Tuesday, April 16, 2024

Big cuts at Best Buy

Also: Trump stock falls further ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌  ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ 

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The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Tue Apr 16 2024
 

Daniel de Visé | Personal Finance Reporter

Good morning! It's Daniel de Visé with your Daily Money.

Addressing "lower business demand," Best Buy has laid off a significant number of employees, including Geek Squad field agents, Amaris Encinas reports.

Home-theater repair technicians and phone support specialists were among those affected by the most recent wave of layoffs at the Richfield, Minnesota-based company, according to the Star Tribune newspaper.

Trump stock plummets, again

Trump Media & Technology Group shares plummeted more than 18% Monday after the company took steps to sell millions of additional shares.

Trump Media, the parent company of social media platform Truth Social, filed to register up to 146.1 million shares for sale, including nearly 115 million owned by Trump, Bailey Schulz reports. Trump Media shares ended the day at $26.61. That's down more than 60% from their peak in late March, after the company made its stock market debut.

The company generated about $4 million in revenue in 2023 -- less than the average Chick-fil-A drive-thru, the Washington Post noted -- while losing more than $58 million. 

📰 More stories you shouldn't miss 📰

•These Americans got an automatic extension on their taxes
•Sugar found in sugar-free soda
•Domino's rolls out foldable pizza
•Layoffs at Tesla
•The latest mortgage rates (brace yourself)

📰 A great read 📰

Finally, here's a popular story from earlier this year that you may have missed. Read it! Share it!

If you're one of many Americans who think you'll work till 75 or 70, or even 65, think again.

The average American retires at 62. Sixty-two is not particularly old. The average over-50 worker expects to retire at 67, according to Transamerica. The average life expectancy is 77 ½. Our president is running for reelection at 81.

But few of us get to retire when we want.

Here are the stories of seven Americans who retired years earlier than planned, for reasons largely beyond their control.

About The Daily Money

Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.

Daniel de Visé covers personal finance for USA Today.
A busy day at a Best Buy retail location in Dartmouth, Massachusetts on Friday, Nov. 26, 2021.

Best Buy has made significant cuts to its workforce, including the Geek Squad. On the heels of the cuts, the Minnesota-based company announced that AI will help customers.

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In this photo illustration, Republican presidential candidate former President Donald Trump's social media platform Truth Social is shown on a cell phone on March 25, 2024 in Chicago, Illinois. The company is expected to go public tomorrow on the NASDAQ market, trading under the ticker symbol DJT. Trump reportedly owns about 58 percent of the company, a stake that could be valued at roughly $3 billion.
 

Trump Media's stock price is down more than 15% today. Here's why.

Trump Media & Technology Group shares plummeted Monday after the company took the first steps to issuing millions of additional shares.
Ginger ale in a glass with lemon and lime/
 

'Full sugar' found in diet Schweppes Ginger Ale, Pepsi issues recall

PepsiCo has recalled over 200 cases of Schweppes Ginger Ale after finding "full sugar" in the zero-sugar product, which is dangerous for millions of Americans.
The IRS said that around 940,000 people have yet to submit tax returns for unclaimed refunds for 2020.
 

See the places that have automatic extensions for their taxes

Monday is the tax deadline for most of America but there are some locations granted grace by the IRS.
Domino's Pizza announced Monday it is introducing New York-style pizza to its menus nationwide.
 

Domino's introduces 'foldable' New York-style pizza nationwide

Domino's Pizza announced Monday it is adding New York-style pizza to its menus nationwide. Here's what you need to know.
Visitors walk in front of the logo of US multinational automotive company Tesla during the International Motor Show IAA in Munich, southern Germany, on September 6, 2023.
 

Tesla reportedly laying off 10% of global workforce: 'It must be done'

Tesla CEO and co-founder Elon Musk sent a memo to employees announcing the tech giant will be laying off 10% of its global workforce.
An image of Google's office headquarters.
 

Forget Nvidia: Billionaire Bill Ackman owns $1.9B worth of this artificial intelligence stock

When it comes to investing in artificial intelligence (AI) stocks, it can pay to know where billionaires are putting their money.
Cinderella Castle, the icon of Magic Kingdom Park at Walt Disney World Resort in Lake Buena Vista, Fla., recently completed a royal makeover. The castle's new color scheme features bold, shimmering and regal enhancements befitting The Most Magical Place on Earth. Special elements include a sapphire dusting on the blue rooftops and gold trim that makes the spires sparkle in the sun. (Matt Stroshane, photographer)
 

Disney park guests who lie about disabilities will be banned for life

Disney's Disability Access Program is the parks' most popular service. Those who are found to lie and misuse the program face big consequences.
A pump is seen at a gas station in Manhattan, New York City, U.S., August 11, 2022.
 

How Iran's attack on Israel could impact gas prices

U.S. motorists could see an impact on pump prices, but that depends on what Israel and Iran do next.
In a country as large as the United States, economic activity and tax collection vary considerably by state and region. A resource-rich state like Alaska depends heavily on taxes paid by global oil and gas companies based outside the state, while a major component of Florida's tax revenue comes from tourism activity. According to the Tax Foundation, the 84-year-old tax policy nonprofit, state and local taxes currently make up 11.2% of gross national product, the total value of goods produced by a country over the course of a year. This includes several public revenue sources like taxes on property, general sales, income and corporate income, licenses, and excise taxes on alcoholic beverages, tobacco, and other products. (Here are 19 big companies that paid almost nothing or nothing at all in taxes in 2021 .) To determine the states where Americans are paying the most taxes, 24/7 Wall St. reviewed data from the report State and Local Tax Burdens, Calendar Year 2022 published by t he Tax Foundation . States were ranked by their tax burden, from low to high. We also estimated income per capita by state from the tax burden share and tax amount paid. The Tax Foundation defines tax burden as state and local taxes paid by a state's residents divided by that state's share of net national product. Unlike tax collections, which represent all taxes made to state and local governments, "tax burdens estimates allocate taxes to states that are economically affected by them" per the Tax Foundation. That is, the measure of tax burden attempts to measure the economic incidence, not the legal one. State and local tax burdens have increased since 2020 to the highest level since 1978. According to the Tax Foundation, "pandemic-era economic changes caused taxable income, activities, and property values to rise faster than net national product." The 10 states with the highest state-local tax burdens in 2022 range from Maine and Delaware with a 12.4% tax burden to New York's 15.9% tax burden. Residents of the largest U.S. state, California, bear the fifth largest state-local tax burden at 13.5%. (This is how much tax people pay in an average lifetime in every state .) Four states with populations of under 1 million are among the 10 states with the lowest combined state and local effective tax burdens. Those 10 states have tax burdens ranging from Alaska's 4.6% to Oklahoma's 9%. Texas, the country's second-largest state by population, has the sixth-lowest state and local effective tax burden at 8.6%. Two other states with large populations, Michigan and Tennessee, are also low-burden states.
 

See which states, counties have the highest property taxes in America

Property taxes nationwide have increased since before the pandemic. Between 2019 and 2023, the median value of annual property taxes increased nearly 25%.

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