-9">an estimated timeline of the rest of the releases</a>, based on what Apple experts and the company have said since WWDC.</li><li>Some Democratic political advertisers are still betting on X. Though Musk's ownership has shifted the platform's political stance, <a target="_blank" href="https://www.businessinsider.com/democratic-political-advertisers-using-elon-musk-x-twitter-2024-11">a small number of Democratic ad campaigns still see opportunity</a>. Montana Sen. Jon Tester and Texas Rep. Colin Allred are among the Democrats still hanging on tight to X.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Fish with price tags." height="3000" width="4000" msid="114952579" hostid="261" sizebytes="975922"></div><ol><li>Endless options are ruining e-commerce. The allure of online shopping was the ability to compare a variety of options from the comfort of your home. But what happens when there are literally tens of thousands of products to choose from? Information overload, choice paralysis, and <a target="_blank" href="https://www.businessinsider.com/online-shopping-ecommerce-comparison-burnout-too-many-choices-overwhelming-decision-2024-11">extremely frustrated shoppers</a>.</li><li>The great American shoplifting spree. Regular Americans are shoplifting everything from tape measures to blocks of cheese, and they don't feel particularly bad about it. Some of these opportunists view it as a way of fighting back against <a target="_blank" href="https://www.businessinsider.com/middle-class-shoplifting-retail-theft-crime-stealing-stores-2024-11">goods that are unjustly expensive</a>.</li><li>The biggest woes of finding work. BI spoke to over 750 people who have struggled to find a job, from older workers just shy of retirement to eager recent graduates. They shared what they're most frustrated with, including fake job postings, competition from AI, and the feeling of <a target="_blank" href="https://www.businessinsider.com/cant-find-job-unemployment-applications-retirement-mba-age-competition-openings-2024-11">being shut out from some careers</a>.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Fox Corp, Goodyear, Marriott, and other companies report earnings.</li><li>Boeing's unionized workers vote on a new pay offer.</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. Ella Hopkins, associate editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

Here's a final breakdown of how both presidential candidates might affect your finances 

The government has officially announced October 1, 2024, as the starting date for <keyword id="23245808" type="General" weightage="100" keywordseo="Vivad-Se-Vishwas-2-0" source="keywords">Vivad Se Vishwas 2.0</keyword>, the direct tax dispute resolution scheme. If you're involved in a tax dispute, this scheme might be your chance to resolve it efficiently. Originally introduced during the 2024-25 Union Budget, the scheme is designed to handle <keyword id="22518437" type="General" weightage="20" keywordseo="income-tax-disputes" source="keywords">income tax disputes</keyword> that are currently tied up in appeals. Confirming the news, the <keyword id="19900485" type="General" weightage="20" keywordseo="Finance-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Ministry" meta.hostid="261" meta.entityid="Finance Ministry">finance ministry</keyword> said in its notification: "The central government hereby appoints the 1st day of October, 2024 as the date on which the Direct Tax Vivad Se Vishwas Scheme, 2024 shall come into force." <h2>The scope of the disputes</h2>To give you an idea of the scale, about 2.7 crore direct tax demands are currently being contested, amounting to a staggering Rs 35 lakh crore. These disputes are scattered across various legal forums, and Vivad Se Vishwas 2.0 aims to help clear this backlog. <div type="Article" hostid="261" msid="113444994" title="In the long run, rate cut by Fed will be favourable for most US banks: Moody&amp;#39;s" mstype="2" mssubtype="0"></div>In her Budget speech, <keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> highlighted the government’s dedication to simplifying taxes and minimising litigation. She said, "The government will continue its efforts to simplify taxes, improve <keyword id="20404572" type="General" weightage="20" keywordseo="taxpayer-services" source="keywords">taxpayer services</keyword>, provide tax certainty and reduce litigation while enhancing revenues." <h2>Who can avail the scheme?</h2>If you have any pending disputes or appeals, including writs and special leave petitions, whether filed by you or the tax authorities, as of July 22, 2024, you are eligible to take advantage of this scheme. The list of eligible cases includes those pending before the Supreme Court, high courts, Income Tax Appellate Tribunal, and Commissioner/Joint Commissioner (Appeals). It also covers cases before the Dispute Resolution Panel (DRP) and revision petitions awaiting a decision from the Commissioner of Income Tax. <div type="Article" hostid="261" msid="113417255" title="Individuals earning over Rs 10 cr rise by 63% in India; financial assets of high net worth individuals to nearly double by 2028" mstype="2" mssubtype="0"></div>However, the window to decide whether or not to participate in the scheme is limited. As Karishma R. Phatarphekar, Partner at <keyword id="20006170" type="General" weightage="20" keywordseo="Deloitte-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Deloitte India" meta.hostid="261" meta.entityid="Deloitte India">Deloitte India</keyword>, said: "Given the limited time window, an informed decision on opting for the scheme should be made promptly." The rules and forms for the scheme are expected to be published "imminently in the coming week." <h2>Success of the original Vivad Se Vishwas</h2>For those who are wondering about the potential impact, the first Vivad Se Vishwas scheme, introduced in 2020, resolved a significant number of cases. More than 1 lakh taxpayers participated, and the government collected about Rs 75,000 crore in taxes. With this track record, the expectations from Vivad Se Vishwas 2.0 are high. With October 1 just around the corner, now is the time to prepare if you are considering resolving your tax dispute through Vivad Se Vishwas 2.0. As the rules and forms are expected shortly, it’s wise to consult your <keyword id="23245810" type="General" weightage="20" keywordseo="tax-advisor" source="keywords">tax advisor</keyword> and make a decision soon. This scheme could provide the relief you’ve been waiting for while contributing to a more efficient tax system for all. (With inputs from PTI)

New Vivad Se Vishwas 2.0 tax resolution scheme to start on Oct 1 — what you need to know

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Independence Day! I'm Jordan Parker Erb, filling in for Dan DeFrancesco.Former President Donald Trump seems to think President Joe Biden's campaign is over, and he can barely contain his excitement, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-barely-contain-glee-biden-campaign-implosion-2024-7">per a leaked video</a>. But Biden vowed again on Wednesday that he is <a target="_blank" rel="noopener" href="https://www.businessinsider.com/biden-crashed-call-with-staff-said-no-pushing-me-out-2024-7">not dropping out of the race</a>. It comes amid reports that White House staffers are being told to go heads down and "<a target="_blank" rel="noopener" href="https://www.businessinsider.com/joe-biden-white-house-staffers-heads-down-execute-debate-2024-7">execute, execute, execute.</a>"In observance of the US holiday, we have a shorter edition of the newsletter. We'll be back in full force tomorrow.In today's big story, we're looking at <a target="_blank" rel="noopener" href="https://www.businessinsider.com/women-dating-finance-guy-confessions-pros-cons-2024-7">why it's such a good time to be a finance bro</a>.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="0183891e-1bee-48f2-bdc5-4b3223a6542a">The big story</h3><h2 id="9cba1389-8670-4423-b141-5129ba9798b1">ISO: A man in finance</h2><div type="image" title="man in suit, Wall Street background with hearts" height="874" width="1178" msid="111494068" hostid="261" sizebytes="43662"></div>It's cool to be a finance bro — for now.Thanks to <a target="_blank" href="https://www.tiktok.com/@girl_on_couch/video/7363742421588512043?embed_source=121374463%2C121442748%2C121439635%2C121433650%2C121404359%2C121351166%2C121331973%2C120811592%2C120810756%3Bnull%3Bembed_name&amp;refer=embed&amp;referer_url=www.billboard.com%2Fbusiness%2Frecord-labels%2Fman-in-finance-tiktok-sound-creator-label-deal-1235692123%2F&amp;referer_video_id=7363742421588512043">a song in a viral TikTok video</a>, finance bros have entered a period of resurgence. If you're even remotely online, you'll recognize the lyrics: "I'm looking for a man in finance. Trust fund. 6'5. Blue eyes."The video, posted by user Megan Boni, has raked in around 54 million views since being uploaded. It's become a cultural touchstone for the summer, seemingly telling viewers it's officially acceptable to be a man in finance — and if you can date one, that's even better. (Though some women say <a target="_blank" rel="noopener" href="https://www.businessinsider.com/women-dating-finance-guy-confessions-pros-cons-2024-7">it's not all it's cracked up to be</a>, writes Business Insider's Maria Noyen.)But that wasn't always the case for Wall Streeters.Before moving to New York City, I was impervious to bankers and their various quirks. But it didn't take long to discover that finance bros were often the butt of the joke. I quickly learned to knowingly roll my eyes at the swarms of Patagonia vests in downtown Manhattan.The finance-bro revival has benefited, at least in part, from America's short-term memory. Following the 2008 financial crisis, working on the Street wasn't viewed with such high esteem. Plenty of Americans felt resentment toward financial workers, blaming them for the economy's meltdown.In the years since, attention has shifted to a new cohort: <a target="_blank" href="https://www.businessinsider.com/openai-sam-altman-new-era-tech-villian-chatgpt-safety-2024-5">tech bros</a>. They're easy to poke fun at for their meme-worthy antics (I'm looking at you, <a target="_blank" href="https://www.businessinsider.com/photos-mark-zuckerberg-surfing-with-tons-of-sunscreen-memes-2020-7">Mark Zuckerberg's sunscreen</a>).And they can also be easy to hate when employing dubious or flat-out criminal business practices. (<a target="_blank" href="https://www.businessinsider.com/theranos-founder-ceo-elizabeth-holmes-life-story-bio-2018-4">Elizabeth Holmes' Theranos</a> and <a target="_blank" href="https://www.businessinsider.com/sam-bankman-fried-sentenced-prison-ftx-alameda-research-2024-3">Sam Bankman-Fried's FTX</a> are recent examples.)So finance bros may be enjoying a moment in the cultural sunshine — but it likely won't last forever.<h2 id="f0c94eee-2726-469e-9d0c-3f41bde00c30">In other news</h2><ul><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/voters-world-elections-against-ruling-parties-analysis-2024-7">Forget right or left. Voters are sick of whoever's in charge</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/biden-and-democrats-cant-decide-blame-for-disastrous-debate-2024-7">Biden and the Democrats can't decide what to blame the disastrous debate on</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/study-ozempic-linked-to-rare-cases-of-blindness-2024-7">Patients on Ozempic are developing a rare form of sudden blindness, doctors say</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/kevin-costner-horizon-box-office-numbers-break-even-2024-7">Kevin Costner's self-financed movie was a box-office flop. Experts say he's 'going to lose a lot of money.'</a></li><li><a target="_blank" href="https://www.businessinsider.com/piece-of-evidence-can-now-scuttle-trump-hush-money-conviction-2024-7">Just 1 piece of evidence could scuttle Trump's hush-money conviction and force a time-sucking retrial</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/iphone-apple-new-battery-life-how-long-improvement-why-2024-7">Hey, Apple! We want much more battery life in the new iPhone 16</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/democratic-megadonor-biden-misplaced-trust-cabal-of-aides-2024-7">An influential Democratic donor says Biden has 'misplaced trust' in a 'cabal' of 3 top aides</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/saks-neiman-marcus-tie-up-with-amazon-fend-off-lvmh-2024-7">Two luxury rivals are joining forces — and Amazon is getting in on the action</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/biden-debate-prep-started-at-11-and-included-afternoon-nap-2024-7">An 11 a.m. start time and an afternoon nap: Report reveals Biden's debate prep schedule</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/vintage-photos-coney-island-fourth-of-july">Vintage photos show what Coney Island's 4th of July celebrations used to look like</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/review-popular-chef-best-coleslaw-recipe-photos">I tried coleslaw recipes from Guy Fieri, Ina Garten, and Sunny Anderson, and the best one called for raisins and apples</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/hawk-tuah-girl-viral-fame-meme-plans-merch-hailey-welch-2024-7">'Hawk Tuah Girl' has our attention. Next, she would like our money</a>.</li></ul><h2 id="b11d3064-9709-4991-8d21-b57fe434eb94">What's happening today</h2><ul><li>The UK general election will be held. The Conservatives led by Rishi Sunak — who called the election amid a downpour in May — face an uphill battle to defend their seats.</li><li>Nathan's Fourth of July Hot Dog Eating Contest will go on without its longtime star, Joey Chestnut. Chestnut <a target="_blank" href="https://www.businessinsider.com/nathans-eating-contest-joey-chestnut-plant-based-hot-dogs-2024-6">was barred from competing due to a sponsor conflict</a>.</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. Amanda Yen, fellow, in New York.

It's cool to be a finance bro — for now

The <keyword id="20449324" type="General" weightage="20" keywordseo="Finance-Bill" source="keywords">Finance Bill</keyword> 2024 was passed by <keyword id="19895394" type="General" weightage="20" keywordseo="Lok-Sabha" source="keywords" meta.keywordsubtype="org" meta.entityname="Lok Sabha" meta.hostid="261" meta.entityid="Lok Sabha">Lok Sabha</keyword> on Wednesday evening, with a few amendments moved by the government. Replying to the debate, Finance Minister Nirmala Sitharman said the approach of the government has been to bring greater simplification of <keyword id="19987671" type="General" weightage="20" keywordseo="tax" source="keywords">tax</keyword> laws and procedures and enable growth and employment in the country. She responded to points made by members. The Finance Minister clarified that in real estate, the roll over provisions have not been withdrawn and are applicable. She said if the capital gain in a property transaction is invested in buying another one or two properties up to a maximum value of Rs 10 crore, no capital gain tax is required to be paid on such profits. <keyword id="20619608" type="General" weightage="20" keywordseo="capital-gains" source="keywords">Capital gains</keyword> can also still be invested in bonds which are notified under Section 54 of the Income Tax Act up to a maximum of Rs 50 lakh annually and save on taxes. To give relief on budget proposals, Sitharaman also moved an amendment in the Finance Bill on the changes in the capital gains tax on <keyword id="20412285" type="General" weightage="20" keywordseo="property-transactions" source="keywords">property transactions</keyword>. The amendment implies that taxpayers can avail either a lower tax of 12.5% without indexation or a rate of 20% with indexation, if the property is acquired prior to July 23, 2024, the day union budget was presented in the Lok Sabha. Sitharaman clarified that taxpayers can compute taxes under both provisions and choose to pay tax under the scheme where lower tax is applied. Effectively, July 23, 2024, is now set as the cut-off date for the calculation of the capital gains versus the earlier cut-off of 2001. Sitharaman said she has proposed these amendments as some members have raised hypothetical calculation to prove that under new provisions taxpayers will have to pay higher taxes. The new tax proposals on capital gains tax was brought in to bring in parity among different asset classes like equities, mutual funds and real estate. In the Finance Bill introduced on July 23, the Finance Minister had proposed a flat long term capital gains tax of 12.5% with no <keyword id="943856" type="General" weightage="100" keywordseo="indexation-benefit" source="Orion">indexation benefit</keyword>s, prior to it property transactions used to be taxed at 20% with indexation benefit. The minister also clarified that the grandfathering proposal will be allowed only for individual and Hindu Undivided Family (HUF) taxpayers and not for companies and Non Resident Individuals. They have to pay flat 12.5% LTCG tax without indexation. The proposed amendment will apply not only on real estate transactions, but also on unlisted equity transactions, which are done before July 23, 2024. All such transactions will be taxed at 10% long term capital gains instead of FY24-25 budget provision of 12.5% tax. With the opposition members demanding removal of <keyword id="19951327" type="General" weightage="20" keywordseo="GST" source="keywords">GST</keyword> on health insurance, Sitharaman said tax was there on medical insurance even before GST was introduced. "There was already a Service Tax on medical insurance, before the GST was introduced. This is not a new tax, it was already there in all the states. Those protesting here, did they discuss regarding the removal of this tax in their states? Did they write to the Finance Ministers of their respective states about it and asked them to raise it in the GST Council where states have 2/3rd part? No, but they are protesting here. This is their double standards, this is their drama," she said. "Wrongful protests have happened recently, and comments have been passed on the basis of a news report which suggested that the 'Centre has pocketed Rs. 24,529 crores of health insurance premiums alone'. This is incorrect and highly misleading. The GST rate of 18% on health insurance comprises of 9% CGST and 9% SGST. Thus, of the total collections of Rs 24,529 crores from health insurance in the last 3 years, Half of it, Rs. 12,264 crores, went straight to the states as SGST. It doesn't even come to the Centre," she added. The minister said that apart from this, roughly 41%of the Centre's share of GST collection on health insurance is devolved back to the states again, as part of Tax Devolution as per the Finance Commission's formula. Sitharaman said the new income tax regime is simpler and offers lower income tax rates for individuals. "It gives flexibility to the taxpayer to see where he wants to put his money in the absence of exemptions which is available in the old income tax regime. The old regime has not been dissolved and is still an alternative to the new tax regime. It still offers benefits of various deductions such as interest on home loan, etc. Individuals without business income can choose between regimes once and can revert back too. Hence, a choice has been provided to assesse," she said. For the previous Assessment Year 2023-24 till December 31, 2023, about 3.8% of taxpayers opted for the new tax regime, which equates to 30.93 lakh individuals, from a total of 7.98 crore ITRs filed in the categories of ITR-1 to ITR-4, she said. "However, for the Assessment Year 2024-25 until July 31, 2024, there was a dramatic increase in adoption of the new regime, with approximately 72.8% of taxpayers choosing the new tax regime. This represents about 5.25 crore individuals, out of a total of 7.22 crore ITRs filed in the same category." Sitharaman said this shows a substantial shift in taxpayer preference towards the new tax regime, over the span of just one year. "Taxpayers opting for the new regime does not mean savings and investments are not happening in the economy by the middle-class. Due to growth in fintech, better awareness, and ease of investment due to UPI, e-KYC, progressive regulations, investments in mutual funds have increased tremendously. On an average, 17.88 lakh new folios have been added every month in the last 5 years since June 2019. The number of unique mutual fund investors has grown from under 1 crore in 2014 to about 4 crore today," she added. The Finance (No.2) Bill, 2024 was passed after amendments moved by opposition were negatived. Sitharaman said the vision of Prime Minister Narendra Modi has been to establish a simple, efficient and fair technology-driven taxation regime in the country. "So, simplification and ease of compliance for the taxpayer has been the primary objective. In the last 10 years, and this year, in the third term of PM Modi, the approach to taxation has been to simplify it, reduce the burden on taxpayer and make sure it is transparent and equitable," she said. "This year also, our approach has been that we bring in greater simplification of tax laws and procedures, and that we enable growth and employment in this country," she added. Sitharaman presented the Union Budget in Parliament on July 23. This is the first full budget of the NDA government led by PM Modi. The BJP-led alliance won a third successive term earlier this year. The Lok Sabha took up discussion on the Finance Bill after the Appropriation Bill for the central government's expenditure for 2024-25 was passed by the House on Monday. The Finance Bill will now be discussed by Rajya Sabha. The passage of bill will complete the budget process.

Lok Sabha passes Finance Bill, provision on LTCG tax on property transactions amended

<ul class="summary-list"><li>Kevin O'Leary says couples shouldn't combine their finances.</li><li>Maintaining a financial identity is vital in case of break up or death, the "Shark Tank" star says.</li></ul>When two people couple up, they're <a target="_blank" class="" href="https://www.businessinsider.com/married-couple-combine-finances-improve-marriage-money-2024-3">often tempted</a> to combine their finances too, as it seems simpler and signals they're both committed.But if they break up, joint accounts can be a <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/reasons-not-combining-finances-marriage-2020-10">knotty mess to untangle</a> and might leave them high and dry in the credit-driven US economy, Kevin O'Leary says."What I tell everybody to do in a relationship is have your own account, your own credit card, <a target="_blank" class="" href="https://www.businessinsider.com/separate-finances-marriage-success-2024-9">never merge your finances</a> together," the "Shark Tank" star said in a Fox News clip posted to his Instagram on Wednesday."After you get divorced, if you have been merged in with your significant other, you're a nobody in our system," O'Leary continued. "You have to have your own credit track record. Don't let emotions get in the way of that."I don't care how in love you are; you keep your account to yourself."O'Leary pointed out that financial problems are a leading cause of divorce. If two people <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/combine-finances-marriage-couple-pros-and-cons-2020-8">pool their money</a>, and one has a spending or gambling problem, the fallout can be painful. In a worst-case scenario, one party might steal from the other.The O'Leary Ventures chairman, whose nickname is "Mr. Wonderful," offered similar advice during a Fox Business interview in March.He said that "even if you have a long-term situation and anything would <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/joint-bank-account-rules-on-death">happen to your spouse</a> … if you don't have your own financial identity, you're in the wilderness in America."You must have a credit rating, and a financial identity, and an account, and your own investment accounts just for survival."O'Leary added that when people tell him they've merged their accounts, he responds: "What are you, nuts?""I forbid it in my own family," he continued. "I force <a target="_blank" class="" href="https://www.businessinsider.com/marriage-financial-experts-prenup-agreement-money-wedding-engagement-2023-9">prenups</a>. I force <a target="_blank" class="" href="https://www.businessinsider.com/unmarried-couples-buying-house-lawyer-advice-split-2023-9">cohabitation agreements</a>. I want financial due diligence on significant others because I'm a realist — I deal in the real world."The veteran investor recommended having a <a target="_blank" class="" href="https://www.businessinsider.com/estate-planning-lawyer-on-topics-couples-should-discuss-before-kids-2022-5">frank discussion about personal finances</a> as early as the third date, over the second glass of wine. Knowing if your potential life partner is in debt, or if they or anyone in their family has filed for bankruptcy, is vital information in his view."Before you even have your first child, you have a baby — it's called money," he quipped. "It's sitting right there at the table with you every day," he continued, joking that it "looks up at you smiling" if your finances are sound but cries if you're broke.O'Leary's <a target="_blank" class="" href="https://www.businessinsider.com/shark-tank-kevin-oleary-family-business-loans-relatives-debt-personalfinance-2024-9">advice</a> feels especially pertinent at a time when many people are struggling to afford basics like food, fuel, and housing after a historic inflation spike and surge in interest rates. They might be looking to split their rent or car payment with a partner, but if O'Leary's right, they should stop short of meshing their financial lives together.

'Shark Tank' star Kevin O'Leary warns couples not to combine finances: 'I don't care how in love you are'

<ul class="summary-list"><li>Some baby boomers are gifting wealth early to help their children buy homes and build families.</li><li>Financial planners said boomers need to ensure their own personal financial stability first.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/boomers-not-waiting-pass-inheritance-wealth-transfer-millennials-need-it-2024-7">Baby boomers</a> are expected to pass down trillions of dollars of assets in the coming decades, but not all of them want to wait until after they die to do it.So, how do you know if you're in a position to be able to start passing down your wealth?Several boomers previously told Business Insider that they've been <a target="_blank" class="" href="https://www.businessinsider.com/boomer-dad-explains-why-gifts-genx-millennial-kids-early-inheritance-2024-7">gifting cash to their adult kids</a> well before they expect to die, as they believe the money is most useful now when they are building families and buying homes.Financial planners say it can be a good idea to <a target="_blank" class="" href="https://www.businessinsider.com/kansas-dad-gave-daughter-money-wedding-bought-home-down-payment-2024-6">pass down wealth</a> early if — and only if — you are in a financial position to be able to do it and still ensure your needs are met."I love parents that have these big hearts for their children, but they also have to be smart in making decisions for the children," Michelle Griffith, a senior wealth advisor at Citi Personal Wealth Management, told BI.Griffith said there are several reasons someone may want to transfer their wealth early. For the very wealthy, that may be to avoid a <a target="_blank" class="" href="https://www.businessinsider.com/estate-tax-homes-real-estate-wealthy-trusts-2023-5">large estate tax</a>. But even <a target="_blank" class="" href="https://www.businessinsider.com/millionaire-age-millennials-inheriting-wealth-older-boomers-living-longer-2024-6">average baby boomers</a>, who have a net worth of around $1 million, are getting in on early wealth transfers."They want to share, and they want to witness wealth transfer while they're alive and healthy," she said, adding that the main reason her clients want to share their wealth with their kids is "just because it makes them happy."Griffith said <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/financial-plan">financial planning</a> is especially important for parents who are thinking about sharing their wealth. In part, that's because many parents have a hard time saying "no" if their child needs help, so it's best to work gifting into your financial plan from the start.<h2 id="2f0d9dca-58ef-47e4-9e1b-337bcfcd9dff">Do your finances pass a 'stress test'?</h2>Griffith said the first thing someone should do before transferring wealth is to look at their retirement resources and do something she calls a "stress test.""A stress test is taking a look at the portfolio and modeling it in volatile markets, looking at the impact and actually the end results of their normal distribution to meet their needs," she said. "Then adding in what I consider to be a goal distribution, something that is not paramount to living, but something that they really, really want to do."That includes considering what the portfolio might look like when the markets are most volatile and declining."If the portfolio can survive that and you still see that there are positive results at end of life, well now we can start to model in some type of a reasonable schedule to share some of the wealth," she said.With this strategy, Griffith said a parent can back into the number that they feel they are able to give to their kids. Although a parent might want to do the full tax-free gift amount ($18,000 for one person in 2024, $36,000 for a couple), that might not be the right amount based on the resources they have when accounting for potential downturns."Stress testing the portfolio is a way for them to make an informed decision," she said, "not just with the heart, but also using the head so that they're also smart with it."Griffith said a wealth advisor can help complete a stress test using specific software that looks at various simulations of what could happen to a person's finances. For baby boomers who have a relationship with Citi and are in the <a target="_blank" class="" href="https://fortune.com/recommends/investing/baby-boomers-average-net-worth/">average net worth range</a> for their generation, around $970,000 to $1.2 million in 2019, she said financial planning is provided without extra cost.One thing Griffith emphasized that is key for people to think about before gifting their wealth is end-of-life care. <a target="_blank" class="" href="https://www.businessinsider.com/nursing-home-private-room-monthly-median-price-by-state-2019-3">Nursing homes and assisted living facilities</a> can easily cost $100,000 per year. As people are living longer than ever, some baby boomers could find themselves living in a care facility for not just for three or four years but up to a decade or more."That is one way to really start to deplete a portfolio," she said, adding that when stress testing, it's also important to model in what happens if someone's health declines and they need long-term care.Griffith said some of her favorite meetings with her clients are when someone comes in and says I want to gift this amount to my kids, or I want to help my kid make this large purchase."They're excited to do it and so am I to be able to help," she said. "But again, we want to make sure that it's a smart choice, it's an affordable choice, and not just in the time period that they're asking. You got to look beyond that as well."Have a news tip or a story to share about passing down wealth? Contact this reporter at <a target="_blank" href="mailto:kvlamis@businessinsider.com">kvlamis@businessinsider.com</a>.

Boomers who want to transfer wealth to their adult kids should make sure their finances can pass a stress test

<ul class="summary-list"><li>Several stories in the news this week shine a light on mothers in the workforce.</li><li>Women with kids under 5 are participating in the workforce at much higher rates than their peers.</li></ul>For working mothers, it can sometimes feel like even when there's good news, there's also bad news.Just this week, several stories drove home some of the things that parents and working women already have sensed.First, some good news: Business Insider reported this week that women are the group of workers that are most successfully getting hired for high-paying jobs. My colleague Emily McCrary-Ruiz-Esparza looked at data from a recruiting software firm with 50 million applications:<h2 id="a8da6f52-64cb-46b9-a800-b79a1c7f1ae9"><a target="_blank" href="https://www.businessinsider.com/hiring-slump-professional-white-collar-jobs-women-winning-2024-5">The white-collar recession means there are fewer $100K jobs — and women are landing them more often than men</a> — Business Insider</h2>She found that for jobs that paid over $100,000, women were a minority of applicants. But women actually landed those jobs more often than men. She found a likely reason:Basically, women are better at judging whether they have a chance of getting hired at a high-paying job, so when they do actually apply, they're more likely to score it.Of course, not all women are also parents, and only a portion of women (or anyone) in the workforce is getting those high-paying jobs. But it's a good signal for working moms.And there's another positive story: Part-time work is booming more than ever. According to Bloomberg, more people are employed part-time or with flexible hours than ever before, and a lot of that rise is coming from working mothers.<h2 id="937f4c1a-24dc-4790-a047-33d205e7b57a"><a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-16/women-benefit-from-record-us-part-time-work-and-remote-flexible-options">Mothers reap benefits of record part-time workforce boom in US</a> — Bloomberg</h2>Bloomberg reports:Overall, the workforce's share of women — both parents and not — has increased since 2015.One thing that stuck out to me was a chart in the Bloomberg article showing the percentage of women who are working in different groups: those with no children, teenage children, kids aged 5-12, and kids under 5.The chart shows that since 2015, the percentage of women working across all those groups has gone up in the last 10 years. But the biggest change was for the group of women with kids under age 5. In 2015, about 64% of moms of babies and toddlers worked — in 2024 it was up to 70%.The biggest change in that chart happened in 2020 when remote work started to become more popular. Another way to look at that is that remote work has the biggest benefit to moms of kids under 5.Age 5 is indeed a huge turning point for a parent — that's when kids typically start kindergarten, usually at their free local public school. Suddenly, the decision and ability to work outside the home (even if remotely) is radically changed.Free public kindergarten also can mean a radical change in the family finances — especially if they were bogged down with paying for day care or a nanny for the last five years. I wrote about this recently:<h2 id="11f876c3-99b3-4af2-a34c-081585b7b2d6"><a target="_blank" href="https://www.businessinsider.com/parents-paying-preschool-childcare-costs-new-term-dinks-dips-henry-2024-2">Meet the DIPS parents: Double Income, Public School. They've got it better than the POLKs, or Parents of Little Kids.</a> — Business Insider</h2>On that note, here's the real bad news. This week, it was reported that for the first time, childcare for two kids costs more than rent in all 50 states and more than the average mortgage in 45 states.<h2 id="f554e923-ae4a-4bd3-b417-fc50345cd069"><a target="_blank" href="https://www.marketwatch.com/story/child-care-is-now-more-expensive-than-rent-in-all-50-states-there-is-no-escaping-it-8f70b296">Childcare costs more than a mortgage payment or rent almost everywhere in the US: 'There is no escaping it'</a> — MarketWatch</h2>You don't have to be a genius economist to know that when childcare costs are sky-high, many women will drop out of the workforce.For many families, the math just doesn't math to have two working parents.But it's also more complicated. I really was interested in this article this week:<h2 id="627c0aa7-1f14-4d16-861d-4e23d4e1a7a5"><a target="_blank" href="https://www.vox.com/2024/5/14/24155209/child-care-cliff-daycare-moms-mothers-labor">The childcare cliff that wasn't</a> — Vox</h2>You may recall that last summer, there was a threat of a "childcare cliff" — federal subsidies during Covid that helped carry childcare centers through the pandemic had ended, and there was a fear that thousands of childcare centers could close. Some lawmakers urged more federal funding.The federal funding didn't happen. The "Build Back Better" bill passed without provisions for childcare and paid parental leave.And yet … that cliff didn't really happen. In fact, as we saw above, instead of a crash of mothers dropping out of the workforce, the percentage of working mothers actually went up. This is largely because of a stronger labor market and economy. But, as Vox's Rachel M. Cohen wrote: "The lesson to take from all of this is not that people should stop advocating for policies that would improve the lives of parents, kids, and those who care for children."If you're a mother of young children, all this probably feels like something you've already sort of noticed or experienced in your own life or among your friends. Childcare is expensive. Working is hard. Your TikTok feed is full of <a target="_blank" href="https://www.businessinsider.com/trad-wives-have-exploded-in-popularity-since-roe-v-wade-2024-2">tradwives</a>. <a target="_blank" href="https://www.businessinsider.com/millennials-say-boomer-parents-abandoned-them-2023-11">The grandparents aren't available to babysit</a> like you hoped they would.So maybe, yes, it is harder being a millennial mom than any other generation. (And yes, if you're Gen X or older, I know you'll scoff at that.)<h2 id="1d7babd8-3abc-4476-a62e-e6e0de464b6c"><a target="_blank" href="https://www.nytimes.com/2024/05/11/style/millennial-mom-midlife-crisis.html">Being a mother is hard work. Is it actually harder on millennial moms?</a> — The New York Times</h2>Reading these articles this week reminded me that everything about parenting is a bit of a paradox — "the days are long and the years are short," they say about kids. It's that same mix for the state of working moms — not all good, but not all bad.

For working moms, it's some good news and some bad news

<ul class="summary-list"><li>Kamala Harris triggered Donald Trump's rage during their debate.</li><li>Her tactics were not subtle, but they were brutally effective.</li></ul>Former President <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-trolled-donald-trump-about-rally-crowd-size-2024-9">Donald Trump</a>'s advisors and allies scripted his playbook to attack Vice President Kamala Harris during the debate. It didn't take long for him to rip up their plans.<a target="_blank" class="" href="https://www.businessinsider.com/trump-harris-debate-strategy-close-election-response-matters-2024-9">Going into the debate,</a> polls showed that voters trusted Trump more on immigration and the economy. They advised focusing on those issues and voters' anger over high prices. Instead, he reminded many Americans of why they turned against him in the first place.At times, it was hard to separate his responses from the bizarre, angry musings that he posts on Truth Social, his social media platform. At one point, Trump even brought up a debunked racist conspiracy theory that Haitian migrants are eating people's pets — a claim so online that it's likely few Americans even knew they had a dog in the fight."First, let me respond as to the rallies, she said, people start leaving, people don't go to her rallies, there's no reason to go," Trump said before adding, "We have the biggest rallies in the history of politics."The topic at hand was immigration.Neither candidate could afford to flub this moment. Harris built a small national lead over the summer, but her momentum appears to have stalled. Polls are even closer in the smaller number of swing states that will decide the election, including in Pennsylvania, where the debate was held.Harris <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-trolled-donald-trump-about-rally-crowd-size-2024-9">baited</a> Trump, starting by distracting Trump from talking about his favorite issue of immigration by getting him stewing about crowd size. By the end of the night, a furious Trump had quadrupled down on the false claim he won the 2020 election, spouted the bizarre conspiracy that migrants are eating cats in Ohio, and complained about his own former administration officials who have written tell-all books."When somebody does a bad job, I fire them, you take a guy like Esper, he was no good I fired him, so he writes a book," Trump said of one of his defense secretaries Mark Esper. "Another one writes a book, because with me they can write a book with nobody else can they."The vice president's trolling tactics were not subtle. Harris talked about how the Wharton School of Finance, Trump's beloved alma mater, has published research questioning his economic plans. She combined a big tent appeal to Republicans by bringing up that Dick and Liz Cheney have endorsed her, the latter long an object of Trump's ire."Donald Trump was fired by 81 million people," Harris said, connecting the line that made Trump a reality TV star to the 2020 election results. "Let's be clear about that and clearly he is having a very difficult time processing that."Harris wasn't the only one who got Trump going. He clearly seemed annoyed at the ABC News debate moderators who repeatedly interrupted the debate to fact-check his false claims. At one point, Trump interrupted moderator David Muir when he correctly pointed out that judges rejected over 60 cases that brought various claims about fraud in the 2020 election. Trump even dismissed Muir's fact checking of the claim migrants are eating pets."Well, I've seen people on television," Trump responded. "People on television say my dog was taken and used for food."Trump's team echoed those claims online, arguing that the former president had to take on Harris, Muir, and co-moderator Linsey Davis."3 on 1, just as expected," Jason Miller, a Trump advisor, wrote on X.Both candidates have pushed for another debate, but thus far, they have yet to agree on one. If Harris and Trump meet again, it will be after Americans begin voting. Absentee ballots will soon be sent out in North Carolina while Pennsylvania will kick off early voting on September 16.

Trump's rage was on full display during the debate. And that's great news for Kamala Harris. 

<ul class="summary-list"><li>The US will see construction completed on a record number of apartments this year.</li><li>More supply will temper price increases for both apartments and houses, experts say.</li></ul>2024 is the year of the apartment.The US will see construction on a record number of apartments completed this year. The tally will be 518,108 rental units, up 9% from last year and 30% from 2022, according to a recent report from <a target="_blank" href="https://www.rentcafe.com/blog/rental-market/market-snapshots/new-apartment-construction/">RentCafe</a>.Such an influx of supply will moderate rent-price increases that are already slowing, and experts say it will likely offer buyers some relief on home prices as well."Supply is good no matter what form it takes. Be it single family or multifamily, additional supply is very good and tends to moderate both home prices and rents," Laurie Goodman, founder of the Housing Finance Policy Center at the Urban Institute, told Business Insider.It's a classic supply-and-demand equation: The more apartments are available, the less rent can be charged. That, in turn, increases the relative appeal of apartments, which can come at the expense of homebuying and push housing prices lower."People look at continuing to rent versus buying, and say, 'Well, wait a second. Renting is awfully attractive. I'm going to hold off on that purchase,' which softens demand on the purchase side," Goodman said.<h2 id="b49fb061-f0cd-49ee-879e-cad38684d9bb">America's apartment hotspots</h2>The record apartment supply in 2024 is being driven to an outsize degree by the Sun Belt region, where metros like Dallas and Austin saw a huge population influx in the last few years.Adding to the appeal is the fact that it's easier to build and get permits in the Sun Belt, relative to more densely populated places like New York, said Chen Zhao, who heads the economics team at Redfin.Dallas and Austin in particular are seeing record apartment supply amid increased demand, ranking second and third for new-apartment construction this year, trailing only New York. Combined, the two metros make up 10% of new apartments coming to market nationwide.They're now seeing rent prices fall, or at least remain stagnant as the rest of the nation lags behind. In Austin, the median rent price fell 8.4% year-over-year this month, according to <a target="_blank" href="https://www.zillow.com/rental-manager/market-trends/austin-tx/">Zillow data</a>.<h2 id="d43c1c48-4c1b-4f46-b5a2-7348de4265f5">Temporary relief</h2>But the lower prices won't last for long. Zhao says that as builders saw the surge in construction in places like the Sun Belt region, they realized prices were on an unsustainable ascent, so they pulled back on new permits and construction starts.That means the market will eventually balance itself in the next few years, which will lead rent prices to once again rise, she said."There will be place-to-place, local variation, but nationally it's probably going to stay pretty flat. But after that, you know, builders have really started to pull back, so you will see a lot less supply coming on the market, and you will see more pressure on rent prices again," Zhao said.A <a target="_blank" href="https://www.jchs.harvard.edu/sites/default/files/reports/files/Harvard_JCHS_The_State_of_the_Nations_Housing_2024.pdf">Harvard study</a> reiterates that point, and suggests tough economy in the future for multifamily development."Subdued rent growth will not last long," the researchers wrote. "New construction starts are dropping rapidly, and financial conditions are increasingly impeding multifamily development projects."

A record number of apartments are getting built this year. That's great news for real estate affordability.

<ul class="summary-list"><li>Airbnb expects a slowdown in growth next quarter and weakening US demand.</li><li>Shorter booking lead times and regulations in California impacted bookings, Airbnb's CFO said.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/millennial-subsidy-uber-airbnb-prices-surge-pricing-dynamic-2024-8">Airbnb</a> is the latest to deliver bad news about the US consumer in its latest earnings report on Tuesday.The company said it expects a "sequential moderation" in nights and experiences booked next quarter, with weakening demand from US customers as people book trips closer to travel dates rather than in advance."Latin America and Asia Pacific continue to be our fastest-growing regions," the report said. "However, we are seeing shorter booking lead times globally and some signs of slowing demand from US guests."Airbnb's chief financial officer, Ellie Mertz, attributed some of the shorter lead times to varying factors that could impact the booking timeframe, like the new COVID variant or war in Israel.In North America specifically, the CFO said there are a "handful of components" to the slowdown, also including shorter lead times. Mertz added that shorter lead times don't mean that people aren't booking trips — it just means they haven't booked them yet.The shift in lead times has also led some people to book shorter-term rentals, although people have continued to book larger and more expensive listings, the CFO said.Mertz also mentioned that the US has had some regulatory obstacles, especially in California, where the total price display and cancellation grace period went into effect on July 1. California's "Honest Pricing Law" <a target="_blank" class="" href="https://oag.ca.gov/hiddenfees#:~:text=Beginning%20July%201%2C%202024%2C%20the,government%20taxes%20and%20shipping%20costs.">makes it illegal</a> for businesses to list a price for a good or service without including "all required fees" aside from "certain government taxes and shipping costs.""We think that's been a little bit of a headwind to our California business," Mertz said, adding that the California bill includes both guests residing and traveling in the state.The news comes hot on the heels of lower-than-expected Azure revenue from Microsoft and <a target="_blank" class="" href="https://www.businessinsider.com/amazon-prices-rising-shoppers-cautious-economy-outlook-earnings-2024-8">missed sales from Amazon</a>. <a target="_blank" rel="" class="" href="https://www.businessinsider.com/amazon">Amazon's</a> finance chief attributed the slowdown to consumers being distracted by political events and the Olympics. He also mentioned that consumers were "cautious" and "looking for deals."Airbnb's results also come after a more sluggish US jobs report released Friday, triggering recession concerns. US Stocks dropped after the report in a dramatic three day decline, although they showed <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-today-selloff-economy-labor-market-fed-interest-rates-2024-8">some signs of a rebound on Tuesday</a>.Airbnb did not immediately respond to a request for comment from Business Insider.

Airbnb just dropped more bad news about the US consumer 

<a href="https://www.businessinsider.com/top-wall-street-executives-and-rising-stars-investing-trading-dealmaking-2023"></a><ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Halfway there! After spending three days in an upturned boat at the bottom of the ocean, you'd think Harrison Okene would steer clear of the water. Instead, <a href="https://www.insider.com/man-who-capsized-boat-spent-3-days-air-bubble-diver-2023-9" target="_blank" rel="noopener">he became a diver making underwater repairs</a> on oil and gas facilities.In today's big story, we're unveiling our annual list of the <a href="https://www.businessinsider.com/top-wall-street-executives-and-rising-stars-investing-trading-dealmaking-2023" target="_blank" rel="noopener">rising stars of Wall Street</a>.What's on deck: <ul><li>Markets: These stocks are <a href="https://markets.businessinsider.com/news/stocks/investing-stocks-to-buy-interest-rates-bond-yields-goldman-sachs-2023-9" target="_blank" rel="noopener">positioned to perform</a> even as rates stay high.</li><li>Tech: An Amazon exec told employees the <a href="https://www.businessinsider.com/amazon-svp-full-return-to-office-could-take-3-years-2023-9" target="_blank" rel="noopener">tech giant's RTO plans</a> could take up to three years.</li><li>Business: Trump's "<a href="https://www.businessinsider.com/trump-fraud-ruling-corporate-death-penalty-for-his-empire-experts-2023-9" target="_blank" rel="noopener">corporate death penalty</a>" explained.</li></ul>But first, keep an eye on these folks.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h2>The big story</h2><h3>New kids on the block</h3><a href="https://www.businessinsider.com/top-wall-street-executives-and-rising-stars-investing-trading-dealmaking-2023"></a><div type="image" title="portraits of Insider's 2023 rising stars of Wall Street" height="600" width="1200" msid="103996567" hostid="261" sizebytes="76232"></div>Get to know these names.Insider is again highlighting some of the brightest young minds in finance with our <a href="https://www.businessinsider.com/top-wall-street-executives-and-rising-stars-investing-trading-dealmaking-2023">annual list of Wall Street's rising stars</a>.Since 2017, Insider has identified top investors, dealmakers, and traders who are 35 and under. Recommendations come from across the industry, with editors making the final call on who makes the cut. Our list of rising stars is a helpful exercise for identifying the industry's top young talent and getting a sense of the biggest trends.We've even kept tabs on where some of our stars ended up. Last year, we caught up with <a href="https://www.businessinsider.com/wall-street-rising-stars-2017-where-are-they-now-2022" target="_blank" rel="noopener">13 members of the inaugural class</a>. (Here's a rundown of all our previous classes: <a href="https://www.businessinsider.com/business-insider-rising-stars-under-35-asset-management-2017-10">2017</a>, <a href="https://www.businessinsider.com/wall-street-rising-stars-investing-trading-dealmaking-2018-10">2018</a>, <a href="https://www.businessinsider.com/wall-street-rising-stars-investing-trading-dealmaking-2019-10">2019</a>, <a href="https://www.businessinsider.com/rising-stars-wall-street-investing-trading-dealmaking-2020-9">2020</a>, <a href="https://www.businessinsider.com/wall-street-rising-stars-investing-trading-dealmaking-2021">2021</a>, and <a href="https://www.businessinsider.com/rising-stars-wall-street-investing-trading-dealmaking-2022">2022</a>.)I spoke to senior finance editor Michelle Abrego, who oversees the list, about what stood out in this year's class. The strong representation of debt-focused roles was high on her list. That speaks to the rise of <a href="https://www.businessinsider.com/private-debt-credit-market-risks-outlook-2023-2022-11">private credit</a>, which is now considered one of the <a href="https://www.businessinsider.com/wall-street-private-credit-careers-asset-management-2023-9">hottest career moves</a> on the Street. Take Luna McKeon, 35, who leads Blue Owl Capital's healthcare underwriting team, which has deployed $10 billion in capital over the past four years. Some of the achievements of this year's class are downright eye-popping. Apollo's Michael Dunn Goekjian, who is only 28, has already worked on transactions totaling more than $50 billion in deal value since joining the firm in 2018. Meanwhile, Anne-Victoire Auriault was one of the youngest women to make partner at Goldman Sachs at just 32 years old in 2020.Others stand out for their unique career paths. When Jack Dillon didn't nab his dream investment-banking internship, he found a cool backup plan: Working with fashion designer Thom Browne. Dillon, now 35, leveraged that experience into a successful career at Vista Equity Partners. And sometimes it's just a willingness to raise your hand, which Patrick McGoldrick did when the New England Patriots needed a substitute for their Pat Patriot mascot. McGoldrick, 32, is now a managing partner at J.P. Morgan Asset Management.<h2>3 things in markets</h2>Before the opening bell: US stock futures <a href="https://markets.businessinsider.com/premarket">traded higher Wednesday</a> after <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-dow-worst-loss-march-economic-data-2023-9" target="_blank" rel="noopener">stocks suffered</a> their worst loss since March.<a href="https://www.businessinsider.com/government-shutdown-limits-economic-data-release-federal-reserve-interest-rates-2023-9"></a><div type="image" title="US Federal Reserve Chair Jerome Powell attends a press conference in Washington, DC, on March 22, 2023." height="960" width="1280" msid="103996568" hostid="261" sizebytes="85162"></div><ol><li>A government shutdown means the Fed's job will be a lot harder. If the government shuts down, new economic data like the jobs report and consumer price index won't be released until it reopens. That'll leave the Fed to <a href="https://www.businessinsider.com/government-shutdown-limits-economic-data-release-federal-reserve-interest-rates-2023-9" target="_blank" rel="noopener">rely on private sector data</a>.</li><li>If rates stay up, these stocks are a good bet. With the Fed indicating it's likely to keep interest rates high, plenty of hedge funds are <a href="https://markets.businessinsider.com/news/stocks/hedge-funds-us-stocks-bearish-short-bets-leverage-2020-crash-2023-9" target="_blank" rel="noopener">increasingly betting against stocks</a>. But a recent note from Goldman Sachs <a href="https://markets.businessinsider.com/news/stocks/investing-stocks-to-buy-interest-rates-bond-yields-goldman-sachs-2023-9">highlighted 22 stocks</a>, including Delta and Verizon, that would benefit from a high-rate environment. </li><li>JPMorgan settles lawsuit from the US Virgin Islands over links with Jeffrey Epstein. The bank agreed to <a href="https://www.businessinsider.com/jp-morgan-settles-virgin-islands-jeffrey-epstein-sex-trafficking-suit-2023-9">pay $75 million to settle the civil lawsuit</a>, which claimed JPMorgan facilitated Epstein's sex trafficking operation. It also settled litigation with former executive Jes Staley, who kept close ties with Epstein.</li></ol><h2>3 things in tech</h2><a href="https://www.businessinsider.com/amazon-svp-full-return-to-office-could-take-3-years-2023-9"></a><div type="image" title="Peter DeSantis on stage at Amazon's AWS re:Invent conference" height="396" width="528" msid="103996569" hostid="261" sizebytes="18410"></div><ol><li>Leaked meeting recording: Amazon SVP says a full return to office could take three years. He <a href="https://www.businessinsider.com/amazon-svp-full-return-to-office-could-take-3-years-2023-9" target="_blank" rel="noopener">also told employees</a> to share anecdotes of being pressured to immediately relocate with his HR team so that he could "dig into" those situations.</li><li>Microsoft plans to use nuclear energy to power its AI data centers. The tech giant shared a job opening for a "principal program manager for nuclear technology." This person would assess how nuclear energy could be used to <a href="https://www.businessinsider.com/microsoft-plan-to-use-nuclear-energy-power-ai-data-centers-2023-9" target="_blank" rel="noopener">power the data centers</a> hosting AI models.</li><li>FTC says Amazon punished sellers for offering their items at a lower price elsewhere. The Federal Trade Commission and 17 state attorneys general are banding together to <a href="https://www.businessinsider.com/how-amazon-forces-customers-to-pay-more-ftc-lawsuit-2023-9">sue the e-commerce giant</a>. They accused it of monopolistic practices and causing higher prices for customers.</li></ol><h2>3 things in business</h2><a href="https://www.businessinsider.com/trump-fraud-ruling-corporate-death-penalty-for-his-empire-experts-2023-9"></a><div type="image" title="Trump Org" height="1440" width="1920" msid="103996570" hostid="261" sizebytes="79116"></div><ol><li>A Manhattan judge found Donald Trump and his real-estate company liable for fraud, and ordered what experts are calling a "corporate death penalty." A receiver will be appointed to <a href="https://www.businessinsider.com/trump-fraud-ruling-corporate-death-penalty-for-his-empire-experts-2023-9" target="_blank" rel="noopener">"dissolve" the company</a> – but years of appeals may play out first.</li><li>The job Americans would likely want replaced by robots: umpires. Automating the strike zone seems like a no-brainer. But in practice, <a href="https://www.businessinsider.com/rise-of-robot-umpires-mlb-postseason-hawk-eye-2023-9">it's been more challenging</a> — what does the perfect strike zone even look like anyway?</li><li>Silicon Valley investors secretly bought up $800 million of property in Northern California. The 52,000 acres outside San Francisco will become a "<a href="https://www.businessinsider.com/solano-county-flannery-associates-city-of-yesterday-silicon-valley-billionaires-2023-9">city of yesterday</a>." It'll be built in a way that "someone who was born 100 years ago will recognize."</li></ol><h2>In other news</h2><a href="https://www.businessinsider.com/hollywood-studios-and-writers-reached-agreement-to-end-strike-2023-9"></a><div type="image" title="WGA protesters with a sign that reads &quot;You're gonna need a bigger offer.&quot;" height="3612" width="4817" msid="103996571" hostid="261" sizebytes="600830"></div><ul><li>Hollywood writers are set to go back to work today as <a href="https://www.businessinsider.com/hollywood-studios-and-writers-reached-agreement-to-end-strike-2023-9" target="_blank" rel="noopener">historic strike ends</a>.</li><li>A 26-year-old tech CEO was found dead with <a href="https://www.insider.com/pava-lapere-tech-ceo-dead-signs-blunt-force-trauma-police-2023-9" target="_blank" rel="noopener">signs of blunt force trauma</a>, police say.</li><li>Friendship breakups via text are painful, but therapy-speak is <a href="https://www.insider.com/text-bombing-phenomena-destroying-friendships-relationships-2023-9" target="_blank" rel="noopener">making them worse</a>.</li><li>A longevity expert shares three tips for a <a href="https://www.insider.com/antiaging-victor-longo-breakfast-diet-live-longer-2023-9" target="_blank" rel="noopener">nutritious, anti-aging breakfast</a>.</li><li>Verizon's CEO has been tracking his mood (out of 10) <a href="https://www.businessinsider.com/verizon-ceo-good-leader-tracked-mood-spreadsheet-since-2009-2023-9">in a spreadsheet</a> every day since 2009.</li><li>A <a href="https://www.businessinsider.com/former-white-house-intern-day-in-the-life-2023-9">day in the life</a> of an unpaid White House intern.</li><li>A roughly 10% stake in the Golden State Warriors could go for <a href="https://markets.businessinsider.com/news/stocks/golden-state-warriors-stake-up-for-sale-700-million-valuation-2023-9" target="_blank" rel="noopener">$700 million</a>.</li><li>The favorite sports betting apps among <a href="https://www.businessinsider.com/sports-betting-apps-young-nfl-fans-gambling-football-2023-9">NFL fans in their 20s</a>.</li></ul><h2>What's happening today</h2><ul><li>The second Republican presidential debate is happening today. The debate, hosted by Fox Business, will feature Florida Gov. Ron DeSantis, former Vice President Mike Pence, <a href="https://www.businessinsider.com/vivek-ramaswamy-republican-presidential-candidate-strive-roivant-demanding-manager-2023-9" target="_blank" rel="noopener">biotech executive-turned-presidential candidate Vivek Ramaswamy</a>, and other presidential hopefuls.</li><li>Developer conference Meta Connect kicks off. Meta CEO Mark Zuckerberg will be the keynote speaker.</li><li>Happy birthday, Lil Wayne! Avril Lavigne, Jenna Ortega, and Gwyneth Paltrow were also born on this day.</li></ul><h2>For your bookmarks</h2><h3>Which iPhone is worth it?</h3><a href="https://www.businessinsider.com/what-to-consider-upgrade-to-iphone-15-2023-9"></a><div type="image" title="iPhones on display" height="1261" width="1681" msid="103996572" hostid="261" sizebytes="54374"></div>If you're upgrading phones, consider the iPhone 14 instead of the 15. Unless you have a model from before 2020, the iPhone 14 might <a href="https://www.businessinsider.com/what-to-consider-upgrade-to-iphone-15-2023-9">make more sense</a>.The Insider Today team: <a href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, senior editor and anchor, in New York City. <a href="https://www.businessinsider.com/author/diamond-naga-siu">Diamond Naga Siu</a>, senior reporter, in San Diego. <a href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.

Insider Today: Finance's next generation

<ul class="summary-list"><li>The rapid growth of private could end up being a risk to broader market stability, the IMF says. </li><li>The "opaque" corner of financial markets grew to $2.1 trillion last year. </li></ul>The rapid rise of the private credit industry could end up threatening financial stability, given how little is actually known about the sector, the <a href="https://www.imf.org/en/Blogs/Articles/2024/04/08/fast-growing-USD2-trillion-private-credit-market-warrants-closer-watch" target="_blank" rel="noopener">International Monetary Fund wrote</a> in a blog post on Monday. As more and more lending to businesses moves from regulated banking institutions to less regulated firms like private credit funds, risks grow as the window into lending practices becomes opaque, the group said. "The migration of this lending from regulated banks and more transparent public markets to the more opaque world of private credit creates potential risks," analysts wrote on Monday, noting that the sector topped $2.1 trillion in assets and capital last year. And since the start of the century its returns have boomed, increasingly outperforming the <a 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> and MSCI World index. <div type="image" title="Returns of private equity, private credit, and equity benchmarks" height="1182" width="1466" msid="109141720" hostid="261" sizebytes="48188"></div>This industry emerged to provide much-needed financing for firms deemed too risky for commercial lenders. Despite being illiquid, the market's rich returns, speed, and flexibility have won over investors, the IMF wrote.But the sector is also largely unsupervised, and there are some troubling signs as more of the loan market's share goes to private credit. "Valuation is infrequent, credit quality isn't always clear or easy to assess, and it's hard to understand how systemic risks may be building given the less than clear interconnections between private credit funds, private equity firms, commercial banks, and investors," analysts wrote.First, borrowers tend to be indebted firms, already relying on leveraged loans or public bonds. That means that they're more at risk as interest rates rise, with a third of borrowers already facing interest rate costs that exceed earnings, the IMF said. However, credit providers aren't tightening their lending standards, as private credit increasingly comes into competition with larger banks, and since the loans trade infrequently, they can be difficult to value. Not only could private credit standards be worse than they appear, but analysts might not fully appreciate how interconnected the sector is with the wider financial system. For instance, banks may have more exposure to private credit than many realize, while pension funds and insurers have been acquiring more shares of these assets, the IMF said. Meanwhile, new funds are cropping up that target individual investors, spreading risk from Wall Street to Main Street. Given these factors, private credit has the potential to amplify a recession whenever one hits, one of the blog's authors separately said at a Brookings Institution event last week. "I think we don't see a financial stability risk, but … from a macro-financial standpoint, we don't know (how) the sector, given the size, would operate under a severe prolonged recession, Fabio Natalucci said, according to the industry news service <a href="https://www.pionline.com/alternatives/private-credit-not-financial-stability-risk-could-worsen-recession-imf-official-says" target="_blank" rel="noopener">Pensions and Investments</a>.

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