Emily Wilkins, Emily, Jeff Bellinger discussed on Bloomberg Surveillance


From across the aisle with New York Democrat Kirsten gillibrand partnering with the Wyoming lawmaker to finish and introduce the bill in the coming weeks The bill will cover a range of issues including banking taxes privacy and consumer protection and Thailand's biggest bank by market value has become the latest lenders seeking to capitalize on the metaverse craze SCB ten X will become the first banking group entity globally to develop a headquarters in the sandbox of blockchain based virtual platform and that's your Bloomberg crypto update I'm Jeff Bellinger Karen All right Jeff thank you and that's a Bloomberg business flash Tom and Paul Karen thanks so much Karen Great to have you back Thanks Three or four weeks It takes these long breaks and who knows where she goes Tucker was shadow Oh I know Yeah Don't like a day This felt like a day Karen thank you so much best day to checks Literally without exaggeration in the world Post training in time keen Right now Chris cassani joins us MAI capital Chris yield up price down bear market and bonds What do equity do What the equities do when a given index is down 8% in a bond world Oh I'm sorry Yeah we've got to I'm sorry Let me bring in Emily because I thought we had we do But we have Emily Wilkins is on She was talking taxes I think mister Biden is talking about taxing the billionaires Emily a 20% tax on billionaires It sounds good to me I'm not in that camp but it sounds like a revenue source to me What's the story Yeah it is going to be a new source 360 billion billion is the amount that the government expects to get in revenue If this goes into effect And this is part of the larger budget proposal that The White House is putting out today Obviously Congress that the one thing they got to do every year is past money to fund the government and that all begins when The White House sends their proposal to Congress Now usually Congress takes a look at this proposal and goes okay well that's very nice mister president and then goes off and does their own thing But it's a good way to sort of get a sense of where The White House stands and what the administration is thinking And what president Joe Biden is thinking right now is that he needs to start appealing to more moderate Democrats You're seeing a very fiscally conservative budget for democratic president the request is going to show a 1 trillion reduction in deficit spending over the coming decade It's going to go down 1.3 trillion from this year alone and a key part of this is this so called billionaire minimum income tax The only reason I introduced Christopher sante instead of Emily Wilkins is I finally discovered someone with a bracket worse than mine exactly Emily good morning I'm so sorry to not introduce you in the proper Bloomberg surveillance way The quiet word here Emily will be W wealth tax is that what they're talking about a wealth tax Well I mean the poll tested number that they ran past everyone to make sure it would be popular as though is the billionaire minimum income tax But yes I mean this is a tax that is aimed at the wealthy And this is actually something if you think about it that a lot of Democrats do have buy in and support We've seen pretty good polling among the American public saying that wealthy need to pay their fair share and perhaps even more important than that You've seen senator Joe Manchin come out Are we going to tax unrealized gains Cut to the chase I mean not that I have any but yes the idea is to tax both the income and unrealized capital gains of U.S. households worth more than a 100 million as part of this proposal that's going to be put out there So that's the Supreme Court Is that seriously They got to pass it If they pass it does it go through a judicial process We're going to tax unrealized gains That is what they're saying at this point I mean and let's be clear there are skeptics to this idea The powerful head of the House ways means committee chairman Richard Neal a Democrat that he says that you know he's proposed this income check Shirt surcharge He's a little skeptical about this idea that's been put out right now So we'll even see I mean this might not go any further than the Biden administration coming out and proposing it Congress might take one look at this and say thanks but no thanks or decide to go in a different route But it shows really the end of the day President Biden wants to continue to try and figure out a way to tax the wealthy and he's now looking at other options to do it then that social tax and spending bill the build back better which at this point the future is very uncertain on That's kind of where I wanted to go Emily what can this president this administration get done in Congress as it relates to domestic policy here I mean obviously everybody's been focused on Ukraine and Russia but in terms of domestic policy what can this president get done Well that's a really great question I mean at this point we keep hearing that there are these potential efforts to move certain aspects.

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