Happy Tuesday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.



a man and a woman wearing a suit and tie: On The Money: Pelosi, citing 'leverage' over Trump, holds strong to $2.2T in COVID-19 aid | McConnell to force vote on 'targeted' relief bill next week | Trump again asks court to shield tax records


© Greg Nash
On The Money: Pelosi, citing ‘leverage’ over Trump, holds strong to $2.2T in COVID-19 aid | McConnell to force vote on ‘targeted’ relief bill next week | Trump again asks court to shield tax records

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THE BIG DEAL-Pelosi, citing ‘leverage’ over Trump, holds strong to $2.2T in COVID-19 aid: Speaker Nancy Pelosi (D-Calif.) on Tuesday shot down entreaties from some Democrats to cut a $1.8 trillion deal with the White House on coronavirus relief, arguing that President Trump’s pleas for Congress to “go big” have given her leverage to hold out for more aid.

“I appreciate the, shall we say, a couple people saying, ‘Take it, take it, take it,'” Pelosi said in a phone conference with Democrats, according to source on the call. “Take it? Take it? Even the president is saying, ‘Go big or go home.'”

  • Pelosi and Treasury Secretary Steven Mnuchin have been in near-daily talks in search of an elusive stimulus agreement, even as the prospect of a deal before the Nov. 3 elections has faded.
  • Mnuchin last week had offered a $1.8 trillion package, up from an earlier proposal of $1.6 trillion, prompting a growing number of House Democrats to urge the Speaker to come down from her $2.2 trillion proposal.
  • That figure was already a reduction from the Democrats’ $3.4

SPRINGFIELD, Ill. (AP) — Both sides in the debate over a ballot measure to change Illinois’ income tax system from a flat-rate to a graduated structure have straightforward arguments

Democratic Gov. J.B. Pritzker and other proponents call it the “fair tax” because it demands more from those with higher incomes. Those making less than $250,000 a year would pay no more than the current 4.95% flat rate.

Opponents point to the state’s history of political corruption, saying the proposal on the November ballot would loosen constitutional restraints on lawmakers’ spending.


THE PROPOSAL

The ballot question would amend the Illinois Constitution to discard the current income tax system, in which every individual pays the same flat rate, 4.95%, and corporations pay 7%. It would set up brackets, like the federal government and 32 other states. The tax rate would increase with income.

BIG STAKES, BIG MONEY

Campaign group Vote Yes for Fairness has $56.5 million to spend on its campaign, all from billionaire Pritzker. A group backed by labor and other advocacy groups has raised $1.9 million.

The Coalition to Stop the Proposed Tax Hike Amendment is not far behind, with $48.6 million in the bank — 97% of it coming from Chicago hedge fund manager Ken Griffin.

THE GENESIS

The state Supreme Court invalidated a graduated tax approved in the 1930s. A flat tax of 2.5% on individuals and 4% on corporations in 1969 came months before a convention began writing a new state constitution. Delegates considered a graduated tax but ultimately were wary of asking voters to endorse a constitution with a new tax setup. Subsequent plans failed before Pritzker, who campaigned on the issue in 2018, got approval to put the question on the ballot.

THE RATES

Voters don’t get to choose the rates. The General Assembly approved

WASHINGTON, Oct. 5, 2020 /PRNewswire/ — With only weeks to go until the 2020 general election, the Personal Care Products Council (PCPC), representing global cosmetics and personal care products companies, announced today an industry pledge to provide employees meaningful time off to engage in civic activities around the November election. Member companies signing the pledge are coming together for the first time to encourage civic engagement and work to ensure a safe environment for employees to exercise their right to vote.  

“PCPC and the beauty industry have always been ahead of the curve not only creating innovative products but also looking at innovative ways to conduct our businesses. This pledge is just another example,” said PCPC Board Chair Keech Combe Shetty, executive chair of Combe Incorporated. “We don’t wait around to be told we should be good corporate citizens. We do it because it’s the right thing to do.”

“Beauty and personal care businesses thrive when employees are engaged citizens and actively participate in their communities,” said PCPC President and CEO Lezlee Westine. “Our members are among the first to come together as an industry to support employees by providing flexibility and resources to help them be active citizens.”

Specifically, signing companies pledge to:

  • Provide employees work flexibility or time off for the November 2020 general election, including civic engagement activities, such as voting, volunteering, working at the polls or any other appropriate activity; and
  • Encourage employees to exercise their civic responsibility, including registering to vote, strengthening a culture of civic participation.

The “Beauty Counts…Time to Vote” industry pledge is updated as additional companies sign on, and can be found in full here.

“Our employees deserve the necessary support to take time to vote and fulfill their civic duty safely,” said Combe Shetty. “Our country thrives when all

The IBEW Local 103 union on Thursday said it has signed on 127 technical and maintenance workers at the Encore Boston Harbor casino, and will begin negotiating with management for a labor contract.

The employees include technicians working on slot machines and audiovisual equipment, electricians, and dispatchers at the massive facility’s fire control center. The union, which is part of the International Brotherhood of Electrical Workers, said the workers voted to join during an August election in which 95 percent were in favor of unionizing.

Lou Antonellis, business manager and financial secretary for the Dorchester-based IBEW Local 103, said in an interview that it is important to develop a union presence at Encore.

The casino industry has created thousands of new jobs as it has gotten up and running in Massachusetts in recent years, though payrolls have been cut because of the pandemic, which forced the state’s gaming facilities to close for months. Encore and the other two casinos in Massachusetts are still operating at reduced capacity under state public health rules.

“We think the casino is going to expand here in Everett. We think they’re going to be here for the next 100 years in Boston,” Antonellis said. “This earliest stage really sets the table for that area, and their expansion and future … and we’re just glad to be in on the first steps.”

But the negotiations with Encore management could take some time to come to fruition. The announcement comes as another union, UNITE HERE Local 26, which represents hospitality workers, has been in lengthy talks with Encore about a contract for its members who work at the casino.


Andy Rosen can be reached at [email protected] Follow him on Twitter @andyrosen.

Source

U.S. President Donald Trump speaks during a news conference on Sept. 27. 

Photographer: Chris Kleponis/Polaris/Bloomberg

President Donald Trump faces renewed scrutiny of his personal finances just weeks ahead of Election Day, after a report raised fresh questions about his business savvy and the integrity of his accounting.

The New York Times report, published Sunday, portrayed a president in a financial vise who could potentially turn to investments that could threaten his independence as commander-in-chief. Citing tax documents, it said Trump, a billionaire, paid no income taxes in 10 of the past 15 years and only $750 in 2016 and 2017.

Trump on Monday tweeted a retort accusing the media of reporting on his taxes and “all sorts of other nonsense with illegally obtained information & only bad intent.” But he didn’t offer a rebuttal on the substance. The president has repeatedly said he’d release his tax documents only after an Internal Revenue Service audit was complete.

WATCH: Trump answers questions about the New York Times article on his tax returns.

The report offered a catalog of potential improprieties — citing tax documents — that threaten to dog the president just as he tries to breathe new life into his struggling campaign with the nomination of Amy Coney Barrett to the Supreme Court. It also provides Biden with fresh fodder just ahead of the first presidential debate on Tuesday evening.

“It contributes to this larger sense that we have from Donald Trump that