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June 10, 2021

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Biden Banks on $3.6 Trillion Tax Hike on the Rich and Corporations

New York Times
WASHINGTON — President Biden on Friday unveiled $3.6 trillion in tax increases on wealthy Americans and big corporations to pay for his plans to combat climate change, reduce income inequality and significantly expand the nation’s social safety net. For the wealthiest taxpayers, the proposals would mean higher taxes on their......

Turkish fuel price hike expected to raise inflation by 0.4% – economists

Reuters
A fuel tax hike in Turkey on Thursday is expected to push annual inflation up by 0.4 percentage points, adding to a steady rise for seven months, according to economists, keeping up pressure on the central bank to maintain a tight policy for longer. Turkey raised the special consumption tax......

Chipotle to hike wages, debut referral bonuses in attempt to hire 20,000 workers

CNBC
CNBC – For more and to sign up click here Customers order from a Chipotle restaurant at the King of Prussia Mall in King of Prussia, Pennsylvania. Mark Makela | Reuters As the labor market heats up, Chipotle Mexican Grill announced Monday it’s raising pay for restaurant workers, reaching an......

Oil giant Saudi Aramco beats estimates with 30% hike in first-quarter profit

CNBC
CNBC – For more and to sign up click here Oil tanks at an oil processing facility of Saudi Aramco, a Saudi Arabian state-owned oil and gas company, at the Abqaiq oil field. Stanislav Krasilnikov | TASS via Getty Images Oil giant Saudi Aramco reported a 30% jump in net......

Venture capitalist Alan Patricof: Capital gains tax hike would not change investor behavior

CNBC
CNBC – For more and to sign up click here Alan Patricof, a longtime tech investor and Democratic donor, told CNBC on Monday he is not concerned about the prospect of higher capital gains taxes for wealthy Americans. In an interview on “Closing Bell,” the co-founder of venture capital firm......

There’s going to be a big fight over Biden’s tax hike plan, GOP Rep. Kevin Brady says

CNBC
CNBC – For more and to sign up click here House Way and Means Chairman Kevin Brady (R-TX), joined by members of the House Republican leadership, introduce tax reform legislation November 2, 2017 in Washington, DC. Getty Images Rep. Kevin Brady, the top tax-writing Republican in the House during the......

Amazon to hike wages for over 500,000 workers

CNBC
CNBC – For more and to sign up click here A worker loads customer orders into a waiting tractor-trailer inside the million-square foot Amazon distribution warehouse that opened last fall in Fall River, MA on Mar. 23, 2017. John Tlumacki | Boston Globe | Getty Images Amazon announced Wednesday it......

Washington state passes downsized $11.8B transportation budget lowering gas tax hike

WashingtonExaminer
USA TODAY – For more and to sign up click here Washington drivers will pay the third-highest gas tax in the nation after the passage of an $11.8 billion transportation plan by state lawmakers. The two-year budget stems from an 11th-hour deal made between House and Senate Democrats over the......

Biden capital gains tax hike would only hit 0.3% of households, White House advisor says

CNBC
CNBC – For more and to sign up click here National Economic Council Director Brian Deese holds a press briefing in the Brady Briefing Room of the White House in Washington, DC on April 26 2021. Brendan Smialowski | AFP | Getty Images President Joe Biden’s top economic advisor on......

75% of stock owners won’t be subject to Biden’s proposed capital gains tax hike. Here’s why

CNBC
CNBC – For more and to sign up click here President Joe Biden and First lady Jill Biden walk on the Ellipse near the White House on April 25, 2021. Tasos Katopodis | Getty Images News | Getty Images Roughly 75% of U.S. stock investors wouldn’t be subject to an......

Cryptocurrencies fall on possible Biden capital gains tax hike. Cramer, Draper and others react

CNBC
CNBC – For more and to sign up click here Cracks are forming in the cryptocurrency space. The overall crypto market lost more than $200 billion in Friday’s trading session after reports surfaced that President Joe Biden would seek to raise capital gains taxes on millionaire investors to fund other......

White House brushes off Thursday stock market drop after reports of Biden push for capital gains tax hike

CNBC
CNBC – For more and to sign up click here Jen Psaki, White House press secretary, speaks during a news conference in the James S. Brady Press Briefing Room at the White House in Washington, D.C., U.S., on Friday, April 23, 2021. Jim Lo Scalzo | Bloomberg | Getty Images......

Stock futures tick higher after concerns over capital gain tax hike prompt selling

CNBC
CNBC – For more and to sign up click here Futures contracts tied to the major U.S. stock indexes ticked higher at the start of the overnight session as investors prepared to end a down week for equities amid concerns the White House could seek a hike to the capital......

North Carolina Utilities Commission approves Duke Energy rate hike, settlement

WashingtonExaminer
USA TODAY – For more and to sign up click here The North Carolina Utilities Commission has approved a partial rate increase for Duke Energy Progress, which covers electricity service in the Asheville area and eastern North Carolina. Duke Energy Progress requested a 12.3% rate increase – equalling about $463......

Biden has options beyond a corporate tax hike to pay for infrastructure, as negotiations get underway

CNBC
CNBC – For more and to sign up click here Wind turbines and power transmission lines at a wind farm near Highway 12 in Rio Vista, California, on Tuesday, March 30, 2021. David Paul Morris | Bloomberg | Getty Images As President Joe Biden attempts to curry favor for his......

Biden open to negotiating on corporate tax hike, but says U.S. must take bold action on infrastructure

CNBC
CNBC – For more and to sign up click here President Joe Biden speaks during an event on the American Jobs Plan in the South Court Auditorium on the White House campus, Wednesday, April 7, 2021, in Washington. Evan Vucci | AP President Joe Biden said Wednesday that he is......

Biden corporate tax hike would have little impact on business investment, Wharton study says

CNBC
CNBC – For more and to sign up click here The proposed increase to the corporate tax rate in President Joe Biden’s landmark infrastructure plan will not lead to a significant reduction in business investment, according to a new study from the University of Pennsylvania’s Wharton School. Of utmost interest......

Jeff Bezos says he supports a hike to corporate tax rate

CNBC
CNBC – For more and to sign up click here Amazon Founder and CEO Jeff Bezos Mark Ralston | AFP | Getty Images Amazon CEO Jeff Bezos on Tuesday voiced support for raising the corporate tax rate but stopped short of saying he supports President Joe Biden’s plan for the......

Business world divided on whether to fight corporate tax hike in Biden’s infrastructure plan

CNBC
CNBC – For more and to sign up click here President Joe Biden speaks during his first press briefing in the East Room of the White House in Washington, DC, on March 25, 2021. Jim Watson | AFP | Getty Images The U.S. business community is trying to figure out......

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