Home Depot's CEO says the retailer cut its outlook partly due to "the potential impacts to the U.S. consumer arising from recently announced tariffs."Retailread more
For investors still haunted by last week's monster sell-off, the market's comeback is set to last, according to J.P. Morgan's quant guru.Marketsread more
A U.S.-China trade deal would be less likely if President Xi cracks down violently on the large-scale protests in Hong Kong, Secretary of State Mike Pompeo tells CNBC.Politicsread more
The launch follows a "preview" earlier this month that allowed only limited customers to apply.Technologyread more
Financial advisers are always "buying at the wrong time and selling at the wrong time because they're emotional," the billionaire founder of Baron Capital says.Marketsread more
Energy stocks may be fueling up for a comeback rally. One technical analyst says that after the sector's pummeling, these two stocks look particularly good.Trading Nationread more
U.S. interest rates will keep falling and follow global interest rates all the way down to zero, hedge fund manager Kyle Bass said.Marketsread more
"We think the stock is appealing once again," J.P. Morgan says of Beyond Meat.Marketsread more
Bruce Linton says he bought more stock in Canopy Growth — even though the cannabis company he co-founded fired him earlier this summer.Health and Scienceread more
A new probe could bring more pressure to some of the nation's largest tech firms, which are already facing federal scrutiny.Technologyread more
Got extra stuff? Got extra space? A new company is ready to make a match. Neighbor is a barely two-year-old company that connects homeowners online with people who need...Real Estateread more
The alleged college admissions cheating scam unveiled earlier this week has already triggered at least one call to change the law regarding some donations.
Sen. Ron Wyden, D-Ore., said Wednesday that he will introduce a bill stripping tax benefits for donations made to universities and colleges before or during the enrollment of children of the donor's family.
The announcement comes after federal prosecutors in Boston charged 50 people in an alleged $25 million scam in which wealthy parents allegedly paid bribes to get their children into elite U.S. colleges.
Wyden's measure, however, would target legal donations for buildings or scholarships on campus, and purchases of sports tickets. The Democrat, the ranking member on the Senate Finance Committee, said the federal government is perpetuating an unfair admissions system by awarding tax benefits to wealthy American donors.
"Yesterday's headlines about the wealthiest Americans buying access to our elite colleges and universities is just a new version of an old story," he said in a Wednesday statement that referred to Tuesday's news. "While the prosecutor attempted to distinguish these crimes from payoffs in the form of buildings or stadiums to secure access for the undeserving, it is all part of the same corrupt system."
He added: "Middle-class families don't have access to this back door for their children. If the wealthy want to grease the skids, they shouldn't be able to do so at the expense of American taxpayers."
The IRS allows people to claim tax deductions when donating to nonprofit colleges and universities.
Wealthy parents charged in Tuesday's indictment allegedly made bribe payments under the guise of charitable donations by wiring money to William "Rick" Singer's nonprofit the Key Worldwide Foundation. Federal prosecutors allege parents filed personal tax returns that reported the payments as donations to KWF, which would allow them to receive tax deductions.
According to the indictment, a senior official at the University of Southern California allegedly funneled bribe money directly into a university account, while some payments allegedly were made toward hired test proctors that corrected students' exam answers and coaches of colleges and universities.
Wyden's spokesperson told CNBC that the senator has no more details to disclose until the bill is introduced.
The Trump administration also condemned the scam.
"Every student deserves to be considered on their individual merits when applying to college and it's disgraceful to see anyone breaking the law to give their children an advantage over others," Education Secretary Betsy DeVos said. "The department is looking closely at this issue and working to determine if any of our regulations have been violated."