The Business Roundtable, a group of CEOs of nearly 200 major U.S. corporations, gave a new definition of the "purpose of a corporation."Marketsread more
Stocks rose sharply on Monday as Treasury yields rebounded, quelling fears of a possible recessionUS Marketsread more
J.P. Morgan estimates the average annual tariff cost per household will be $1,000 with the new round of Trump's tariffs.Marketsread more
Since its IPO 15 years ago, Google has become more and more powerful. Today, that power is being highly scrutinized.Technologyread more
Sequoia's Michael Moritz says that direct listings worked for Spotify and Slack and will become more common for companies with "courage and intelligence."Technologyread more
Shares of embattled utility PG&E plummeted after a judge ruled that a jury can decided whether it should pay up to $18 billion in damages.Marketsread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
The New York City police officer who used a chokehold on Eric Garner in an encounter that ended with Garner's death has been fired, New York City Police Commissioner James...Politicsread more
These are the stocks posting the largest moves midday.Market Insiderread more
The president said the Fed has been hampered by a "horrendous lack of vision" and said it should institute 100 basis points worth of reductions in its benchmark rate.Marketsread more
Investors should be careful not to buy or sell stocks based on last week's brief inversion of the yield curve in the bond market, CNBC's Jim Cramer warns.Investingread more
President Donald Trump on Wednesday made lofty pledges about the benefits of the work-in-progress Republican tax plan — and threw in a promise to rid roads of potholes, to boot.
Speaking in Pennsylvania to a crowd that included truckers, Trump promoted a tax framework he claimed would boost job creation and put more money in middle-income Americans' pockets. Standing in front of a truck plastered with "Truckers for tax reform" and "WIN AGAIN," he pressured Congress to push through a tax bill.
He promoted the four goals the White House has set for a plan: cuts taxes for middle-income Americans, simplify the tax code, reduce the burden on companies and bring back corporate money from overseas. Trump addressed criticism — and an estimate from an independent group — that wealthy Americans would benefit more than the middle class under the plan by repeating his goal to make it work for average Americans.
The president's "rich" friends have "come up to me and said, 'Give it to the middle class, give it to people that need it,'" Trump said.
Weaving through other pledges and policies, Trump also promised the crowd he'd overhaul American infrastructure and create "smooth, beautiful" roads with "no potholes."
Late last month, Republicans released a framework for the tax plan they hope to pass this year. It calls for major reductions in household and corporate income tax rates and a doubling of the standard deduction.
The framework left out many key details. The congressional tax-writing committees are expected to spell out specifics once Congress passes a joint budget, a key step in the process.
Already, the GOP has run into political hurdles. Republican lawmakers in high-tax blue states have started to push back on a proposal to get rid of state and local tax deductions, a method to raise money to help offset tax cuts.
Some lawmakers have also expressed concerns about the potential budget deficits generated by the cuts.
Despite the plan still forming, Trump set ambitious targets for what it would do. He promised the proposal would be "pro-growth, pro-jobs, pro-worker, pro-family and pro-American."
He specifically said his Council of Economic Advisers estimates the changes he proposed together would give the "typical" American household a $4,000 "pay raise."
"We're going to fight and we're going to get those Republicans, and maybe a few of those Democrats, to raise their hand and you're going to have so much money to spend," Trump said.
He urged lawmakers at the speech to approve the tax plan.
"All I can say is, you better get it passed. They will. I know," Trump said.
He also pressured Democrats to get on board, arguing it would be politically difficult to oppose a plan that broadly cuts taxes.