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The Democrats have big plans for their Build Back Better bill, but the method of payment for the massive spending package involves targeting America's wealthiest individuals and their unrealized investment gains. |
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Democrats want wealthiest Americans to pay for spending bill As the clock ticks down for the Democrats' goal to pass a pair of infrastructure bills by week's end, the debate over how to pay for the trillions in social spending continues to be a major point of contention. Dems proposed a "wealth tax" Wednesday that has rankled Republicans and sparked more division within their ranks. The latest plan targets America's billionaires, imposing a tax on unrealized gains from investments in everything from stocks to real estate. Dems argue that millions of Americans in need would reap the benefits from the revenue generated from only 700 billionaires, but they are getting push-back from party moderates and the GOP. SEE THE DETAILS OF THE DEMOCRATS' WEALTH TAX PLAN
Bitcoin's price continues to retreat following ETF bump We hate to say we told you so (wait, we actually love to say we told you so), but the price bump Bitcoin received after last week's launch of Bitcoin Strategy ETF -- the cryptocurrency's first foray into the stock market -- the popular digital asset has been falling like a rock. Bitcoin shot up above the $65,000 mark last week, hitting levels not seen since the crypto explosion in April. But after intrigued investors pushed the price near an all-time high, reality has set in as Bitcoin dropped to $58,600 on Wednesday night and was still falling. WHY BITCOIN HAS BEEN FALLING SINCE LAST WEEK'S PEAK
Wall Street rally runs into brick wall as stocks, oil prices fall Bitcoin wasn't the only hot investment to get doused with cold water Wednesday; so did the stock markets, which had been on a record run in recent days. After starting the day on the rise on the heels of record highs, the Dow and S&P 500 fell and finished 1% down. Oil markets also took a tumble Wednesday after the latest data showed a big gain in U.S. inventories of crude and petrol. Crude prices have been striking multi-year highs on expectations of surging demand and concerns over supplies before sliding to $82 a barrel. FIND OUT THE FACTORS FUELING THE COOLING OF STOCKS
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Markets
| DJIA | 35,490.69 | -0.74% |
| S&P 500 | 4,551.68 | -0.51% |
| Nasdaq Composite | 15,235.84 | 0.00% |
| Japan: Nikkei 225 | 28,820.09 | -0.96% |
| UK: FTSE 100 | 7,244.05 | -0.13% |
| Crude Oil Futures | 81.82 | -1.02% |
| Gold Futures | 1,804.10 | 0.29% |
| Yen | 113.64 | -0.15% |
| Euro | 1.16 | 0.10% | | * As of market close |
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Alcohol, cigarette sales hit pandemic peak
The COVID-19 pandemic was bad for the health of Americans in more ways than one. Not only did the deadly virus claims the lives of over 739,000 (and counting), the U.S. also saw serious increases in unhealthy habits like the record-high consumption of alcohol and cigarettes. A pair of recent studies shed light on the problems. The number of people who received a liver transplant or were put on a waiting list over alcoholic hepatitis was 50% higher than before the pandemic. Another study revealed a 20% increase in liquor sales between March and September. Meanwhile, cigarette sales hit a surprising 20-year high in 2020. SEE WHY UNHEALTHY HABITS FLOURISHED IN THE PANDEMIC
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Laundrie's notebook last hope for answers
Just when you think you have heard the last word on the Gabby Petito murder case, there's more. Perhaps that's because the final words in deceased prime suspect Brian Laundrie's notebook remain a mystery. Because his autopsy was ruled inconclusive, investigators hope the key to finding answers about the case and his death lie within the faded pages. Petito's father dismissed the need for closure from Laundrie's notebook, saying it won't bring back his daughter. He instead is focusing on advocating for domestic abuse victims. Meanwhile, the Laundrie's family is recounting their last moments with their son in search of answers. SEE WHAT THE LAUNDRIE'S SAID ABOUT THEIR SON'S LAST DAYS
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The 5 scariest movies to watch for Halloween
Halloween is time for trick-or-treating and costume parties, but the pandemic has put a damper on many Americans' plans to celebrate the scariest holiday of all. For those who prefer not to wear a mask (neither the N95 nor costume variety), here's one fun way to celebrate at home. Horror movies and Halloween go together like Mike-N-Ike candy, and we've ranked our five favorites -- no slasher trash, only genuine terror. These might not be fit for the whole family, but they do range in era so that there's something for every generation. It's a good time for parents and age-appropriate children to experience each other's idea of what's scary. CHECK OUT OUR LIST OF THE FIVE SCARIEST MOVIES EVER
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Grosser than gross
Horror movies are often low-budget endeavors, but some turn out to be real cash cows. What is the highest grossing horror flick of all-time? Wednesday's answer: Tom Brady's 602 touchdown passes (and counting) is an NFL record. A distant second on the list is Drew Brees with 571.
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