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Look on the economic and political horizon

While the inflation report released in August by the Ministry of Labor raised hopes that inflation may have peaked, the price of basic necessities such as gasoline, food and shelter continues to rise. Still, if you’re rich, the 5.3% increase in consumer prices over the past year might not worry you as much as the House proposal. Tax increase to pay for Democrats’ spending plans of $ 3.5 trillion (over 10 years). These include (along with significant increases in corporate tax) major revisions to inheritance tax, capital gains taxes and the way retirement accounts are taxed. The maximum tax rate for capital gains tax would drop from 20% to 25% –luckily much less than the 39.6% proposed by President Biden.

Senate Democrats also have ideas on how to pay for the $ 3.5 trillion budget bill. Senators Sherrod Brown (D-Ohio) and Ron Wyden (D-Ore.) Proposed levy of an excise tax of 2% on the amount that companies spend to buy back their own shares. Goldman Sachs

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Analysts estimate that US companies are on track to buy back about $ 800 billion of their own stock this year, which would work out to $ 16 billion a year thanks to the tax.

Meanwhile, another controversial tax change (this one in the separate bipartisan $ 1,000 billion infrastructure bill that was passed by the Senate last month) may be a lot of noise for nothing. It turns out that the Treasury Department already has the power to require tax returns from crypto brokers and other key industry players. So why is Congress repeating what the Treasury can already do? To find here.

And on the regulatory front of the Democrats, the The Wells Fargo Saga continues, with Senator Elizabeth Warren (D-Mass) writing to the Federal Reserve to urge the bank to be dismantled as a repeat offender who “has failed to eliminate the abusive and illegal practices that have cost consumers hundreds of dollars. millions of dollars “.

Closer to home

Haven’t received your child tax credit payment yet? The IRS issued a online tool, GetCTC.org, to help you track these payments. The tool also helps families who are generally not required to file an income tax return to register for this benefit. The new tool is part of the Biden administration’s efforts to reach as many families as possible so that they can receive these monthly payments.

If you or your children are planning to go to college soon, you may want to consult the changes in education perks Democrats are offering in their big spending bill, including a free community college. While the Democrats are not proposing to wipe out all student debt, they would extend the forgiveness of public service loans to active-duty military service members, allowing their deferments to count as qualifying months for this program.

If you are more concerned with the cost of everyday living, consider moving to a more affordable metro area. New analysis from LinkedIn’s Economic Graph team on remote job applications shows that small towns reap the rewards the telework boom. Some of the best places where residents apply for remote jobs: Bend, Oregon; Asheville, North Carolina; and Wilmington Delaware.

New Chart: A Costly Decade: The President’s proposed increase in discretionary spending could cost nearly $ 1 trillion over the next ten years.

Source: Committee for a Responsible Federal Budget, President’s budget, CRFB calculations based on Congressional Budget Office data.

In markets and investment …

Gaming giant Epic won a epic battle against apple

AAPL
last Friday. A California federal judge ruled that Apple should allow developers to direct customers to third-party payment options so they don’t have to pay the hefty App Store fees. It’s one more step towards fairer competition in the tech industry, despite the judge’s ruling that Apple did not violate antitrust law.

New York-based investment firm Ark Invest joins the Tesla Selling Frenzy as the title recovers from its poor performance this year. Ark Invest founder Cathie Wood sold around $ 266 million worth of Tesla

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stock in the week until Wednesday. Wood isn’t the only one of Tesla’s notable investors to sell shares after the recent price hike: three company executives, including two senior executives, sold around $ 4 million in shares in a series of transactions last week.

Retirement News

Of course, we always think of taxes when it comes to retirement. But when was the last time you watched the costs are you paying into your retirement account? A new report the United States Government Accountability Office (GAO) finds that 41% of 401 (k) participants don’t believe they pay a fee and don’t know that mutual funds have internal fees that are hard to spot.

Don’t have an employer sponsored pension plan? If the retirement arrangements for Democrats Rebuild Better Act happening, your employer will be required to offer a pension plan that automatically enrolls to employees. And if your employer receives Medicare or Medicaid funding, you will need to get vaccinated against Covid-19, for example Executive Order of President Biden Last week.