The creation of a “global minimum tax” that would require multinational companies to pay more taxes is being planned by the Biden Administration and Democratic supporters in Congress, according to The New York Times. The impetus comes from the need for revenue that would be required to pay for Biden’s $2 trillion infrastructure plan. Janet Yellen, the U.S. Treasury Secretary, supported the idea on Monday. “Together, we can use a global minimum tax to make sure the global economy thrives on a more even playing field in the taxation” of multinationals, she said.
Democrats point out that some huge firms – such as Amazon – pay little or no corporate income taxes. Some businesses and tax experts counter that such a change would hurt companies and push some of them to flee to “tax haven” nations.
News: Police chief testifies vs. Chauvin
Medaria Arradondo, chief of police in Minneapolis, testified today (Monday) that the conduct of former officer Derek Chauvin in the death of George Floyd in May 2020 was in violation of department policy.
The chief said that Chauvin’s actions – kneeling on the unarmed Floyd’s neck for over eight minutes – were contrary to “our principles and the values that we have.”
He went on to say that the actions of Chauvin – on trial for the murder of Floyd – were “in no way, shape or form” reflective of department policy or training.
Business: Wall Street turning green
Buoyed by encouraging economic news, the investment community pushed stocks higher again on Monday. New record highs were recorded by the Dow Jones Average and the S&P 500 in the wake of Friday’s bullish jobs report and an analysis that indicates that President Joe Biden’s proposed infrastructure plan would raise profits and living standards.
The Dow was up 373.98 points to 33,527.19 and the S&P rose by 58.04 to 4,077.91. Nasdaq leaped 225.49 points to 13,705.59.
Sports: Baylor stuns Zags for hoop title
The Baylor University Bears (28-2) upset the previously unbeaten Gonzaga University Bulldogs (31-1) Monday by the score of 86-70 in the NCAA Men’s Basketball Championship finals Monday night in Indianapolis. The Bears jumped out to an early 13-4 lead and were never in trouble. Jared Butler scored 22 points for Baylor and was named Most Outstanding Player in the in Final Four. Also on Monday:
• Dodgers 10, Oakland 3. Justin Turner and Will Smith each homered as the Dodgers improved their record to 4-1, best in the National League West.
• Angels 7, Houston Astros 6 (Final): In Anaheim, the Halos rallied for four runs in the bottom of the eighth to overcome an early 4-0 deficit. Angels are now 4-1, tied with the Astros for first place in the American League West.
Weather: Partly cloudy all week
Partly cloudy (or partly sunny) weather is in the forecast for West Orange County all this week. Daytime highs will range from 73 to 77, with light winds from the southwest. For the coastal Huntington Beach area, expect the temperatures to be three to four degrees cooler. A small craft advisory is in effect as gusts could reach 20 miles an hour.
Categories: The Wider World