The analysis concludes Biden’s plan would raise $2.8 trillion over the next decade from higher taxes on businesses, corporations and the wealthiest households. Over that time, AEI projects the higher taxes would reduce economic growth by a relatively modest 0.16 percent.

The plan would “make the tax code more progressive,” AEI’s Kyle Pomerlau and Grant Seiter write. And after slightly crimping growth in its first decade, it would “reduce debt-to-GDP in the second decade, leading to slightly higher GDP. However, in the long term, his plan would not raise enough to stabilize debt-to-GDP and would lead to a 0.18 percent smaller economy.”

The macroeconomic drag the AEI model anticipates roughly aligns with other analyses from the Tax Foundation and the Penn Wharton Budget Model, Pomerlau notes. In other words, rolling back most of the Trump tax cuts wouldn’t bring about the economic Armageddon the Trump campaign has depicted.

Neither would it jack up taxes on every American. 

Vice President Pence made that claim during his debate with Sen. Kamala Harris (D-Calif.),  Biden’s running mate, last week. The AEI analysis finds the top 1 percent of taxpayers would see a 14.2 percent hit to their after-tax income next year. The rest of the top 5 percent would face a small uptick in their burden. But everyone else would receive an after-tax income bump. The largest such increase, of 11.3 percent, would go to the bottom 10 percent, thanks to a temporary expansion of the child tax credit, according to AEI.

The analysis finds that starting in 2030, the Biden plan would impose “modest” tax hikes on the bottom 95 percent of earners, which it attributes to higher taxes on businesses. That would appear to violate Biden’s pledge not to raise taxes on anyone earning less than $400,000

(Bloomberg) — Guolian Securities Co.’s effort to acquire bigger rival Sinolink Securities Co. has ended after the firms couldn’t agree on terms to create a $13 billion Chinese broker in the consolidating industry.



a close up of a man: HAIKOU, CHINA - MAY 09: (CHINA OUT) An investor watches the electronic board at a stock exchange hall on May 9, 2011 in Haikou, Hainan Province of China. The power companies and train markers led Chinese stocks rebounding on Monday. With the benchmark Shanghai Composite Index rose 8.57 points, or 0.3 percent, to close at 2,872.46 points. (Photo by VCG/VCG via Getty Images)


© Photographer: VCG/Getty Images AsiaPac
HAIKOU, CHINA – MAY 09: (CHINA OUT) An investor watches the electronic board at a stock exchange hall on May 9, 2011 in Haikou, Hainan Province of China. The power companies and train markers led Chinese stocks rebounding on Monday. With the benchmark Shanghai Composite Index rose 8.57 points, or 0.3 percent, to close at 2,872.46 points. (Photo by VCG/VCG via Getty Images)

Sinolink had agreed to be bought in an all-stock deal announced Sept. 20, but specific details for the combination couldn’t be agreed to, the companies said in separate but identical stock exchange filings late Monday.

The deal announcement had sent Guolian’s Hong Kong-listed stock soaring as much as 75% on Sept. 21. Shares of Guolian trading in China dropped as much as 5.8% as the market opened on Tuesday, while Sinolink Securities rose as much as 2.9%.

Gallery: These 47 Billionaires Got Richer During The Pandemic (GOBankingRates)

China’s $1.1 trillion securities industry is facing increased pressure as Wall Street firms such as Goldman Sachs Group Inc. and JPMorgan Chase & Co. are allowed to take full control of ventures in the country this year, forcing consolidation.

(Updates with shares in third paragraph)

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Duke Energy Corp. DUK recently unveiled its long-term investment plan along with increasing its current five-year capital target and clean energy projections at the company’s inaugural environmental, social and governance (ESG) day. This comes at a high time when a handful of Utilities across the board are steadily ramping up their carbon-dioxide (CO2) emission reduction goals.

The company now forecasts that its current five-year capital plan will increase by about $2 billion to approximately $58 billion.

Details of the Long-Term Plan

Duke Energy’s recently-announced plan includes acceleration of coal plant retirements in addition to the 50 coal units with capacity worth more than 6,500 megawatts (MW), which it already retired since 2010. The company aims to retire all coal-only units in the Carolinas and reduce methane emissions in its natural gas business to netzero by 2030.

In terms of promoting clean energy, the company now targets to bring its regulated renewable capacity total to 40 gigawatts (GW) by 2050.It also aims to add more than 11,000 MW of energy storage to its system by 2050.

For such clean energy expansion, Duke Energy aims to spend capital in the range of $65-$75 billion during the 2025-2029 period. Such clean energy transition will enable the company to increase its earnings at the upper end of its current long-term adjusted EPS growth rate of 4-6% through 2024.

Factors Driving Decarbonization

In the United States, most utilities significantly lowered their CO2 emissions since 2005. This was possible owing to sustained low natural gas prices and declining costs for renewable generation alongside technological innovations that promoted energy storage.

Also, improvements in power plant efficiency and shifts in investments towards clean energy within the power sector have been boosting decarbonization for a while now. Further, state energy policies like renewable standard portfolio as well as subsidies

By Martinne Geller and Toby Sterling

LONDON/AMSTERDAM (Reuters) – Shareholders in Unilever Plc have approved the company’s plan to end its 90-year-old dual-headed structure in favour of a single London-based entity, the Anglo-Dutch consumer goods company said on Monday.

The proposal passed with the support of more than 99% of shares voted.

The results were released during shareholder meetings streamed online due to the COVID-19 pandemic. Investors in Dutch-listed Unilever NV

approved the move with 99.4% support last month.

Unilever wants to unify on Nov. 29, ending a hybrid structure that dates back to the merger of British soap maker Lever Brothers and Margarine Unie in the Netherlands.

The maker of Dove soap, Hellmann’s mayonnaise and Ben & Jerry’s ice cream says the dual structure hampers its ability to conduct acquisitions and asset sales quickly, such as the planned sale of its tea business.

Such flexibility is key to Unilever’s ambition to shift its portfolio into higher-growth areas like premium beauty. Unilever has said this will become even more important as a result of the pandemic.

The final steps towards completing the unification include UK High Court hearings on Oct. 23 and Nov. 2, with the Dutch-listed shares ceasing trading after Nov. 27.

The only potential worry for Unilever is an “exit tax” proposed by a Dutch opposition party that could cost the company up to 11 billion euros ($13 billion).

A top Dutch legal body said on Friday the current plan appeared at odds with fundamental principles of law. The opposition party has re-submitted its proposal for consideration with amendments, though no debate has been scheduled on it in parliament.

Unilever has said it does not think the law is viable, but if passed before the unification is finalised, it would be a reason to stop it.

Unilever began

This article was written by Suvashree Ghosh and Jeanette Rodrigues. It appeared first on the Bloomberg Terminal. 

India has rolled out a fresh plan to tackle an old problem: the mountain of bad loans held by its banks. With the pandemic forecast to push soured assets to a two-decade high, Prime Minister Narendra Modi is struggling to find cash to support the state-run lenders that hold most of it, and to spur credit to a shrinking economy. Most of the risky debt is concentrated in two sectors — telecoms and utilities — that are vulnerable to the economic slowdown, meaning if they face more trouble, then a massive amount of debt goes bad.

1. What’s the plan?

When the pandemic slammed India early this year, the central bank allowed lenders to freeze loan repayments through Aug. 31. Jefferies estimates that borrowers accounting for 31% of outstanding loans took up the offer initially, though this eased to about 18% by the end of June as businesses gradually reopened and some realized that postponing repayments could end up being costlier. The focus then shifted to a one-time debt restructuring allowed by the Reserve Bank of India for borrowers that were on track to repay before the lockdown. Lenders can grant loan extensions of as long as two years with or without a freeze on repayments. They have until the end of the year to pick which loans to overhaul and until June 2021 to get it done, and will also need to set aside higher provisioning.

2. Why now?

India’s $1.8 trillion financial system entered the pandemic already weakened by about $140 billion of bad loans at its banks and a 2-year-long liquidity crisis at so-called shadow banks. Then business activity collapsed after Modi’s government instituted some of the world’s strictest shelter-at-home