Tagged: increase

Biden wants to raise federal taxes

Biden wants to raise federal taxes
President Joe Biden is planning to raise federal taxes to pay for the follow-up to his new Crown Mitigation Act, according to people familiar with the matter. The tax increase is the first significant increase since 1993, according to the report.

Biden wants to raise federal taxes

Bloomberg: The next phase of Biden’s economic plan focuses on tax increases, which would be the first big increase since 1993

Unlike the $1.9 trillion stimulus bill, the government’s next initiative is expected to be larger and not solely funded by government debt, the report said. It is increasingly clear that tax increases will be part of the package.

Bloomberg said that for the Biden administration, the tax increase plan is an opportunity not only to fund infrastructure, climate issues and other issues, but also to address what Democrats say is the inequity of the tax system. Reports say the plan will test Biden’s ability to bring Republicans and Democrats together to stay united.

Apple intends to increase iPhone production by 30%

On Tuesday, US time, the three major U.S. stock indexes closed up. The Dow rose 1.13%, the S&P 500 and the Nasdaq closed up 1.29% and 1.25%, respectively, and the Nasdaq set a new closing record high. The U.S. Senate issued a new version of the financial rescue plan proposal on Monday evening, dividing the previous $908 billion rescue plan into two parts. The first part is $748 billion including weekly additional unemployment benefits and loan expenditures under the Salary Protection Program. And the second part of 160 billion US dollars includes financial assistance for state and local governments, and this is the most controversial part of the two parties. The Speaker of the US House of Representatives Pelosi invited leaders of both parties to meet after the US stock market closed on Tuesday to discuss government spending agreements and financial rescue plans.

Apple plans to increase iPhone production, stock price soars 5%

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At the company level, Apple’s stock price jumped 5% on Tuesday, providing a greater impetus for U.S. stocks. Earlier reports said that due to the surge in demand for 5G mobile phones, Apple plans to increase iPhone production in the first half of 2021. Increased by 30% to about 96 million units.

Good news in UK-EU trade talks, pound continues to rise against U.S. dollar

The three major European stock markets were mixed on Tuesday. London stocks closed down 0.28%, Paris stocks were almost flat, and Frankfurt stocks closed up 1.06%, the biggest one-day gain in three weeks. A British MP and local media said that the UK and the EU may be about to reach a trade agreement. The news pushed the pound to rise further against the US dollar on Tuesday. At the same time, London will raise the level of prevention and control of the new crown pneumonia epidemic to the highest level. The news put pressure on the London stock market. The data shows that the UK’s current epidemic prevention measures have caused the UK’s unemployment rate to rise to 4.9% in October.

The EU is expected to approve the first new crown vaccine on December 23

In addition, the European Union said on Tuesday that the news that it is expected to approve the first new crown vaccine before Christmas will help other European stock markets generally rise.

China’s record crude oil throughput growth boosts crude oil prices

Crude oil prices rose on Tuesday. US WTI light crude oil futures closed at 47.62 US dollars per barrel. Brent crude oil futures closed at $50.76 per barrel. China’s November crude oil throughput increased by a record 3.2% year-on-year, which market analysts believe has boosted market confidence in future fuel demand growth.

U.S. dollar index falls, boosting gold prices

The price of gold rose significantly on Tuesday, and gold futures for delivery in February 2021 were quoted at $1,855.30 per ounce. The expectation of more fiscal stimulus in the United States increased, and the superimposed dollar index fell to a low of about two years on Tuesday, boosting the price of gold.