Currently, taxpayers are capped in how much they can deduct for state and local taxes. Wealthy residents of blue states really hate it.
"I'm supporting basically that everyone should pay their fair share," Manchin said, allowing wiggle room. He represents a state with no billionaires.
Democrats' plan would tax the kind of on-paper capital gains that Musk, the world's richest person, made as Tesla hit a $1 trillion market value.
The IRS shed over 30,000 full-time positions as Republicans cut its budget by a fifth over the last decade. Audits declined 42% between 2010 and 2017.
Republicans are putting together an infrastructure plan of up to $800 billion and wooing Joe Manchin. But he wants to go bigger.
Goldman also predicted the infrastructure package would be a solitary reconciliation bill with a 25% corporate tax rate, not Biden's desired 28%.
Dimon, long rumored as a potential Treasury Secretary, has ideas on tax reform that prioritize lower- and middle-income Americans over corporations.
The world's 2,365 billionaires saw a 54% increase in their wealth, according to a new report. That means they now have $12.39 trillion.
Kudlow made the comments on Fox News while criticizing President Biden's plan to tax wealthy Americans more.
Howard Marks expressed scepticism about gold and taxes on unrealized gains this week. Gold’s value is “almost like a superstition,” the billionaire investor told CNBC. The Oaktree Capital boss said taxes on unrealized gains are impractical and could deter investing. Visit Business Insider’s homepage for more stories. Billionaire investor Howard […]
Tesla is the biggest potential beneficiary from Joe Biden’s climate-change plans, according to one Wall Street analyst. Garrett Nelson of CFRA Research says Biden’s proposed acceleration of charging points and EV tax credits are great news for Tesla. Biden’s plans to reinvigorate domestic auto manufacturing could also be helpful in […]
With former Vice President Joe Biden maintaining a healthy lead in the polls, the odds of a capital-gains tax hike are rising. While past rate increases gave way to stock-market declines, selling after a potential Biden hike “will be short-lived and reversed in subsequent quarters,” Goldman Sachs strategists said in […]
The S&P 500 will sell off initially if the Senate or Presidency remains Republican after the election, according to Stifel. In a Thursday note Stifel explained that the benchmark index may fall following this election outcome because hopes of a large fiscal stimulus will fade. The market has likely discounted […]
Bill Gates, the world’s second richest person under Amazon founder Jeff Bezos, wants rich people to pay higher taxes. “We’ve updated our tax system before to keep up with changing times, and we need to do it again, starting with raising taxes on people like me.” The Microsoft founder and […]
The state of Louisiana is reportedly trying to recoup $US26 million it accidentally distributed in tax refunds last week. After a computer error caused around 66,000 people to receive double refund payments, state officials reportedly said the system was fixed and banks were working with the tax agency to return […]
France abolished a tax designed to target the rich after just two years because of a widespread backlash and its meager returns. The “supertax” that taxed earnings of over €1 million ($US1.12 million) was announced in September 2012, but retired just two years later in 2014. The policy was a […]
The Democratic Party’s rising star, Rep. Alexandria Ocasio-Cortez, is a champion of modern monetary theory (MMT), which holds that federal deficits aren’t as bad as we’ve always believed. Naturally, conservatives are freaking out about what this would do to public-sector balance sheets. But the real issue is what Wall Street […]