Category: Business

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A group of progressive Democrats proposed legislation this week aimed at generating millions of dollars in new tax revenue by taxing “extreme wealth.”

The Oppose Limitless Inequality Growth and Reverse Community Harms Act, or the OLIGARCH Act, was introduced by Rep. Barbara Lee, D-Calif., and several other progressive Democrats.

Lee, who is running to replace Sen. Dianne Feinstein in the Senate, said her bill is aimed at taxing extreme wealth in the name of fighting the “threat to democracy posed by aristocracy.”

“Inequality in the United States is worse in 2023 than it was during the Gilded Age. It is unacceptable that millions of hardworking people remain impoverished while the top 0.1% hold over 20% of the nation’s wealth,” she said. “The OLIGARCH Act is the solution we need to close the exorbitant wealth gap in America and create a tax system where everyone pays their fair share.”

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One sponsor of the bill, Rep. Jamaal Bowman, D-N.Y., said wealth inequality is the result of centuries-old discrimination in America that must be rectified but stopped short of calling it a reparations plan.

“The extreme wealth inequality we see today, which disproportionately impacts Black and brown families, is a result of centuries of discrimination towards working-class, vulnerable communities while allowing tax breaks for the rich and wealthy,” he said.

The bill creates a 2% tax on all wealth between 1,000 and 10,000 times median household wealth, which the U.S. Census Bureau said was $140,000 in 2020. Using those numbers, the Democrats’ bill would hit people with a 2% tax if their wealth was between $140 million and $1.4 billion.

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A 2% tax on $1.4 billion would create a tax bill of $28 million.

The tax rises to 4% for wealth between 10,000 and 100,000 times median household wealth, or between $1.4 billion and $14 billion using 2020 data. Within this bracket, applying the 4% tax on $10 billion worth of wealth, for example, would create a tax bill of $400 million.

The tax jumps again to 6% for wealth between 100,000 and 1 million times median household wealth, or between $14 billion and $140 billion. Within this bracket, a 6% tax on $100 billion in wealth would create a $6 billion tax.

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Finally, the bill creates an 8% tax on all wealth above 1 million times the median household wealth, or about $140 billion. Very few people have wealth that falls into that category. Elon Musk was reportedly worth about $240 billion as of July, and one sponsor of the bill mentioned Musk and other wealthy businessmen in a statement supporting the bill.

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“Right now, the 400 richest Americans have 22,000 times the political influence of the bottom 90%,” said Rep. Summer Lee, D-Pa. “Our teachers, firefighters and nurses are paying more in taxes than Jeff Bezos, Elon Musk and Mark Zuckerberg.”

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The Meghan Markle-led drama series, “Suits,” brought in big numbers at the end of June and four years after the final season aired.

Nielsen reported that the legal series, which helped catapult Markle to fame, set a new record for an acquired series, with over 3 billion streams the week of June 26 to July 2 on Netflix and Peacock.

The previous record was held by “Manifest,” with 2.49 billion watch minutes from June 14-20, 2021, per The Hollywood Reporter.

The Nielsen report only factors in U.S.-based television streaming, so content viewed in other countries did not figure into the results. 

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Nielsen also noted the show is attracting a younger audience. The median viewing age for “Suits” is younger than when the series debuted 12 years ago.

The Duchess of Sussex starred as Rachel Zane on the series, which ran from 2011-2019. “Suits” also starred Gabriel Macht, Patrick J. Adams and Sarah Rafferty.

After Markle and Prince Harry’s engagement in November 2017, the duchess stepped away from acting entirely. 

Following the royal engagement, USA Network announced the actress would be leaving the show after season 7. Markle and co-star Adams both stepped away from the series after the seventh season, but the show continued two additional seasons.

“Suits” became available on Netflix in June, which happened to be the same day as King Charles III’s birthday parade. 

Trooping the Colour, a royal tradition going back hundreds of years to King Charles II’s 17th-century reign, is held every summer to celebrate the monarch’s birthday. 

Markle and Harry wed in a lavish wedding at Windsor Castle in 2018. The couple participated in their first Trooping the Colour in 2018 after their wedding. 

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The explosive week for “Suits” in June comes after Netflix reportedly said it’s sticking with Harry and Markle after Spotify abruptly ended its deal with the couple and canceled the duchess’ podcast “Archetypes” at the end of its first season.

“We value our partnership with Archewell Productions,” a Netflix spokesperson told People magazine of Harry and Meghan’s production company. “‘Harry & Meghan’ was Netflix’s biggest documentary debut ever, and we’ll continue to work together on a number of projects, including the upcoming documentary series �?Heart of Invictus.’”

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The Duke and Duchess of Sussex signed a multimillion-dollar deal with Netflix in 2020 to produce exclusive documentaries, docuseries, feature films, scripted shows and children’s programming.

Fox Business’ Brie Stimson contributed to this report.

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Ford Motor Company is conducting a recall of hundreds of thousands of F-150 trucks in the U.S. that could potentially experience a wiring-related problem with their electric parking brakes.

In a safety recall report to the National Highway Traffic Safety Administration, the vehicle company said contact with the rear axle housing may damage a wiring harness, which could lead to unexpected activation of the electric parking brake.

The 870,701 trucks potentially affected belong to the 2021 through 2023 model years and feature single exhaust systems. Production of the recalled vehicles happened over roughly three years. 

People who own the affected F-150 trucks will receive letters informing them of the recall and the fix for the issue beginning Sept. 11, the same date dealers will get notification, according to the report.

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The recall report indicated nearly 300 of more than 900 warranty and field reports for the wire chafing issue included an unintentional electric parking brake activation. Nineteen of those incidents happened with a driver operating a truck, it said. 

The issue has not resulted in any known injuries or crashes, according to the report.

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The issue will be addressed in one of two ways at dealerships. Either the recalled trucks will have a harness swapped out for a new one or a protective tie strap and tape wrap will be applied at no cost to owners.

A harness will be replaced if tape covering the area has experienced wear, the recall report said. New harnesses feature a plastic shield that prevents chafing. 

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A group within Ford started looking into reports of the unintentional parking brake activation in February, according to the report.

Reuters contributed to this report.

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Soaring summer temperatures continue to cool the demand for gas, but it is also complicating things for refinery production, according to AAA.

The national average cost for a gallon of gas increased by 13 cents from last week to $3.71, in response to production constraints, according to the latest report from AAA. 

The extreme heat that has many parts of the U.S. suffering sweltering temperatures has also sidelined oil refineries. Oil prices have increased by nearly $4 to settle near $80 per barrel, AAA said. Gas prices typically rise in tandem with oil.

“Gas demand, meaning people fueling up, remains tepid,” AAA spokesperson Andrew Gross said. “It’s lower now than at this time last year and in 2021. But while the heat may be keeping some folks home, it also suppresses refinery production, according to experts.

“Constrained supplies and a higher cost of oil are tipping the balance toward rising pump prices for now,” Gross said. 

One way to reduce your overall car ownership costs is by shopping for cheaper auto insurance to reduce your monthly premiums. Visit Credible to get your personalized quote in minutes.

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Drivers hitting the road this summer could be paying as much as an extra $1 a gallon if they are filling up at stations near certain state lines, according to a GasBuddy report.

Gas prices between states vary because of state taxes, proximity to oil refineries and resulting transportation costs, according to GasBuddy. The top five most expensive bordering states to fill up are Arizona/California, Idaho/Washington, Idaho/Oregon, Nevada/California, and Oklahoma/Colorado borders. 

“Crossing state lines is often an exciting time for summer road trippers, signaling progress and new experiences,” Patrick De Haan, GasBuddy head of petroleum analysis, said. “However, these milestones should also serve as a red flag to drivers. The difference in gas prices among two bordering states can add up to over $10 on a single tank of gas, potentially costing American travelers hundreds on long road trips in some parts of the country.”

If you’re trying to lower your overall auto costs, you could consider switching auto insurance providers. You can visit Credible to compare quotes from different companies without affecting your credit score.

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If you are buying a car, you’ve likely noticed how high prices and interest rates for financing are at the moment. The Federal Reserve has raised rates 11 times since last year, leaving the federal funds rate at 5.25-5.5% – the highest level in 22 years.

However, consumers could soon see relief as affordability returns to the used car market, Cox Automotive Chief Economist Jonathan Smoke said in a statement.

Retail used prices have already declined about 3% from their peak in April and are expected to continue to drop over the next quarter, according to Smoke. Also on the decline are rates for used car loans which have dropped to 13.6% so far in July.

“The dramatic increase in rates over the last 16 months, along with vehicle price inflation, has effectively priced out 5-10% of consumers,” Smoke said. “We have seen the most impact on the used auto, where sales have declined for more than a year. However, this spring likely represented the bottom for the weak used-vehicle sales trends, as affordability should improve from here, enabling incremental demand to grow.”

If you are looking to save money on your auto costs, you could consider changing your insurance provider to get a lower monthly rate. Visit Credible to shop around and find your personalized premium without affecting your credit score.

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Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

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Tiffany & Co. and Beyoncé are partnering for a new limited-edition collection in honor of the superstar’s Renaissance World Tour. 

The Return to Tiffany x Beyoncé limited-edition collection reinterprets the house’s iconic Return to Tiffany motif.

The luxury brand said it infuses that with the “iconography and spirit of the tour.”

The collection will launch online on Saturday, with items ranging from $275 to $700.

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That date coincides with the singer’s tour performance in East Rutherford, New Jersey.

All profits from the sales of the collection will benefit the About Love Scholarship program. The program is an ongoing partnership among Tiffany & Co., BeyGOOD Foundation and Jay-Z’s Shawn Carter Foundation. 

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Money made from the collection will be an addition to the $2 million previously pledged for scholarship funding for students in the arts and creative fields at five Historically Black Colleges and Universities. 

The HBCUs include Lincoln University in Pennsylvania, Norfolk State University in Virginia, Bennett College in North Carolina, the University of Arkansas at Pine Bluff and Central State University in Ohio.

The scholarship program has supported more than 100 students since its founding. The launch of the Return to Tiffany x Beyoncé collection coincides with the one-year anniversary of Tiffany Atrium, the company’s social impact platform that launched in July 2022. 

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Its mission is to advance professional opportunities for historically under-represented communities in the jewelry and creative industries.

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NFL-themed slot machines will make their debut in Las Vegas casinos when football season starts in September, Aristocrat Gaming announced Thursday.

The Australian casino game manufacturer has partnered with the NFL for the new NFL Super Bowl Jackpots game — a license agreement that demonstrates just how far the NFL has come since the Supreme Court paved the way for legalized sports betting. 

Prior to the 2018 court decision, the NFL was a staunch opponent of allowing people to bet legally on its games. In the years since, the organization has cashed in on sports betting by sharing NFL trademarks and data with Caesars Entertainment, DraftKings and FanDuel. Now, the NFL will slap its logo on slot machines all over Las Vegas as part of a multiyear agreement with Aristocrat Gaming struck in 2021, the company said in a news release. 

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“Today, we are thrilled to debut the first look of the new NFL-licensed slot machines, which will provide an innovative entertainment experience for millions of NFL fans who enjoy the fun of casino gaming,” said Hector Fernandez, CEO of Aristocrat Gaming. “We are changing the game with this first-of-its-kind slot machine, offering fans the ability to customize the experience by selecting their favorite team in any casino they choose to play.” 

According to the release, NFL Super Bowl Jackpots is the first of several games that will be unveiled over time as part of the agreement. 

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The slots game will have a $1 million progressive jackpot, where permitted, and will entertain players with six licensed “fan-favorite stadium anthems” during play. A progressive jackpot increases each time people play until someone wins. More slot games to come in 2024 include Overtime Cash, Super Bowl Link, NFL Kickoff, Winning Drive and Rings of Victory — with each inspired by a different aspect of NFL gameplay.

“The unveiling of the first NFL-themed slot machines represents an opportunity to bring the League closer to our fans in a new area,” said Joe Ruggiero, SVP of Consumer Products at the NFL. “We have valued collaborating with Aristocrat to bring their vision and responsible gaming resources to fans during the 2023 NFL season and beyond.”

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Aristocrat Technologies Inc. is a subsidiary of Aristocrat Leisure Limited, a global entertainment and content creation company with over 7,500 employees working in more than 20 locations across the globe. Aristocrat Gaming designs, manufactures and distributes Class III games like slot machines.

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