The United Kingdom is raising taxes by $52 billion, and it’s targeting the country’s wealthiest.
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Conway Gittens: Third-quarter hits and misses guided Wall Street action on Thursday. Google parent Alphabet topped profit and sales forecasts, keeping the tech-heavy Nasdaq near record territory. On the flip side, Eli Lilly shocked investors. The maker of blockbuster diabetes drug Mounjaro and weight-loss aid Zepbound posted results that were way below forecasts. Turning to economic data, the U.S. economy grew 2.8 percent in the third quarter, which was below forecasts – but still a healthy number.
Thursday is another big day for economic data and earnings. The Fed’s preferred inflation gauge – the PCE is released. Wall Street will also get numbers from Apple and Amazon.
Looking at other headlines…In the U.K., a new government boosted taxes on the rich, hoping to rake in $52 billion. The capital gain tax rate on profits made from investments is being lifted. A private jet tax is going up by 50 percent. Parents with children in private schools are losing a 20 percent tax break. And the government is putting a new tax in place for those who live in Britain but previously didn’t pay government taxes because their permanent residence was outside the country.
In one more tax move aimed at the wealthy class, the tax that employers pay on the income of salaried workers is going up, and the dollar amount in which that tax kicks in is going down.
Here in the U.S. – the wealth gap remains a sore spot between the haves and the have nots, sparking cries for the wealthy to “pay their fair share” when it comes to taxes. The outcome of the 2024 race for the White House could decide if Donald Trump’s 2017 tax cuts are extended or expire.
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