The question of whether you'll be paying more in taxes under President Donald Trump may hinge on how much you use tax deductions now. The Trump administration Wednesday unveiled the broad outlines of his campaign promise to overhaul the sprawling U.S. tax code with a simpler system that lowers tax rates. It remains to be seen how deeply the plan cuts into the most widely used deductions, which cost the government hundreds of billions of dollars in lower taxes.
In a span of less than four months, Tesla Motors (TSLA) founder and CEO Elon Musk has added $2.3 billion to his personal wealth . Musk is now worth more than $13 billion, according to the Bloomberg Billionaire Index, but it could have worked out very differently. In fact, a crucial decision Elon Musk was forced to make in 2010 when, by his own account, the billionaire was broke, is one of the reasons Musk has been able to cash in on Tesla's rapid share rise this year: Musk held on to shares at the very moment when a sale to raise cash would have made financial sense.
Shares of Honeywell rose as much as 4 percent after hours following news that Dan Loeb's Third Point had added to its stake in the company. The hedge fund disclosed its stake in Honeywell in its first-quarter investor letter. As of Dec 31, Third Point owned 1.4 million shares of Honeywell, according to its quarterly filing. The firm has substantially added to the Honeywell stake it reported at the end of last year, a person familiar with the fund told CNBC. Honeywell is a top-five holding of Third Point's now, the person said. In the investor letter, Third Point said Honeywell's stock is trading "at a substantial discount to its industry peer group. Third Point believes that a separation of the