The Street
  • 2 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why the U.K. is raising taxes for the ultra rich.

Category

🥇
Sports
Transcript
00:00I'm Conway Gittins reporting in New York. Here's what we're watching on the street today.
00:03Third quarter hits and misses guided Wall Street action on Wednesday.
00:06Google parent Alphabet topped profit and sales forecasts,
00:10keeping the tech-heavy Nasdaq near record territory. On the flip side, Eli Lilly
00:15shocked investors. The maker of blockbuster diabetes drug Monjaro and weight loss aid
00:20ZepBound posted results that were way below forecasts. Turning to economic data,
00:26the U.S. economy grew 2.8 percent in the third quarter, which was below forecasts,
00:31but still a healthy number. Thursday is another big day for economic data and earnings. The Fed's
00:36preferred inflation gauge, the PCE index, is released. Wall Street will also get numbers
00:42from Apple and Amazon. Looking at other headlines, in the U.K., a new government
00:48boosted taxes on the rich, hoping to rake in $52 billion. The capital gain tax rate on profits
00:54made from investments is being lifted. A private jet tax is going up by 50 percent.
00:59Parents with children in private schools are losing a 20 percent tax break. And the government
01:04is putting a new tax in place for those who live in Britain but previously did not pay government
01:10taxes because their permanent residence was outside the country. In one more tax move aimed
01:16at the wealthy class, the tax that employers pay on the income of salaried workers is going up,
01:22and the dollar amount in which that tax kicks in is going down. Here in the U.S.,
01:27the wealth gap remains a sore spot between the haves and the have-nots, sparking cries for the
01:32wealthy to, quote, pay their fair share when it comes to taxes. The outcome of the 2024 race for
01:38the White House could decide if Donald Trump's 2017 tax cuts are extended or expire. That'll
01:46do it for your daily briefing from New York City. I'm Conway Gittins with The Street.
01:52you

Recommended

1:53
I
Up next
More affluent Americans are living paycheck to paycheck
The Street
2:03
World’s richest get richer after Trump election win
The Street
1:40
The rich have gotten much richer
The Street
2:01
Big corporations will increase pay by almost 4% in 2025
The Street
1:36
The IRS is cracking down on wealthy tax evaders
The Street
1:51
Dollar stores react to Trump tariffs
The Street
1:55
Eggs, coffee, and beef are all getting more expensive
The Street
1:39
Stamps set to see five price increases over the next three years
The Street
2:03
Americans are ditching dollar stores
The Street
1:54
Ultra big televisions are getting cheaper
The Street
2:02
Boeing workers vote to accept new deal
The Street
2:05
Back-to-school shopping means big bucks
The Street
1:57
Canada orders TikTok to close its offices in the country
The Street
1:51
How Donald Trump’s new tariffs could increase prices
The Street
1:47
Cargill to lay off 5% of global workforce
The Street
1:59
IRS announces new tax brackets for 2024
The Street
0:33
GOP Megadonor Ken Griffin Warns Of 'Slippery Slope' In Trump's Tariff Plans, Sees US Returning To 'The Business Of Business'
Benzinga
1:55
Streaming prices continue to rise
The Street
1:51
McDonald’s to invest $1.3 billion in Europe over the next four years
The Street
1:55
Donald Trump to increase tariffs on China, Canada, and Mexico
The Street
2:11
That impact Biden and Trump had on home prices
The Street
2:13
Dow faces 9th straight day in the red
The Street
1:38
Warren Buffett Was Right! America's Billionaires Now Pay Lower Tax Rate Than Working Class For First Time Ever, New Analysis Shows
Benzinga
1:53
Grocery prices finally start to come down
The Street
2:00
Port strike over as workers agree to new deal
The Street