Joint Committee on Taxation data show that while millionaires collectively would pay a higher tax rate under the Build Back Better Act passed by the House, those earning at least $1 million would collectively pay $46.8 billion less in taxes.
Wall Street had been anxiously awaiting Biden’s picks. The Fed’s monetary policy has encouraged investors to take on more risk and pushed stock, housing and other asset prices higher.
As part of the effort, the bank tapped Puneet Singhvi to be its new head of digital assets inside the institutional clients group.
The former president of Morgan Stanley will stand for election to succeed Axel Weber at the Swiss bank's annual meeting in April.
The House measure lifts the cap on state and local tax deductions to $80,000 from the current $10,000 limit, while a Senate proposal would cap the deduction based on income.
The agreement reached at last week's climate meeting may help boost confidence in the voluntary market for carbon credits.
Just 1,275 wealthy families paid $9.3 billion in estate tax last year, while as recently as 2018, the IRS had collected more than $20 billion from nearly 5,500 families.
The agency seized $3.5 billion worth of cryptocurrencies in fiscal 2021, accounting for 93% of all assets seized, and an IRS official says he expects that trend to continue next year.
Chief Executive Dick Weil, who was instrumental in the 2017 merger of Janus Capital and Henderson Group, will retire at the end of March.
The firm is announcing an initiative, the Equity Collective, in which wealth and asset management firms commit to working with career-focused community organizations to reach young people from more diverse backgrounds.
