James Bullard said he dissented on this week's Fed decision to lower rates by a quarter percentage point because he didn't think the cut was big enough.The Fedread more
More than 400 Chinese products will be temporarily exempted from tariffs that President Donald Trump's administration imposed last year.China Economyread more
"I feel like I've contributed all I can to this primary election," he told MSNBC's "Morning Joe." "And it's clearly not my time. So I'm going to end my presidential campaign."2020 Electionsread more
Apple will get a taste of whether upgraded features on the new iPhone 11 are enough to lure shoppers to retail stores around the world as the new smartphones officially hit...Technologyread more
The complaint made by an unnamed intelligence official about the president centers on Ukraine, the Washington post reported.Politicsread more
The Pentagon on Thursday said the recent attack on Saudi Arabian oil facilities were "sophisticated" and represented a "dramatic escalation" in tensions within the region.Defenseread more
U.S. stock futures are modestly higher, with the S&P 500 just a little more than 20 points away from July's all-time high ahead of Friday's open on Wall Street.Marketsread more
Bank of America says Amazon's plans to build its own fleet of carbon-neutral delivery trucks bode well for its bottom line.Investingread more
The show comes as social media platforms and legacy media companies alike have launched a flurry of original content alongside new streaming platforms like Apple TV+ and...Technologyread more
Pivotal Research Group began coverage of Roku with a sell rating on FridayInvestingread more
Two sites were hit on Saturday — the Abqaiq and Khurais oil facilities — which took out 5.7 million barrels per day of crude oil production.World Politicsread more
Some of the largest technology companies — including Apple — could take a hit if a provision added to the Senate's tax plan at the last minute is not removed.
The Senate included in its tax bill a corporate alternative minimum tax, which aims to make companies pay a minimum rate if the breaks they receive make their burden too low. In contrast, a bill passed by House members eliminates the current AMT of 20 percent.
The current AMT rarely applies to companies, since most are subject to the 35 percent federal corporate tax rate. However, if the corporate tax rate is lowered to the proposed 20 percent and an AMT remains, the concern is it will ultimately result in higher taxes for tech companies who benefit from research and development deductions.
"The AMT addition would be a black eye especially for technology companies as the tax breaks related to [intellectual property] and spending on research and development," said Daniel Ives, head of technology research at GBH Insights. Tech companies are able to deduct taxes on intellectual property and research and development.
"With many tech companies such as Broadcom, Apple, Microsoft, Cisco and Oracle among others significantly ramping up R&D this would be a major stomach punch to tech players if the Beltway does not amend this AMT last-minute addition into the bill," Ives said.
Broadcom's research and development spending has increased more than 284 percent over the past three fiscal years. Apple and Oracle have also boosted their R&D spending by 43.2 percent and 12.7 percent, respectively, over the same period. Microsoft and Cisco Systems have kept R&D spending little changed.
GOP House leaders railed against the addition of the AMT earlier this week.
"I think that both the individual and the corporate AMT — it's costly, it's complex — really on the business side, undermines many of the pro-growth and pro-American provisions in the tax code," said Rep. Kevin Brady, R-Texas, told CNBC's "Squawk Box" on Tuesday.
Reinstating the AMT saved about $40 billion under the Senate bill, according to the congressional scorekeeper Joint Committee on Taxation. The money helped to pay for provisions like limited state and local tax deductions.
But House Majority Leader Kevin McCarthy told CNBC on Monday that the AMT "eliminated because that would destroy" research and development.
—CNBC's Jacob Pramuk contributed to this report.