A proposal to hike the capital gains tax, a counteroffer in the debate over infrastructure, reopening set for an SBA grant program, the debut of a major tidal turbine, and proposed tax changes in Connecticut are among the top business news items this morning.
National
President Joe Biden hopes to nearly double the capital gains tax on individuals earning more than $1 million a year to fund the American Family Plan, which includes anti-poverty measures, improved educational and child care access, and the creation of a national paid leave program. Biden also plans to increase the top marginal income tax rate to 39.6 percent.
Senate Republicans have issued a $568 billion counterproposal to Biden’s $2.3 trillion infrastructure plan, narrowing their focus to traditional infrastructure such as roads and bridges, broadband, and public transit. Democratic leaders will need to decide whether they back this proposal and pursue other measures in Biden’s plan separately, or try to craft legislation that addresses opposition within their own party over certain issues.
The U.S. Small Business Administration will reopen its Shuttered Venue Operators Grant program to applications on April 24. The application portal opened on April 8, but was quickly shut down due to technical issues and remained closed while the SBA worked out the glitches.
Business trends
A massive tidal turbine has been launched in Scotland as part of the United Kingdom’s commitment to developing its marine energy sector. The turbine has a two-megawatt capacity, enough to power approximately 2,000 homes for a year.
Connecticut
The Finance, Revenue and Bonding Committee of the Connecticut General Assembly has approved tax change proposals that would establish surcharges on wealthier residents and digital ads in order to lower state income taxes for low- and middle-class residents. The committee is also proposing that Connecticut restaurants keep the revenues from a 1 percent sales tax surcharge established in 2019 for the next year.
