Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
"Sure, the trade war's taking its toll on business ... it's just not taking its toll where it was supposed to," Jim Cramer says.Mad Money with Jim Cramerread more
Joe Biden called on President Donald Trump Friday to release the transcript of a call with a foreign leader that is the subject of a whistleblower complaint. Biden described...Politicsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Palantir Technologies is targeting a valuation of at least $26 billion in a private fundraising round, the first for the Peter Thiel-backed data analytics startup in four...Wall Streetread more
Michael Pack, a conservative filmmaker linked to Steve Bannon, saw at least $1.6 million in donations from his nonprofit sent into the coffers of his independent production...Politicsread more
The New England Patriots released Antonio Brown just 11 days after signing the wide receiver. The NFL Super Bowl champion team initially had kept him in the face of a rape...Sportsread more
A tour bus carrying Chinese-speaking tourists crashed near a national park in southern Utah, killing at least four people and critically injuring up to 15 others, authorities...U.S. Newsread more
Critics have hit the Republican tax plan for raising the bottom tax rate, effectively creating a tax for the poor. The proposal's chief architects, though, say that's not the right way to look at it.
White House economic advisor Gary Cohn said lower-income fillers actually will receive a tax cut due to a doubling of the standard deduction that most workers can take.
That will offset what appears to be a raise in the bottom tax bracket from 10 percent to 12 percent, he said.
"We have really helped our lower-income earners by doing that," Cohn told CNBC in an interview.
"We're doing an awful lot to help working Americans," he added. "I think when people see the final, final details they'll be pretty impressed when they see what we're doing for working Americans."
The new plan reduces the number of brackets from seven to three. Where the old system had levies ranging from 10 percent to 39.6 percent, the new plan proposes 12 percent, 25 percent and 35 percent.
In addition, the GOP plan doubles the so-called zero tax bracket to $24,000 for married couples and $12,000 for individuals. Under the previous plan, workers earning from $1 to $9,325 were taxed at a 10 percent rate.
That will change under the Republican proposal, in effect providing relief for the bottom two current brackets of 10 percent and 15 percent.
"You're going from 10 percent on the bottom to zero," House Speaker Paul Ryan, R-Wis., told CNBC in a subsequent interview. "By doubling the standard deduction, the people who are currently captured in that 10 percent rate, they go to a zero percent rage, and the 15 percent bracket comes down to 12 percent."
Ryan said he expects the "demagoguery" will continue over the plan, though he expects it to pass with some Democratic support.