President Biden has explicitly vowed that Democrats will increase taxes on the wealthy, adding fuel to congressional Democrats’ plan to ram through higher taxes on party-line votes.
The Federal Reserve kept its policy rate unchanged on Wednesday but sharply ramped up its expectations for economic growth — while affirming that it does not plan to raise interest rates until 2023. The central bank also curiously reworded the public statement accompanying its decision.
President Joe Biden wants higher taxes for big corporations and high earners to “support investments in the U.S. economy” as well as tax relief to ensure that low-income and middle-class families “are not paying more than their fair share,” a top White House economic aide said Tuesday.
Major U.S. banks and credit unions must make the first wave of stimulus payments available to eligible customers by Wednesday at 9:00 a.m., local time—the official payment date designated by the Internal Revenue Service.
The S&P 500 slipped on Friday after hitting an all-time high in the prior session, as a spike in U.S. bond yields revived inflation worries and dented appetite for high-growth stocks.
Oklahoma became the latest to lift virtually all Covid-19 restrictions on Thursday, bringing the total number of states that have chosen to fully reopen—despite warnings from public health officials—to seven, with a number of others also moving in that direction.
