Magnolia Mornings: September 18, 2024

• Important state and national stories, market and business news, sports and entertainment, delivered in quick-hit fashion to start your day informed.

In Mississippi

1. Millions in lost policy benefits located by Mississippians in 2023

According to the Mississippi Insurance Department, more than 1,600 Mississippians used the Life Insurance Policy Locator Tool to find more than $46 million in lost policy benefits in 2023. MID said Tuesday that the Locator, a free tool maintained by the National Association of Insurance Commissioners, has helped more than 4,400 Mississippi consumers claim more than $99 million in benefits since its inception in November 2016.

“The policy locator requests are free and confidential,” said Insurance Commissioner Mike Chaney. “Any matches found are reported to insurance companies and the companies then contact beneficiaries. The locator helps us to meet our goal of protecting consumers.”

MID encourages Mississippians to use the Locator to find a lost policy by clicking here during this Life Insurance Awareness Month.

2. Study shows MBCI has an almost $1 billion annual economic impact in Mississippi

The Mississippi Band of Choctaw Indians (MBCI) said Tuesday that a recently completed economic impact analysis shows that MBCI has an almost $1 billion annual impact on Mississippi’s economy.

Mississippi State University conducted the study which examined spending from several categories, including new construction expenditures, commercial operations, government operations, human capital investment, and tourism spending.

Based on 2022 expenditures, MBCI activities, visitors, and graduates increased state output by $980 million, generating $227.2 million in personal income across that state. The MBCI economic activities spark spending that supports the employment of 6,696 people. In addition, the Tribe’s construction projects create another 3,079 nonrecurring positions, generate $209.3 million in personal income, and add $486.9 million to the state output over the lives of the construction projects.

National News & Foreign Policy

1. Trump wants to “get SALT back”

The Wall Street Journal reports that Republican presidential nominee Donald Trump suggested Tuesday that he wanted to reverse—not extend—a crucial piece of the tax law he signed in 2017. 

“A day ahead of a rally planned Wednesday on New York’s Long Island, Trump posted on his Truth Social network that he would ‘get SALT back,’ a reference to the state and local tax deduction that Trump and Republicans capped at $10,000 per return,” WSJ reported. “That cap, along with other major pieces of the law, is scheduled to expire at the end of 2025, making it part of a complex negotiation that the next president and Congress will navigate.”

WSJ went on to add, “Many Republicans support keeping the cap, because it raises money to pay for other tax cuts and because it forces residents of high-tax states to bear the full cost of state taxes.”

2. Democrats, Republicans block the other’s IVF bills

On Tuesday, The Hill reported that Democrats blocked an attempt by Republican Senators Ted Cruz (Texas) and Katie Britt (Alabama) to pass a GOP in vitro fertilization (IVF) access bill through unanimous consent, repeating a similar showdown that occurred earlier this year.

Senate Democrats offered their own version of an IVF, just as they did in June, calling the Republican legislation a “show bill.”

“While both bills had similar aims of ensuring IVF access at the federal level, there were some distinct differences. The GOP bill would bar states from receiving Medicaid funding if they implement a ban on IVF but explicitly does not guarantee a right to IVF services,” The Hill reported.

Sports & Entertainment

1. Shuckers fall to Biscuits in opening playoff game

The Biloxi Shuckers fell to the Montgomery Biscuits 9-2 at Keesler Federal Park on Tuesday night in game one of the Southern League South Division Playoff Series.

The Shuckers must now win on Thursday in game two to keep their season alive and force a winner-take-all game three on Friday.

Biloxi is the No. 2 team in the South Division and Montgomery is No. 1.

2. Pelicans to air on Gray Media stations

WLOX reported Tuesday that Gray Media, its parent company, in partnership with the New Orleans Pelicans, will bring every non-national Pelicans NBA game to 4.1 million households through a new soon-to-be-launched multi-state distribution venture called Gulf Coast Sports & Entertainment Network anchored by Gray’s New Orleans television station WVUE (FOX 8 Local First).

“The new network will broadcast free, over-the-air and be made available on a variety of pay-TV platforms through Gray’s television stations in Biloxi, Jackson, Hattiesburg, and Meridian, Mississippi; Gray’s television stations in Baton Rouge, Shreveport, Lake Charles, Monroe, and Alexandria, Louisiana; and Gray’s Mobile, Alabama television station,” WLOX reported.

Markets & Business

1. How much will the Fed cut rates?

As CNBC reports, the Fed is expected to lower rates by at least a quarter percentage point Wednesday, but traders are divided over how big the reduction will be.

“It’s unusual to have this much uncertainty into a Fed decision as the central bank typically tries to telegraph its next move to the markets. Traders had believed for most of the last month that the Fed would lower by a quarter point, but the idea of a super-sized cut began to gain traction in the past week,” CNBC reported.

Stock futures were up slightly ahead of the Fed meeting and announcement. It would be the first rate cut since 2020.

2. Tupperware files for bankruptcy

The Washington Post reports that Tupperware filed for Chapter 11 bankruptcy Tuesday as consumers’ evolving shopping behaviors and increased competition led to slumping sales.

“Over the last several years, the Company’s financial position has been severely impacted by the challenging macroeconomic environment,” Laurie Ann Goldman, president and chief executive of Tupperware, said in a statement, as reported by WP. “As a result, we explored numerous strategic options and determined this is the best path forward.”

WP added that “Tupperware will seek court approval to start a sale process for the business to protect its brand and advance its ‘transformation into a digital-first, technology-led company,’ the company said.”