In the thicket of Democrats running for the White House, New Mexico Gov. Bill Richardson outlined some of his tax and economic ideas for BusinessWeek. Among them, Richardson called for a national pension system to replace Social Security akin to a 401(k) that would be portable as workers moved from job to job, he said. When it comes to keeping cuts to the dividend and capital gains takes, Richardson’s answers are somewhat ambivalent. As for capital gains tax, which went from 20% to 15% in 2003, but is scheduled to be revised again in 2010, Richardson said he’d push to keep it. “I'm a pro-growth Democrat,” Richardson said. “As President, I would use the tax code to incentivize the economy. I would give tax incentives to companies that pay over the prevailing wage, to technology startups, to companies that move into rural areas. I would try to get tax simplification, tax fairness. I would increase tax incentives for the middle class.” But keeping the 15% rate for dividends, which were taxed at 35% before the 2003 law, might be a different story. “I would look at all the Bush tax cuts but not make them permanent. I believe we have to shift them to the middle class,” he said. The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.
-
Terri Kallsen will precede him next year as chair of the Board of Directors; Seay will take over that role in 2027.
7h ago -
The popular industry recruiting and retention barometer provided another window into the challenges facing LPL Financial with its latest major acquisition.
9h ago -
The Wall Street powerhouse has built its wealth division in large part through big deals but is not "looking to make acquisitions just for the sake of it, " said CEO Ted Pick.
9h ago -
But the Bank of America subsidiaries nonetheless reported rises in AUM and net revenue in the second quarter while adding thousands of new client relationships.
10h ago -
The accusations led to the end of 16 years at the firm.
July 15 -
In an earnings call Tuesday, CEO Charlie Scharf credited brokers in the firm's branches for working with consumer bankers for a 10% increase in new assets.
July 15