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A Brawl Between Billionaire Founders at Apollo Sidelines One of Its Own

A Brawl Between Billionaire Founders at Apollo Sidelines One of Its Own Related Stories May 26, 2021 May 20, 2021 May 4, 2021 Josh Harris made his failed pitch to take Leon Black’s crown atop a $455 billion investing juggernaut, Black’s chosen heir is in charge and Harris is on the outs. Josh Harris, Leon Black, and Marc Rowan Source: Patrick T. Fallon/Bloomberg The behind-the-scenes drama between Apollo Global Management Inc.’s billionaire co-founders keeps brewing, with ramifications for investors as the company reconfigures its governance this year. Publicly, Harris has endorsed the decision to elevate co-founder Marc Rowan to chief executive officer. Privately, he’s being sidelined, even as he remains a “key man” in Apollo’s flagship fund meaning investments could stall without him.

Rich Americans would dodge Biden s proposed capital gains tax hike, study says

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Biden capital gains tax plan would raise $113 billion if step up in basis is killed, says Wharton

Biden capital gains tax plan would raise $113 billion if step up in basis is killed, says Wharton CNBC 3 hrs ago Greg Iacurci President Joe Biden is expected to propose higher capital gains taxes for people with incomes of more than $1 million. The top rate would rise to 39.6%, from 20%. The policy would cost the U.S. $33 billion over a decade if it doesn t also eliminate the so-called step-up in basis at death, according to the University of Pennsylvania s Wharton School. That s because the wealthy would likely use the rule more regularly to avoid tax, Wharton said. Biden s plan would raise $113 billion if it scraps the tax break for heirs.

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