President Biden claims his tax hike is about making corporations “pay their fair share;” however, Americans for Tax Reform President Grover Norquist points out that it will also harm families, small businesses, and savers. He said the American people should be concerned because the tax increase will reduce the value of your nest egg, increase your utility bills, create higher costs and lower wages, and much more. You can read about all six of the reasons he highlights below. In other news, gold prices are climbing as Bitcoin dropped below $30,000 for the first time since June.
Fox Business/Grover Norquist
6 ways Biden’s corporate tax hike will hurt America: Grover Norquist
President Joe Biden and congressional Democrats demand trillions of dollars of tax increases be imposed on American businesses and working families. Biden routinely claims that this tax hike is about making corporations “pay their fair share.”
However, taxes that Biden claims hit only corporations will directly harm families, small businesses, and savers. It would increase the cost of goods and services, raise utility bills, and lock in a global agreement to surrender U.S. tax sovereignty to foreign countries.
Here are six reasons to be concerned about these tax increases:
1. Biden will give us a higher corporate tax rate than China and the rest of the world
2. Higher costs and lower wages
3. Reduced value of your nest egg
4. Utility bill increases
5. Tax hikes on small businesses
6. A “global minimum tax” to yoke USA to China, Russia, Saudi Arabia
You can read more about them, here.
Gold gains as rising COVID-19 cases drive safe-haven demand
Gold prices climbed on Tuesday as concerns over the economic damage from surging Delta coronavirus cases, and a dip in U.S. Treasury yields boosted the safe-haven metal’s appeal.
Spot gold rose 0.6% to $1,823.06 per ounce by 1254 GMT, having hit a low of $1,794.06 in the previous session. U.S. gold futures gained 0.8% to $1,824.20.
“The great problem currently is the fear about the economic impact of the Delta variant of the coronavirus and after Japan took severe measures concerning the Olympic Games, markets got more and more nervous, resulting in a flight into safe havens,” said Quantitative Commodity Research analyst Peter Fertig.
A surge in coronavirus cases across the United States and other countries has sent higher-risk assets such as equities and oil tumbling.
Tokyo Olympics organisers on Sunday reported the first COVID-19 cases among competitors in the athletes’ village.
Gold, seen as a safe store of value, tends to benefit during times of political and financial uncertainty.
“Rapidly rising cases in Europe as well as in the United States prompted market participants to reduce risks in their portfolios,” said Julius Baer analyst Carsten Menke.
You can read the full article, here.
Nearly $90 billion wiped off crypto market as bitcoin drops below $30,000
Bitcoin fell below $30,000 for the first time since Jun. 22 dragging other digital coins lower.
About $89 billion was wiped off the entire cryptocurrency market in 24 hours as of 6:29 a.m. ET on Tuesday, according to CoinMarketCap data.
Bitcoin was down more than 5% while ether fell over 6% and XRP sank almost 9%, according to CoinDesk data. Bitcoin is up 1.87% for the year. Ether and XRP are both up about 135% for the year.
The plunge in bitcoin came after a big sell-off in global stock markets. On Monday, the Dow Jones Industrial Average had its worst day since last October.
“There’s been a broad sell-off in global markets, risk assets are down across the board,” Annabelle Huang, partner at cryptocurrency financial services firm Amber Group, said.
There are “concerns of the quality and strength of economic recovery” and “broader risk assets turned weaker including high yields,” Huang said. “Coupled with recent BTC (bitcoin) weakness, this just sent crypto market down further.”
Continue reading, here.