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President Joe Biden is expected to lay out his “American Families Plan” ahead of an address to Congress Wednesday, offering a package of roughly $1.5 trillion in spending that includes child-care subsidies, universal pre-K, paid and sick leave programs and free college for millions of American families. Biden is also expected to propose a variety of ways to pay for the plan, including higher tax rates on high-income households, a major change in the rules governing capital gains and a big increase in funding for the IRS.
The biggest source of new revenues in the plan comes from a revitalized IRS, according to Jim Tankersley and Alan Rappeport of The New York Times. Although plans are not yet final, Biden is expected to propose an increase in funding for the tax agency of $8 billion per year over the next decade, for a total of $80 billion. The proposed funding – which would increase the IRS budget by about two-thirds relat
It s Time to Biden-Proof Your Stock Portfolio President Joe Biden s tax and spend plan just may be the straw that breaks the market s back.
Randy Swan | Apr 28, 2021
While the U.S. stock market during President Joe s Biden’s first 100 days in office has been buoyed by predictions for a post-COVID-19 economic surge, discerning long-term investors and their financial advisors would be wise to temper their bullish optimism and consider the increasingly fragile, if not perilous, foundation on which the markets sit.
After just a few short months in office, the Biden presidency has proposed what is in effect a punishing long-term rebuke to the stock market with sweeping tax increases on many individuals and the very corporations that make up the market’s valuation.
April 22, 2021
As the COVID-19 panic slowly recedes across America, you’ve probably noticed that you’re paying more at the pump. Indeed, the national average for regular-grade gas price has risen more than 34 percent, from less than $2.00 a year ago to $2.68 lately. There are several reasons the gas price has spiked up, including the production problem caused by the harsh winter, increasing consumer demand as the country reopens, and one other sinister culprit: inflation.
Inflation is an economic phenomenon that sees a steady rise of prices for goods and services eroding purchasing power or you can buy less with the same amount of money. Economists usually pay close attention to the inflation rate, or the rate general prices increase. In the United States, the inflation rate is usually measured by the Consumer Price Index, a mathematical tool that measures the prices change for a selected basket of goods and services.
Yves here. Comparatively few recall that Martin Luther King fell into disfavor in the US when he became an early critic of the War in Vietnam. King described how the cost of the conflict fell disproportionately on young black men and that military spending drained resources from social programs. But he also stated that as an advocate of non-violence, he had to stand for it in all settings, which included opposing US aggression abroad.
We’re fans of Liz Theoharis, and we hope you appreciate her use of the anniversary of King’s Beyond Vietnam, and his assassination a year later, to see how little has changed in the past half-century plus.
NationofChange
‘The greatest purveyor of violence in the world’
“A nation that continues year after year to spend more money on military defense than on programs of social uplift is approaching spiritual death.
Image Credit: Robert Abbott Sengstacke/Getty Images
Fifty-four years ago, standing at the pulpit of Riverside Church in
New York City, Martin Luther King, Jr., delivered his now-famous “Beyond Vietnam” sermon. For the first time in public, he expressed in vehement terms
his opposition to the American war in Vietnam. He saw clearly that a
foreign policy defined by aggression hurt the poor and dispossessed
across the planet. But it did more than that. It also drained this