Overseas Headlines -April 23, 2021

April 23, 2021

United States:

Biden Aims at Top 0.3% With Bid to Tax Capital Like Wages

“President Joe Biden wants to end the preferential U.S. tax treatment of investment income that has benefited the nation’s wealthy as he seeks to fund a sweeping new social-spending program. But he will need to overcome a major political hurdle in Congress to do so. The White House plans to propose almost doubling the capital gains tax rate for those earning $1 million or more, to 39.6%, according to people familiar with the proposal. That wouldn’t affect many. Only about 0.32% of American taxpayers reported adjusted gross income of more than $1 million and capital gains or losses on their returns, according to Internal Revenue Service tax return data from 2018.”

U.K. Economic Activity Surges at Fastest Pace in Seven Years

“U.K. economic activity accelerated at the fastest pace in seven years this month, providing more signs of a strong rebound as the government began allowing stores and restaurants to reopen. A survey of purchasing managers rose in April to its highest level since 2013, and retail sales in March grew the most in nine months. Both indicators beat economist’s expectations by a wide margin.”



Japan Double-Dip Recession Risk Looms With New Virus Emergency

“A new state of emergency in Japan could trigger a double-dip recession if the tougher restrictions fail to curb infections or if they are prolonged, according to economists. Tokyo and three other prefectures that roughly account for a third of the economy are set to enter the state of emergency from Sunday, little more than a month after an earlier emergency was finally lifted in the capital. That has dashed hopes for a swift recovery of the economy fueled by improving exports and a revival of domestic demand.”



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