US Market Update - 15/09/21
Scaling Back Joe Biden’s Proposed Tax Rises
- Democrats in the House of Representatives would like to scale back Joe Biden’s proposed tax increases on corporate income and capital gains, as part of $2.9tn in tax rises to pay for the US president’s expansion of the social safety net
- The draft tax plan proposes the US corporate tax rate would rise from its current 21 per cent to 26.5 per cent — short of the 28 per cent level proposed by Biden this year
- House Democrats are also looking to raise the tax paid by investors on capital gains to 25 per cent from the current rate of 20 per cent — significantly below Biden’s planned rate of 39.6 per cent
Food Delivery Sues NYC Over Fee Caps
- DoorDash Inc., DASH -0.82% Grubhub Inc. and Uber Technologies Inc.’s UBER 0.45% Eats division are suing New York City over its law permanently capping the amount of commissions the apps can charge restaurants to use their services, the latest move in a growing clash between the platforms and local regulators
- The three largest food-delivery companies filed the suit in federal court in New York late Thursday, contending that the fee cap is harmful and constitutes government overreach. The limit on fees has cost the companies hundreds of millions of dollars combined through July, they said in the suit
- A permanent cap will likely require them to rewrite contracts with restaurants, reduce marketing in the city and raise fees for consumers, the companies said in the complaint
Democrats Advance Plan to Require Employers to Offer Retirement Plans
- Democrats have included a provision in their $3.5 trillion healthcare, education and climate bill that would require companies without retirement plans to automatically enroll workers in individual retirement accounts
- The move could significantly broaden access to workplace retirement savings accounts, especially for employees of small businesses, many of which offer no plan at all
- Some small business groups say the requirement would be too onerous for small employers
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