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Alphabet is set to report after the bell. Here's what to expect
CNBC's MacKenzie Sigalos joins 'Halftime Report' to discuss Alphabet earnings ahead of the company reporting after the bell.
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an hour ago
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Why cutting capital gains tax on home sales wouldn't solve the country's housing issues
Real estate experts are weighing in on a potential end to capital gains tax on home sales — as floated by President Donald Trump this week — and whether it could help unlock the housing market. The capital gains tax on homes hasn't changed in roughly 30 years, but the National Association of Realtors has been pushing for it. They calculate that 15% of current homeowners would be hit with the tax should they sell in today's market. "Their accountants are saying don't sell the home because of the tax," said Lawrence Yun, the NAR's chief economist, on a call with reporters Wednesday. "So naturally if there was a lifting of the exemption amount, we would see potentially a good portion of those listing." Yun noted some retirees want to downsize, but aren't because of the resulting capital gains tax, which is currently assessed on profits of more than $250,000 for individuals and $500,000 for couples. Most of those hit with the tax would have to be on the higher end of the market. The median price of a home sold in June was $435,300, according to the NAR. The share of homes priced above $750,000 that sold during the month was 17%. The tax only applies to the difference between what a homebuyer purchased the house for and what they sold it at, minus certain improvements. CNBC's Property Play with Diana Olick covers new and evolving opportunities for the real estate investor, delivered weekly to your inbox. Subscribe here to get access today. Home prices have risen dramatically since the start of the pandemic, up roughly 52% in the past five years nationally. Even with that steep rise, those on the lower end of the market would not surpass the current exemption. The tax hits high-end homeowners and baby boomers who have owned their homes for several decades and may now be looking to downsize. "But frankly that's not what really is going to matter for the housing market," Stephen Kim, a housing analyst at Evercore ISI, told CNBC's "Closing Bell Overtime" Tuesday. "What's really going to matter is a return of confidence. We believe that a lot of the actions that the Trump administration has taken has created instability and uncertainty, and people who are going to make the biggest purchase of their life, they don't like to have any kind of insecurity or uncertainty," he said. Redfin Chief Economist Daryl Fairweather suggested that cutting the tax could actually keep homeowners intheir homes longer because some decide to sell just as they're approaching the level of gains where the tax would hit. "It's not clear to me this would help the housing market. If anything, I would like to see them reduce taxes on improvements to homes, like if you're putting in an ADU, and that's what increases the value of your home," Fairweather said on CNBC's "Fast Money."
Entrepreneur
an hour ago
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Female Uber Riders Can Soon Request Female Drivers
Uber announces the launch of a new feature in some U.S. cities that will pair women drivers and riders. Uber is set to launch a new feature that will allow women riders and drivers to request trips that avoid being paired with men. According to CNBC, the rollout will begin in Los Angeles, San Francisco, and Detroit starting next month. "It's about giving women more choice, more control, and more comfort when they ride and drive," Camiel Irving, Uber's vice president of U.S. and Canada operations, said in a statement on Uber's site. "After hearing from women riders and drivers around the world, it was clear: Many want the option to match with other women. That's why we're proud to pilot Women Preferences in the U.S. for the first time ... It's about giving women more choice, more control, and more comfort when they ride and drive." Related: Uber CEO: Autonomous Vehicles Will Take Over Drivers Soon Here's how it will work for riders: Female riders can utilize an in-app option called Women Drivers, and can toggle back to all drivers if there are no women in the area. They can all set a preference for women drivers, which won't guarantee a female driver but will increase their chances of being matched. For pre-booked trips, women riders will be able to reserve a ride with a woman driver. Here's how it will work for drivers: Female drivers only have to toggle on the "Women Rider Preference" under settings in the Uber Driver app. Safety is a big concern for Uber and other rideshare app users, so it seems as though this will be a welcome function. However, the company made clear that being paired with a woman isn't guaranteed. Related: Uber's CEO Says Drivers Have About 10 Years Left Before They Will Be Replaced In 2019, Uber released a similar preference choice for Uber users and drivers in Saudi Arabia. In a statement, the Uber Team explained, "The launch of this unique feature comes on the back of Uber's Masaruky initiative that aims to increase women's participation in the workforce through access to affordable transportation, in addition to increasing women's access to flexible, part-time economic opportunities through the use of Uber technology." The program was a success and quickly expanded to 40 other countries. Join top CEOs, founders and operators at the Level Up conference to unlock strategies for scaling your business, boosting revenue and building sustainable success.
