Upcoming negotiations with Iran will be tough, says Fmr. Secretary of Defense Mark Esper
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CNBC
12 hours ago
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'Worst thing' Fed Chair Powell could do now is resign, says fmr. Fed Vice Chairman Roger Ferguson
Roger Ferguson, Fmr. Federal Reserve Vice Chairman, and CNBC's Steve Liesman join 'Closing Bell Overtime' to talk the latest political pressures around the federal reserve, what they mean for next week's FOMC meeting, and the future of the Fed's independence.
Politico
18 hours ago
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Pentagon suspends participation in think tank events
The move would sideline the Pentagon from national security dialogues that it has used for decades to advance its policy and explain the department's rationale. Former Defense Secretaries Jim Mattis, Mark Esper and Lloyd Austin have also used think tank events, such as the International Institute for Strategic Studies' Shangri-La Dialogue and the Reagan National Defense Forum, to give major policy speeches and hold sideline meetings with both allies and adversaries. The Pentagon's public affairs, general counsel and policy teams will review all requests for participation at events and will ask for officials' remarks and talking points in advance, according to the email. The directive, which took effect Tuesday, applies to all DOD military officers, civil servants and senior enlisted leaders. The Pentagon's public affairs team must approve any future events. 'In order to ensure the Department of Defense is not lending its name and credibility to organizations, forums, and events that run counter to the values of this administration, the Department's Office of Public Affairs will be conducting a thorough vetting of every event where Defense officials are invited to participate,' chief Pentagon spokesperson Sean Parnell said in an emailed response. It also appears to apply to Pentagon-led events such as Sea Air Space, which is hosted by the Navy League, the military service's largest veteran organization, and Modern Day Marine, a similar trade show for the Marine Corps, although public affairs offices inside the military were still seeking guidance on the directive. The effort to drastically cut the Defense Department's public presence on Washington's think tank circuit comes after the Pentagon said senior leaders would no longer be allowed to attend the Aspen summit, just a day before the gathering began. Navy Secretary John Phelan, Emil Michael, the Defense undersecretary for research and engineering, Defense Innovation Unit chief Doug Beck and several top military officials had been scheduled to speak.
CNBC
2 days 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."
