The past week has been a whirlwind of financial news, with billionaires potentially facing a minimum tax, a call for swift interest rate cuts, and former President Donald Trump suggesting a say in Federal Reserve decisions.
Elon Musk, Jeff Bezos, and Other Billionaires Could Face Minimum Tax
Economist Gabriel Zucman, Professor of Economics at the Paris School of Economics and the University of California, has suggested that a minimum tax for billionaires could soon become a reality due to the alarming concentration of global wealth. According to Zucman, a mere 3,000 people now hold $14.4 trillion of wealth, equating to 13% of the world’s GDP.
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Jeremy Siegel Advocates For Swift Interest Rate Cuts
Finance professor at the Wharton School, Jeremy Siegel, has retracted his earlier call for an emergency interest rate cut by the Federal Reserve. However, he still advocates for a rapid and aggressive rate reduction, urging the Federal Reserve to swiftly lower rates to 4%.
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See Also: Fed Rate Cuts Could Avert Recession, Say 75% In Benzinga Poll: Majority See Market Dip As Temporary
Jim Cramer Endorses Trump For Taxpayer Friendliness
CNBC Mad Money host Jim Cramer has suggested that a Trump White House could be beneficial for income earners and those invested in the stock market. Cramer believes that the former president would cut taxes on income.
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Jamie Dimon Predicts Looming Recession
JPMorgan Chase & Co. CEO Jamie Dimon has reiterated his prediction of a looming recession in the U.S. economy, despite the current economic stability. He also expressed skepticism about the Federal Reserve’s ability to bring inflation down to its 2% target.
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Trump Proposes Presidential Influence On Federal Reserve Decisions
Former President Donald Trump has suggested that presidents should have the power to influence the Federal Reserve’s interest rate decisions, potentially challenging the central bank’s political independence.
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This story was generated using Benzinga Neuro and edited by Ananya Gairola
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