Mar 06, 2021
Ultra-Millionaire Tax Act proposes wealth tax on Americans with the most
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Impact of Capitol riot looms over efforts to overhaul policing in the District Delivery co-op seeks to serve decent work conditions for riders
The S&P 500 pulled back from its all-time highs last week on investor concerns over inflation and rising bond yields.© Mandi Wright, Detroit Free Press Democratic presidential candidate Sen. Elizabeth Warren speaks to a crowd in Shed 5 at Eastern Market in Detroit Tuesday March 3, 2020.
On Monday, Democratic Sen. Elizabeth Warren of Massachusetts introduced a new bill called the Ultra-Millionaire Tax Act. The legislation would implement a 2% annual wealth tax on Americans that have at least $50 million in wealth and a 3% tax on those with at least $1 billion in wealth.
Shares of Quicken Loans parent company Rocket Companies experienced extreme volatility after the stock became the latest target of Reddit’s WallStreetBets community. The group of retail traders triggered a temporary short squeeze in Rocket shares that sent the stock soaring from around $23 on Monday’s open to as high as $43 in intraday trading on Tuesday before the stock finished the week back under $27.
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The S&P 500 dipped on Wednesday afternoon after President Joe Biden significantly reduced the number of Americans that will receive stimulus payments as part of the $1.9 trillion coronavirus relief package. Biden reduced the top earnings thresholds for receiving at least partial $1,400 stimulus payments from $100,000 to $80,000 for individuals and from $200,000 to $150,000 for joint filers.
On Thursday, the S&P 500 plummeted more than 2.5% after Federal Reserve Chair Jerome Powell said the U.S. economic reopening in 2021 could “create some upward pressure on prices.” Powell’s comments spooked investors concerned trillions of dollars in government stimulus measures will trigger hyperinflation, and yields on 10-year U.S. Treasury bonds jumped back above 1.5% for the first time in over a year.NIO Comes Up Short
Shares of Chinese electric vehicle maker NIO tumbled more than 25% after the auto company reported fourth-quarter revenue growth that fell short of analyst expectations.
This week, investors will turn their attention to earnings reports from Dick’s Sporting Goods on Tuesday, United Natural Foods and Campbell Soup on Wednesday and JD.com on Thursday.
Analysts are now projecting 9.3% revenue growth for S&P 500 companies in 2021 following a 1% revenue decline in 2020, according to FactSet.Economic Numbers
This week, investors will get more key economic updates on Wednesday when the U.S. Labor Department releases its Consumer Price Index reading for the month of February and on Thursday when the European Central Bank releases its latest interest rate decision and accompanying monetary policy statement.
Benzinga is a financial news and data company headquartered in Detroit.
This article originally appeared on Detroit Free Press: Ultra-Millionaire Tax Act proposes wealth tax on Americans with the most
News Source: msn.com
Man Recovers From Injuries In Non-Fatal Shooting, Detroit Police Continue Searching For Suspect
(CBS DETROIT) – The Detroit Police Department is seeking assistance in locating a suspect in connection to a non-fatal shooting.
Detroit police seek non-fatal shooting suspect | Credit: Detroit Police DepartmentREAD MORE: Michigan, Consumers Energy Pledge To Power More Than 1,200 Government Buildings With Clean Energy
The incident happened on Sunday, July 24, at about 12:50 a.m.
Police say that a group of people were standing under an awning in the area of State St. and Washington Blvd., when the suspect approached them and started firing shots, striking a 32-year-old man.READ MORE: Firefighter From Michigan Battling Wildfire In Oregon Dies After Being Struck By Tree, Officials Say
The suspect fled the scene on foot.
The victim was taken to a local hospital to be treated for his injuries and has been released.
If anyone recognizes this suspect or has any information about this crime, they are urged to call the Detroit Police Department’s Third Precinct at 313-596-1340 or Crime
Stoppers at 1-800-Speak Up.
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