Top Small Towns That Benefit From Remote Workers; How to fund a $ 3.5 trillion social plan

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Look at the economic and political horizon

While the Labor Department’s August inflation report raised hopes that Inflation may have peaked, the prices of staples such as gasoline, food and shelter are still rising. However, if you are rich, the 5.3% rise in consumer prices last year may not worry you nearly as much as the House has suggested Tax increases Pay the Democrats’ spending plans of $ 3.5 trillion over 10 years. These include (along with major corporate tax increases) major revisions to inheritance tax, capital gains tax, and taxation of retirement assets. The top tax rate for capital gains tax would increase from 20% to 25% –fortunately 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.) Have proposed charge a consumption tax of 2% on the amount companies spend to buy back their own shares. Goldman Sachs

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Analysts estimate that US companies will earn around $ 800 billion this year.

Meanwhile, another controversial tax change (this one in the separate $ 1 trillion bipartisan infrastructure bill passed by the Senate last month) could be much ado about nothing. It turned out that the Treasury Department already has the power to require tax reports from crypto brokers and other key industry players. So why is Congress repeating what the Treasury Department can already do? Find out here.

And on the regulatory front of the Democrats, the Wells Fargo saga goes on with Sen. Elizabeth Warren (D-Mass) writing to the Federal Reserve to urge the bank to be disbanded as a repeat offender who has not “eliminated abusive and unlawful practices that have consumers hundreds of millions of dollars.” have cost “.

Closer to home

Haven’t received any child tax credits yet? The IRS has one Online tool, GetCTC.org to track these payments. The tool also helps families who normally don’t need to file a tax return to register for this benefit. The new tool is part of the Biden government’s effort to reach out to as many families as possible so they can receive these monthly payments.

If you – or your children – are planning on going to college soon, this is the place to go Changes in training Perks the Democrats suggest in their big spending bill, including a free community college. While the Dems are not proposing wiping out all student debt, they would expand public service loan lending to active military service members so their deferrals count as qualifying months for this program.

If the daily cost of living is more of your concern, consider moving to a cheaper subway area. New analysis from LinkedIn’s Economic Graph team on remote work applications shows that small cities benefit from it the boom in remote work. Among the top locations whose residents apply for remote jobs: Bend, Oregon; Asheville, NC; and Wilmington-Delaware.

Novel Graphic: An Expensive Decade: The president’s proposed discretionary spending increase could cost nearly $ 1 trillion over the next decade.

Source: Committee for a responsible federal budget, President’s Budget, CRFB calculations based on data from the Congressional Budget Office.

In markets and investments …

Gaming giant Epic has one. won epic battle against Apple

AAPL
last Friday. A federal judge in California ruled that Apple must allow developers to refer customers to third-party payment options so they don’t have to pay the high app store fees. It’s taken a step closer to fairer competition in the tech industry, despite the judge ruling Apple isn’t violating antitrust laws.

Ark Invest, the New York investment company, joins the Tesla sales mania as the stock recovers from its poor performance this year. Ark Invest founder Cathie Wood sold approximately $ 266 million to Tesla

TSLA
Camp in the week through Wednesday. Wood isn’t the only Tesla notable investor selling stocks after the recent price surge: three corporate executives, including two C-suite executives, sold approximately $ 4 million worth of shares in a series of transactions last week.

Retirement news

Sure, we always think of taxes when it comes to retirement. But when was the last time you looked? fees Are you paying into your retirement account? A new report from the US Government Accountability Office (GAO) notes that 41% of 401 (k) respondents do not believe they are paying fees and are unaware that mutual funds have internal fees that are difficult to see.

You don’t have an employer-financed pension plan? When the retirement plans of the Democrats Build Back Better Act your employer must offer a retirement plan that automatically enrolls employees. And if your employer gets Medicare or Medicaid funding, you need to get the Covid-19 vaccine Executive order from President Biden last week.


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