Days after reaching broad consensus that labor markets have healed enough for the Federal Reserve to soon begin withdrawing support, Fed Chair Jerome Powell on Friday heard from a broad range of economic players about the challenges holding them back during the recovery. During a virtual event held as a continuation of the "Fed Listens" community discussions launched nationwide in 2019, Powell and other policymakers heard from a restaurant owner facing hiring challenges, a hotel executive worried about the slow comeback for business travel and community leaders concerned about renters and homeowners falling behind on housing payments. "Most of you are contending with changed workplaces, from safety protocols whose half-lives are unclear to fundamental shifts in how your industries operate, in everything from feeding people to how movies are released," Powell said at the start of the event, in remarks that did not elaborate on his own economic or monetary policy outlook.
- The Fiscal Times
In what would be a major change in the U.S. tax code, which typically does not impose taxes on investment gains until the underlying assets are sold, President Joe Biden said Friday that he supports a proposal to tax billionaires’ unrealized capital gains on an annual basis. Asked about Senate Finance Committee Chairman Ron Wyden’s (D-OR) plan to levy a “billionaire’s income tax” on the wealthiest American households, Biden told reporters at the White House that he backs such a tax as part of hi
While there is little direct U.S. exposure to the property developer’s debt, the fallout could hit global markets if investor confidence sours.
- Yahoo Finance
A provision in the House Ways and Means Committee's recently passed $2.1 trillion package would eliminate the backdoor Roth and mega backdoor Roth IRA conversions.
Huawei Technologies Chief Financial Officer Meng Wanzhou and U.S. prosecutors are expected to appear in court to say they have reached an agreement to resolve charges against her, according to a source familiar with the matter, concluding a process that should allow her to leave Canada. Meng is expected to appear virtually in a hearing in Brooklyn federal court, according to a source. Here are some facts about Meng.
China's central bank outlawed all crypto trading activities effective Friday as U.S. federal regulations are also increasingly coming into focus. What are the similarities and differences between the U.S. and China's crypto crackdowns? "[U.S. regulators] are trying to implement an actual regulatory regime ... that's a far sight from declaring transactions illegal entirely, and it does not look like the U.S. is heading down that path," CoinDesk's Nikhilesh De said. Plus, Kentucky ordered crypto lender Celsius to stop offering accounts in the U.S. state.
- Yahoo Finance
The argument that natural immunity against COVID-19 is an alternative to vaccination is emerging as a legal challenge to mandatory vaccination policies.
Billionaires’ income taxes are a tiny fraction of what they make, White House says. Here’s their average tax rate
Rich families were moving fast to report capital gains in their 2020 tax returns ahead of potential rate increases proposed by Democrats.
- Yahoo Finance Video
Kathy Jones, Chief Fixed Income Strategist at Charles Schwab, joins Yahoo Finance Live to discuss the U.S. economy, outlook on the Fed taper, and the China credit risk.
- National Review
President Biden earned the ire of Border Patrol agents after endorsing the false claim that they were recorded "whipping" migrants who were attempting to cross the Rio Grande.
- Associated Press
Taiwan’s main opposition Nationalist Party chose former leader Eric Chu as its new chairperson Saturday in an election overshadowed by increasing pressure from neighbor China. Four candidates, including incumbent chair Johnny Chiang, had competed for the leadership of the party that has advocated closer relations with Beijing.
Taiwan's main opposition party elected former leader Eric Chu as its chairman on Saturday with a pledge to renew stalled talks with China, which has ramped up military and political pressure against the island Beijing claims as its own territory. Chu, 60, a former mayor of New Taipei City, beat Kuomintang (KMT) incumbent Johnny Chiang and two other contenders in the chairmanship election, though he will not take over immediately. The KMT was trounced in presidential and parliamentary elections last year, having failed to cast off the ruling Democratic Progressive Party's (DPP) accusations a vote for them was no more than a vote for China.
- The New York Times
WASHINGTON — Opposition from a single moderate Democrat to corporate and income tax rate increases has revived efforts in the Senate to draft a tax on carbon dioxide pollution as a way to pay for the Democrats’ proposed $3.5 trillion budget bill. Sen. Kyrsten Sinema, D-Ariz., has not advocated a carbon tax, which President Joe Biden and other key Democrats have shied away from as a huge political risk. But her resistance to tax rate increases to pay for the Democrats’ ambitious social policy and
- Washington Examiner
Hunter Biden boasted of having "access to the highest level” in China, according to emails of his business contacts published on Thursday.
- FX Empire
It’s a quieter day ahead, with economic data from Germany in focus early in the day. Later in the day, FED Chair Powell and other central bankers will also be in focus.
- Associated Press
The Taliban hanged a dead body from a crane in the main square of Herat city in western Afghanistan, a witness said Saturday, in a gruesome display that signaled a return to some of the Taliban's methods of the past. Wazir Ahmad Seddiqi, who runs a pharmacy on the side of the square, told The Associated Press that four bodies were brought to the main square and three bodies were moved to other parts of the city for public display. Seddiqi said the Taliban announced in the square that the four were caught taking part in a kidnapping and were killed by police.
- Yahoo Finance Video
Jim Caron, Morgan Stanley Investment Management Fixed Income Portfolio Manager, joins Yahoo Finance to discuss the China credit risk, inflation, the U.S. economy, and outlook on the Fed.
- The Daily Beast
Courtney Pedroza/GettyThe Arizona Senate’s conspiracy-theory-driven “audit” of 2.1 million presidential ballots in Maricopa County ended in an anti-climax Friday, with an official report declaring that Joe Biden received more ballots than Donald Trump.But while the much-hyped investigation failed to uncover evidence of fraud, Republican lawmakers nonetheless doubled down on unsubstantiated claims that its recount had uncovered voting irregularities, as Republican lawmakers across the country bac
- Yahoo Finance
Biden administration economists are taking aim at billionaires, but even Democrats seem uninterested.
Sep.24 -- President Joe Biden talks about his plan to raise taxes on the wealthy. “I support a lot of these proposals. We don’t need all of the things I support to pay for this -- but I do support that,” Biden told reporters at the White House Friday when asked about the billionaire tax. “I just think it’s about just paying your fair share, for Lord’s sake.”