From Yahoo Finance: 2025-05-04 13:11:00

President Donald Trump believes that tariffs could eliminate income taxes for many Americans, focusing on those earning less than $200,000 a year. However, experts doubt the feasibility of this plan, noting that income taxes generate significantly more revenue than tariffs. Even with tariffs, it would cover less than 25% of the cost of eliminating income taxes for those earning below $200,000. To lower tax bills, investors can follow advice from experts like Scott Galloway, who recommends borrowing against stocks rather than selling to avoid capital gains taxes. Real estate investments also offer tax advantages, with deductions for expenses and depreciation. Crowdfunding platforms and REITs provide accessible options for real estate investing. 1. The stock market saw a sharp decline today, with the Dow Jones Industrial Average dropping by 500 points due to concerns over inflation and rising interest rates.

2. A new study published in a medical journal revealed that a low-carb diet may be more effective for weight loss and improving blood sugar levels compared to a low-fat diet.

3. The United Nations reported that over 400,000 people in Ethiopia are facing severe food shortages due to ongoing conflict and displacement in the Tigray region.

4. The latest data from the CDC shows that COVID-19 cases are on the rise in several states, with hospitalizations also increasing among unvaccinated individuals.

5. Tesla announced plans to build a new Gigafactory in India, aiming to produce electric vehicles and batteries to meet the growing demand for sustainable transportation in the country.



Read more at Yahoo Finance: Trump claims tariffs could ‘eliminate’ taxes for most of Americans, but experts argue the math doesn’t add up