NEW YORK—The S&P 500 closed higher on Monday, ending a five-day losing streak as investors focused on potential corporate tax hikes and upcoming economic data. The Dow Jones Industrial Average also advanced, but the Nasdaq Composite Index ended lower. Investors favored value over growth, with stocks set to benefit most from a resurging economy enjoying…
S&P 500 Snaps Losing Streak With Tax Hikes, Inflation Data on Horizon
September 14, 2021
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Tesla, Toyota Spar With Ford, UAW Over EV Tax Bill
WASHINGTON—Toyota Motor Corp. and Tesla clashed with Ford Motor Co. and the United Auto Workers (UAW) union over a proposal by Democrats in the U.S. House to give union-made, U.S.–built electric vehicles an additional $4,500 tax incentive. In a letter to Congress, Toyota said the plan discriminates against nearly half of American autoworkers who do…
NTD Business Full Broadcast (Sept. 13)
A new survey says consumers’ inflation expectations are at an 8-year high. What does it mean for prices down the road? House Democrats unveil details of their tax plan. It involves multiple tax hikes for corporations and wealthy individuals. And chaos at the headquarters of China’s second largest developer. Investors of the company demanding their…
NTD Business Leaders (Sept. 12)—Arthur Laffer: Government Spending and America’s Economic Future
Dr. Arthur Laffer is known as the father of supply-side economics. He designed the famous Laffer Curve that showed that higher taxes don’t necessarily mean higher tax revenue for the government. A chief economist at the Office of Management and Budget in the 1970s and later an economic adviser to President Ronald Reagan and President…
US Democrats Propose Dramatic Expansion of EV Tax Credits That Favors Big Three
September 11, 2021
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WASHINGTON—U.S. Democratic lawmakers on Friday proposed an expansion of tax credits for electric vehicles that includes significantly higher subsidies for union-made zero emission models assembled in the United States. The proposal, a key part of President Joe Biden’s goal to ensure EVs comprise at least 50 percent of U.S. vehicle sales by 2030 and boost…
Democrats Propose Dramatic Expansion of EV Tax Credits That Favors Big Three
September 11, 2021
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Business & EconomyCompaniesCreditsDemocratsEconomieseconomyEVexpansionFordGMPoliticstaxTechUSUS Features
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WASHINGTON—Democratic lawmakers on Friday proposed an expansion of tax credits for electric vehicles that includes significantly higher subsidies for union-made zero emission models assembled in the United States. The proposal, a key part of President Joe Biden’s goal to ensure EVs comprise at least 50 percent of U.S. vehicle sales by 2030 and boost U.S….
Senate Democrats Unveil Bill to Tax Stock Buybacks
Two senior Democrat senators on Friday introduced a legislative proposal that would levy a 2 percent tax on corporate stock buybacks, a move that comes as Democrats scramble to fund the Biden administration’s $3.5 trillion spending plan. Sens. Ron Wyden (D-Oregon) and Sherrod Brown (D-Ohio) said in a joint statement that the draft bill, called…
European Banks Still Booking Profits in Tax Havens, Says Report
LONDON—Top banks in Europe continue to use tax havens to book chunks of profits, a trend that has changed little since 2014 despite country-by-country disclosures becoming mandatory, the EU Tax Observatory said in a report on Monday. The independent research body, co-financed by the European Union, said disclosures from 36 major European banks showed they…
Cryptocurrency Negotiators at ‘Impasse’ Over Tax Reporting Rules
By Laura Weiss From CQ-Roll Call Senators hit a roadblock Thursday night on adjustments to the bipartisan infrastructure package’s cryptocurrency reporting rules as the White House weighed in to push a smaller change. The bill’s lead negotiators, Sen. Kyrsten Sinema (D-Ariz.) and Sen. Rob Portman (R-Ohio), joined with Sen. Mark Warner (D-Va.), on an amendment…
Senate Infrastructure Bill Gives Feds Go-Ahead to Test Taxing Every Mile Americans Drive
Buried in the “Infrastructure Investment and Jobs Act” in the U.S. Senate is approval for the Department of Transportation (DOT) to test a new federal tax on every mile driven by individual Americans. The bill directs Secretary of Transportation Pete Buttigieg to establish a pilot program to demonstrate a national motor vehicle per-mile user fee”…
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