“Any new tax bites will face tough go in Congress, where Democrats hold a thin margin in the House and are evenly split with Republicans in the Senate” — Paul Ebeling
Mr. Biden’s administration is planning hiking the US corporate tax rate, Treasury Secretary Yellen said Tuesday, as it looks to pay for priorities like a massive infrastructure plan.
“We have had a global race to the bottom in corporate taxation and we hope to put an end to that,” Schoolmarm Yellen told the House Financial Services Committee, adding that Mr. Biden aims to increase the rate to 28%.
Mr. Biden is expected to propose a massive infrastructure package aimed at helping the economy create jobs as it fully recovers back from the VirusCasedemic chaos.
But, unlike the $1.9-T American Rescue Plan signed this month that is intended to help blue state mismanaged governments, small businesses and consumers survive, Mr. Biden is of the mind to tax wealthy American corporations and individuals to offset the costs of his infrastructure package. He and some Democrats believe thy have too much money.
Socialist leaning Schoolmarm Yellen went on to say, “I think a package that consists of investments in people, investments in infrastructure, will help to create good jobs in the American economy and changes in the tax structure will help to pay for those programs.”
MSM reported Monday that Mr. Biden is thinking about a $3-T spend on US infrastructure, which would be split into 2 bills, the White House denies those reports.
Tuesday, the benchmark US stock market indexes finished at: DJIA -308.05 to 32423.15, NAS Comp -149.85 to 13227.72, S&P 500 -30.07 to 3910.52
Volume: Trade on the NYSE came in at 1.01-B/shares exchanged
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish with a Very Bullish bias.
- Russell 2000 +10.7% YTD
- DJIA +5.9% YTD
- S&P 500 +4.1% YTD
- NAS Comp +2.6% YTD
Looking Ahead: Investors will receive Durable Goods Orders for February, the final IHS Markit Manufacturing and Services PMIs for March, and the weekly MBA Mortgage Applications Index Wednesday.
Have a healthy day, Keep the Faith!