For decades New York’s bankers and fund managers have accepted the city’s high tax rates as a part of working in the world’s premier financial capital.
The products of Chinese companies like Huawei and ZTE are used widely in America. But under Chinese law, “these companies basically have to fork over any information or data that the Communist Party might be seeking,” says Brendan Carr, a Commissioner of the Federal Communications Commission (FCC).
The number of Americans applying for unemployment benefits rose last week to 744,000, signaling that many employers are still cutting jobs even as more people are vaccinated against COVID-19, consumers gain confidence and the government distributes aid throughout the economy.
The world has averted a systemic debt crisis amid the pandemic. However, the poorest developing countries continue to face significant debt problems, raising global worries over multiplying debt traps by creditors like China.
President Biden on Monday defended his push to raise corporate taxes to pay for higher infrastructure spending, while Treasury Secretary Janet Yellen made the case for a global minimum tax that would prevent U.S. companies from moving overseas to avoid higher taxes at home.
