Biden targets corporate tax shelters to fund reform
Biden aims to shift the tax burden onto multinationals by imposing a 21 percent minimum tax on foreign earnings and seeking global adoption. He also proposes an $80 billion IRS boost, a 28 percent corporate rate, and extended child tax credits to cut poverty, with experts weighing the policy's feasibility and long-term cost.
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Stocks slip but April ends with strongest month this year
U S stocks retreated Friday with the S P 500 down 0 7 percent and the Dow off 0 5 percent while April still posts a 5 2 percent gain the best monthly advance since November 2020. The broader rally drivers include vaccination progress and strong economic data as investors await more guidance from the Fed.
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