Money

Trump is threatening to enact a payroll tax cut through executive order. But that doesn't mean you'll see extra money on your paycheck if it happens

1 month ago   |   By Business Insider

MANDEL NGAN/AFP/Getty
Trump has repeatedly threatened to circumvent Congress and enact a payroll tax cut on his own.
The idea gained traction in the White House after two conservative economists called on the president to use executive authority to suspend that tax collection and add more money onto workers' paychecks.
But experts say employers are likely to hold onto the cash since the president only has authority to defer tax collection, and not forgive it.
"Knowing that, employers would be taking an enormous risk if they don't withhold the tax they're legally liable for," said Seth...
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Tencent and its hyper-popular messaging app WeChat have become Trump's latest target. Here's how the company became a $69 billion behemoth that has a stake in everything from 'Fortnite' to Hollywood blockbusters

Tencent and its hyper-popular messaging app WeChat have become Trump's latest target. Here's how the company became a $69 billion behemoth that has a stake in everything from 'Fortnite' to Hollywood blockbusters

1 month ago   |   By Business Insider

Reuters
An executive order issued Thursday night by President Donald Trump bars US companies and individuals from making any transaction with WeChat, a social media app owned by Chinese giant Tencent.
Tencent isn't a household name in the US, but it's one of the most valuable companies in the world and has a stake in everything from blockbuster films to gaming.
In fact, Tencent is the biggest video game company in the world. It owns US game studio Riot Game and has a substantial stake in Epic Games, the company behind "Fortnite."
Run by billionaire Pony Ma, Tencent is now worth around $69...
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President Trump is trying to ban WeChat, the wildly popular messaging app that people in China can't live without. Here's everything to know about the app

President Trump is trying to ban WeChat, the wildly popular messaging app that people in China can't live without. Here's everything to know about the app

1 month ago   |   By Business Insider

Chesnot/Getty Images
President Trump has issued a new executive order targeting WeChat, the widely-used messaging app that drives daily life in China.
The order, citing security concerns, would go into effect in 45 days.
WeChat is the cornerstone of daily interactions and transactions in China, as it's used for everything from mobile payments to ride-hailing and playing games.
But reports have also uncovered how the app has been used to censor and surveil people both inside and outside of China.
Visit Business Insider's homepage for more stories .
President Trump is continuing his assault...
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Tencent tumbles 10% following Trump's executive order targeting TikTok and WeChat

Tencent tumbles 10% following Trump's executive order targeting TikTok and WeChat

1 month ago   |   By Business Insider

Reuters
Tencent stock tanked as much as 10% on Friday following President Trump's executive order targeting its WeChat app.
The order arrived in tandem with a similar order against ByteDance's TikTok app. Both Chinese companies face a ban from US transactions set to take effect in 45 days.
The orders escalate tensions between the world's two largest economies as US investors continue to grapple with economic recession and waning hopes for fresh stimulus.
Other Chinese tech giants slumped on news of the orders. The Hang Seng Tech index, which tracks the 30 largest tech firms listed in Hong...
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