April 13, 2021
Treasury Secretary Janet Yellen released bits of the Biden administration’s Future Tax plan which is linked to the $2.3 trillion infrastructure proposal. Titled “Made in America”, the plan eliminates many subsidies for fossil fuel companies and introduces a host of incentives for alternative energy. The treasury estimates that the fossil fuel measures will save $35 billion over the next decade. Such measures are the elimination of the drilling costs reduction, which on its own is estimated to generate $13 billion in the same decade. Additionally, the bill extends the investment tax credit for green energy and incentivizes sustainable aviation fuel. Finally, the bill raises the corporate tax rate from 21% to 28%.
(Washington)
FINSUM + Magnifi: Expect these proposals to be met with harsh reactions by the fossil fuel industries and lobbyists. A corporate tax hike was part of a broader push to equalize corporate tax rates across countries by secretary Yellen, but
don’t expect other countries to jump on board.
Other news today: Gold Bulls See Second Stimulus Package as Tipping Point for Another Run and Goldman Sachs says High-Yield Bonds are Income Investors’ Fixed Income Solution
{{cta(‘031ca73e-408c-41ef-9886-bfe7cd5553d7’)}}
Magnifi is changing the way we shop for investments, with the world’s first semantic search engine for finance that helps users discover, compare and buy investment products such as ETFs, mutual funds and stocks. As of April 2021, 300,000+ users with $500+ Billion in Assets Under Influence, have used Magnifi over 1,500,000 times. Try it for yourself today.
This blog is sponsored by Magnifi. The information and data are as of the publish date unless otherwise noted and subject to change. This material is provided for informational purposes only and should not be construed as individualized investment advice or an offer or solicitation to buy or sell securities tailored to your needs. This information covers investment and market activity, industry or sector trends, or other broad-based economic or market conditions and should not be construed as investment research or advice. Investors are urged to consult with their financial advisors before buying or selling any securities. Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. Past performance is no guarantee of future results. This content may not be reproduced or distributed to any person in whole or in part without the prior written consent of Magnifi. [As a technology company, Magnifi provides access to tools and will be compensated for providing such access. Magnifi does not provide brokerage or custody services.]
