Wealthy would dodge 90% of Biden's capital gains tax increase, study says
CBSN
Wealthy Americans will avoid paying 90% of the estimated $1 trillion increase in investment taxes that President Joe Biden is proposing this week, according to new study from the University of Pennsylvania's Wharton Business School.
The Wharton researchers concluded that tax avoidance, much of it legal, would cut nearly $900 billion of what the proposed increase on capital gains taxes could raise for the government. "We don't think that the proposal has a lot of teeth," said John Ricco, director of policy analysis at the Penn Wharton Budget Model, a non-partisan fiscal policy research group at the business school. "There are a lot of games you can play to avoid paying this tax."Pennsylvania was a pivotal state in the 2020 presidential election, sealing Joe Biden's victory over Donald Trump after four days of vote counting. So it's no surprise the Keystone State is again front and center this election cycle, with both Vice President Kamala Harris and former President Donald Trump investing time and resources there ahead of Election Day.
Reporter killed in restaurant she owns hours after journalist shot dead in separate attack in Mexico
The U.N. human rights office in Mexico said Wednesday journalists in Mexico need more protection, after gunmen killed a journalist whose Facebook news page covered the violent western Mexico state of Michoacan. Then less than 24 hours later an entertainment reporter in the western city of Colima was killed inside a restaurant she owned.