Raphael Stevens

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    Stocks making the biggest moves after the bell: Microsoft, Starbucks, Alphabet, Pinterest & more

    In this articleVGOOGLMSFTSBUXAMDAMGNTXNPeople wear protective face masks outside Starbucks in midtown as the city moves into Phase 2 of re-opening following restrictions imposed to curb the coronavirus pandemic on June 23, 2020 in New York City.Noam Galai | Getty ImagesCheck out the companies making headlines after the bell on Tuesday:Microsoft — Shares of the technology giant slipped 3.5% despite the company posting third-quarter results that topped analyst expectations. Microsoft posted earnings per share of $1.95 on revenue of $41.71 billion. Analysts polled by Refinitiv expected earnings per share of $1.78 on revenue of $41.03 billion.Alphabet — The technology titan’s stock rose 4.8% after the company posted first-quarter results that topped analyst expectations. Google’s parent company posted earnings per share of $26.29 on revenue of $55.31 billion. Analysts polled by Refinitiv expected earnings per share of $15.82 on revenue of $51.70 billion.Visa – Shares of the financial services giant ticked up 2.2% after the company reported better-than-expected results for its fiscal second quarter. Visa reported earnings per share of $1.38 on revenue of $5.73 billion. Analysts surveyed by Refinitiv expected earnings per share of $1.27 on revenue of $5.55 billion.Starbucks — The coffee company’s stock fell 1.5% after the company released mixed fiscal second-quarter results. Starbucks reported earnings per share of 62 cents on revenue of $6.67 billion. Analysts surveyed by Refinitiv predicted earnings per share of 53 cents on revenue of $6.82 billion.Pinterest – Pinterest shares plunged 10.3% after the social company missed on user growth expectations for its first quarter. Pinterest reported 478 million monthly active users. Analysts surveyed by FactSet expected 480.5 million monthly active users.AMD — The semiconductor company’s stock climbed 3.3% on the back of better-than-expected results for the first quarter. AMD logged earnings per share of 52 cents on revenue of $3.45 billion. Analysts polled by Refinitiv expected earnings per share of 44 cents on revenue of $3.21 billion.Mondelez International – Shares of the snack food company gained 3.9% on the back of first-quarter results that topped analyst expectations. Mondelez posted earnings per share of 77 cents on revenue of $7.24 billion. Analysts surveyed by Refinitiv predicted earnings per share of 69 cents on revenue of $7.02 billion. More

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    Tilman Fertitta says most of his Landry's restaurant brands will soon accept bitcoin as payment

    Landry’s Chairman and CEO Tilman Fertitta told CNBC on Tuesday that most of his restaurant chain’s brands will soon accept bitcoin as payment.In an interview on “Power Lunch,” the billionaire businessman described the move as an “inevitable” step in the mainstreaming of cryptocurrencies.”We’ll have it, probably, within all of our restaurant brands — or 80% to 90% — in the next 90 days, where you don’t have to use a Mastercard or Visa or American Express anymore. You can use bitcoin or other digital currencies,” Fertitta said.Select locations of Mastro’s — one of Landry’s upscale concepts, with more than a dozen restaurants across the U.S. — are starting to take bitcoin this week, Fertitta said. The company’s other brands include Morton’s The Steakhouse and Bubba Gump Shrimp Co.Fertitta noted that this is not a new step for him, pointing to his luxury car dealership in Houston that has accepted the digital coin since 2018. “The Houston Rockets are taking it” as well, said Fertitta, who owns the NBA team.”It’s amazing how simple the transaction is, and it is here to stay. This is where it is, and it’s inevitable that this was going to happen,” Fertitta added.Fertitta’s comments Tuesday come roughly three weeks after billionaire real estate developer Rick Caruso’s eponymous firm unveiled plans to accept bitcoin as rent payment at its residential and retail properties. Tesla allowed customers to buy its electric vehicles using bitcoin earlier this year.Despite these moves, there are tax implications associated with using bitcoin to make purchases, because the Internal Revenue Service classifies it as property and spending bitcoin is essentially considered the same as selling it.As a result, someone paying for an item or service in bitcoin could owe capital gains taxes at the point of ownership transfer — if bitcoin is worth more at that moment than when they acquired it.The institutional adoption of bitcoin has increased in recent months. Some companies have bought bitcoin as an investment, and Goldman Sachs and Morgan Stanley are taking steps to offer wealth management clients exposure to the world’s largest cryptocurrency by market value.At the same time, crypto skeptics have raised questions about the durability of bitcoin’s rally. It was priced below $11,000 per token as recently as October. On Tuesday, bitcoin traded a little below $55,000.Bitcoin has so far retained its hallmark volatility, which is one reason some people question whether it is an effective means of transaction. “Something that moves 5% a day, 20% in a month — up or down — cannot be a currency. It’s something else,” Nassim Nicholas Taleb, the author of bestselling book “Black Swan,” told CNBC on Friday.Some crypto bulls say bitcoin is akin to digital gold that can be used to hedge against inflation, not a currency used for everyday transactions. Taleb said he does not buy that, either.”It’s a beautifully set up cryptographic system. It’s well made, but there’s absolutely no reason it should be linked to anything economic,” he said. More

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    JPMorgan Chase tells U.S. employees they are expected back to the office on a rotating basis by July

    The JP Morgan Chase & Co. headquarters, The JP Morgan Chase Tower in Park Avenue, Midtown, Manhattan, New York.Tim Clayton – Corbis | Corbis Sport | Getty ImagesJPMorgan Chase is summoning its U.S. employees back to the office, at least on a part-time basis.The biggest U.S. bank by assets told workers on Tuesday it is ramping up the numbers of employees allowed in offices and that buildings will be open to all employees on May 17, subject to a 50% building occupancy limit.”We would fully expect that by early July, all U.S.-based employees will be in the office on a consistent rotational schedule, also subject to our current 50% occupancy cap,” the bank said in a memo, reported earlier by Bloomberg News. “With this timeframe in mind you should start making any needed arrangements to help with your successful return.”JPMorgan CEO Jamie Dimon said in a webcast last week that the company couldn’t yet require employees to be vaccinated before returning to the office. The company has had some employees working from offices for most of the pandemic, especially those in trading roles, but it has long planned on moving to a rotational model to allow workers flexibility.Citigroup’s head of human resources said last month in a blog post that up to 30% of workers would be back in North American offices starting in July and more colleagues would join in September. Here is the JPMorgan memo:Dear colleagues,Throughout the pandemic, our buildings and branches in the U.S. have remained open and have safely operated for our essential employees, to whom we remain incredibly grateful. In our previous message, we said that we were looking forward to having more of you back in the office during the spring and summer months. As the U.S. surpasses its goal of more than 200 million COVID-19 vaccinations administered and more cities and states lift restrictions, we will open our U.S. offices to all employees on Monday, May 17 subject to our current 50% occupancy cap.We are welcoming more of you back next month so that you can get comfortable with being back in an office environment. Understanding that this may take some time, we would fully expect that by early July, all U.S.-based employees will be in the office on a consistent rotational schedule, also subject to our current 50% occupancy cap. With this timeframe in mind you should start making any needed arrangements to help with your successful return. Each line of business will work with their managers and location leaders to determine an appropriate schedule. Our branches and offices outside of the U.S. will continue to follow their established processes.As we welcome you back in the coming months, you should be confident that we will continue to:Follow all government restrictions and mandates and be prepared to pause or reverse your return if needed.Maintain a 50% occupancy cap — at least until the CDC revises its social distancing guidelines.Practice our industry-recognized health and safety protocols, including our high standards of cleaning and air filtration, mask wearing and daily health check requirements.Provide information and resources to help you get vaccinated because we know that getting vaccinated means less risk of spreading the virus to our families, friends and colleagues. It is also important to note that while we strongly encourage you to get vaccinated, a vaccination is not required in order to return to the office at this time.Provide training and resources to help you navigate the new office environment.We know that many of you are excited to come back, but we also know that for some, the idea of coming in on a regular basis is a change through which you’ll need to manage. Please start to discuss your return with your manager and make necessary arrangements.More details on returning to the office will be provided in the coming days and weeks to help you prepare. We know that you have questions, and many answers can be found in the links below.Become a smarter investor with CNBC Pro. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today. More

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    CDC says fully vaccinated people can exercise, hold small gatherings outdoors without masks

    In this articleCDCThe Centers for Disease Control and Prevention revised its public health guidance Tuesday, saying fully vaccinated people can exercise and attend small gatherings outdoors without wearing a face mask.People two weeks removed from their last vaccine can exercise alone or with other household members outside without a face covering, the CDC said. They can also meet outdoors with a small group of other fully vaccinated people, or a mixture of fully vaccinated and unvaccinated people, the agency added. The guidance did not say what counts as a small gathering.Dining unmasked at an outdoor restaurant with friends from multiple households is also acceptable, according to the CDC.The agency still recommends that fully vaccinated people wear a mask at outdoor spaces where the risk of Covid-19 is less clear. Those include sporting events, concerts, parades and other crowded places.”In public spaces, the vaccination status of other people or whether they are at increased risk for severe COVID-19 is likely unknown,” the CDC wrote in its guidance. “Therefore, fully vaccinated people should continue to follow guidance to protect themselves and others, including wearing a well-fitted mask, when indoors or in an outdoor setting or venue where masks are required.””CDC cannot provide the specific risk level for every activity in every community, so it is important to consider your own personal situation and the risk to you, your family, and your community before venturing out without a mask,” the agency added.Some former health officials and infectious disease experts have been saying outdoor mask mandates are no longer necessary as the U.S. vaccinates more Americans.As of Monday, more than 140 million Americans, or 42.5% of the total population, had received at least one dose of a Covid vaccine, according to data compiled by the CDC. Roughly 95.8 million Americans, or 28.9% of the population, are fully vaccinated, according to the CDC.During a press briefing Tuesday, CDC Director Dr. Rochelle Walensky said she hopes the new guidance will encourage more Americans to get vaccinated.Zoom In IconArrows pointing outwardsSource: CDC”Today is another day we can take a step back to the normalcy of before,” she said. “If you are fully vaccinated, things are much safer for you than those who are not fully vaccinated.”Walensky declined to define a “small gathering.” She said it was difficult to provide an exact number because it depends on the size of the space for gathering, the space between people and the amount of ventilation.The announcement from the CDC comes just ahead of Memorial Day and Fourth of July parade season. President Joe Biden has said he hopes to see enough Americans vaccinated by Independence Day to safely hold small outdoor gatherings.On Tuesday, Biden touted the CDC guidance, saying vaccinated people can now go to the park or a picnic with friends unmasked. He cited the loosened restrictions as a reason to get vaccinated, but stressed that Americans should still wear masks in more crowded outdoor settings.”I want to be clear: If you’re in a crowd like a stadium or at a concert, you still need to wear a mask, even if you’re outside,” he said in a speech on North Lawn at the White House.Dr. Scott Gottlieb, a former Food and Drug Administration commissioner, told CNBC on Monday that public health officials should take a more relaxed stance on outdoor activities in general because vaccination levels in the U.S. are driving down new infections.Officials should take steps “to allow more gatherings outside, allow more large groups, allow sporting events, things of that nature,” he told “Squawk Box.” “The weather is warming up. We have the opportunity to bring more activities outside. We know activities outside are lower risk than things done indoors.”Dr. Isaac Bogoch, an infectious disease specialist at the University of Toronto, said Monday he supported the anticipated guidance. He said that more research is showing that few Covid infections happen outdoors.He added that masks should still be mandated in indoor settings until most of the U.S. population is vaccinated and that it is difficult for the virus to spread from one person to another.The CDC also said unvaccinated people can exercise alone or with a household member without a mask. It still recommends vaccinated people wear masks in places such as hair salons, shopping malls, museums, movie theaters and houses of worship.”It’s been over a year. We have a very good understanding of who gets infected and how they get infected,” he told CNBC in a phone interview. “I think it’s fair to say you don’t need to wear a mask outside unless you can’t maintain 2 meters or 6 feet of social distancing.”Over the weekend, White House chief medical advisor Dr. Anthony Fauci indicated that the new mask guidance was imminent, but also warned that Americans should adhere to public health measures until the CDC makes an assessment.”What I believe you’re going to be hearing, what the country is going to be hearing soon, is updated guidelines from the CDC,” Fauci told ABC’s Sunday program “This Week With George Stephanopoulos.” “The CDC is a science-based organization. They don’t want to make any guidelines unless they look at the data and the data backs it up.” More

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    NHL moving to Turner Sports is $1 billion risk-reward for hockey

    In this articleNHLIBoston Bruins Center Charlie Coyle (13) passes the puck while Pittsburgh Penguins Left Wing Zach Aston-Reese (12) defends during the third period in the NHL game between the Pittsburgh Penguins and the Boston Bruins on April 25, 2021, at PPG Paints Arena in Pittsburgh, PA.Jeanine Leech | Icon Sportswire | Getty ImagesThe National Hockey League has secured the final part of its media rights increase, and it can thank AT&T’s WarnerMedia for stepping in.The NHL and WarnerMedia’s Turner Sports agreed to a deal that will see the network land its second-tier hockey rights for more than $1 billion over seven years. Turner will land three Stanley Cups, one of the NHL conference playoff rounds (ESPN has first rights) and the Winter Classic as part of the package, Turner Sports announced Tuesday.With the NHL agreeing to return to ESPN for over $400 million per year, and Turner now expected to pay $225 million per year, the NHL increases its rights fees to more than $625 million, up from roughly $300 million in agreements with NBCUniversal and, for streaming, Disney.The NHL’s 10-year partnership with NBC Sports now ends after this season.”I think NBC and NHL have done a lot for one another over the last 16 years,” said longtime sports media rights advisor Lee Berke. “The challenge for NBC was ESPN took more than the majority of the Stanley Cups and a huge amount of NHL content. What was left was a smaller package than previously for NBC and something that was going to cost more than their current rights fee.”And now, the NHL and Turner will enter a partnership that appears odd but could still work if WarnerMedia brings the sport to its HBO Max streaming service.Did Turner overpay?In some media circles, the NHL’s move to Turner was a surprise. Few expected the NHL to leave NBC, which formed a $1.9 billion partnership with the NHL in 2011. NBC helped the NHL revive following a lockout that canceled the 2004-05 season and attracted limited interest from other networks.Behind the scenes, the chatter suggested NBC was only willing to pay just over $100 million per year for the rights. But Turner came in with a money bazooka and offered its deal. On Monday, word leaked that NBC had pulled out, and the deal was formally announced on Tuesday.Hockey viewership usually trails that of other sports, mainly the National Football League and National Basketball Association, but the NHL has a dedicated fan base. Hence, the new bet is ESPN and WarnerMedia believe they can lure those fans into signing up for their streaming services using NHL content.The thing is, will Turner attract more than $200 million worth of hockey revenue to help pay for those rights? NBC knows what hockey broadcast attracts annually and wasn’t willing to pay the increase. And the move could be a risk for Commissioner Gary Bettman’s league, too.The NHL loses a broadcast network and transitions more to cable, which is on the decline. If it had stayed with NBC, the NHL would have had its Stanley Cup content rotated on two broadcast networks, NBC and ABC, and the Winter Classic would have remained in the broadcast network spotlight too.But by choosing Turner, the NHL gets some cross-promotion with the NBA and college basketball games. And Turner gets another fall-into-summer sports package that can lead to its Major League Baseball coverage.The network sees innovation around hockey presentations, and again, it knows NHL fans will follow. Turner plans to incorporate Bleacher Report into its coverage, lure sports betting opportunities and have flexibility in the deal to put NHL games on HBO Max when the service is ready to host live sports.Said Octagon media executive Dan Cohen: “Since Turner missed out on the PGA Tour’s media rights, you knew they had to add a fourth pillar to their sports portfolio (NBA, MLB, March Madness), and now [WarnerMedia News and Sports Chairman] Jeff Zucker has completed that task. HBO Max, which has been late to the game in the sports streaming space now has an immediate set of NHL rights that attract young, diverse digital first audiences.”Berke called the NHL’s rights increase a “signature moment,” pointing out the league solicited more fees in Canada than in the U.S.”If I’m the NHL, I’m thrilled,” Berke said. “I’ve more than doubled my rights fee. I’ve got ESPN promoting the sports heavily throughout the year on all platforms. I’ve got a new entrance with Turner, which has done a great job with the NBA and MLB.”Javier Hernandez #14 of the Los Angeles Galaxy takes a shot on goal during a game between New York Red Bulls and Los Angeles Galaxy at Dignity Health Sports Park on April 25, 2021 in Carson, California.Michael Janosz | Getty ImagesThe MLS could be a winnerNBC also could have used the NHL content to continue building its Peacock streaming service, but, again, it would be paying more for less. And the network has to think about upcoming deals with NASCAR and Premier League.”That’s going to be a very competitive marketplace,” Berke said of the global soccer league. “And NBC has shown that soccer fans tend to trend younger, be tech-savvy, and willing to subscribe to streaming services to obtain that content.”It’s here that Major League Soccer could benefit from the NHL moving.The MLS’ media rights shouldn’t cost too much as it is still building and needs to prove more on the TV viewership front. MLS had a small run on NBC from 2012-2014, and now that the network has extra money to play with, MLS could be on its radar.The league is growing among younger viewers, has a new market in Austin, and with Sacramento on hold, Las Vegas could be next. MLS gets roughly $90 million a year in current agreements with ESPN and Fox Sports. The deals run through the 2022 season.Disclosure: NBCUniversal is the parent company of CNBC. More

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    House bill would make the $3,000 child tax credit permanent

    MoMo Productions | DigitalVision | Getty ImagesA House bill proposed Tuesday aims to make recent enhancements to the child tax credit permanent.Rep. Richard Neal, D-Mass., chairman of the House Ways and Means Committee and gatekeeper of new tax legislation, issued a bill that would codify changes made by the recent $1.9 trillion American Rescue Plan.The Covid relief measure, which President Joe Biden signed March 11, raised the maximum child tax credit amount, made it fully refundable and allowed families to get the tax break in monthly installments.More from Personal Finance:Tensions rise as return-to-work plans gain steamCalls to end $10,000 SALT deduction cap threaten Biden’s tax planHow to spot $1,400 stimulus checks arriving by mailThe policies largely seek to offer more income support for lower-earning households and cut child poverty. Without congressional action, they would only apply to the 2021 tax year.Neal’s Building an Economy for Families Act would make the enhancements a permanent fixture of the tax code.However, Biden is expected this week to propose an extension through 2025 instead of making the changes permanent.Rep. Richard Neal, D-Mass. and chairman of the House Ways and Means CommitteeAndrew Harrer/Bloomberg via Getty ImagesIt would be part of a broader investment in so-called “human capital” playing out amid a national debate on infrastructure spending.”For our economy to fully recover from this pandemic, we must finally acknowledge that workers have families, and caregiving responsibilities are real,” Neal said.Neal’s bill would also offer universal paid family and medical leave, guarantee access to child care and keep recent changes made to other tax breaks like the earned income and child and dependent care credits.Changes to the child tax creditThe American Rescue Plan makes parents with older kids eligible for the tax credit. It raised the age of qualifying kids to 17 from 16.The law also raised the maximum credit to $3,000 per kid ages 6 to 17 and $3,600 for younger children.Single adults qualify for the full value of that larger credit if their annual income is $75,000 or less. (The income threshold is $112,500 for head-of-household filers and $150,000 for married joint filers.)Higher earners generally qualify for the same credit (up to $2,000 per kid) as they did under prior law.The law also made the credit fully refundable.Previously, Americans could get up to $1,400 of the credit as a tax refund. Taxpayers only got a refund if they had at least $2,500 of earned income. Now, there’s no cap on the refund amount and the earned-income threshold was erased — especially helpful changes for low earners.The law also directed the Treasury Department to issue the credit in regular installments, likely monthly — a departure from the typical lump-sum refunds once a year at tax time.Taxpayers will be able to opt out of those periodic payments. Americans would get up to $300 a month per kid if payments start in July as expected. More

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    Ford takes steps toward making battery cells for electric vehicles, following Tesla and GM

    In this articleGMTSLAFDane Hardware (right), Ford design and release engineer, and Mary Fredrick, Ford battery validation engineer, measure the voltage of a battery using a digital multimeter at Ford’s Battery Benchmarking and Test Laboratory in Allen Park, Michigan.FordDETROIT — Ford Motor plans to invest $185 million into a new battery lab as a step toward manufacturing its own battery cells for electric vehicles, the company announced Tuesday.The funds will go toward constructing Ford Ion Park, a “pilot facility” for production that’s expected to open by the end of next year outside Detroit. The planned 200,000-square-foot lab is designed to accelerate development of the technologies as the company plans to “eventually manufacture” new battery cells and batteries, according to Hau Thai-Tang, Ford’s chief product platform and operations officer.Ford declined to discuss a timeline for producing battery cells internally. The company currently purchases cells from suppliers such as South Korea-based SK Innovation.Ford’s new facility will not be a full battery cell production facility like Tesla has or like General Motors has announced as part of $4.6 billion investments in two U.S. battery cell production plants with LG Energy Solution.Thai-Tang said Ford believes it still makes sense to purchase the cells from suppliers until EVs become more mainstream. EVs represented only about 2% of U.S. vehicle registrations last year, according to IHS Markit.”We want to give Ford the flexibility and optionality to eventually vertically integrate, and that was one of the drivers behind the creation of this battery center of excellence in Ford Ion Park,” Thai-Tang told reporters during a media briefing Tuesday. “It’s really for us to develop that expertise and competency in house, and give us that flexibility in the future.”Thai-Tang said Ford will focus on “advancing” the next-generation of lithium-ion batteries that are used today. The company is also looking into solid-state lithium metal batteries considered safer and better than the cells on the market now. He said Ford plans to do so through internal work as well as collaborations.Ford is hiring 150 people for Ion Park and has already brought on some employees.The investment and hiring comes after Ford put $100 million into a new battery benchmarking and test lab. The company said it opened the facility last year in Allen Park, Michigan, a suburb of Detroit. The two investments add to Ford’s plans to put $22 billion into vehicle electrification from 2016 through 2025.Ford’s first new EV, the Mustang Mach-E, launched in the U.S. at the end of last year. The company expects to follow it with an all-electric Ford Transit van later this year and an EV version of the Ford F-150 pickup by mid-2022.Ford’s plan to manufacture battery cells comes six months after new Ford CEO Jim Farley said the automaker was “absolutely” interested in producing its own batteries. Farley changed the course set by his predecessor, Jim Hackett, who had said the automaker saw “no advantage” in doing so. Farley succeeded Hackett on Oct. 1.Ford’s announcement comes a day before the company is scheduled to report its first-quarter earnings.Shares of Ford are up by about 60% since Farley became CEO, including 40% in 2021. The company’s market cap is more than $48 billion. More

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    Biden capital gains tax plan would raise $113 billion if 'step up in basis' is killed, says Wharton

    Al Drago | Getty ImagesPresident Joe Biden is expected to pitch a higher capital gains tax this week to raise funds for his economic agenda. But the policy would lose the U.S. billions in revenue if it doesn’t also scrap a tax break for heirs, according to a new analysis.Eliminating that tax break — known as a “step-up in basis” at death — would raise $113 billion over a decade starting in 2022, when coupled with a higher tax on capital gains, according to the University of Pennsylvania’s Wharton School.More from Personal Finance:Calls to end $10,000 SALT deduction cap threaten Biden’s tax planTensions rise as return-to-work plans gain steamSocial Security cost-of-living adjustment not keeping up with prices retirees payBut the anticipated capital-gains proposal would cost the U.S. $33 billion over that period if it doesn’t get rid of that step-up, according to the analysis.Biden called for an elimination of a step-up in basis at death as a presidential candidate.Biden capital gains tax proposalBiden’s plan is expected to call for a 39.6% top tax rate on long-term capital gains, up from the current 20%. The tax would apply to returns on assets held more than a year and to taxpayers with more than $1 million in income.  When combined with a Medicare surtax on investment earnings, the top federal capital-gains tax rate would be 43.4%.Current law allows investors to avoid tax on unrealized capital gains (or, appreciation in unsold assets).They can do so by holding stocks and other assets until death. At that point, assets essentially transfer from an estate tax-free: Heirs get the asset at its current market value (thereby eliminating the gain on paper) and the estate doesn’t pay tax on the unrealized gain.(Wealthy estates may still owe state or federal estate tax on the asset.)Raising taxes on capital gains means people who earn more than $1 million a year may opt to hold investments longer — and bequeath them to heirs tax-free — as a tax-avoidance strategy.It’s one reason Wharton projects a $33 billion loss from a higher capital-gains tax regime if it isn’t coupled with an end to the step up in basis.”Reforms such as eliminating stepped-up basis … would restrict those avoidance opportunities, therefore increasing revenue raised per percentage point of capital gains tax,” according to the analysis, published Friday.Roughly 0.3% of taxpayers (about 540,000 people) reported income over $1 million in 2018, meaning they’d be subject to the expected tax increase, according to the most recent IRS data. More