Jun 10, 2021
Stocks making the biggest moves after hours: Chewy, Dave & Busters, Vertex Pharmaceuticals and more
This news has been received from: CNBC
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Check out the companies making headlines after the bell:
Chewy — Shares of Chewy fell about 2% after hours despite the company's first-quarter financial results beating Wall Street's estimates.The pet-product retailer reported first-quarter earnings of 9 cents per share on revenue of $2.14 billion. Analysts were looking for a loss of 3 cents per share on revenue of $2.13 billion, according to Refinitiv.
Dave & Buster's — Dave & Buster's shares jumped 5% in extended trading after the restaurant and entertainment company reported first-quarter earnings topping analysts' expectations. Dave & Buster's saw quarterly earnings of 40 cents per share, while analysts projected a loss of 16 cents per share, according to Refinitiv. The company's first-quarter revenue also beat the Street's projections.
Vertex Pharmaceuticals — Shares of Vertex Pharmaceuticals tumbled 13% in after-hour trading after the company announced it would end its development of VX-864, a liver-disease drug. Vertex said in a press release that "the magnitude of treatment effect observed in this study is unlikely to translate into substantial clinical benefit."
AMC Entertainment — Shares of AMC Entertainment dropped 1% in extended trading after retail favorites hit a wall during the regular session. The stock saw a massive rally recently, but is down more than 10% this week. Still, AMC shares are 1,919% higher in 2021.
News Source: CNBC
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Despite campaign promises, 60% could see tax increase under Biden proposals
An analysis by the nonpartisan Tax Policy Center found 60% of households would face a higher tax burden under President Joe Biden’s proposals.
"For those looking to see if Biden kept his promise to not raise taxes for those making $400,000 or less, the answer is: mostly, but not entirely," said Tax Policy Center senior fellow Howard Gleckman. "Including corporate tax increases, most households would pay more in 2022. About three-quarters of middle-income households would face a tax increase averaging about $300. But nearly all would be a result of those higher corporate taxes."
Biden pledged during the 2020 campaign not to raise taxes on people making less than $400,000, but the analysis shows the majority would see at least some increased taxes from his proposals. Roughly three-quarters of households earning between $75,000 and $100,000 would see their burden rise about $440, while 69% of those making between $100,000 and $200,000 would see an increase of $830 on average.
BIDEN’S POLICIES ARE RUINING THE ECONOMY
The increased tax burden continues to rise the more a household makes, with 83.7% of households in the $200,000-$500,000 bracket seeing an increase averaging $2,040. The highest burden falls on those making above $500,000, with 99.8% of those between $500,000-$1 million seeing an increase of $8,810 and those making over $1 million seeing an average increase of $265,939.
Biden’s proposed tax increases include raising the corporate rate from 21% to 28% and the capital gains rate from 21% to 39.6%. The president has also called for raising the nation’s top rate back to 39.6% from 37%.
Biden’s budget proposes making single individuals making more than $452,700 subject to the top rate, while married couples earning more than $509,300 would also be subject to it. Heads of households making more than $481,000 would be subject to the top rate as well, along with married individuals filing separately that make more than $254,650.
Biden’s proposal does not call for a direct tax increase for those making under $400,000, but the analysis found that many low- and middle-income people would see a higher burden indirectly as a result of lower compensation and investment earnings stemming from the corporate tax hike.
But some of the losses for low- and middle-income households could be made up by expanded tax credits in Biden’s plan, including the proposed expansion of the child tax credit. When factoring in those credits, a household making between $100,000 and $200,000 would see its overall tax burden shrink by $110. Households making between $75,000 and $100,000 would pay about $240 less, while those earning between $50,000-$75,000 could save an average of $540.
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Biden’s proposed tax hikes are meant to pay for his plan to increase government spending on education, child care, and paid family leave. The plan, which calls for $1 trillion in new spending and $800 billion in middle-class tax credits, has been called a “once-in-a-generation investment” in the country’s future by the Biden administration.News Joe Biden Taxes tax increases Corporate tax Middle Class