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2021-10-28 00:41:40 Twitter posts $536M loss in Q3 over lawsuit payout.

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2021-10-27 23:13:40 ​Major Police Departments Increase Budgets Amid Rise in Crime

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2021-10-27 22:01:39 Democrats' billionaires tax explained

There is now legislative language behind the push to tax American billionaires on unrealized capital gains, as Sen. Ron Wyden last night released his 107-page plan.

Why it matters: This would be a sea change in U.S. tax policy, which has only applied to realized gains (otherwise known as income).

Wyden's proposal would apply to those with more than $1 billion in assets or more than $100 million in adjusted gross income over three consecutive years.
The biggest tax bills would come up front, charging a long-term cap gains rates on all unrealized monies for tradeable investments. Payments could be spread out over five years.
Then, going forward, payers would be on the hook for annual capital gains taxes on new unrealized income — although unrealized losses could be carried forward as offsets.
Pay special attention to the term "tradeable." Not only because it likely applies to crypto, but because it wouldn't apply to illiquid securities or real estate. Yes, there are deferred interest charges included for certain non-tradeable assets — to be paid upon sale or transfer — but, in general, Wyden is an indirect supporter of "stay private longer."

Be smart: Treasury Secretary Janet Yellen on Sunday pushed back against defining this as a wealth tax, likely for constitutional reasons (and because it's different from Sen. Elizabeth Warren's European-style net worth tax). House Speaker Nancy Pelosi, also on Sunday, did call it a wealth tax. Pelosi is right.

Be smarter: There are very good philosophical and practical arguments against taxing unrealized gains, but the hand-wringing from some about how this will kill capitalism is just laughable.

People will still strive to become insanely wealthy because ... well, because they'll be insanely wealthy. And most of them can either sell some stock or take out loans to cover these tax bills (just like they currently take out loans against unrealized earnings).

Be smartest: Democrats haven't yet demonstrated an ability to get any of their major economic plans passed, beyond a COVID relief bill earlier this year. In other words, there's little imperative for celebration or consternation.

The bottom line: The definition of income could be changing, at least for the wealthiest of the wealthy. Open / Comment

2021-10-27 19:30:39 Open / Comment

2021-10-27 18:10:39 The Biden State Department announced new changes to U.S. passports Wednesday morning and will allow passport holders to list their gender as "X" on the international travel document.

"The Department of State continues the process of updating its policies regarding gender markers on U.S. passports and Consular Reports of Birth Abroad (CRBAs) to better serve all U.S. citizens, regardless of their gender identity. As the Secretary announced in June, the Department is moving towards adding an X gender marker for non-binary, intersex, and gender non-conforming persons applying for a U.S. passport or CRBA," State Department spokesperson Ned Price released in a statement. "The Department has issued the first U.S. passport with an X gender marker. We look forward to offering this option to all routine passport applicants once we complete the required system and form updates in early 2022."

"The Department also continues to work closely with other U.S. government agencies to ensure as smooth a travel experience as possible for all passport holders, regardless of their gender identity," the statement continues. "I want to reiterate, on the occasion of this passport issuance, the Department of State’s commitment to promoting the freedom, dignity, and equality of all people – including LGBTQI+ persons."

The announcement comes just days after Vice President Kamala Harris announced the administration's new "National Gender Strategy." Open / Comment

2021-10-27 17:44:52 We are back online Open / Comment

2021-10-18 20:19:43 Former U.S. Secretary of State Colin Powell died of complications from COVID-19 at age 84 Open / Comment

2021-10-18 16:56:43 Indeed. Open / Comment

2021-10-13 22:10:43 US Carriers to Increase Services to Help Supply Chain

FedEx, UPS, and Walmart will increase efforts to address supply chain shortages caused by the coronavirus pandemic, the White House is expected to announce Wednesday.

The three large U.S. goods carriers "will make commitments towards moving to 24/7 working during off-peak hours," senior administration officials told NBC News on Tuesday evening.

Executives from Walmart, UPS, and Home Depot will visit the White House to discuss supply chain issues on Wednesday, when President Joe Biden also will meet leaders of the Port of Los Angeles, the Port of Long Beach, California, and the International Longshore and Warehouse Union to discuss congestion at the ports.

"The federal government will be a strong and willing partner in this effort in the near term but also in rebuilding a better system for the 21st century," the officials said. "We'll be working with stakeholders across the supply chain for a 90-day sprint to the end of the year to troubleshoot and alleviate many of the bottlenecks we can quickly address."

White House officials previously warned that Americans might face higher prices and some empty shelves this holiday season due to global supply bottlenecks choking U.S. ports, highways, and railways.

"There will be things that people can't get," a senior White House official told Reuters, when asked about holiday shopping.

"At the same time, a lot of these goods are hopefully substitutable by other things ... I don't think there's any real reason to be panicked, but we all feel the frustration and there's a certain need for patience to help get through a relatively short period of time."

NBC News reported that logistical backups at shipping ports have doubled the time it takes for some products to make their way from Asia to the U.S.

Some retailers have been forced to address the bottlenecks by chartering their own private cargo vessels before the holiday shopping season.

FedEx and UPS combined to ship 40% of U.S. packages by volume last year, and by increasing efforts, "they're telling the rest of the supply chain you need to move it, to let's step it up," administration officials told NBC News.

Other retailers — i.e. Target, Samsung, and Home Depot — also will assist with the backlog, which "paves the way for smaller retailers to also get the goods from a 24/7 model," the officials said.

Treasury Secretary Janet Yellen and other administration officials have said consumers could continue seeing rising prices and product shortages through the holiday season as the market works through supply chain bottlenecks and worker shortages. Open / Comment

2021-10-13 19:35:43 Consumer prices in September increased U.S. inflation to 5.4% compared to a year ago, according to the Labor Department monthly consumer price index report, released Wednesday.

The number matches the highest such rate since 2008, amid global supply chain issues.

Inflation up 5.4% from year ago, matching 13-year high, Labor Department

The Consumer Price Index rose 0.4% in September from August, with the costs of new cars, food, gas, and restaurant meals all increasing.

The annual increase in the consumer price index matched readings in June and July as the highest in 13 years, the department's Bureau of Labor Statistics also reported.

The costs of food and shelter in September together together contributed to more than half of the monthly, seasonally adjusted increase, the bureau also reported. Open / Comment