Here’s Where the Money to Pay for Biden’s Budget Bill Will Come From

Here’s Where the Money to Pay for Biden’s Budget Bill Will Come From

Higher taxes are on the way for the very wealthy, and corporations. But when these changes begin, and what they’ll involve, remain unsettled as lawmakers debate how to pay for President Joe Biden’s $1.8 trillion budget bill. The House passed its version of the expansive social spending and climate plan on Nov. 19, despite a … Read more

U.S. Jobless Claims Reach 52-Year Low

U.S. Jobless Claims Reach 52-Year Low

Weekly jobless claims fell sharply to the lowest level in 52 years, reflecting the labor market’s tightening as the economy recovers from the effects of the pandemic. Worker filings for initial unemployment benefits, a proxy for layoffs, dropped 71,000 to 199,000 last week, the lowest level since November 1969, the Labor Department reported Wednesday. Source … Read more

Biden Asks FTC to Examine Oil, Gas Companies’ Role in High Gasoline Prices

Biden Asks FTC to Examine Oil, Gas Companies’ Role in High Gasoline Prices

WASHINGTON—President Biden called on the Federal Trade Commission to investigate whether oil-and-gas companies are participating in illegal conduct aimed at keeping gasoline prices high. In a Wednesday letter to FTC Chair Lina Khan, Mr. Biden alleged that there is “mounting evidence of anti-consumer behavior by oil-and-gas companies.” He said gasoline prices are rising even as … Read more

Kyle Bass says the big money has been made in bitcoin. This is where investors need to put cash next.

Kyle Bass says the big money has been made in bitcoin. This is where investors need to put cash next.

A hedge-fund manager who made winning bets on subprime loans back in 2007 isn’t too worried about a repeat of that crisis.“I don’t believe we’re in a bubble today, as far as ratios are concerned and leverage in the system is a concern,” Kyle Bass, founder and chief investment officer of Hayman Capital Management, said … Read more

Fed Chair Powell Seen Visiting White House on Thursday

Fed Chair Powell Seen Visiting White House on Thursday

Federal Reserve Chairman Jerome Powell was seen visiting the White House on Thursday, according to people familiar with the matter. Mr. Powell’s term leading the central bank is set to expire next February. President Biden told reporters on Tuesday that he would announce decisions “fairly quickly” on whether he was offering Mr. Powell another term … Read more

Corporate Minimum Tax Resurfaces as Democrats Hunt for Money

Corporate Minimum Tax Resurfaces as Democrats Hunt for Money

WASHINGTON—Senate Democrats announced a 15% minimum tax on large companies’ income on Tuesday, refreshing an earlier revenue-raising proposal as they try to generate enough money to pay for President Biden’s social-spending and climate-change agenda.The plan, backed by Sens. Elizabeth Warren (D., Mass.), Angus King (I., Maine) and Ron Wyden (D., Ore.) would affect about 200 … Read more