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What Kamala Harris’ financial disclosure reveals about her investments

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US Vice President and Democratic Presidential candidate Kamala Harris delivers keynote speech at Zeta Phi Beta Sorority, Inc.’s Grand Boulé event at the Indiana Convention Center in Indianapolis, Indiana, on July 24, 2024. 

Brendan Smialowski | AFP | Getty Images

Financial experts describe Vice President Kamala Harris‘ investment style in one word: Boring.

For a woman seeking the highest office in the U.S., it also means she is relatively free of financial conflicts.

In her role as vice president, Harris filed a public financial disclosure report for 2023, which was signed in May. It reveals she favors passively managed index funds in her investment portfolio.

“For me, it was quite refreshing that it appears to be very passive,” said Dustin Thackeray, a chartered financial analyst and chief investment officer at Crewe Advisors in Salt Lake City, who reviewed Harris’ disclosure.

“She’s definitely not attempting to trade on any inside type of information,” Thackeray said.

Carolyn McClanahan, a certified financial planner and founder of Life Planning Partners in Jacksonville, Florida, who also reviewed Harris’ financial disclosure, said it makes her “heart sing” to see Harris investing in low-cost passive investment strategies.

“To me, she has the cleanest portfolio you’ll see in a politician,” said McClanahan, who is also a member of the CNBC Financial Advisor Council.

“She owns a bunch of index funds; there’s no way she that she can game the system,” McClanahan said.

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Harris’ disclosure comes as members of Congress are debating whether elected leadership should be restricted on the kinds of investments they can own.

A group of senators is pushing for a bill that would prohibit members of Congress — as well as their spouses and dependents — from buying certain investments like individual stocks, as opposed to diversified investment funds or Treasury securities. While a Senate panel voted this week to approve the bill, it’s unclear whether it will eventually become law.

In addition to Harris’ favoring of passive investments, the disclosure also reveals more about her financial circumstances that may hold lessons for other investors, according to experts who reviewed the document.

Too many funds

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McClanahan also said the couple could reduce the number of funds they own.

“They could consolidate, keep it simpler,” she said.

The portfolio includes allocations to foreign equities and fixed income funds, said Thackeray, who has been encouraging his own clients to consider more foreign investment exposure. There may be less expensive opportunities outside the U.S., he said, where investments have become more expensive in recent years.

While Harris’ disclosure lists a lot of buy and sell transactions over the year, mostly for lower dollar ranges, that may just be the result of quarterly rebalancing activity, Thackeray said.

How much impact those transactions have on the couple’s tax bill depends on whether those trades are happening inside or outside of their retirement accounts.

It’s unclear whether Harris and Emhoff work with a financial advisor. Harris’ office declined to comment.

Cash on the sidelines

Harris and Emhoff also reveal cash holdings that may add up to around $850,000 or more, depending on the exact balances based on the ranges given.

Having such a large cash pool as a safety net is common among his clients today, Thackeray said.

“The good thing about cash balances today is that they are actually making an investment return, where they hadn’t for many, many years prior to higher rates,” Thackeray said.

Yet because it is up to investors to shop around for the best rates, it’s not a guarantee that Harris and Emhoff are earning the best returns possible.

“I hope all that cash in the bank is earning attractive interest,” Glassman said.

Adjustable-rate mortgage

Harris lists a 2020 mortgage at a 2.625% rate for a personal residence ranging between more than $1 million to $5 million.

But the catch is it is a 7-year adjustable-rate mortgage, which means that low rate won’t last. Adjustable-rate mortgages typically offer an initial fixed interest rate that expires after a certain period of time, and then changes annually.

Since 2020, mortgage rates have increased substantially, which means the couple missed their chance to lock in a low rate for a longer term.

McClanahan said she urged everyone to lock in the record low mortgage rates that were available back then.

“Personally, I would have locked in a longer-term mortgage at that time,” Thackeray said.

While the couple may be in for a shock in 2027, they can always refinance or pay off the mortgage, McClanahan said.

It is possible mortgage rates may be lower in 2027 than where they are today, Thackeray said.

Extra ‘side gig’ income

Beyoncé tickets

Harris is using Beyoncé’s “Freedom” as her campaign song.

Yet Harris was a Beyoncé fan well before the recent pick of that song, her latest financial disclosure reveals. In 2023, Harris was gifted tickets valued at more than $1,600 to a Beyoncé concert. The source listed for that gift: Beyoncé Knowles-Carter.

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Trump plan to freeze funding stymies Biden-era energy rebates for consumers

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Some states have stopped disbursing funds to consumers via Biden-era rebate programs tied to home energy efficiency, due to a Trump administration freeze on federal funding enacted in January.

The Inflation Reduction Act, passed in 2022, had earmarked $8.8 billion of federal funds for consumers through two home energy rebate programs, to be administered by states, territories and the District of Columbia.

Arizona, Colorado, Georgia and Rhode Island — which are in various phases of rollout — have paused or delayed their fledgling programs, citing Trump administration policy.

The White House on Jan. 27 put a freeze on the disbursement of federal funds that conflict with President Trump’s agenda — including initiatives related to green energy and climate change — as a reason for halting the disbursement of rebate funds to consumers.

That fate of that freeze is still up in the air. A federal judge issued an order Tuesday that continued to block the policy, for example. However, it appears agencies had been withholding funding in some cases in defiance of earlier court rulings, according to ProPublica reporting.

In any event, the freeze — or the threat of it — appears to be impacting state rebate programs.

“Coloradans who would receive the Home Energy Rebate savings are still locked out by the Trump administration in the dead of winter,” Ari Rosenblum, a spokesperson for the Colorado Energy Office, said in an e-mailed statement.

The U.S. Department of Energy and the White House didn’t return a request for comment from CNBC on the funding freeze.

In some states, rebates are ‘currently unavailable’

Consumers are eligible for up to $8,000 of Home Efficiency Rebates and up to $14,000 of Home Electrification and Appliance Rebates, per federal law.

The rebates defray the cost of retrofitting homes and upgrading appliances to be more energy efficient. Such tweaks aim to cut consumers’ utility bills while also reducing planet-warming carbon emissions.

California, the District of Columbia, Maine, Michigan, New Mexico, New York, North Carolina and Wisconsin had also launched phases of their rebate programs in recent months, according to data on an archived federal website.

All states and territories (except for South Dakota) had applied for the federal rebate funding and the U.S. Department of Energy had approved funding for each of them.

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The Arizona Governor’s Office of Resiliency said its Home Energy Rebates programs would be paused until federal funds are freed up.

“Due to the current federal Executive Orders, memorandums from the White House Office of Management and Budget, and communications from the U.S. Department of Energy, funding for all Efficiency Arizona programs is currently unavailable,” it said in an announcement Friday.

Rhode Island paused new applications as of Jan. 27 due to “current uncertainty” with Inflation Reduction Act funding and executive orders, according to its Office of Energy Resources.

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The Georgia Environmental Finance Authority launched a pilot program for the rebates in fall 2024. That program is ongoing, a spokesperson confirmed Monday.

However, the timeline for a full program launch initially planned for 2025 “is delayed until we receive more information from the U.S. Department of Energy,” the Georgia spokesperson explained in an e-mail.

However, not all states have pressed the pause button: It appears Maine is still moving forward, for example.

“The program remains open to those who are eligible,” Afton Vigue, a spokesperson for the Maine Governor’s Energy Office, said in an e-mail.

The status of rebates in the eight other states and districts to have launched their programs is unclear. Their respective energy departments or governor’s offices didn’t return requests for comment.

‘Signs of an interest’

While the Trump administration on Jan. 29 rescinded its memo ordering a freeze on federal grants and loans — two days after its initial release — the White House said the freeze nonetheless remained in full force.

Democratic attorneys general in 22 states and the District of Columbia filed a lawsuit against the Trump administration, claiming the freeze is unlawful. The White House has claimed it is necessary to ensure spending aligns with Trump’s presidential agenda.

David Terry, president of the National Association of State Energy Officials, said he is optimistic the rebate funding will be released to states soon.

“For these two particular programs, I do not think [the freeze] will stymie the programs,” Terry said. “I see signs of an interest in moving them forward and working with the states to implement them.”

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Social Security Fairness Act benefit increases to arrive this spring

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Lump sum payments to begin arriving in February

In a new update released on Tuesday, the SSA said it will begin issuing retroactive payments in February. Most people will receive the one-time payment by the end of March, according to the agency.

The SSA plans to process the increase to monthly benefits starting in April.

The new timeline “supports President Trump’s priority to implement the Social Security Fairness Act as quickly as possible,” Social Security acting commissioner Lee Dudek said in a statement.

“The agency’s original estimate of taking a year or more now will only apply to complex cases that cannot be processed by automation,” Dudek said. “The American people deserve to get their due benefits as quickly as possible.”

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Among those affected include some teachers, firefighters and police officers in certain states; federal employees who are covered by the Civil Service Retirement System and people who worked under foreign social security systems, according to the Social Security Administration.

What affected beneficiaries should know

Retroactive payments, which most people should receive by the end of March, will be deposited directly into bank accounts on file with the Social Security Administration.

All affected beneficiaries should receive a notice by mail from the Social Security Administration with details about their retroactive payment and new benefit amount. Those notices should come two to three weeks after the retroactive payments, according to the agency.

If your direct deposit information or current mailing address are up to date with the agency, no action is needed, according to the agency. If you want to double check the information the agency has on file, you may sign into your personal online account or call the agency.

If you want to ask about the status of your retroactive payment, the Social Security Administration urges you to hold off until April.

Beneficiaries should also wait until after they have received their April monthly check before contacting the agency to ask about their new benefit amount.

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The average IRS tax refund is 32.4% lower this season. Here’s why

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The average tax refund is 10.4% lower than last year according to the latest Internal Revenue Service data, and inflation is taking more of those dollars.

Bill Oxford | E+ | Getty Images

The average tax refund this year is down 32.4% compared to last year, according to early filing data from the IRS. 

Tax season opened on Jan. 27, and the average refund amount was $2,169 as of Feb. 14, down from $3,207 about one year prior, the IRS reported on Friday. That figure reflects current-year refunds only.

However, the Feb. 14 filing data doesn’t include refunds receiving the earned income tax credit or additional child tax credit, which aren’t issued before mid-February, the IRS noted. The previous year’s filing data included tax returns claiming these credits. The value of these tax breaks can be substantial, even resulting in five-figure refunds, in some cases.

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Typically, you can expect a refund when you overpay taxes throughout the year via paycheck withholdings or quarterly estimated payments. By comparison, there’s generally a tax bill when you haven’t paid enough.

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The latest filing statistics come amid mass layoffs for the agency as Elon Musk’s so-called Department of Government Efficiency, or DOGE, continues to cull the federal workforce

It’s unclear exactly how the staffing reduction could impact future taxpayer service. But experts recommend double-checking returns for accuracy to avoid extra touch points with the agency.

“Don’t call the IRS looking for your refund,” said Tom O’Saben, an enrolled agent and director of tax content and government relations at the National Association of Tax Professionals. 

You can check the status of your refund via the agency’s “Where’s My Refund?” tool or the IRS2Go app, which is “available 24 hours a day,” O’Saben said.

Typically, the agency issues refunds within 21 days of a return’s receipt. But some returns require “additional review,” which can extend the timeline, according to the IRS.

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