By Hans Bader | July 19, 2021 | 11:32am EDT
Joe Biden participates in a debate. (Photo credit: JIM WATSON/AFP via Getty Images) Biden s new death tax hits the middle class while excluding certain wealthy investors, notes
Reason magazine. The proposed death tax, contained in Biden s American Families Plan, is discriminatory, treating individuals with identical net worths very differently.
Biden s plan would impose the capital gains tax on people s estates (when they die), while almost doubling the current capital gains tax rate. With a major exception for large investors, it would make these changes without grandfathering existing unrealized capital gains,
Reason says. For example, a single person with a reasonable mortgage could have her residence s value eaten away by the new tax upon her death.
Biden Backs Discriminatory Death Tax on Homeowners
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Biden Backs Discriminatory Death Tax on Homeowners
cnsnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cnsnews.com Daily Mail and Mail on Sunday newspapers.
US stocks rise to new records despite weak jobs report
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Bad economic news was once again greeted with cheers on Wall Street as two top indexes closed out the week in record territory. Investors brushed off Friday’s surprisingly weak jobs report, which showed far fewer jobs were added last month than expected.
The Dow gained about 230 points Friday. It and the S&P 500 both rose nearly 1% on the day to all-time highs, and the Nasdaq also finished up about 1% as big tech stocks bounced after a recent stretch lagging the broader market.
For the week, the Nasdaq was still down 1.5%. The S&P 500 and Dow gained 1.2% and 2.7% respectively over the week.
US stocks rise despite weak jobs report
Bad economic news was once again greeted with cheers on Wall Street. Investors brushed off Friday’s surprisingly weak jobs report, which showed far fewer jobs were added last month than expected.
The Dow and the S&P 500 both rose to new all-time highs Friday, and the Nasdaq was up nearly 1% as big tech stocks bounced after a recent stretch lagging the broader market.
For the week, the Nasdaq is still down 1.6%. The S&P 500 and Dow have gained 1.2% and 2.6% respectively over the past five days.
The jobs report also showed that the unemployment rate ticked up and wages surged. The jump in worker paychecks may not seem like a bad thing, but it tends to set off alarm bells about inflation. And many economists are worried inflation is due to come roaring back because of all the stimulus from Washington.