India Interest Rate Cut Hopes Dim as Trump Talks High Tariffs
While most economists were not expecting a back-to-back cut in interest rates after June's unexpectedly large 50-basis-point reduction, Governor Sanjay Malhotra's recent comments had revived hopes of lower rates in the August 6 policy review. More so, as inflation fell to its lowest level in more than six years in June.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
24 minutes ago
- Yahoo
10 States That Will Benefit Most From SALT Deduction Cap Increase
President Donald Trump's Big Beautiful Bill that passed in Congress in July 2025 included a provision to raise the state and local tax (SALT) deduction cap to $40,000 from the previous $10,000. 'An additional $30,000 in deductions could amount to about $10,500 in annual tax savings for such homeowners, assuming a 35% federal marginal tax rate,' senior economist Jake Kimmel said in an email. broke down the 10 states and 10 metropolitan areas with the highest percentage of properties with taxes over $10,000, that stand to really benefit from the SALT cap increase. Find Out: Read Next: Top 10 States With Highest Share of Properties Taxed Over $10,000 NJ 39.9% NY 25.9% CT 19.4% CA 19.3% MA 18.4% NH 16.3% DC 15.6% IL 13.7% TX 12.4% RI 9.3% Learn More: Top 10 Metros With Highest Share of Properties Taxed Over $10,000 San Jose-Sunnyvale-Santa Clara, CA 47.9% New York-Newark-Jersey City, NY-NJ 47.8% San Francisco-Oakland-Fremont, CA 40.9% Bridgeport-Stamford-Danbury, CT 39.3% Kiryas Joel-Poughkeepsie-Newburgh, NY 37.5% Trenton-Princeton, NJ 35.8% Nantucket, MA 35.5% Austin-Round Rock-San Marcos, TX 32.0% Jackson, WY-ID 28.7% Santa Cruz-Watsonville, CA 28.1% Presumably, these areas will benefit the most from the SALT deduction cap increase. 'The winners of this deduction will most definitely be the middle- to upper-middle-class earners of high-tax states,' said Tasha Preisner, managing partner at DeMar Consulting Group. But, even if you fall into this category, there are important considerations before you jump to begin itemizing deductions again. The Return of Itemizations for Some Taxpayers The Big Beautiful Bill also brings about an increase in the standard deduction up to $15,750 for single taxpayers and $31,500 for joint filers. This is still less than the SALT cap, which means it might make sense for some taxpayers to itemize in 2025. 'Many homeowners stopped itemizing their taxes after the 2017 TCJA [was introduced] … and the standard deduction was expanded, giving little incentive for itemization,' Preisner said. 'These homeowners will likely start itemizing again.' But itemizing requires careful tax prep, saving receipts and potentially seeking the help of experts. 'More taxpayers will be turning to professionals to help them with their tax planning and tax preparation rather than doing it themselves,' Preisner predicted. Tax Planning To Maximize Deductions The SALT cap deduction increase phases out as income rises, with anyone earning $600,000 or more subject to the $10,000 cap. Preisner said this may change how some wealthier individuals handle tax planning. 'Those that earn close to the phase-out limit will structure their 'on-paper' income to show income that is less than the MAGI to be able to qualify for the extra deductions. It may discourage taxpayers from making Roth conversions, [taking] capital gains or taking extra bonuses,' she said. Even those who aren't on the fence, income-wise, might change their behavior to maximize their itemized deductions. 'This is going to revive interest in taxpayers giving to charities and keeping their medical receipts as these deductions add to the SALT deductions, increasing their overall itemized deduction capacity,' she said. Real Impact on Real Estate Preisner said the change has potential to affect the real estate market in high-tax areas, as well. 'It may influence taxpayers' relocation decisions to higher-taxed areas,' she said. 'It may also encourage real estate purchases in 2025 through 2029 but dampen the housing market in 2030 when the cap drops back to $10,000.' More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 6 Hybrid Vehicles To Stay Away From in Retirement These Cars May Seem Expensive, but They Rarely Need Repairs This article originally appeared on 10 States That Will Benefit Most From SALT Deduction Cap Increase Sign in to access your portfolio
Washington Post
26 minutes ago
- Washington Post
Smithsonian to restore Trump to impeachment exhibit ‘in the coming weeks'
The Smithsonian said on Saturday that it would restore information about President Donald Trump's two impeachments to an exhibit in the National Museum of American History 'in the coming weeks.' The Washington Post reported on Thursday that in July, the museum removed a placard describing Trump's impeachments and reverted the exhibit to how it looked in 2008. That display says that 'only three presidents have seriously faced removal' — Andrew Johnson, Richard M. Nixon and Bill Clinton.
CBS News
26 minutes ago
- CBS News
Authorities launch probe into former Trump prosecutor Jack Smith for alleged illegal political activity
The Office of the Special Counsel has launched an investigation into Jack Smith, the former special counsel who investigated President Trump before he returned to office, for alleged illegal political activity. The independent federal agency confirmed to CBS News on Saturday that it has launched an investigation into Smith for potential violations of the Hatch Act, a federal law that "limits certain political activities of federal employees." The New York Post was first to report on the investigation into Smith. Smith was appointed by then-Attorney General Merrick Garland in November 2022 to take over two investigations into Mr. Trump's handling of classified documents and alleged efforts to subvert the 2020 election. Mr. Trump pleaded not guilty and denied wrongdoing. Both cases resulted in criminal charges against Mr. Trump but they the cases were closed last year after he won reelection. Smith resigned in January, days before Mr. Trump returned to office. Sen. Tom Cotton, Republican of Arkansas, called for an investigation into Smith's conduct earlier this week and alleged that Smith had pushed for a "rushed trial" of Trump. "They were the actions of a political actor masquerading as a public official," Cotton wrote on X. "That's why I've asked this unprecedented interference in the 2024 election be immediately investigated by OSC." In May, Mr. Trump chose right-wing podcast host and MAGA loyalist Paul Ingrassia to lead the Office of Special Counsel. However, his nomination is stalled in the Senate. Mr. Trump fired the former head of the Special Counsel, Hampton Dellinger, in February.
