Rise Of Millionaire Solo Entrepreneur Businesses: Construction, Finance

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Thousands more one-person businesses are reaching the coveted million-dollar earnings number — and it may continue to rise.

A Business Insider analysis of nonemployer businesses — those that are run solely by their owners with no other paid employees — found that between 2020 and 2021, the number of nonemployer businesses with revenues of at least $1,000,000 skyrocketed from just under 47,000 to nearly 58,000. The 2021 numbers are the most recent from the US Census Bureau.

This number had been steadily increasing since the Census Bureau started tracking it in 2012, when it was about 31,800. The 2020 to 2021 increase was the largest year-over-year increase since 2012.

Other top industries included retail trade, real estate, transportation and warehousing, and wholesale trade. On the flip side, utilities, mining, and manufacturing ranked lowest for millionaire businesses.

"If you look at who is truly wealthy in these towns, people who are eating at the nice restaurants, people who are at the nice country clubs, you'll find that they actually didn't have new ideas at all," said Nick Huber , who launched the " sweaty startups " movement and owns nine companies, told BI. "They didn't have tech startups that were aimed at changing the world, and they didn't build a billion-dollar business. Most of them did something common or boring, and they just did it uncommonly well."

The Census Bureau estimates there are now almost 28.5 million nonemployer businesses in the US, which has shot up during the pandemic.

The number of total monthly business applications grew from about 300,000 in February 2020 to consistently in the low- to mid-400,000s over the last few years, peaking with almost 546,000 in July 2020. Since March 2020, this has amounted to just under 22 million new applications.

Have you started a business that has been doing well financially? Reach out to this reporter at nsheidlower@businessinsider.com .

Why Some People Don't Talk About Money With Their Partner

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People who are stressed about their finances are often wary of talking about money with their romantic partners, even though it may be beneficial to their relationship, new research finds.

People worried about bills, feeling overwhelmed about overspending or concerned about money management may expect a "money talk" to lead to an argument, so they avoid bringing up the topic, according to a report from researchers at Cornell University and Yale University, published this month in The Journal of Consumer Psychology. Yet prior research has found that communicating about money helps couples spend more responsibly and better manage their debt.

"They anticipate conflict, so they're choosing not to have these conversations at all," said Emily Garbinsky, associate professor of marketing and management communication at Cornell's business school and one of the study's authors.

Why is it so difficult for some people to talk about money with their partners in the first place?

"It's a defense mechanism," she said. "But with financial issues, the more you avoid it, the worse it gets."

"We're each bringing our own money baggage into a relationship," she said. "Sometimes it's a handbag. Sometimes it's three large suitcases."

Tentative NYC Budget Deal Restores Library, Museum And Some Parks Cuts | THE CITY

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The City Council and the mayor's office are set to shake hands Friday on a more than $111 billion budget, which restores funding to city libraries and reverses some previous cuts to the Parks Department, according to people familiar with the negotiations.

The fiscal year 2025 budget restores more than $58 million to the city's three library systems — which could allow for Sunday service to return — and another $53 million for other cultural institutions, like museums, according to Speaker Adrienne Adams and Mayor Eric Adams.

The new budget also adds $15 million in more permanent funding dedicated to parks maintenance and cleaning jobs at 100 "hot spots" at 61 parks across the city that are known to need more attention, those people said.

The deal will formally be announced Friday, and it's unclear how much more the budget total will be beyond a projected $111 billion from the mayor's proposed executive budget released in April.

Throughout the year, the council and Adams had multiple public disputes, including the council overriding his vetoes on public safety bills and a measure to expand rental vouchers.

The mayor, though, repeatedly said that he and the council speaker would "land the plane" and agree on a budget, just as they've done twice since 2022.

On Thursday, he again said to "let the process go through," but predicted "success" on a budget deal.

Speaker Adams, who leads the Council and worked years ago as a flight attendant, alluded to turbulence last week.

First Increase In White Collar Exemption Salary Threshold Set For July 1

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7 Principles For Getting AI Regulation Right

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AI is too important not to regulate, and too important not to regulate well. To keep up momentum, we're sharing some principles for smart regulation.

We've long said AI is too important not to regulate, and too important not to regulate well . But with legislators from Connecticut to California proposing new legal frameworks for AI, what does that mean in practice?

Five current bills in Congress and seven AI regulatory principles lay out a path to not just mitigating risk but embracing opportunity.

Over the past year, the U.S. government has been taking a thoughtful approach to this question in crafting guidelines for AI developers, deployers, and users. Principled commitments have laid out a framework for the sector, while a federal Executive Order has provided detailed guidance for regulators.

First, the government's approach recognizes the incredible potential of AI innovation in science, healthcare, energy, and more, while embracing a practical risk-and-benefit framework for next steps. That's critical for America to continue to be at the forefront of AI.

Second, American leaders are seeing the enormous economic potential of AI. A recent report from McKinsey pegs that global economic impact at between $17 and $25 trillion annually by 2030. (That's an amount comparable to the current U.S. GDP.) To seize that potential, both the White House and the Senate Working Group set out concrete actions the federal government can take today to increase access to AI tools and develop an AI-ready workforce.

And third, these efforts make clear that the private and public sectors need to come together on AI leadership. We're in the midst of a global technology race. And like all technology races, it's a competition that will be won not by the country that invents something first, but by the countries that deploy it best, across all sectors. This includes public and private cyberdefense and national security in the U.S., where successful AI deployment can help reverse the " defender's dilemma ."

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How Much Money Americans Need Saved For Emergency To Feel Comfortable

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Although many Americans know much money they would need in their emergency fund to feel comfortable, reaching that goal is easier said than done.

Nearly 90% of Americans agree with the traditional rule of thumb : Save enough money to cover at least three months of expenses, according to Bankrate's ⁘ 2024 Annual Emergency Savings Report .⁘

And many feel like they would need about double that amount. A little over 60% of Americans say they'd need enough money saved to cover six months of expenses or more, per the report.

ation overall decreased slightly in May compared to April, according to the U.S. Labor Department's May Consumer Price Index report.

But the cost of certain spending categories remained higher than last year . For instance, the price of juices and drinks is around 20% higher, as did the typical cost of car insurance, per the Labor Department.

⁘Inflation has been a key culprit standing in the way of further progress on the savings front,⁘ Mark Hamrick, Bankrate's senior economic analyst, says in Bankrate's report.

Many Americans prioritize increasing their emergency savings, Bankrate finds. And the good news is that it's never too late to get started.

First, take a look at your key expenses, such as your rent or mortgage payments, car insurance costs and grocery costs. Having a clear understanding of your expenses can help you figure out how much you should aim to save.

'No Consensus': House Backs Off Of Push For Large-scale AI Regulations

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The House of Representatives will likely not take up legislation this year to establish a large-scale framework for the artificial intelligence (AI) industry.

House Majority Leader Steve Scalise, R-La., told Fox News Digital that AI development was in a stage where he was concerned that over-burdensome regulations could make the U.S. fall behind competitors like China.

"There's no consensus right now," Scalise said when asked about the likelihood of AI legislation. "Frankly, we shouldn't be having some new regulatory structure, billions of taxpayer money, to do what the private sector is already doing. You know, and AI is a great example of how America's leading the world in innovation, we don't need to limit that growth by throwing a whole lot of new regulations on top of it to solve a problem that doesn't exist."

He signaled that a more targeted approach was possible, adding, "There's problems and gaps in the law. Let's take a look at those. But there are already existing laws to deal with some of the problems that you see there."

That report recommended spending at least $32 billion in taxpayer dollars annually on "non-defense" AI innovation.

"They're trying to put regulations in place that would actually impede the growth of this industry," he said. "Why would we want to cede ground to a country like China?"

The House's own bipartisan AI task force is working on putting together a report with policy recommendations for the rapidly advancing technology.

The Strange Economics Of Pig Meat: Ham Prices Are Down, But Bacon's Up

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Shoppers in the meat aisle may have noticed something weird last month: Bacon prices are sizzling, but ham's not so hot.

Bacon is more expensive than it was a year ago, with prices up 6.9% from May 2023 to May of this year, according to inflation data from the Bureau of Labor Statistics. Pork chops were up too, by 4.6%. But ham prices were lower, falling 5.4% overall and dropping 6.3% when you exclude canned varieties.

Econ buffs may remember that prices are set according to supply and demand. You'd expect any supply issues — like too many hogs, or too few — to cause prices of each of the items to move up or down, all in the same direction.

The discrepancy, then, must be caused by differences on the demand side. And it is: Demand for domestic pork has grown in recent years outside of the US. But rising demand, plus the same or reduced supply, should push prices up, not down.

To understand you have to zoom out, looking at long-term retail pricing strategy and food price trends.

Glynn Tonsor, a professor in the department of agriculture economics at Kansas State University suggests that if you zoom out, pork prices are indeed going up across the board.

But prices for ham actually went up higher than the prices of bacon and pork chops. That's because US ham exports have been booming, particularly to Mexico.

"In the middle of that five-year period, we had that Mexican demand boost," Tonsor said. "The US market's competing with Mexico for the same ham," he added. "So the prices are going to be higher domestically."

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EY Promises To Increase Starting Salaries To Make Accounting More Attractive

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In The News:

• "Startling Rise in Demand for Data Scientists" (The Guardian) + 50% increase in job postings for data scientists worldwide. • "Thirst for Technologists Quenched by Job Growth" (The New York Times) + 30% surge in job openings for tech professionals. • "Accounting Firms Offer Lucrative Bonuses to Woo Talent" (Financial Times) + Top accounting firms offering signing bonuses up to $20,000. • "World's Largest Banks Hire Thousands of New Graduates" (BBC News) + Major financial institutions make significant investments in talent development. • "In-Demand Soft Skills Fuel Careers in UX Design" (CNET) + UX design jobs featuring 25% year-over-year growth. • "New App Aims to Simplify Remote Work for Freelancers" (TechCrunch) + Platform streamlining flexibility and job security for freelancers. • "Government Subsidies Boost Entrepreneurial Activity" (Inc.) + Government initiatives providing grants and funding for startups. • "AI and Machine Learning Drive Demand for Cybersecurity Experts" (Forbes) + 25% increase in cybersecurity job openings due to AI adoption. These news headlines highlight real trends and job market developments across various industries and fields.

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According to a press release they put out yesterday , EY plans to invest a billion dollars over three years on talent and technology ⁘to revolutionize the experience of early career accounting professionals and improve the attractiveness of the profession.⁘ Let's see what exactly they think that looks like:

Call us skeptical but this sounds like a lot of non -compensation stuff that could eat up a healthy chunk of that billion bucks. They did say the salary bump will put accounting ⁘on par with other business majors⁘ though:

No salary number was given so we'll just have to keep an eye on the next few compensation seasons to find out just how much more they're paying.

If you didn't know, EY Career Path Accelerator is ⁘an accessible, affordable, and relevant alternative for students to meet the 150 hours of education required for CPA licensure⁘ meant for people who aren't on the Master's track. This is what's currently on offer :

Says EY about the program, the Career Path Accelerator ⁘offers hands-on learning through our EY internship, ensures participants receive the guidance they need to be successful, and equips students with the future-focused skills and subject-matter experience that they'll need upon entering the workforce.⁘ The program is administered by Hult International Business School.

⁘Investors and global capital markets depend on a thriving accounting profession,⁘ said Ginnie Carlier, EY Americas Vice Chair – Talent. ⁘Our goal is to make EY US the most preferred place to launch an audit or tax career and become a springboard for future business leaders – for our own organization and leading public and private enterprises.⁘

Yea, okay. This reminds me of the fuzz KPMG made few years back about their Stamford office. They said something along the line of adding so many jobs over the next few years. Instead they have been cutting jobs. Who is there to keep them accountable..

Increasing pay is fine and dandy. Now what are they going to do to make the job of a staff accountant more rewarding and fulfilling when the core responsibility is to fill out checklists to make the PCAOB happy, regardless of the impact (actually non-impact) on audit quality?

Oracle Execs Share Plans To Exit Ad Business With Staff

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Oracle executives in an internal meeting said much remained to be decided about its plans to shutter its advertising business, according to audio reviewed by Business Insider.

The transition will happen in phases, but there's no "catch-all date," a top exec said, with another adding that the company would try to find roles elsewhere in the company for affected employees.

Oracle this week disclosed plans to wind down the business , which brought in just $300 million in the most-recent fiscal year, down from $2 billion in 2022. The latest ambitions of Oracle's cofounder and chair, Larry Ellison, involve healthcare .

"Probably everyone has heard by now Oracle has announced an exit from the global advertising business," Mollie Spilman, Oracle's advertising chief revenue officer, told employees on the call. "This is given with the backdrop of third-party-cookie deprecation and a market which is increasingly litigious, which makes for a difficult environment for our space."

"Everyone on this call is going to have different emotions and questions about what's happening, and Stevan and I do, too," Spilman said, referring to Stevan Vlaović, the company's senior vice president of product and engineering. "What we do know is the exit is going to happen in phases and every group and country is going to be different. Unfortunately, we don't have a catch-all answer for every question, and we don't have a catch-all date for any of the transition activities."

Vlaović joined the call to ask employees of the division to continue working as Oracle figured out the exit.

"We want to emphasize to everyone that we are working diligently around the clock with Oracle, our customers, and partners to develop a thoughtful transition plan, including finding alternative positions to redeploy talent," Vlaović said. "In the meantime, please try to focus on what you are doing, and we will come back to you as we learn more."

3 Big Money Moves To Make With Fed Rate Hikes Still Paused

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The May inflation report , released today, offers a glimmer of hope to the millions of Americans who are weary of rising prices. While the drop was slight, the report shows that the inflation rate fell month-over-month, declining from 3.4% in April to 3.3% in May. And, that decrease was enough to prompt the Federal Reserve to keep interest rates unchanged at its June meeting.

The Fed has opted to keep rates frozen at 5.25% to 5.50% for nearly a year now to try and fight back against persistent inflation. Many experts predicted at the start of 2024 that the Fed would start slashing rates mid-year , but inflation improvements have been slower than expected. In turn, the Fed has held on the anticipated rate cuts in exchange for a more aggressive strategy.

There's always a chance that rate changes could occur in the future, though. For example, the Fed could opt to hike rates if inflation starts to tick back up again. But if inflation drops substantially over time, the Fed could cut rates in tandem. With the Fed rate hikes remaining paused for now, what big money moves should you make as a result?

For example, many major banks and financial institutions offer short-term CDs with rates that surpass 5.5% currently. That's a hefty rate in general but is over 10 times higher than the average savings account rate, which is just 0.45% currently . So if you're looking to maximize your earnings, finding the right short-term CD account makes sense.

CDs aren't the only interest-bearing accounts that offer top rates right now. There are also favorable rates being offered on certain types of savings accounts, like high-yield savings accounts .

Facing Shortfall Of Nearly $400M, Chicago Public Schools Pushes Back Budget Release To July | Chicago News...

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In The News:

• "Facing $400M Shortfall, Chicago Public Schools Delays Budget Release" (Chicago, USA) • "School District Faces $10M Budget Deficit Amid Funding Cuts" (Philadelphia, USA) • "Greek Government Averted Shutdown, but Education Sector Still Battles Budget Crisis" (Greece) • "New York City Public Schools to Cut $40M from Budget Amid Funding Shortfalls" (New York City, USA) • "Education Minister Blames Provincial Government for $100M Budget Shortfall" (Ontario... Canada) • "Brazil's Education Ministry Faces $150M Budget Shortfall Amid Controversy" (Brazil) • "UK Government Unveils £1B Plan to Boost Education Budget" (United Kingdom) • "Singapore's Education Ministry Sees $50M Budget Surplus Amid Economic Growth" (Singapore) • "Indian Education Ministry Cuts Budget by 10% Amid Economic Uncertainty" (India) • "Chinese Education Ministry Releases $100B Budget Plan Amid Economic Boom" (China) These bullet points highlight the challenges faced by education systems around the world, "including budget shortfalls," "funding cuts.".. and economic uncertainty.

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Chicago Public Schools, which had been set to release its full district budget for the 2025 fiscal year Wednesday, has announced it will now publish that spending plan next month.

CPS on Tuesday announced the CPS CEO Pedro Martinez had informed network and school leaders the final draft of its FY25 budget would now be presented in July as the district continues "finalizing the total budget."

"The District will use this additional time to collaborate with CPS stakeholders and do further diligence since the budget model is new and being implemented for the first time," a CPS spokesperson said in a statement. "The District will finalize a FY2025 budget that will continue to support strong academic progress."

The district's full budget must be approved by the city's Board of Education. That vote is now scheduled to take place at its July 25 meeting.

CPS is facing a nearly $400 million budget shortfall as federal COVID-19 dollars run out and efforts in Springfield to get additional state funding failed to yield immediate results.

District officials believe CPS is owed more than $1 billion from the state in order for it to be fully-funded under Illinois' funding formula. Martinez said CPS wasn't pushing for that full amount, but instead advocated for an increase of $550 million to be distributed among schools statewide. Pritzker's state budget instead included a $350 million increase.

The district this year has also done away with student-based budgeting and moved to a new funding model which it says will guarantee a certain level of resources to all schools.

What To Know About Louisville's Proposed Medical Marijuana Zoning Regulations

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Louisville's Office of Planning and Design Services are proposing guidelines for where medical marijuana facilities should be located in Jefferson County. The proposed regulations are more restrictive than state law, which only requires operations to be at least 1,000 feet from a school or daycare. They're similar to how Louisville already regulates smoke shops and tobacco retailers.

The Planning Commission approved the zoning rules late last month. It's now up to Metro Council to decide on any amendments to the proposal and take a final vote.

Interim Planning Director Brian Davis said the city is sprinting to get regulations for medical marijuana facilities in place before July 1, when Kentucky will open its application portal for a limited number of state licenses. Interested entrepreneurs will have to propose a location for their facility.

"This has been one of those interesting 'wait, wait, now go' situations," Davis said. "A lot of counties and communities across the state right now are trying to figure out exactly how they would like to tailor it at the local level."

Davis said city planners looked at existing regulations in similarly sized cities, such as Cincinnati and Columbus. The proposed structure creates different rules for different types of facilities.

Under state law, licenses will be handed out for four different types of establishments: cultivators, where medical marijuana is grown and harvested; processors, where raw plant material is processed and packaged; safety compliance facilities, responsible for contamination and purity testing; and retail dispensaries.

Kentucky will award licenses through a lottery. Only two medical marijuana dispensaries will be located in Louisville during the rollout of the program.

Kenyans' Tax Burden And Why President Ruto Wants Them To Pay More

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This is because President William Ruto is trying to convince them that they should hand over more of their hard-earned cash, saying that, if anything, they are under-taxed.

He recently argued that Kenyans have "been socialised to believe they pay the highest taxes" when in fact, he added, the overall tax burden was lower compared to some other countries in Africa and beyond.

"We must be able to enhance our taxes,⁘ he said, but acknowledged that it was "going to be difficult".

Since he was elected president in August 2022, Mr Ruto's government has raised a host of taxes while also introducing new ones.

Taxes on salaries have gone up, the sales tax on fuel has doubled and people are also paying a new housing levy and are due to pay more for health insurance.

Mr Ruto's message is that if people want better public services and a reduction in the country's debt burden then they have to pay up.

Today, ordinary conversations are often dominated by the pain of taxation, and the president's view has exasperated Kenyans who already feel overburdened.

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Employers Added 272K Jobs In May, Including 7,600 In Accounting

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The jobs report blew past expectations Friday, with employers adding 272,000 jobs in May, although the unemployment rate ticked up to 4%, one-tenth of a point higher than April.

Average hourly earnings increased by 14 cents, or 0.4%, to $34.91. Over the past 12 months, average hourly earnings increased 4.1%.

"The great American comeback continues, but we still have to make more progress," said President Biden in a statement. "On my watch, 15.6 million more Americans have the dignity and respect that comes with a job. Unemployment has been at or below 4% for 30 months — the longest stretch in 50 years. And a record high share of working-age women have jobs."

The BLS also revised downward the job numbers for March and April, lowering the number for March by 5,000 jobs, from a gain of 315,000 to 310,000 jobs, and the change for April went down by 10,000, from a gain of 175,000 to 165,000 jobs. With these revisions, employment in March and April combined is 15,000 lower than previously reported.

A Struggling Business Park Deals A Blow To Singapore's Regional Hub Ambitions

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(Bloomberg) -- Singapore's commercial real estate market has been a standout amid a global downturn, with one major exception.

Just nine miles from the gleaming skyscrapers that crowd the country's Central Business District sits a 71-hectare (175-acre), billion-dollar example of the city-state's push to create alternative business hubs. Changi Business Park, dubbed the "CBD of the East" was a big draw for tech giants including International Business Machines Corp. and Advanced Micro Devices Inc. Global banks from JPMorgan Chase ⁘ Co. to Citigroup Inc. have also situated their back-end staff there.

IBM, which occupied two namesake buildings with a total of 12 floors at Changi, has reduced its presence to two floors, according to people familiar with the situation, who asked not to be identified discussing private matters. UBS Group AG has cut the more than 110,000 square feet (10,220 square meters) of space it occupied by more than half. Standard Chartered Plc, which owns two buildings in the park, has been seeking to lease out two floors with at least 58,000 square feet of office space, according to a property listing.

During a recent visit to Changi, several buildings had "For Rent" signs plastered outside their modern glass facades, including the space IBM formerly occupied, which is owned by government agency JTC Corp. Hansapoint, a seven-story development with landscaped gardens and a gym, was only 36.5% occupied at the end of 2023 following UBS's downsizing. It was close to full previously. The Swiss bank declined to comment.

Hansapoint is owned by CapitaLand Ascendas REIT, one of Singapore's largest commercial landlords. The overall occupancy of the real estate investment trust's more than 2.3 million square feet of lettable space in the park has dropped to about 76% at end-2023, from nearly 94% four years earlier. Some of its under-performing business park units in Changi and elsewhere are being offered at a ⁘3-for-2⁘ rate - meaning that tenants can get one year's rent free if they sign a new three-year lease, according to people familiar with the matter and a promotional campaign online.

5 Ways To Make Money From Home Using AI In 2024

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While fully remote, high-paying jobs may be on the decrease, freelancing is on the upward trend. Professionals are quickly realizing that one does not need to be confined to office walls, or the confines of any one employer at all, to be financially successful. If employers won't grant reasonable flexible working requests, workers are taking matters into their own hands and are opting for creating their own version of flexibility, through freelancing and undertaking side hustles from home.

Since artificial intelligence became popularized from late 2022 and early last year, AI has taken on significant traction and people have discovered many unique uses for this technology.

One such use is that of leveraging AI tools and AI-powered software to make more money. With just a few Google searches, you can easily find use cases and examples of how to earn money as a full-time freelancer, or as a side hustle, with AI. From selling stickers and emojis to online course creation and generating slide decks, the chances you have to boost your salary and improve your personal finances are endless.

Of course, it's always important to ensure you focus on a specific niche for your channel, which can be anything from math tutorials, to English lessons, to cooking or DIY tutorials.

Print-on-demand is a popular way to make money as a work-from-home side hustle. In case you're wondering how it works, print on demand, with AI, happens when you use AI tools to generate catchy quotes, slogans, and even designs, which you then get printed via a print-on-demand service, into items such as mugs, bags, t-shirts, and notebooks.

Having your own e-commerce store, such as Shopify, is helpful so you can list all your print-on-demand products and attract traffic.

Another way to make money with AI is to use it to generate artwork. For example, tools such as Midjourney can be sued to create beautiful illustrations of nature, bouquets of flowers, bunches of fruit, or other scenic depictions, which can then be edited and sold as digital artwork on Etsy or other platforms.

Watertown Lawmakers Approve Budget, Apply For Water Treatment Grant

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WATERTOWN, New York (WWNY) - Watertown has a budget. City council members made some final tweaks before approving the spending plan Monday night.

While the budget will add $250,000 for Zoo New York, the council opted to close the Alteri pool this summer, which will save the city around $200,000.

Council member Robert Kinball says with the lower tax rate, next year.s budget will be harder to work on.

"It was a compromise," she said. "I mean, anybody who watched the sessions that we had saw a lot of discussions amongst the council members. As I said a couple of times today, does the budget have everything in it that I would want, does it have the cuts made to it that I would've liked to have seen happen, no it doesn't, but ultimately at the end of the day I think we produced a budget that did make necessary cuts, got the tax rate down."

In other business Monday, the city is looking to get some help from the federal government for an upcoming drinking water project.

The city council passed a resolution to allow the city to apply for a $17.5 million grant through the Defense Community Infrastructure program.

"We're farther along this year with design and one of the key factors is that the project has to be shovel ready, so we will be shovel ready in January this year," he said, "and we've got the commanding general's endorsement of Fort Drum which also will carry a lot of weight."

Lawmakers Cannot Ignore Regulations For Delta 8, A Hemp By-product

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The adults in my immediate family have come to expect a specific stocking stuffer every Christmas: delta-8 gummies .

At some point over the last couple years, my mother found a Wisconsin-based, woman-owned, hemp product company that she loves supporting by buying annual holiday themed packages for us while not having any interest in partaking herself.

The first time my husband received this gift, he was unfamiliar with delta-8. He naively assumed that anything legal in Wisconsin couldn't get you that high. He. Was. Wrong. Thankfully, nothing medically bad happened to him that holiday season but we do joke that he took a trip to Mars.

For about a year, every time he would tell someone that story he would say, "How is something that strong legal in a state that doesn't even allow medical marijuana?"

Only recently did we find out through the Highly Legal investigative series in the Journal Sentinel, that, not only is delta-8 legal here, there hasn't even been a single piece of legislation proposed to regulate it.

Congress legalized the sale of hemp and products extracted from it with the 2018 Farm Bill . The actual levels of THC is very low in hemp, so presumably, the assumption was that this would not be a competitor to the still federally prohibited marijuana plant.

But apparently Congress underestimated the ingenuity of some entrepreneurial spirits, because manufacturers found a way to extract highly potent compounds from hemp. It has since turned into a booming industry .

States are all over the map with how they have decided to handle delta-8. Some have banned it while others have chosen to regulate it. Wisconsin is only one of six states where delta-8 is legal and unregulated.

Xi Jinping's Surprising New Source Of Economic Advice

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Z hou Qiren is an unusual economist. A professor at Peking University, he spent ten years toiling in the countryside during China's cultural revolution. "The same farmer", he observed, "worked like two totally different persons on his private plots versus on collective land." Unlike most economists, Mr Zhou still studies incentives and constraints from the ground up, starting not with abstract principles, but with concrete cases, often drawn from his travels around China and beyond.

This article appeared in the Finance & economics section of the print edition under the headline "Who advises Xi?"

Federal Income Taxes Are Set To Skyrocket

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S Corporation shareholders and partners in a partnership could see their effective federal income tax rate increase by 30% by the end of December 31, 2025, due to the expiration of certain tax laws. With the sunsetting of the 199A deduction and an increase in individual federal income tax rates scheduled to occur as of December 31, 2025, the effective tax rate for pass-through entity owners will jump from 30% to 39.6%. Taxable income could also increase due to the sunsetting Tax Cuts and Jobs Act provisions, including the capitalization of research and experimental expenditures, bonus depreciation dropping to 60% in 2024 and to 40% in 2025, and the application of a more restrictive interest expense limitation calculation.

To ensure that the anticipated deficit did not extend outside the 10-year budget window, the Tax Cuts and Jobs Act included many sunsetting provisions. Thereby, sealing the fate that with no Congressional movement before the end of December 31, 2025, tax rates will skyrocket for many small and privately held businesses.

Like most of us, business owners likely assume that Congress will not allow this tax doomsday to occur. However, the past few years have shown us that the ability for Congress to pass tax legislation is quite difficult. Many of the tax provisions that are increasing taxable income dramatically are already operational, including:

1. The requirement for domestic R⁘E expenditures to be capitalized over a 5-year period (effective as of January 1, 2022),

3. The bonus depreciation rate decreased to 80% in 2023 and will continue to decrease by 20% each year until it is zero for property placed in service after December 31, 2026.