U.S. Taxes, Second-Hand Homes, Fed Tapering Ahead: Eco Day

Welcome to Monday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

  • President Joe Biden is poised to unveil a plan that would raise taxes on the income, investments and estates of the wealthiest Americans to levels not seen in more than four decades, a move that will trigger intense debate in Congress about whether and how to address income inequality
  • For the first time in more than 15 years, it’s cheaper to buy a new U.S. house than a previously owned
    • Meanwhile, Americans who’ve struggled to find an affordable starter home may soon get a break, according to a Realtor.com survey that found that many owners wary of listing during the pandemic are getting ready to do so now
  • The Federal Reserve is expected to begin trimming its $120 billion in monthly asset purchases before the end of the year as the U.S. economy recovers strongly from Covid-19, according to economists surveyed by Bloomberg
    • For Bloomberg Economics’ latest U.S. recovery dashboard, click here
  • Ship congestion outside the busiest U.S. gateway for trade with Asia eased over the past week, with the number of container vessels waiting to enter the twin ports of Los Angeles and Long Beach staying below 20 for five straight days
  • China’s economy continued to boom in April from the record growth in the first quarter, with strong exports and rising business confidence supporting the recovery
  • Finally, here’s what’s to look out for in the world economy this week

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