UPDATE: Markets, Twitter, Theranos and the ‘Pass-Through’ Tax Loophole

By Staff Reporters

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  • Markets: The S&P climbed for its fourth-straight trading day, tying its best winning streak in 2022 (h/t chip and energy companies). But, at 8:30am ET today, with the release of the June jobs report, any sign of a recession will show up.
  • Elon Musk could take drastic action to back out of his $44 billion agreement to buy Twitter, according to the Washington Post. Apparently Musk’s team cannot verify the data on bots that were provided to them and therefore are looking to exit the agreement.
  • Former Theranos executive Sunny Balwani was convicted of defrauding investors and patients in his role as president and COO of the company.

Finally, under proposed IRS changes, individuals who make more than $400,000 annually and couples who make more than $500,000 will have to pay a 3.8% tax on earnings from their pass-through business income. Those revenues would be used to shore up the government-run Medicare healthcare program for the elderly. A pass-through business is a sole proprietorship, partnership, or S corporation that is not subject to the corporate income tax; instead, this business reports its income on the individual income tax returns of the owners and is taxed at individual income tax rates.

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COMMENTS APPRECIATED

Thank You

FINANCE: https://www.amazon.com/Comprehensive-Financial-Planning-Strategies-Advisors/dp/1482240289/ref=sr_1_1?ie=UTF8&qid=1418580820&sr=8-1&keywords=david+marcinko

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