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Biden Open to Good Faith Negotiations Over Infrastructure Plans

Republicans are expected to oppose the 28% corporate tax hike to augment federal funds for Pres. Biden’s proposed $2.3 trillion infrastructure plan. That being the case, the President announced that he is willing to discuss and negotiate with Republicans and Democratic senators alike; but he will not allow inaction to hamper his push for major economic developments.

A week earlier, Pres. Biden presented details of the $2.3 trillion infrastructure plan, which include pumping more than $620 billion into transportation projects specifically for rebuilding 20,000 public roads and reinforcement of 10,000 existing bridges. An estimated $111 billion will be spent to improve water infrastructure by replacing lead pipes that contaminate drinking water, while $100 billion will be used for broadband infrastructure projects.

According to the Treasury Department the proposed 28% corporate tax hike aims to raise $2.5 trillion within a period of 15 years. Still, President Biden says he is wide open to negotiations for a lower tax hike but insisted that the government will need funds to pay for the projects. However, he made it clear that he is open to good faith negotiations, as well as to hear good ideas from lawmakers he plans to meet with in the weeks ahead.

What Republican Lawmakers are Opposing?

Most Republican lawmakers are voicing opposition against spending on incentives to encourage Americans to shift to electric vehicles. Affordable health care for all is another issue that Republicans will vote against, whilst questioning its relevance to infrastructure plans.

Senate Minority Leader Mitch McConnell of Kentucky who spoke last Monday said outright that President Biden’s plan is “something we are not going to do.” Actually and traditionally, any Democratic plan is something that Republicans are always opposed to without any logical reason.

The former majority senate leader who had blocked nearly all Democratic proposals during the Trump administration said the GOP will not support a plan that relies on corporate tax hikes. That is considering that President Biden’s proposed 28% corporate rate is still lower than the 35% corporate tax rate that Republicans had cut down to 21% during the Trump administration.

West Virginia Sen. Joe Manchin, albeit a Democrat, told a local news station that he will not vote for the boosting of corporate rate to 28%. Nonetheless, Manchin said he is in favor of closing existing tax loopholes that enable the wealthy to reduce their income tax payments. Additionally, Manchin said that he would consider supporting a corporate tax hike of 25%.

Car Finance Brokers : Why You Should Hire One When Buying a Vehicle on Finance

While buying a vehicle on finance is an exciting experience, obtaining the funds needed to pay for the purchase is something you need to ponder over carefully. In Australia, you might think it would be easier to simply agree to the financing facility offered by a car dealer, but it’s not always the best approach. The better way to go about thist is to look for a car loan broker who will help your sort out your options and then broker a car loan deal with a lender, on your behalf.

A car finance broker who has a good standing relationship with both lenders and car dealerships is an even better choice. Mainly because he or she can also help you find a car deal that works in conjunction with the car loan that suits you best. Nonetheless, it’s also a must to carefully choose a car loan broker because not all will have your best interest at heart.

You will be able to find a lot of car finance brokers in your Australian state via Google search, but there are several important aspects to consider before deciding on one. Aside from checking out reviews of customers, there are factors that distinguish reputable Australian brokers from the less trustworthy ones.

Defining the Role of a Car Finance Broker

Let us first define the role of a car broker, so you will have an idea if you will be getting the right offers of services. First off, a car finace broker specializes in finding a lender with the best financing offers that are tailor fit to the needs and financial capability of a consumer.

Inasmuch as brokers offer their services for a fee, it’s important that as the financial representative of a consumer, he or she works independently of banks and/or financial institutions. Car finance broker deals must always work toward achieving best results that are beneficial to a client and not the lender.

Factors to Consider When Choosing a Car Loan Broker

Checking out client or consumer reviews is a good way to start when choosing a car loan broker but there are other ways to make sure you will be choosing from the right ones.

As a financial expert who deals and manages loans on behalf of consumers, a broker must be the holder of an Australian Credit Licence at the very least.

As a financial adviser to consumers, a car loan broker must be up to date with laws, policies and other developments, which he or she can regularly access through a bonafide membership with the Finance Brokers Association of Australia (FBAA).

Some brokers also hold an accreditation with the older financial organization,( now known as the Mortgage & Finance Association of Australia (MFAA), which is an attestation to years of reputable expertise and experience in providing financial services to Australian consumers.

All things considered, a good sign that a car loan broker is reliable and trustworthy is that many will put out good words about the helpful qualities of a broker’s financial services.

FinCen’s Proposed Ruling for Cryptocurrency Use Still Looms as a Major Concern

Bitcoin continues to gain support from major companies that have recently unveiled plans of accepting bitcoin and other cryptocurrencies as payment forms. Yet concerns on how the U.S. Treasury Department plans to regulate the use of cryptocurrencies still loom as potential factor that could affect the benefits of using crypto money for online transactions.

Prior to President Biden’s assumption of office, the U.S. Financial Crimes Enforcement (FinCen) put forward a proposed rule to the Treasury Department. The FinCen rule recommends requiring all businesses handling money services to collect information about the identity of their respective customers. The proposed rule, specifically mention the inclusion of cryptocurrency exchange operators, for which the collection of information will also include those pertaining to other individuals with whom their customers transacted using the ewallet of the cryptocurrency exchange site. .

Moreover, the proposed rule published in December by the U.S. FinCen, require licensed businesses to maintain a record of all cryptocurrency transactions amounting to more than $3,000; as well as submit a report of the record to the government, if the a specific transaction involves a transfer of $10,000 worth of cryptocurrency.

While the rule has not yet been adopted, the possibility that stipulations cited will be enforced by the Treasury Department now headed by Biden’s appointee, Janet Yellen. Although Ms. Yellen conveyed in the Senate Appointment Committee that she is open to the regulated use of cryptocurrency, she made it clear that intends to curtail the use of cryptocurrency in the country. Many believe that is is unlikely that the new Treasury Secretary will scrap the proposed rule, but instead, will support its enforcement.

The pronouncement of course validated the concerns over the potential regulation of cryptocurrency in the U.S.

Lawyer of Non-Profit Digital Rights Group Airs Criticism Over the Proposed FinCen Rule

Atty. Marta Belcher, a special counsel for the non-profit digital rights group Electronic Frontier Foundation, said the FinCen Ruling, will make it difficult for people who use self-hosted wallet to remain anonymous when transacting with cryptocurrency users who use traditional storage or exchange services.

Atty Belcher asserted that the most important advantage of using cryptocurrency is the ability to keep one’s identity protected via secrecy part of cryptocurrency, from a civil liberties perspective, is the ability to transact anonymously online. FinCen’s proposed ruling will take away the ability to maintain privacy protections, particularly the secrecy of the cash being imported it into the online world.

Will Cryptocurrency Miners Be Affected by New FinCen Ruling

Many cryptocurrency miners initially thought that FinCen’s latest ruling will not affect their crypto currency mining operations in light of an earlier ruling that FinCen issued in 2014. The said ruling excluded cryptocurrency miners from being recognized as Money Service Businesses. The 2014 ruling was mainly based on the premise that their mining activities are mainly for their personal use and not for purposes of trading crypto money to other users or potential investors.

While cryptocurrency miners keep their rewards stored in their self-hosted wallets in order to maintain anonymity, It became apparent that the new FinCen ruling will affect their ability to use such rewards without having to reveal their identity and that of the users who will receive their mined rewards.

What Is Wealth Management And Who Are Wealth Managers?

Not every high-net-worth individuals (HNWI) and ultra-high-net individuals (UHNI) have similar approach towards their money. But how do HNWIs and UHNIs differ? The former are those with a net worth between $1 million and $5 million, whereas the latter have a net worth of $30 million and over. By simply looking at the numbers, you would be able to get a good picture.

While it is a wonderful blessing to have such kind of wealth, this goes along with great responsibility as wealth needs to be handled the right way in order to maintain it as well as allow it to continue growing. This is why HNWIs and UHNIs need wealth management. As the wealth of HNWIs and UHNIs grow over time, their financial situations may turn out to be more complex and where certain factors threaten their wealth, such as inflation and estate taxes. With a professional wealth manager, they can greatly help in navigating through those issues as well as getting around some of these serious financial drawbacks.

What Is It Wealth Management?

Wealth management offered by wealth management firms such as pillar wm is purposely designed to help out HNWIs or UHNIs clients to continuously grow the wealth that they already have earned, protect their assets as well as lessen their financial risks. It is a kind of financial advising that goes beyond looking for and selecting investments. It combines a set of financial services so as to meet the requirements of their clients.

Wealth managers of these wealth management firms are more than financial advisors as they are able to offer counsel on an extensive scope of financial situations and issues that are unique to clients who are handling assets that are worth millions of dollars. Among the services that wealth management firms like pillar wm offer are:

  • Management of investments
  • Financial planning
  • Estate planning
  • Legal planning
  • Generational planning
  • Accounting as well as tax services
  • Retirement planning
  • Philanthropy advice

What Are Wealth Managers?

In terms of managing finances that’s worth millions, doing it alone could be overwhelming and daunting as you make an attempt to formulate an effective strategy. If you decide to get help from experts, make certain you seek advice from the right professional wealth managers, such as pillar wm.

Wealth managers are simply a subclass of financial advisors. However, they primarily cater to high-net-worth individuals and ultra-high-net-worth individuals. Hence, they have the knowledge and skills to help clients to manage their enormous amounts of wealth. Their services are more personalized since they need to match the needs as well as the financial goals of their clients. Wealth managers are quite hands-on as well as comprehensive in the services they provide their clients. HNW and UHNW clients work with one wealth manager or advisor for all their financial requirements and goals. Hence, the services that wealth managers provide will vary.

Pres. Biden Says $15/Hour Wage Hike Might Be Excluded in Pandemic Relief Package

In a recent CBS interview, Pres. Biden disclosed that the provision aiming to raise federal minimum wage to $15 could be excluded from the $1.9 relief package. Nonetheless, the President added that he would be urging Congress to pass a separate bill that will see to the promised $15 per hour minimum wage increase. He believes that it isn’t right for workers to still live below poverty wage while working more than 40 hours a week.

What Will Be Included in the $1.9 Trillion Stimulus Package

As President Biden promised, he and his Democratic allies in Congress will obtain the $1.9 trillion relief package, even without the support of Republican lawmakers. They did so through a congressional process known as reconciliation procedure. However, based on the rules of reconciliation, only legislation that impacts the federal budget will be passed in the final bill.

That being the case, the bill passed under reconciliation procedure Includes items like the $170 billion allocated for college institutions and K-12 schools. There is also a $30 billion allocation to provide citizens with assistance in the settlement of unpaid household expenses like utilities and rent.

Vermont Senator Bernie Sanders who is now the Chairman of the Senate Budget Committee said he is still exerting effort, and looking for ways of including the minimum $15/hour minimum wage hike in the $1.9 trillion stimulus bill. According to the Vermont Senator, he is counting on a team of lawyers to make a case of citing the minimum wage hike as having important budget implications in accordance with the reconciliation rules.

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