Survey: Two-Thirds Of Elites Say There’s Too Much Freedom In America
A recent survey found American elites hold startling authoritarian opinions widely divorced from the rest of the American electorate.A recent survey found American elites hold startling authoritarian opinions widely divorced from the rest of the American electorate.Dragging Your Feet On Marriage? Here’s A Robust Case For Tying The Knot Amid A Recession
Married couples' median net worth has remained consistently higher than that of single households.A superyacht believed to be Vladimir Putin's was just impounded by Italian officials
On Friday, Italian authorities seized a giant superyacht that is said to be owned by Russian President Vladimir Putin after the Italian government recommended that the ship be impounded as part of the West’s ongoing campaign of sanctions against Russia.
The Daily Mail reported that Italian authorities said that the $700 million mega-yacht named “The Scheherazade,” is more than 450 feet long and contains spas, swimming pools, and two helicopter pads.
The giant yacht has been the subject of an ongoing investigation by Italy’s financial police since the end of this past March and has been docked at Marina di Carrara near Pisa since this past September as it undergoes a refit.
The Italian government’s seizure of the ship came late at night as Italian officials grew increasingly concerned that The Scheherazade was going to slip away from their jurisdiction and into international waters to avoid Western sanctions.
Reportedly, in recent days there has been a flurry of activity around the yacht. In March, the ship's majority Russian crew had been replaced with a British staff overnight.
Indicating that the ship had connections to Russia, The Italian Financial Police released a statement that said, “After verification by the fiscal authorities, it has come to light that there is a significant economic connection between the owner of The Scheherazade and senior elements of the Russian government.”
The statement continued, “On the basis of these elements, it has been recommended that the yacht be placed on the current European Union sanctions list, and the Minister of Finance in Rome has agreed.”
Mariateresa Levi, a member of the Italian Financial police, said, “I am not in a position to tell you who the actual owner is, but we are satisfied that the yacht should be seized, and in the next few hours, officers will board and impound her.”
The ship's captain has denied that Putin is the owner of the superyacht while refusing to disclose who the real owner is.
There have been claims that the vessel might belong to Eduard Khudainatov, a Russian oil tycoon who has previously been able to escape Western sanctions, unlike many other Russian oligarchs.
Despite this, activists and investigative journalists linked to Alexei Navalny, the imprisoned Russian opposition leader, are adamant that the ship belongs to Putin.
A probe into the vessel’s former Russian crew revealed that almost all of them worked for Russian secret service agencies charged with protecting the Russian president.
Biden administration prepares to unveil new 'Billionaire Minimum Income Tax'
The White House is set to unveil a new minimum tax targeting the billionaires as the Biden administration prepares to unveil its 2023 budget on Monday.
The Washington Post reported that, according to five people with intimate knowledge of the matter, the Biden administration’s new initiative will raise the minimum tax rates on the wealthiest class of Americans. The initiative, referred to as the “Billionaire Minimum Income Tax” plan, intends to establish a 20 percent minimum tax rate on all American households worth $100 million or more.
The new tax will apply to less than one percent of American households and more than half of the revenue that is expected to be generated by it is expected to come from the pockets of billionaires, the Associated Press reported.
President Joe Biden has long been an advocate for raising taxes on wealthy Americans, but his administration has dragged its feet when it came to introducing a tax plan specifically targeting billionaires.
The Washington Post said, “The plan comes amid signs that the administration’s negotiations with Sen. Joe Manchin III (D-W.Va.) over stalled White House economic proposal may be reviving.”
Manchin and his colleague, the self-styled maverick Democratic Senator from Arizona, Krysten Sinema, have routinely foiled the Biden administration’s legislative agenda when it comes to implementing far-reaching leftist policies such as the “Build Back Better” plan.
The “Billionaire Minimum Income Tax,” if put into effect, would mandate that those it affects pay at least 20 percent of their full income or “the combination of traditional forms of wage income and whatever they have made in unrealized gains, such as higher stock prices.”
“Billionaires paying a rate below [20 percent] will have to pay the difference between what they pay now and the 20 percent rate,” the Washington Post affirmed. “Billionaires already paying more than 20 percent would not owe additional taxes. The taxes paid toward the minimum tax would count toward whatever billionaires owe once they have to pay ordinary capital gains tax.”
An official White House document said, “The Billionaire Minimum Income Tax will ensure that the very wealthiest Americans pay a tax rate of at least 20 percent of their full income. This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters.”
The Biden administration also claimed that this tax increase being included in the White House’s budget proposal will cut the federal deficit by more than $1 trillion over the next ten years.
Dow takes sharp dive after reports that Biden plans to double capital gains tax on wealthy
The Dow Jones Industrial Average made a quick turn for the worse Thursday, closing down 321.41 points following reports that President Joe Biden plans to double capital gains taxes on wealthy Americans.
What are the details?
The New York Times reported just before noon that Biden was seeking to raise capital gains on the proceeds of assets like real estate or a stock for Americans earning more than $1 million from 20% to 39.6%. The newspaper stated that the president was seeking to tax the rich to "fund child care and education."
Bloomberg also reported the proposed hike 15 minutes later, noting that under the plan:
For $1 million earners in high-tax states, rates on capital gains could be above 50%. For New Yorkers, the combined state and federal capital gains rate could be as high as 52.22%. For Californians, it could be 56.7%.
In reaction to Biden's purported proposal, Sen. Chuck Grassley (R-Iowa), a top Republican on the Senate Finance Committee told the outlet, "It's going to cut down on investment and cause unemployment."
Pointing to the 2017 tax cuts under President Donald Trump, he added, "If it ain't broke, don't fix it."
Jack Ablin, Cresset Capital Management's founding partner and CIO, told CNBC, "Biden's proposal effectively doubles the capital gains tax rate on $1 million income earners. That's a sizable cost increase to long-term investors. Expect selling this year if investors sense the proposal has a chance of becoming law next year."
What did Jen Psaki say?
During a media briefing in the afternoon, a correspondent pointed out to White House press secretary Jen Psaki that "the Dow is down about 350 points on reports that the Biden administration is going to propose doubling, essentially, the capital gains rate for high-income Americans."
The journalist asked, "Can you tell us any more about that plan, and do you have any concerns that that would discourage long-term investing?"
Psaki said that the administration was still working out the details on how to pay for Biden's tax hikes for funding his forthcoming initiatives, but explained, "The president's calculation is that there's a need to modernize our infrastructure, there's a need to invest in child care, there's a need to invest in early childhood education, and making our kids and the workers of the next generation more competitive."
"His view," she reiterated, "is that that should be on the backs — that can be on the backs — of the wealthiest Americans who can afford it."
She added that the view of the administration "is that that won't have a negative impact."
Bloomberg reported earlier that Biden will propose almost doubling the capital gains tax rate for wealthy individua… https://t.co/Mk2zi1ylnR— Bloomberg Quicktake (@Bloomberg Quicktake)1619119738.0
Today's top stories
www.theblaze.com
freebeacon.com