Average rate for top earners would increase to 37.3% from 30.2%, while low-income households would get tax cuts.
The Biden administration still has billions available in other pandemic relief.
Social Security recipients should get a major cost-of-living adjustment next year amid a steep rise in the prices of everything from gasoline and cars to bacon. See: Social Security Cost-of-Living...
(Bloomberg) -- Economists warned of lower economic growth in China as electricity shortages worsen in the country, forcing businesses to cut back on production.Most Read from BloombergHow Los Angeles Became the City of DingbatsSchool Reopenings Falter as U.S. Kids Near 1 Million Covid CasesThe Rise of the Pandemic DashboardA Jewish Tradition Makes Room for Unconventional DesignBerlin Referendum Could Determine the Future of the City’s HousingChina International Capital Corp. estimated the electr
Investors this week are set to closely monitor developments in Washington, D.C., as lawmakers race to pass legislation to avoid a government shutdown by the end of the month and debate raising the debt ceiling. Elsewhere, economic data on consumer confidence is also due for release.
(Bloomberg) -- Emerging-market investors are about to find out whether there’s more to worry about in China than just the Evergrande debt crisis.Most Read from BloombergHow Los Angeles Became the City of DingbatsSchool Reopenings Falter as U.S. Kids Near 1 Million Covid CasesThe Rise of the Pandemic DashboardA Jewish Tradition Makes Room for Unconventional DesignBerlin Referendum Could Determine the Future of the City’s HousingOfficial and private gauges of Chinese manufacturing are due out Thur
Government support kept families afloat, but many are now on their own.
Asian shares crept higher on Monday as risk sentiment turned for the better, though a surge in oil prices to three-year highs could inflame inflation fears and aggravate the recent hawkish turn by some major central banks. "We forecast that this rally will continue, with our year-end Brent forecast of $90/bbl vs. $80/bbl previously," wrote analysts at Goldman Sachs in a client note. MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.5%, though that followed three consecutive weeks of losses.
Several local governments in China have set up special custodian accounts for property projects of its most indebted developer, Evergrande, to protect funds earmarked for housing projects from being diverted, media outlet Caixin said. Reeling under $305 billion of debt, Evergrande missed a payment deadline on a dollar bond last week, and its silence on the matter has set global investors wondering if they will have to swallow large losses when a 30-day grace period ends. The special accounts have been set up since late August in at least eight provinces where Evergrande has the most unfinished projects, the Chinese outlet said on Sunday, citing a source close to the developer's management team.
After a year of unprecedented stimulus program spending, the country has reached its debt limit. Now, if Congress does not suspend or raise the debt ceiling, it risks missing payments to both Social...
It’s a busier week ahead, with economic data to give more clues on whether the economic recovery has hit a speed bump. Evergrande and central bank chatter will also influence, however.
Britain is expected to announce plans to issue temporary visas to foreign truck driversto resolve an acute shortage that has led to fuel rationing at gas stations and retailers warning of shortages over Christmas.Ministers are urging against panic buying, and oil companies say there's no shortage, just delivery problems.But long lines have formed at gas stations and some outlets have closed.Though temporary, issuing the foreign visas was a shift for a government that brought in a strict new immigration regime after leaving the European Union.Which is why Boris Johnson's Downing Street office emphasized on Saturday (September 25) that the step was strictly time-limited.Behind the shortfall are Brexit's restrictions on foreign workers and the health crisis, which halted driver training and testing.Newspapers reported the scheme would let in up to 5,000 drivers, far short of the 100,000 the UK's Road Haulage Association says are needed to meet demand.The fuel issue comes as Britain, the world's fifth-largest economy, also grapples with a spike in European natural gas prices causing soaring energy prices and a potential food supply crunch.Britain says the long-term solution is for more British drivers to be hired, with the haulage association saying better pay and conditions are needed to attract recruits.But the retail industry has warned that unless the government acts to address the shortage in the next 10 days, then significant disruption is inevitable in the run-up to Christmas.Other countries such as the United States and Germany are also dealing with truck driver shortages.
It has been six months since the implementation of the historic American Rescue Plan stimulus relief bill that gave relief to millions of people impacted by the coronavirus outbreak. The Treasury...
Breaching the debt limit would create a self-imposed economic catastrophe, but lawmakers from both parties have passed up chances to eliminate the threat.
(Bloomberg) -- Bahrain plans to double its value-added tax to 10%, the Gulf’s highest rate after Saudi Arabia, in a bid to boost state revenue and curb one of the region’s widest budget deficits.Most Read from BloombergHow Los Angeles Became the City of DingbatsSchool Reopenings Falter as U.S. Kids Near 1 Million Covid CasesThe Rise of the Pandemic DashboardA Jewish Tradition Makes Room for Unconventional DesignBerlin Referendum Could Determine the Future of the City’s HousingThe Gulf’s smallest
The breaks on carried interest and capital gains at death should be eliminated to hit the rich.
A petition for monthly stimulus checks now has nearly 3 million supporters, with pressure mounting on Congress to further economic aid programs as the Delta variant delays full economic liftoff....
Equity markets rose Monday following a broadly positive lead from Wall Street, while investors kept a nervous eye on developments in the crisis at troubled Chinese property giant Evergrande as it teeters on the brink.
With evictions looming, a stunning amount of COVID rental assistance is still available.
The Federal Reserve hinted that it might put the brakes on its federal stimulus efforts before the end of the year and hike interest rates in 2022, but a lot depends on how upcoming jobs and economic...
What will it cost to enact President Joe Biden’s massive expansion of social programs? Congress has authorized spending up to $3.5 trillion over a decade, but Biden is prodding Democrats to fully cover the cost of the legislation — by raising taxes on corporations and the wealthy, negotiating the price of prescription drugs and dialing up other sources of federal revenue such as increased IRS funding. Defending a bill not yet fully drafted, Democrats are determined to avoid a deficit financed spending spree.