April 26, 2021

hike

A capital gains tax hike might sink stocks. Here’s how financial advisers and their clients can stay a step ahead.

Many financial advisers follow Warren Buffett’s lead, adopting a buy-and-hold mentality and urging jittery clients to shrug off scary headlines to achieve long-term gains. But what if those headlines signal a threat to a long-term investment plan?

Case in point: On April 22, U.S. stock markets reacted poorly to reports that President Joe Biden might propose a capital gains tax increase to 39.6% for Americans earning more than $1 million. That would nearly double the current base rate of 20%.

Whatever proposal is made, Senate lawmakers surely will haggle over it. The outcome remains fuzzy, but it’s entirely possible that

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Top finance, tech firms mulling NY exodus over proposed tax hike

Top New York firms that toughed it out through the pandemic are now considering packing their bags over $7 billion in proposed new state taxes.

At least 20 finance and tech companies are already poised to leave for sunny, low-tax Florida, said Kathyrn Wylde, CEO of the business-backed Partnership for New York City.
“The Legislature’s proposals will move us in the opposite direction by driving away the businesses and tax base required to do that,” said powerful Real Estate Board of New York President James Whelan.

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Sanders, Warren legislation would hike taxes to curb ‘absurd’ CEO pay

The New York Times

How COVID Survivors Are Finding Their Way Into Politics

Pamela Addison is, in her own words, “one of the shyest people in this world.” Certainly not the sort of person who would submit an op-ed to a newspaper, or start a support group for strangers, or ask a U.S. senator to vote for $1.9 trillion legislation. No one is more surprised than her that, in the past five months, she has done all of those things. Her husband, Martin Addison, a 44-year-old health care worker in New Jersey, died from the coronavirus April 29 after a

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House Nears Relief Bill Passage; Dems Mull Wage Hike Rescue | Business News

By ALAN FRAM, Associated Press

WASHINGTON (AP) — Democrats edged a $1.9 trillion pandemic relief package to the brink of House passage late Friday, even as party leaders sought to assure agitated progressives that they’d revive their derailed drive to boost the minimum wage.

A virtual party-line House vote was expected on the sweeping measure, which embodies President Joe Biden’s plan to flush cash to individuals, businesses, states and cities battered by COVID-19. Passage would send the measure to the Senate, where Democrats may try resuscitating their minimum wage push and fights could erupt over state aid and other issues.

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Trading tax hike won’t harm Hong Kong’s stock market: Financial secretary

Hong Kong’s plan to increase the stamp duty on stock trading will not harm the competitiveness of the city’s financial markets, Financial Secretary Paul Chan told CNBC on Friday.

Chan said in his budget speech on Wednesday that the government will raise the stamp duty paid on listed stock trades from 0.1% to 0.13%. The announcement sparked a sell-off in shares of the operator of the city’s stock exchange, and the broader Hong Kong market.   

“The Hong Kong market has been doing very well, very active, the volume has gone up quite a bit,” Chan told CNBC’s Emily Tan.

“So,

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