Richest Americans Fear Biden Will Close Their Favorite Tax Loopholes.
“Biden, along with Bernie Sanders and other members of Congress, have floated plans to end a long list of sometimes-obscure deductions, exclusions and loopholes that are favourites of the 0.1%.”
“According to John Mezzanotte, a CPA and managing partner of Marcum’s office in Greenwich, Connecticut.”
“There’s the second group who don’t pay these high-income tax rates. That’s because they aren’t primarily earning money through their labor. Instead, they’re living off investments, and therefore get to pay the lower rate on capital gains and dividends of 23.8%. For a typical client like this, the effective federal tax rate can be 20 to 22%, he said, and some — especially those with real estate holdings — can pay even less.”
“Biden is planning a dramatic hike to the capital-gains rate, bringing it to the ordinary income tax levels for those earning $1 million or more.”
“One idea is to end a rule called “step-up in basis,” which allows any taxable gains on assets to be wiped away at death.”
“The effect would be to un-do or complicate decades of planning by the U.S.’s wealthiest families.”
“The question is how many legal methods of avoiding taxes can survive Biden’s tax bill if it becomes law.”
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IMF proposes a new macroeconomic framework for developing countries.
“The pandemic and the ensuing lockdown sent the global economy into its worst slump since the 1930s. According to the United Nations (UN), its effect on the world’s poor has been particularly serious, with an estimated 100 million people falling into extreme poverty by 2020. The UN warns that poverty in some areas could reach levels not seen in 30 years”
“Since the outbreak of the pandemic, the Washington-based fund has given emergency funding totalling $110 billion to 86 countries, including 52 low-income beneficiaries, stating that the emphasis should be on promoting growth to raise sufficient capital for long-term development.”
“Many low-income developing countries will achieve their development goals by 2030 if official development assistance is steadily raised from the current 0.3 percent to the UN’s target of 0.7 percent of gross national income.”
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Mark Cuban Says Dogecoin ($DOGE) Is Better Than a Lottery Ticket – Bloomberg — www.bloomberg.com
“In an appearance on “The Ellen DeGeneres Show,” the owner of the Dallas Mavericks NBA team said the rise of the “meme” digital currency is the “craziest story ever” and tried to answer questions about the token represented by a smiling Shiba Inu.”
“Bitcoin is like a digital version of gold, Ethereum is a digital version of a currency and then you got Dogecoin, which is just fun.”
“The cryptocurrency currently trades at less than 30 cents apiece — Bitcoin’s at around $55,000.”
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Personal Finance: Is Angel Investing a Good Way to Build Wealth?
“In researching different ways to build wealth, I was struck by the opportunities VC and angel investors have for not only generating returns but also shaping the future.”
“Angel investors are generally required to be “accredited investors.””
“For decades, the threshold for being accredited in the U.S. meant you needed either a net worth of $1 million, excluding a primary residence or an individual income of at least $200,000 in each of the two most recent years”
“Much like fractional shares changed the ability to invest in stocks, technology is opening up more opportunities for individuals to take advantage of angel investing. Enter equity crowdfunding.”
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A coastal community seamlessly integrated within the natural and raw beauty of AlJurf.
Find Out More About Living at AlJurf
AlJurf Gardens harnesses nature’s raw beauty and combines it with refined heritage-inspired architecture and contemporary design to present a sanctuary of wellness and calm. Throughout the villa spaces, the refined and controlled raw beauty of nature is repeated in different scales, to showcase its exquisiteness across every typology of homes, gardens and courtyards.
Global Chip Drought Hits Apple, BMW, Ford as Crisis Worsens.
“In a dizzying 12-hour stretch, Honda Motor Co. said it will halt production at three plants in Japan; BMW AG cut shifts at factories in Germany and England, and Ford Motor Co. reduced its full-year earnings forecast due to the scarcity of chips it sees extending into next year. Caterpillar Inc. later flagged it may be unable to meet the demand for machinery used by the construction and mining industries.”
“Tesla Inc. CEO Elon Musk earlier this week called the chip shortage a “huge problem.”
Lee Han-joon, an analyst at KTB Investment & Securities Co. in Seoul. said
“There are too many uncertainties about when chip supplies will improve, and that’s making it difficult for automakers.”
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Soaring Food Prices Make Ramadan Meals a Luxury in Lebanon – Bloomberg — www.bloomberg.com
“This Ramadan, the pleas reaching the Lebanese Food Bank have taken on a new resonance.
Among the emails and calls it receives each day, an increasing number are coming from “educated people, people who used to be in the middle class,” according to executive director Soha Zaiter.”
“It’s delivering 5,000 food boxes and 1,000 vouchers to needy families and teamed up with charities running seven kitchens to offer iftar meals through Ramadan, which this year lasts from April 12 to May 12.”
“The Matbakh El-Kell—Arabic for Everyone’s Kitchen—was initially set up as an emergency operation after the August port explosion. Working out of Beirut’s predominantly Christian neighbourhood of Mar Mikhail, it’s now a permanent initiative, producing 2,500 meals a day all year round.”
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Atie J. El Mouallem on Twitter: “بدل “دولرة” الاقتصاد و” لولرة ” الودائع، لماذا لا نعيد ودائع الدولار بالدولار وننقل الاقتصاد من ” الدولرة ” الى ” اللولرة ” فترتفع الليرة ويهبط الدولار ويتوقف الانهيار ؟!” — twitter.com “بدل “دولرة” الاقتصاد و” لولرة ” الودائع، لماذا لا نعيد ودائع الدولار بالدولار وننقل الاقتصاد من ” الدولرة ” الى ” اللولرة ” فترتفع الليرة ويهبط الدولار ويتوقف الانهيار ؟!”
HSBC lures ultra-rich Asians by offering direct access to its investment banks – GCC Business News
“HSBC is investing $3.5 billion and hiring more than 5,000 new wealth planners to grow its business in Asia over the next three to five years as part of a broader shift to the region.”
“Asia-Pacific has 831 billionaires, more than any other region, according to a recent report.”
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