Author: Press Room

Elon Musk may not want to tweet it on Tax Day, but for America to maximize its economic growth, America’s billionaires will need to pay more in taxes. In the past three years the United States has made investments to strengthen its economic house for the future. By staving off the worst effects of a global pandemic, the country managed to save and reopen its economy. We recently made investments to renew our infrastructure. We launched an unprecedented investment in the future of energy. We also doubled down on our investment in technology with the CHIPS and Science Act. However,…

Competing Narratives There are three versions of the Covid origin story. All seem to agree that the disease first appeared in the city of Wuhan in central China. All accept that SARS-CoV-2 probably emerged initially as a mutation of a bat-borne coronavirus. They differ on the question of how the virus moved from its host species to humans. The “Contamination” theory claims that the virus arrived in Wuhan in contaminated imported food products The Wuhan lab leak theory holds that Covid originated from either a wild virus or a partially engineered “gain of function” chimera which was the subject of…

Former IRS Commissioner Fred Goldberg, now with Skadden, Arps, Slate, Meagher & Flom LLP, shares his thoughts on the IRS’s strategies and proposals outlined in the recently released spending plan for the $80 billion the agency was granted by the Inflation Reduction Act. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: How do you spend $80 billion? On April 6, the IRS released its long-awaited spending plan for the $80 billion allotted to it in the Inflation Reduction Act.…

The world of investing has come a long way since the days of buying and holding stocks and bonds. With the advent of technology and the globalization of markets, investors have more choices than ever. Once reserved for the ultra-wealthy, alternative investment strategies are becoming increasingly accessible to retail investors. In this article, we’ll explore the new frontier of investing and how alternative strategies are reshaping the industry. Alternative investments encompass a wide range of assets beyond traditional stocks and bonds. They include private equity, hedge funds, real estate, commodities, and cryptocurrencies. These assets are generally less liquid and more…

Six months ago I predicted that home prices would fall, the number of houses sold would decline, and new construction would drop. Since then, home prices have come down a little, on average, but not too badly. The number of home sales is definitely way down. And the latest data on housing construction show that single family housing starts are well below six months ago’s level and much lower than a year ago. Those are national figures, with local markets ranging above and below average. Mortgage rates have fallen since October 2022; from 6.90% to 6.27% most recently. They dropped…

Bank of America CEO Brian Moynihan said Tuesday that he expects the U.S. economy to slide into a recession later this year that is relatively minor as consumers remain in solid shape. “Everything points to a relatively mild recession given the amount of stimulus that was paid to people and the money they have left over,” Moynihan said during the bank’s quarterly earnings call. “At the end of the day, we don’t see the activity on the consumer side slowing at a pace that would indicate that, but we would see commercial customers are being more careful.”Bank of America’s team…

Google will launch its first foldable smartphone sometime in June, challenging Samsung’s market-leading foldable phone business, according to internal communications viewed by CNBC. It plans to announce the device at its annual developer conference, Google I/O, on May 10.The Pixel Fold, known internally by the codename “Felix,” will have the “most durable hinge on a foldable” phone, according to the documents. It will cost upward of $1,700 and compete with Samsung’s $1,799 Galaxy Z Fold 4.Google plans to market the Pixel Fold as water-resistant and pocket-sized, with an outside screen that measures 5.8 inches across, according to the documents. Photos…

Check out the companies making headlines in after hours trading.Netflix — The streaming giant’s shares gained less than 1% after dipping more than 10% in after-hours trading. Netflix posted a beat on per-share earnings, but fell short of Wall Street’s estimates for revenue, according to Refinitiv. The company said it’s pushing back the full rollout of its password-sharing crackdown, which was originally planned for the first quarter. Interactive Brokers — The brokerage firm’s shares pulled back 4% after Interactive Brokers reported quarterly results. The company reported adjusted earnings per share of $1.35, below a consensus estimate of $1.41, according to…

Homeownership remains a key to building wealth. But a new study from the National Association of Realtors underscores the persistence of substantial inequities along racial and income lines over the past decade. Home appreciation since 2012 was greater for higher-income homeowners than for lower-income homeowners. Middle-income homeowners gained $122,100 in wealth, with homes appreciating 68% over the past decade, according to the report. Low-income homeowners were able to build $98,900 in wealth in that time from home price appreciation only, while upper-income households saw an increase of $150,800. The study considered a household low-income if it earned an income no…

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