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With President Joe Biden out of the election, experts are watching for tax policy from Vice President Kamala Harris, the frontrunner for the Democratic nomination.
While Harris has yet to outline her economic agenda, voters could see similar themes to Biden’s proposals, which have called for higher taxes on the wealthy and corporations.
However, questions remain about whether Harris’ platform could be similar to her 2020 campaign.

U.S. Vice President Kamala Harris speaks during a campaign event at Westover High School in Fayetteville, North Carolina, on July 18, 2024.
Allison Joyce | Afp | Getty Images

With President Joe Biden officially out of the election, experts are watching for tax policy from Vice President Kamala Harris, the frontrunner for the Democratic nomination.
While Harris has yet to outline her economic agenda, voters could see similar themes to Biden’s proposals, which have called for higher taxes on the wealthy and corporations, experts say.

Ahead of the 2020 presidential election, Harris shared many of Biden’s priorities but voiced distinct proposals before her campaign ended in December 2019.
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Broadly speaking, it seems like Harris would be “largely on board” with most, if not all, of what Biden has been pushing, “especially in the big picture,” said Garrett Watson, senior policy analyst and modeling manager at the Tax Foundation. 
If Harris becomes the Democratic nominee and leverages the Biden campaign’s infrastructure and staff, it could limit her ability “to go in a way different direction,” he said. 
The Harris campaign did not immediately respond to CNBC’s request for comment.

Here’s what to watch from Harris when it comes to tax issues, according to policy experts.

Expiring Trump tax cuts and Biden’s pledge

Trump wants to fully extend expiring TCJA provisions, including deeper cuts to corporate taxes. Meanwhile, Biden wants to renew tax breaks only for those making less than $400,000. 
One big question is whether Harris will adopt Biden’s pledge not to raise taxes on anyone making less than $400,000, said Andrew Lautz, associate director for the Bipartisan Policy Center’s economic policy program.    
“That’s a big one with significant consequences,” for future Democratic tax proposals and TCJA negotiations, he said.

Focus on the child tax credit

During the 2020 campaign, one of Harris’ key proposals was the LIFT the Middle Class Act, which would have offered a refundable tax credit worth up to $3,000 for single filers and $6,000 for married couples filing jointly.
However, Biden and Democrats have been focused on the child tax credit, with an expansion passed in the House in February. That could be another priority for Harris this election, Watson said.
“Whereas the last administration gave tax cuts to billionaires, we gave tax cuts to families through the child tax credit, which cut child poverty in America by half,” Harris said at a political event in North Carolina last week, before Biden left the race.

The American Rescue Plan boosted the maximum tax break to $3,000 or $3,600 per child, up from $2,000, and sent monthly payments to families. As a result, the child poverty rate fell to a historic low of 5.2% in 2021, largely due to the expansion, a Columbia University analysis found.
After pandemic relief expired, childhood poverty more than doubled in 2022, jumping to 12.4%, according to the U.S. Census Bureau.  More

Warren Buffett walks the floor and meets with Berkshire Hathaway shareholders ahead of their annual meeting in Omaha, Nebraska on May 3rd, 2024. 
David A. Grogan

Berkshire Hathaway trimmed its gigantic Bank of America holding for the first time in four and a half years following the bank’s strong 2024 run.
Warren Buffett’s conglomerate sold 33.9 million shares of Bank of America shares for almost $1.5 billion in separate sales on Wednesday, Thursday, and Friday at an average selling price of $43.56, a regulatory filing showed.

It marked the first time since the fourth quarter of 2019 that the Omaha-based conglomerate has reduced the stake. Still, Bank of America remains Berkshire’s second largest equity position after Apple, holding 999 million shares with a market value of almost $43 billion. Meanwhile, Berkshire is still Bank of America’s largest shareholder with a 10.8% stake.
Berkshire could be taking some profits as Bank of America has rallied 27.4% so far this year to its highest levels since March 2022. In the first quarter, Buffett trimmed Berkshire’s Apple holding by 13% for tax reasons following sizable gains.

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Bank of America

Shares of Bank of America dipped about 1% in premarket trading Monday following the news.
Bathtub idea
The Oracle of Omaha’s purchase of Bank of America has become one of the most endearing Wall Street tales. In 2011, the legendary investor bought $5 billion worth of the bank’s preferred stock and warrants to shore up confidence in the lender as it grappled with losses related to subprime mortgages in the aftermath of the financial crisis.
Buffett later revealed that he got the idea while taking a bath in his tub.

“Incidentally, that BofA purchase, it literally was true that I was sitting in the bathtub when I got the idea of checking with … BofA, whether they’d be interested in that preferred,” he said at Berkshire’s annual meeting in 2017, when he first converted the warrants and added the bank stock to his portfolio.
The 93-year-old investor said he was attracted to CEO Brian Moynihan’s leadership and the profit-generating abilities of the franchise.
Moynihan later recalled that Buffett initially tried to reach him through Bank of America’s public phone line, but got rejected by the call center. Despite the snafu, the deal still came together within hours, he said. More

Gen Xers are nearing ages where it becomes easier to access penalty-free withdrawals from retirement accounts.
But while it can be reassuring to know those funds may provide a safety net, that money should only be used as a last resort, one expert says.

Fg Trade | E+ | Getty Images

Gen Xers are starting to reach age milestones that give them penalty-free access to certain retirement funds.
The eldest members of that generation will be turning 59 this year. And once they reach a certain milestone — age 59½ — they can withdraw money from their individual retirement accounts, or IRAs, and 401(k)s penalty free.

Penalty-free withdrawals are also available to 401(k) participants who are age 55 or older and who lose or leave a job (or age 50 for certain public employees). That so-called Rule of 55 only applies to the account with the employer you’re leaving; plans from former workplaces don’t qualify.
Beyond those age guidelines, there are other exceptions that may enable savers to avoid penalties for early retirement withdrawals.
Yet even without a penalty, dipping into retirement funds as soon as you’re able to can be a “bad move,” according to Ed Slott, a certified public accountant and founder of Ed Slott and Co.
“It should be a last resort,” Slott said. “That’s the most expensive place to get money when you need it, because you pay tax on that money.”

While traditional IRA owners are typically subject to levies on their withdrawals, Roth IRA owners may be able to avoid a tax bill, so long as their account has been open for at least five years.

But retirement savers should be especially hesitant of tapping their Roth IRAs, because they’re growing, compounding and building income tax free, Slott said.
“Don’t touch the Roth,” Slott said. “Tax-free money grows and snowballs the fastest because it’s not eroded by current or future taxes.”
Gen Xers who are planning for retirement face more stressors than their parents’ generation, particularly a higher cost of living and the responsibility for caring for both their children and parents, according to Rita Assaf, vice president of retirement products at Fidelity.
Recent Fidelity research found 1 in 10 Gen Xers have yet to identify when they plan to retire.
To get more certainty, having a plan can help, Assaf noted.

Tap non-retirement accounts first if possible

Savers who have access to non-retirement funds may want to consider dipping into that money instead, according to Assaf.
“You can take advantage of longer tax benefits if you keep it in your IRAs longer,” Assaf said.
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Savers who are tempted to withdraw from IRAs may get themselves into a bind when it comes to their tax bills, Slott said, citing one couple who took a $20,000 IRA withdrawal to pay for their wedding even after he cautioned them against it.
The couple spent the full $20,000 on the wedding. When that prompted a tax bill of around $2,000 to $3,000, they withdrew even more. That marked the beginning of a habit of withdrawals that lasted for years, Slott said.
“They got into the cycle of taxation that wiped out their retirement savings,” Slott said.

Add money through catch-up contributions

For younger Gen Xers, age 50 marks another milestone, when they can start making catch-up contributions to retirement accounts.
In 2024, retirement savers 50 and over can put away an additional $7,500 in their 401(k)s, for a total of $30,500, and $1,000 more toward their IRAs, for up to $8,000.
Catch-up contributions are a valuable opportunity for workers in their 50s and 60s, who are often in their highest earning years, Slott said.

Consider Roth conversions

Gen Xers who are invested in traditional IRAs and workplace retirement plans have another age milestone to look forward to — age 73 — when they must start taking required minimum distributions.
Roth IRAs do not require withdrawals until after the account owner dies.
To clear the way for tax-free withdrawals in retirement, retirement savers may opt to gradually convert pre-tax IRA funds to post-tax Roth accounts.

While that will require paying taxes on Roth conversions now, it makes it so retirees have less of a tax hit on their income later, Assaf said.
“We kind of call it that RMD balloon, and you’re letting a little bit of air out by doing some of these conversions,” Assaf said.
Eligible retirees may opt to do qualified charitable distributions by donating money from their traditional IRAs tax-free to charity rather than taking a required minimum distribution. More

Although the economy is doing well, Americans are listening to “recession pop” again.
“The era of the Katy Perry banger” may be providing some much-needed escapism for young adults struggling to get by, a forensic musicologist says.
“We’re feeling very, very negative about the state of our own finances … but this music offers a glimmer of fun,” says Casey Lewis, a social media trend expert.

Taylor Swift performs during “Taylor Swift | The Eras Tour” at the National Stadium on March 02, 2024 in Singapore. 
Ashok Kumar | Getty Images Entertainment | Getty Images

In good times and in bad, pop music reflects the world around us.
Although now that times are seemingly good — data shows the economy is expanding and unemployment is low — recent hits paint a different picture.

On Taylor Swift’s latest double album, “The Tortured Poets Department,” one line in her song “I Can Do It With a Broken Heart” deeply resonated with listeners: “I cry a lot, but I am so productive, it’s an art.”
Beyoncé, who has referenced worker burnout before, also tapped into the recent malaise in her “Cowboy Carter” album: “Hardworkin’ men ain’t got no money in the bank,” she sings in “Ya Ya.”
Even 2024’s viral TikTok hit, “I’m looking for a man in finance,” captures some of the feelings of frustration and financial vulnerability that are increasingly widespread.
More from Personal Finance:Some couples are having ‘micro weddings’‘I’m looking for a man in finance’‘I cry a lot but I am so productive, it’s an art’ 
Economists have wrestled with the growing disconnect between how the economy is doing and how people feel about their financial standing.

We’re in a “vibecession,” experts say. On TikTok, some have gone a step further, even summing up the current mood as a “silent depression.”
If popular music is any guide, there has been a return to the songs of about 16 years ago that became known as “recession pop.”
“We’re feeling very, very negative about the state of our own finances … but this music offers a glimmer of fun,” says Casey Lewis, a social media trend expert and founder of trend newsletter After School.

What is recession pop?

Recession pop largely refers to the body of music that emerged during the Great Recession, which started in late 2007 and lasted for 18 months.
The recession pop trend is a “curatorial act,” said Charlie Harding, co-author of “Switched On Pop: How Popular Music Works and Why it Matters” and music adjunct professor at New York University Steinhardt School of Culture, Education and Human Development.
“It’s a trend of people trying to make sense of a thing that happened to us that was senseless,” said Harding. “There was a bunch of songs that became the soundtrack of that era.”
Contrary to the country’s economic standing at the time, Joe Bennett, a professor at Berklee College of Music and forensic musicologist specializing in the analysis of popular music and songwriting, refers to this period as “the era of the Katy Perry banger.”
“I think about the 2008 recession and the music that was taking over the radio waves at that point. It’s a lot of Katy Perry, and a lot of hyper, very fast music,” said Lewis. “It’s very dance pop.”

Recording artist Katy Perry performs onstage during the Pepsi Super Bowl XLIX Halftime Show at University of Phoenix Stadium, now known as State Farm Stadium, in Glendale, Arizona, on Feb. 1, 2015.
Kevin Mazur | WireImage | Getty Images

The songs that dominated the charts — also including The Black Eyed Pea’s “I Gotta Feeling” and Kesha’s “Tik Tok” — were “party anthems,” Bennett said. “It was all about dancing and having a good time, in contrast to the actual economic circumstances.”
“They were feel-good songs to get us out of a difficult time and they were the medicine we needed,” Bennett said.
Since the Great Depression in the 1930s, consumers have shown a preference for happier songs during periods of economic uncertainty, according to Diane Negra, professor of film studies and screen culture at University College Dublin.
“There’s that cliché that music is faster and more upbeat and consoling in difficult times,” she said.
Music can mimic and respond to major trends, and a great example is the 1980s, according to Harding. The period of high inflation and economic downturn was also a time when subgenres like house and techno emerged.
“The thing about the Great Recession and larger economic shifts is that they do potentially touch all people, but they don’t touch people equally,” said Harding, who mentioned the development of hip hop and country, in addition to other genres that speak to economic woes experienced by different groups.

Why is recession pop having a renaissance?

Now, Americans are returning to those escapist hits from over a decade ago. In a July 19 Google Trends email, analysts noted that searches for the term “recession pop” had reached an all-time high, with Katy Perry and Charli XCX as the top trending related artists.
Search interest in Katy Perry first spiked in 2008, during the last U.S. recession, Google noted.
But today’s economy is much different than those days. The Dow Jones Industrial Average is hitting record levels. Americans’ consumer confidence has only just started to slow after years of contending with sticky inflation. And the unemployment rate has spent 30 months at or below 4% — a near record.
However, regardless of the country’s economic standing, Americans are feeling the pain of higher prices, with various reports showing many have exhausted their savings and are now leaning on credit cards to make ends meet.
“There’s a bit of a disconnect between how the economy is actually doing and how young people feel financially,” Lewis said. “It hurts to see an economist say, ‘Actually, things are better than ever.’ That tension has given way to recession pop.”

Several reports show financial well-being is deteriorating and young adults, especially, are struggling.
“You have a particularly fraught relationship to capitalism right now,” Negra said. “Power and resources are hoarded in older generations and the way younger people are avoiding financially calamity is by being dependent on their parents.”
More than half — 52% — of Generation Z between the ages of 18 and 27 said they don’t make enough money to live the life they want, according to a recent report from Bank of America. And nearly as many rely on financial assistance from their family, most notably for food and rent.
“The resurgence of recession pop that we’re seeing right now, it reflects young people specifically, their societal struggles, their distrust of corporations and the sort of economy that they’ve inherited in many ways,” said Lewis.

The present political and economic terrain motivates various kinds of escapism.

Diane Negra
professor of film studies and screen culture at University College Dublin

In the years since the Covid pandemic, homeownership has been one of the greatest tools of wealth creation — and those who have been priced out of the housing market have disproportionately struggled to achieve the same level of financial security, according to Brett House, economics professor at Columbia Business School.
“That is a massive challenge for wealth accumulation among Gen Z,” he recently told CNBC, and one which shows no signs of improvement.
Housing prices — and mortgage rates — have remained stubbornly high even as inflation in the broader economy has cooled significantly from peak levels. There is a low supply of houses for sale and far fewer affordable starter homes.
Today’s newly minted adults are “wanting to feel or create the conditions of crisis when the society is saying there is no crisis,” Negra said.
Hence, the recession pop revival.
“The present political and economic terrain motivates various kinds of escapism, and recession pop is one form of that,” Negra said.

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Dilara Irem Sancar | Anadolu | Getty Images

The stock market is in a rough patch as of late while investors grapple with macro pressures, upcoming elections and geopolitical tensions.
However, investors and their portfolios can hold up in the tumult – if they’re able to ignore the short-term noise and choose stocks with attractive return prospects over the long term.

In this regard, the ratings of top Wall Street analysts and their investment theses can provide useful insights and help us make the right decisions.
Bearing that in mind, here are three stocks favored by the Street’s top pros, according to TipRanks, a platform that ranks analysts based on their past performance.
Costco Wholesale
Membership-only warehouse chain Costco Wholesale (COST) is this week’s first pick. The company recently reported its June sales and announced an increase in its membership fee. Costco is increasing the annual fee for its “Gold Star” membership by $5 to $65, effective Sept. 1. Moreover, the fee for the premium “Executive Membership” will now cost $130, up from $120.
Reacting to Costco’s first membership hike since June 2017, Jefferies analyst Corey Tarlowe reiterated a buy rating on COST stock and boosted the price target to $1,050 from $860, saying the stock remains a top pick. The analyst thinks the membership hike is a favorable catalyst for the stock and the company’s earnings.
Tarlowe noted that in the past, Costco has hiked its membership fees every 5.5 years, on average. However, this time, the retailer increased the fee after a seven-year gap. He thinks that the timing of the fee hike is good, given the consistent membership health the company is experiencing and strong June numbers.

“Historically, COST has not experienced a significant impact on membership trends when fees are increased, so we think the impact will be muted,” said Tarlowe.
The analyst expects the higher fee to enhance sales and earnings before interest and taxes, as membership fee accounts for a substantial portion of Costco’s consistently increasing operating profit. He estimates a potential benefit of nearly 3% to the company’s earnings per share over each of the next two years.
Tarlowe ranks No. 321 among more than 8,900 analysts tracked by TipRanks. His ratings have been profitable 67% of the time, delivering an average return of 18.8%. (See Costco Dividends on TipRanks)  
MongoDB
Next up is the database software company MongoDB (MDB). The stock plunged in May after the company announced weak guidance for the fiscal second quarter and lowered its full-year outlook. MongoDB blamed a slower-than-expected start to the year for both new workload wins and the consumption growth of its cloud-based database software offering Atlas.
Tigress Financial analyst Ivan Feinseth recently lowered the price target on MDB stock to $400 from $500 to reflect the near-term pressures but reaffirmed a buy rating, as he views the sell-off in the stock as a good buying opportunity.
Despite the weak start to the year, Feinseth is bullish on MongoDB, as the company continues to gain traction among developers. He also mentioned the growing momentum for MDB’s Atlas DBaaS (database as a service) product.
He expects the company to benefit from the integration of artificial intelligence (AI) into its offerings. “MDB’s incorporation of new AI-powered capabilities improves developer productivity, accelerates application development, and accelerates its rapid enterprise adoption trends,” said Feinseth.
The analyst also highlighted the company’s expansion into other major verticals, such as health care, insurance, manufacturing and automotive production. He is optimistic about the prospects of MDB’s solid DBaaS platform, given its superior functionality and cost advantages compared to traditional database solutions.
Feinseth ranks No. 191 among more than 8,900 analysts tracked by TipRanks. His ratings have been successful 62% of the time, delivering an average return of 13.6%. (See MongoDB Stock Buybacks on TipRanks)  
Nvidia
Semiconductor giant Nvidia (NVDA) is this week’s third pick. The generative artificial intelligence wave has significantly increased the demand for the company’s advanced graphics processing units. Even after the stock’s impressive year-to-date rally, Goldman Sachs analyst Toshiya Hari thinks that it has more room to run.
Following a meeting with Nvidia’s CFO Colette Kress, Hari reiterated a buy rating on the stock with a price target of $135. The analyst said that the meeting bolstered his “belief in the sustainability of the ongoing Gen AI spending cycle.” The meeting also reassured the analyst about NVDA’s potential to maintain its dominance through robust innovation across compute, networking and software.
Commenting on Nvidia’s next-generation AI graphics processor, Blackwell, the analyst reported that the CFO had said the company’s key suppliers are better positioned for the Blackwell ramp than the previous generational transitions. Hari expects notable revenue contribution from the Blackwell platform in Q4 FY25 and Q1 FY26, but he sees limited contribution in Q3 FY25.
The analyst is confident that despite rising competition, Nvidia will continue to maintain its leadership position based on several factors, like a large installed base and better access to supply. Moreover, the rapid speed at which large enterprises and cloud service providers are building and deploying generative AI models gives Nvidia an edge over competitors who are still developing advanced AI GPUs.
Hari ranks No. 30 among more than 8,900 analysts tracked by TipRanks. His ratings have been profitable 69% of the time, delivering an average return of 30.2%. (See Nvidia Options Activity on TipRanks)   More

The Match dating application is displayed on an Apple iPhone.
Andrew Harrer | Bloomberg | Getty Images

Company: Match Group (MTCH)

Business: Match Group provides dating products worldwide. The company’s portfolio of brands includes Tinder, Match, The League, Meetic, OkCupid, Hinge and PlentyOfFish. Match’s services are available in over 40 languages to users all over the world.
Stock Market Value: $9.21B ($34.67 per share)

Activist: Starboard Value

Percentage Ownership: 6.64%
Average Cost: $33.55
Activist Commentary: Starboard is a very successful activist investor and has extensive experience helping companies focus on operational efficiency and margin improvement. Starboard has taken a total of 151 activist campaigns in its history and has an average return of 25.46% versus 13.61% for the Russell 2000 over the same period. In 46 of these situations, Starboard had an operational thesis as part of its activist campaign, and the firm made an average return of 43.89% versus 15.83% for the Russell 2000 over the same period.

What’s happening

On July 15, Starboard sent a letter to Match highlighting various opportunities to improve operations, financial results and capital allocation. This includes optimizing Tinder through product innovation, cutting costs and improving margins, as well as implementing an aggressive and systematic capital return program. Another possibility is to take the company private.
Match Group is by far the global leader in online dating apps with over 45 brands, the most notable of which are Tinder and Hinge. Tinder is the most downloaded dating app in the world. It accounted for over 55% of the company’s revenue at approximately $1.9 billion in 2023, has nearly 10 million paying users and over 50% earnings before interest, taxes, depreciation, and amortization margins. Hinge accounted for $400 million of the company’s revenue and has been growing at over 100% per year. This is a market-leading company with powerful network effects, significant revenue growth (from $2 billion in 2019 to an expected $3.6 billion this year), and an asset-light operating model, generating revenue through subscriptions. However, its stock price performance compared to peers and the broader market has been abysmal, with the stock down nearly 70% since the company’s separation from IAC in July 2020. In addition, Match trades at 8.3-times price/CY24E free-cash-flow multiple compared to a median 14.7-times for moderate growth, high recurring revenue technology companies

While Starboard’s engagement at Match has been reported by mainstream media as a “sell the company” campaign, it is much more thoughtful and complex than that. It’s more of an operational engagement, at least as Plan A. The main issue here is that revenue growth has slowed from 20% to an expected 5.7% in 2024, but the company has continually increased spending to try and chase its former high-growth profile. Starboard points out that there is nothing wrong with spending if executed well, but the money spent on customer acquisition and product development has simply not materialized in improved growth at Match. But Starboard thinks that this management team can get revenue growth back to double digits through innovation and that CEO Bernard Kim’s experience in the gaming industry and as interim CEO of Tinder could lead to meaningful product improvements. If management is unable to increase growth back to double digits, it will have to take a hard look at its expenses and focus on margin improvement. Match’s EBITDA margin of 36% may be high for an average company, but it’s low for a company like Match. But what is even more telling is that Match’s 2019-2024 cumulative incremental adjusted EBITDA margin is 33.5%, which is less than its actual adjusted EBITDA margin in every year during that time period (35.5% – 38%), showing that the company is spending way too much for the level of revenue growth it is getting. Starboard finds this unacceptable and points out that almost every company, especially internet companies, should have significant operating leverage evidenced by incremental margins that are substantially higher than consolidated margins. The firm expects that incremental margins for Match could be as high as 50% and consolidated adjusted operating margins could be above 40%, a target the company has itself referenced.
In addition, Starboard is urging management to repurchase shares. While financial activism like a share buyback is not a well-received strategy on its own, it is regularly used to create shareholder value in conjunction with a more complex operational plan like Starboard offers here. Starboard thinks that there is no better use of cash for the company than to buy back stock at the price it is trading now, ahead of any operational improvements that could lift the share price. Match does not necessarily disagree, as it has already committed to using 75% of free cash flow for share repurchases this year. Starboard would like the company to use the $900 million of available capacity under its net leverage target in addition to the 75% of free cash flow to buy back shares. Between a reduced share count and operational improvements, the firm thinks Match can generate $5.50 or more of free cash flow per share in 2026.
If management cannot create shareholder value through increasing revenue growth, and they fail to rein in costs and improve operating margins, Starboard thinks they must keep an open mind and fully understand the potential value creation opportunity available through a sale of the company and compare the alternatives on a risk-adjusted basis. Starboard thinks that this is a highly valuable asset that may be well-suited to operate as a private company.
Starboard often does its best activism from a board level and we would expect to see the firm looking for a seat here. While Match’s director nomination window does not open until Feb. 21, 2025, don’t let that fool you. Starboard will likely be talking to the company about a board seat well before then and could get invited on to the board sooner. While activists like Starboard’s Jeff Smith are often feared by boards, it has been our experience that when boards get to know him, they see how constructive he can be and grow to respect him. That is relevant here because the chairman of Match’s board since May 2021, Thomas McInerney, was a director and CEO of Altaba (the successor company to Yahoo) during the period from April 2016 to June 2017 when Smith served on the Yahoo board. If this does not settle quickly and amicably, Starboard will have seven months to weigh its next move, allowing the activist to observe the company’s operating performance in the back half of 2024 before it makes a decision.
Starboard is not the first activist to launch a public campaign at Match. Since the beginning of the year, the company has also attracted the attention of Elliott Management and Anson Funds. This is something you rarely saw 10 to 15 years ago, but it has become quite frequent today – multiple activists launching campaigns at the same company. The positives to this are that it is a very strong indication that the company is undervalued and there is a path to fix this undervaluation. It may also indicate a higher likelihood of some activist success. The negative is that it gives the company the ability to choose which activist it will work with and makes it much harder for one of the other activists to get any traction. Further, often management will choose the one looking for the least change. In this case, Match has already settled with Elliott for two board seats and might use that as a reason not to appoint any other shareholder representatives to the board. But we do not see that as a major obstacle for Starboard due to the firm’s experience, the tenor of the campaign so far and the fact that Match did not previously appoint an Elliott executive to the board.
Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist 13D investments. More

EA said that every player who opted in to appearing in the game received a minimum of $600 along with a copy of the game.
This is the first major college sports game of any kind released since 2013.
The changes to the video game also reflect some massive shifts in college football itself, including the advent of the College Football Playoff.

EA Sports College Football 25. 
Courtesy: EA Sports

The 2024 football season officially starts this weekend for many fans, as Electronic Arts rolls out a long-awaited revamp of its college football game. Some fans of the old game who have spent less time with their XBox and PlayStation in recent years are quickly realizing they’ve got a lot of practicing to do.
“I was watching some of the videos and the gameplay, and it’s all these different elements. We’re going from a flip phone to an iPhone, is literally how the game has changed so much,” said Anthony Bencomo, a 47-year old corporate recruiter and owner of Deli Fresh Threads clothing brand in Orlando.

Bencomo isn’t the only one who is being drawn back into gaming by EA Sports College Football 25. Bill Long, a 31-year-old accountant in Sacramento, has been recruiting gamers through social media into an online league for those roughly 30 and up, with the idea being that some of his peers might be a bit rusty.
“I knew there was a large population that were going to be like, ‘Hey, I don’t want to be in with all the younger kids that know what they’re doing,'” said Long, who also hosts a sports podcast and streams on Twitch.
The game officially debuted on Friday, though many players who bought the deluxe version were trying it out all week. EA said that more than 2 million users played the game early. Third-party data like GameStop’s best-seller list and early Twitch viewership indicate the game could have a strong launch.
This is the first major college sports game of any kind released since 2013.
“I definitely think there’s some pent-up demand,” said Eric Handler, a senior research analyst at Roth MKM.

A new era

The college football game, previously titled NCAA Football, was typically a smaller product for EA, at least compared to titles like Madden.
But its popularity has endured over the years, with used copies of NCAA Football 14 becoming valuable items for trade in and resale. Lucas Dolengowski, a 31-year-old social media director from Madison, Alabama, said he went looking for a copy of the game he used to play in college around the time of the Covid pandemic but got spooked by the price.
“I was definitely looking to just get an older XBox and then just buy the game to be able to play it. But the games were going for like $100 on eBay,” said Dolengowski, who has since bought the deluxe version of the new game.

EA Sports College Football 25. 
Courtesy: EA Sports

Bencomo said that he held onto his 2013 copy of the game, but traded in the 2014 one to help buy a gaming system for his daughter. He said he plans to buy and play the new game, but finding the time could be a bit tricky, even with his family encouraging him to dive back in.
“In this timeframe that’s happened, I’ve adulted and I have a life,” Bencomo said.
Beyond the gameplay, the changes to the video game also reflect some massive shifts in college football itself, including the advent of the College Football Playoff.
The financials behind the game also have a major change. A decade ago, college football players had strict restrictions around making money outside of their scholarship. Since then, a series of legal cases has allowed for payment for what is called name, image and likeness rights, or NIL.
EA said that every player who opted in to appearing in the game received a minimum of $600 along with a copy of the game. Some of the football players and other college athletes were also signed as ambassadors to help promote the game.
In the old versions, the players were simply labeled with fake names or numbers, unless the gamers found an off-the-books workaround.
“I would actually buy a memory card and mail it to someone, and they would put the names in,” Bencomo said.

EA Sports College Football 25. 
Courtesy: EA Sports

What’s next

Whether the old and new fans of the College Football game make it a success for EA is still to be determined. The game could exceed the estimates of around 3 million units sold that some analysts have penciled in and still end up roughly half as big as Madden. Stifel analyst Drew Crum said in a July 16 note that the game could sell more than 4 million units, but with limited in-game monetization, which has become increasingly important to game publishers in recent years.
And given the fact that both are football games, the impact on EA’s Madden franchise remains to be seen, said Douglas Creutz, an analyst at TD Securities.
“It’s still unclear how many units might come out of Madden and go to NCAA Football. There might be some cannibalization,” Creutz said.
EA has not announced if the college football game will become an annual launch, so gamers may need to savor this new version for awhile. But the nostalgia factor is clearly working in the game’s favor.
“It’s pretty cool seeing that there’s guys 30-plus out there, because that’s kind of the sweet spot of 2003 to 2007. A lot of the new gamers weren’t born or barely even playing back then,” Long said. More

Project 2025, a collection of policy proposals “for an effective conservative administration,” outlines sweeping tax law and IRS changes.
The plan calls for a two-tier tax system, lower capital gains taxes, IRS budget cuts and scrutiny of tax reporting. By contrast, Trump hasn’t outlined detailed tax policy proposals.
Some Project 2025 plans could be enacted via executive action, but many tax policy proposals would require legislation, which could be difficult without Republican control of Congress.

Republican presidential nominee and former U.S. President Donald Trump applauds on Day 2 of the Republican National Convention (RNC), at the Fiserv Forum in Milwaukee, Wisconsin, U.S., July 16, 2024.
Elizabeth Frantz | Reuters

As former President Donald Trump secures the Republican presidential nomination, both political parties are eyeing Project 2025, a multi-pronged policy plan created by conservative think tank The Heritage Foundation as a collective effort with more than 100 other right-leaning organizations.
If enacted, the plan could overhaul the U.S. income tax system and revamp the IRS, among other changes.

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The roughly 900-page “Mandate for Leadership” calls for sweeping changes to the federal government and policy recommendations for the next administration. The Heritage Foundation launched the project in 2022 and published the policy collection in April 2023.
President Joe Biden and Democrats have framed the initiative as a preview of a second term from Trump. On a website dedicated to Project 2025, the Biden campaign describes the plan as a “blueprint for Trump.”
Meanwhile, Trump has made statements to distance himself from the mandate.
“I know nothing about Project 2025. I have not seen it, have no idea who is in charge of it, and, unlike our very well received Republican Platform, had nothing to do with it,” Trump wrote on July 11 in a Truth Social post.

However, several former Trump officials have been directly affiliated with Project 2025 and Trump praised the Heritage Foundation in April 2022 in a recently resurfaced video.
“As President Trump said, he has nothing to do with Project 2025,” said Steven Cheung, a spokesman for the Trump campaign. “The only official policy approved by President Trump is the GOP Party Platform found on his website.”
A spokesperson for the Heritage Foundation said the organization was unable to provide a statement. Earlier this month, the group told CNBC: “As we’ve been saying for more than two years now, Project 2025 does not speak for any candidate or campaign. We are a coalition of more than 110 conservative groups advocating policy and personnel recommendations for the next conservative president.”
“But it is ultimately up to that president, who we believe will be President Trump, to decide which recommendations to implement,” the organization said.

Some Project 2025 plans could be enacted via executive action, but many tax policy proposals would require legislation, which could be difficult without Republican control of Congress.
Here’s what the proposed policies could mean for taxes and the IRS.

Reduce the federal tax brackets

Project 2025 aims to “promote prosperity” by reducing marginal tax rates, lowering the cost of capital and broadening the tax base.
The plan departs from the current federal income tax brackets with a “simple two-rate individual tax system” with flat rates of 15% and 30%. The higher tier would start around the Social Security wage base, which is $168,600 for 2024.
For 2024, there are seven brackets with a top rate of 37%. But without action from Congress, some of these rates will increase after 2025 once provisions from the Tax Cuts and Jobs Act, or TCJA, sunset.

Under the Project 2025 proposal, you could pay more or less in federal income taxes, depending on your current bracket, according to Howard Gleckman, senior fellow at the Urban-Brookings Tax Policy Center.
The plan would also eliminate “most deductions, credits and exclusions,” including tax breaks for state and local taxes and education.
However, most Americans don’t claim itemized deductions, Gleckman said. Nearly 90% of filers claimed the standard deduction in 2021, the most recent data available, compared to about 70% in 2017 before the TCJA was enacted, according to IRS data.
The “fundamental reform” outlined in the project could include some type of consumption tax, levied on goods and services, such as a national sales tax, business transfer tax or others.
But these policies could be “quite the battle to get enacted” in Congress, said Garrett Watson, senior policy analyst and modeling manager at the Tax Foundation.  

Prasit Photo | Moment | Getty Images

Lower taxes on investment income

The plan also proposes lower taxes on investments for higher earners with capital gains and qualified dividends levied at 15%. Currently, the top rate for long-term capital gains, or assets owned for more than one year, is 20%.

Plus, Project 2025 would abolish the so-called net investment income tax, or NIIT, an extra 3.8% levy on assets for higher earners. The NIIT kicks in once modified adjusted gross income, or MAGI, exceeds $200,000 for single filers or $250,000 for married couples filing together.
Top earners currently pay a combined 23.8% on capital gains including the NIIT, so the proposed tax breaks could be a “big deal” for higher-income investors, Gleckman said.

Reduced estate and gift taxes

Higher estate and gift tax exemptions enacted via the TCJA are scheduled to sunset after 2025. But the plan calls for making the 2017 TCJA changes permanent and reducing the estate and gift tax rate to a maximum of 20%, down from 40%.
Fewer than 1% of taxpayers were subject to estate tax in 2023, according to Tax Policy Center estimates.
“If you’re one of those people, your heirs would be very happy with this proposal,” Gleckman said.

The ‘debate’ over U.S. tariffs

Project 2025 also includes a “debate” on conservative trade policy, including opposing views on tariffs, which are taxes levied on imported goods from another country.
On one side, former White House trade advisor Peter Navarro, who served under Trump, supports U.S. tariffs, including a reciprocal levy, which Trump called for during his 2019 State of the Union address. By contrast, the project notes, Competitive Enterprise Institute president Kent Lassman wrote the U.S. should lower or repeal tariffs to make American goods more affordable.
While Trump says he hasn’t heard of Project 2025, he’s talking about the issue of tariffs a lot, Gleckman said.
Trump has called for a baseline 10% tariff on all U.S. imports and a levy of 60% or higher on Chinese goods. He also floated the idea of an “all tariff policy” to replace federal income taxes in a June meeting with Republican lawmakers. 
However, past U.S. tariffs were mostly borne by U.S. companies and consumers, according to a 2020 working paper from economists at the Federal Reserve Bank of New York, Columbia University and Princeton University.   

IRS plans could have ‘direct taxpayer impacts’

Project 2025 also proposes changes to “reduce the intrusiveness and increase the accountability” of the IRS.
If enacted, these plans could have “direct taxpayer impacts,” according to Watson.
The agency has faced increased scrutiny from Republicans, particularly after Congress approved nearly $80 billion in IRS funding via the Inflation Reduction Act of 2022.

The plan calls for agency budget cuts — a priority for some Republicans — and, in contrast, at least 20% higher resources for the Office of the Taxpayer Advocate, an independent organization within the IRS.
“Congress should provide the Office of the Taxpayer Advocate with greater resources so that it may better assist taxpayers suffering from wrongful IRS actions,” Project 2025 authors wrote.
There are also proposals to increase the number of presidential appointees, focus on technology and undertake a “serious review” of so-called information reporting, or tax forms sent to the agency by employers and financial institutions. More