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Americans increasingly favor a wealth tax on the ultra-rich, but despite the uptick in proposals, these policies have struggled to gain traction.
President Joe Biden in March unveiled the latest federal plan, following proposals from Sens. Ron Wyden, D-Ore., Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt.
While there’s a negative short-term outlook for these plans, experts believe we’ll continue seeing wealth tax proposals resurface. 

Sen. Ron Wyden, D-Ore., speaks during a Senate Finance Committee nomination hearing on Feb. 23, 2021.
Greg Nash | Pool | Reuters

Americans increasingly favor a wealth tax on the ultra-rich. But despite an uptick in proposals, these policies have struggled to gain traction.
President Joe Biden in March unveiled the latest federal wealth tax proposal as part of his 2023 budget, aiming to reduce the deficit by roughly $360 billion. 

Biden’s billionaire minimum income tax calls for a 20% levy on households worth more than $100 million, applying to “total income,” including so-called unrealized capital gains, or asset growth.

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However, like previous wealth tax proposals, the plan may struggle to gain broad support, with possible legal issues if enacted, policy experts say.
Wealth tax proposals have emerged in response to growing inequality, according to Steve Rosenthal, senior fellow at the Urban-Brookings Tax Policy Center.
While the federal government previously relied on estate levies to tax wealth, many of the richest households bypass these taxes through sophisticated estate planning strategies, he said.

Mega-billionaires who have accumulated massive amounts of appreciated wealth don’t pay tax in their lifetime, and can sidestep paying tax at death.

Steve Rosenthal
Senior fellow at the Urban-Brookings Tax Policy Center

“We have some fabulously wealthy American households,” Rosenthal said. “But we’re not collecting on that wealth because the estate tax is so porous.”

Moreover, many of the wealthiest families pay relatively low levies on income since the tax code favors earnings from investments, such as interest, dividends, capital gains or rent.
Currently, the top marginal income tax rate is 37%, whereas the highest earners pay 20% for long-term capital gains, plus a 3.8% Obamacare surcharge.

Wealth tax proposals

Federal wealth taxes drew national attention during the 2020 presidential primaries when Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt., released dueling proposals. 
Warren called for a 2% yearly “ultra-millionaire tax” on Americans with a net worth over $50 million and 6% on wealth of more than $1 billion to help fund social spending programs.
Sanders countered with a more aggressive plan, with a tiered approach starting at 1% for fortunes above $32 million up to 8% on net wealth over $10 billion.

Later, Warren and Sanders, along with other Democrats, floated the Ultra-Millionaire Tax Act in March 2021, a 3% annual tax on wealth exceeding $1 billion. 
“A wealth tax is popular among voters on both sides for good reason: because they understand the system is rigged to benefit the wealthy and large corporations,” Warren said in a statement.
Some 64% of Americans support a wealth tax on the super-rich, including 77% of Democrats and 53% of Republicans, according to a 2020 Reuters/Ipsos poll. However, the plan failed to pick up steam in Congress.

Legal challenges

Recently, there’s been a slight shift from plans taxing wealth directly, with concerns about whether proposals will “withstand muster in a judicial system,” said Garrett Watson, senior policy analyst at the Tax Foundation. 
If enacted, the courts may argue about what counts as income, as outlined by the 16th Amendment, which codified a national tax on income.
However, the bigger issue is the definition of “billionaire” and the net worth calculation, legal experts say. The problem is direct taxes must be split among states based on population, which isn’t possible since some places don’t have billionaires.
Senate Finance Committee Chairman Ron Wyden, D-Ore., unveiled a plan for a tax on billionaires in October, affecting Americans with over $1 billion of wealth or an adjusted gross income exceeding $100 million for three consecutive years.

The plan called for annual levies on asset growth, which Wyden insisted was constitutional because taxing capital gains annually is already part of the tax code. But the proposal lost steam among Democrats.
Biden’s budget also calls for a tax on asset gains at death, which was previously dropped during negotiations over proposed Build Back Better legislation.
Currently, heirs may delay taxes on inherited growth until selling property. They also receive a so-called step-up in basis, adjusting the asset’s purchase price to the value on the date of death.
“Right now, these mega-billionaires who have accumulated massive amounts of appreciated wealth don’t pay tax in their lifetime, and can sidestep paying tax at death,” Rosenthal said.

International wealth taxes

France is one of only five Organization for Economic Co-operation and Development members to collect tax revenue from net wealth. Pictured, the Eiffel Tower in Paris.
Travelpix Ltd | Stone | Getty Images

The U.S. in not alone in grappling with wealth taxes; politicians worldwide have struggled to implement such taxes and keep them on the books.
In 2020, only five Organization for Economic Co-operation and Development members — Colombia, France, Norway, Spain and Switzerland — collected revenue from net wealth, down from a peak of 12 countries in 1996, according to a Tax Foundation analysis.
In Europe, one of the issues has been the ability to sidestep levies by moving from one country to another, along with various exclusions, eroding the tax base over time, according to Watson.
“From a revenue collection perspective, there wasn’t a lot of success there,” he said. 
Over time, several countries have repealed net wealth taxes for various reasons, including economic impact, the Tax Foundation found.  

Future proposals 

Despite the dim outlook for Biden’s billionaire minimum income tax, experts believe we’ll continue seeing wealth tax proposals resurface. 
These proposals are generally popular and probably not going away, said John Gimigliano, head of federal legislative regulatory services at accounting firm KPMG.
Broadly, many Americans approve of higher taxes on the ultra-wealthy. Nearly two-thirds support a minimum 20% tax on income over $100 million, a March 2022 YouGov PLC survey found.

And some 60% of individuals worth $1 million or more support a wealth tax on people with $10 million and above, according to CNBC’s 2021 survey of millionaires.
“The reality is [levies on wealth] represent such a departure from the norms of taxation,” he said, explaining it may take time for policymakers to “come to grips” with making it work politically, including enactment and enforcement.
Still, these ideas may return during the midterms and beyond, including if Biden runs for re-election in 2024, Gimigliano said.
“This proposal would be something he will be talking about on the campaign trail,” he added. “I’m highly confident of that.” More

Howard Schultz returned to the helm of Starbucks this week amid a union push from the company’s baristas.
Schultz has a long history of opposing unions, dating back to his earliest days at the company.
But in his time away from the coffee giant, attitudes around unions have changed.

A pro-union poster is seen on a lamp pole outside Starbucks’ Broadway and Denny location in Seattle’s Seattle’s Capitol Hill neighborhood on March 22, 2022.
Toby Scott | Sopa Images | Lightrocket | Getty Images

Howard Schultz’s first week back at the helm of Starbucks ended with seven more company-owned cafes unionizing, bringing the total tally to 16.
But would-be union members at Starbucks will likely need to gird for a tougher response from the company. Schultz, who oversaw the coffee giant’s growth from a small Seattle chain into a global behemoth, has a long history of opposing unions.

It’s still too soon to tell whether Schultz will adopt a new playbook for a time when workers feel emboldened by rising wages and a tight labor market, but his recent actions and words could offer some clues.
On Monday he announced that the company would suspend stock buybacks to invest in its stores and employees, yet in a town hall with workers that same day, he repeated his belief in the company team approach to labor management.
“I’m not an anti-union person. I am pro-Starbucks, pro-partner, pro-Starbucks culture,” Schultz said. “We didn’t get here by having a union.”
Both organizers and labor experts expect the company under Schultz’s leadership will ramp up efforts to quash the labor push.
“I think they’re likely to double down on their anti-union efforts and do everything they possibly can,” said John Logan, a labor professor at San Francisco State University.

Starbucks, under previous CEO Kevin Johnson, has already faced accusations of union busting from Workers United, which has filed dozens of complaints with the National Labor Relations Board. The NLRB also has accused the company of retaliating against pro-union staff in Phoenix. Starbucks has denied the claims.
Johnson took a relatively hands off approach publicly, leaving most of the effort to North American President Rossann Williams. But when Buffalo, New York-area locations kicked off the union push last year, it was Schultz, not Johnson, who visited to speak with baristas.
To date, more than 180 company-owned locations have filed petitions for a union election, although that is still a small fraction of Starbucks’ overall U.S. footprint of nearly 9,000 stores. Out of the locations whose votes have been counted, only one cafe has opposed unionizing.

Schultz’s union opposition

Former chairman and CEO of Starbucks, and United States 2020 presidential candidate Howard Schultz visits Fox & Friends at Fox News Channel Studios on April 2, 2019 in New York City.
Steven Ferdman | Getty Images

Schultz’s stance against unions stretches back to his earliest days at the company. In his 1997 book, “Pour Your Heart Into It: How Starbucks Built a Company One Cup at a Time,” co-authored with Dori Jones Yang, Schultz recounted the company’s first union battle when he was a marketing director.
The growing company, which was led by CEO Jerry Baldwin at the time, bought Peet’s Coffee and Tea in 1984. Integrating the acquisition took effort as the company cultures clashed, according to Schultz. He wrote that some Starbucks workers began to feel neglected and so they circulated a union petition after their requests to management went unanswered. The union won the vote.
“The incident taught me an important lesson: There is no more precious commodity than the relationship of trust and confidence a company has with its employees,” Schultz wrote. “If people believe management is not fairly sharing the rewards, they will feel alienated. Once they start distrusting management, the company’s future is compromised.”
Schultz left Starbucks soon after to found his own espresso chain, Il Giornale, and its early success led him to acquire Starbucks and merge the two companies. In “Pour Your Heart Into It,” Schultz said that a barista “on his own” successfully worked to decertify the union for Starbucks retail workers.
“When so many of our people supported decertification, it was a sign to me that they were beginning to believe I would do what I had promised,” he wrote. “Their distrust was beginning to dissipate and their morale was rising.”
But employees who worked for Starbucks at the time and then-union representatives have pushed back against that narrative. In a 2019 Politico article tied to Schultz’s political hopes, Dave Schmitz, the organizing director for the local United Food and Commercial Workers Union in the 1980s, said that Starbucks filed the decertification petition.
At the time, Schultz did not respond to requests for comment about the Politico report.
On top of that, Schultz often painted the coffee chain’s benefits, like health coverage for part-time workers, as his own idea as part of a broader belief that treating employees well will benefit the company as a whole. According to Politico’s reporting, those benefits were part of the union’s contract with Starbucks.
“I was convinced that under my leadership, employees would come to realize that I would listen to their concerns. If they had faith in me and my motives, they wouldn’t need a union,” Schultz wrote.
Schultz would step down as CEO of the company in 2000 before returning for another stint in 2008 as the financial crisis upended Starbucks’ business. While he served as chief global strategist in the interim, baristas in Manhattan tried to unionize. Starbucks successfully squashed the effort, but an NLRB judge ultimately ruled in 2008 that the company violated federal labor laws.
During his second stint as chief executive in 2016, Schultz reportedly called a California barista who circulated a union petition, successfully talking him out of organizing his fellow workers.
Two years later, Schultz stepped away from an active role in Starbucks. The following year, he publicly considered a presidential run as an independent centrist, but his potential candidacy failed to create enthusiasm.

The pandemic changed things

While Schultz was away, Starbucks and its baristas endured a pandemic that changed how many workers felt about their jobs and their own power. In August 2021, Starbucks workers in Buffalo filed a petition to unionize with the NLRB under Workers United.
Now as Schultz steps back into the spotlight, attitudes around unions have changed drastically. Gallup polling from September 2021 shows 68% of Americans approve of labor unions — the highest reading since a 71% approval rating in 1965.
Every union win at a Starbucks cafe drives more momentum for the union push, and other high-profile wins at Amazon and R.E.I. have further fueled the movement.
“[Starbucks and Amazon] think the old anti-union campaigns that have always worked in the past will also work this time, but I think they’re finding out in certain cases that it’s no longer true,” said Logan, the labor professor. “I don’t think either of these union campaigns would’ve succeeded two or three years ago, but something has changed.”

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TOSHIBA WAS once synonymous with Japan’s industrial might. Of late the conglomerate, which has made everything from memory cards to nuclear reactors, has become a byword for drama. Japan’s business press writes of “Toshiba Theatre”, which began with accounting fraud a decade ago and has continued to the present day in a series of “slapstick” struggles between management and shareholders. Toshiba’s share price has underperformed domestic and foreign rivals, as well as the broader Japanese stockmarket (see chart).Listen to this story. Enjoy more audio and podcasts on More

Will Smith has been banned from attending the Academy Awards for the next decade after slapping Chris Rock during the ceremony last month.
Smith confronted Rock onstage after the comedian made a joke about the close-cropped hair of Jada Pinkett Smith, Smith’s wife.
Last week, Smith resigned from the academy calling his own actions “shocking, painful and inexcusable,” and on Friday added, “I accept and respect the academy’s decision.”

Will Smith has been banned from attending the Academy Awards for the next decade after slapping Chris Rock during the ceremony last month.
On Friday, the Academy of Motion Pictures Arts and Sciences called Smith’s behavior “unacceptable” in a letter to organization members and said the recently minted Academy Award winner would not be allowed at any events or programs hosted by the group for 10 years.

“This action we are taking today in response to Will Smith’s behavior is a step toward a larger goal of protecting the safety of our performers and guests, and restoring trust in the Academy,” the group wrote in a letter to members, obtained by NBC News.
“I accept and respect the academy’s decision,” “Smith said in response to the ban.
Smith confronted Rock onstage after the comedian made a joke about the close-cropped hair of Jada Pinkett Smith, Smith’s wife. Pinkett Smith has alopecia, a skin condition that can result in hair loss. After striking Rock, Smith returned to his seat and screamed profanities at his fellow star.
The academy’s board was initially set to convene on April 18 to discuss possible disciplinary actions, including a potential suspension or ban from the organization. However, last week Smith resigned from the group calling his own actions “shocking, painful, and inexcusable.”
Smith apologized to the academy and his fellow nominees during his acceptance speech for the best actor award, which he won for his portrayal of Richard Williams in “King Richard.” He apologized to Rock via social media the day after the ceremony.

Rock, meanwhile, has refrained from making public comments about the slap. He told a crowd at a comedy show last week in Boston that he was “still processing what happened.”
“During our telecast, we did not adequately address the situation in the room,” academy executives said in the letter Friday. “For this, we are sorry. This was an opportunity for us to set an example for our guests, viewers and our Academy family around the world, and we fell short — unprepared for the unprecedented.”
The academy has said that Smith refused to leave the ceremony after he struck the comedian. However, there are conflicting reports about whether Smith was actually asked to leave or if it was just suggested that he depart before his award category was called.
The Los Angeles Police Department was ready to arrest Smith at the awards ceremony, according to a producer of the show, but Rock declined to press charges.
Read the full letter from the academy:

The 94th Oscars were meant to be a celebration of the many individuals in our community who did incredible work this past year; however, those moments were overshadowed by the unacceptable and harmful behavior we saw Mr. Smith exhibit on stage. 
During our telecast, we did not adequately address the situation in the room. For this, we are sorry. This was an opportunity for us to set an example for our guests, viewers and our Academy family around the world, and we fell short — unprepared for the unprecedented. 
Today, the Board of Governors convened a meeting to discuss how best to respond to Will Smith’s actions at the Oscars, in addition to accepting his resignation. The Board has decided, for a period of 10 years from April 8, 2022, Mr. Smith shall not be permitted to attend any Academy events or programs, in person or virtually, including but not limited to the Academy Awards. 
We want to express our deep gratitude to Mr. Rock for maintaining his composure under extraordinary circumstances. We also want to thank our hosts, nominees, presenters and winners for their poise and grace during our telecast. 
This action we are taking today in response to Will Smith’s behavior is a step toward a larger goal of protecting the safety of our performers and guests, and restoring trust in the Academy. We also hope this can begin a time of healing and restoration for all involved and impacted.

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Monday – Friday, 6:00 – 7:00 PM ET

It’s that time again! “Mad Money” host Jim Cramer rings the lightning round bell, which means he’s giving his answers to callers’ stock questions at rapid speed.

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Mattel Inc: “Mattel I like so much, I think it’s got a great, bright future. … Sell off a little bit from the top. Buy.”

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Braskem SA: “I’m turning against the commodity stocks, and that is pure commodity. So I’m going to say you’re okay, but don’t overstay your welcome.”

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Monday – Friday, 6:00 – 7:00 PM ET

CNBC’s Jim Cramer on Friday offered a list of nine discounted retail stocks that he believes could be great additions to investors’ portfolios.
“Today we saw many of these discounted retailers rally nicely, but it will take many more days like today before these stocks come close to being expensive again. So, I would give any one of these a look,” the “Mad Money” host said.

CNBC’s Jim Cramer on Friday offered a list of nine discounted retail stocks that he believes could be great additions to investors’ portfolios.
“Today we saw many of these discounted retailers rally nicely, but it will take many more days like today before these stocks come close to being expensive again. So, I would give any one of these a look,” the “Mad Money” host said.

Cramer’s comments come after the Dow Jones Industrial Average on Friday inched up 0.4% while the S&P 500 declined 0.27%. The Nasdaq Composite dropped 1.34%.
To come up with the list of retail stocks, Cramer started with a list of every retailer in the S&P 500, the S&P Mid-Cap 400 and the S&P Small Cap 600 before taking out every company with a market cap below $1 billion. 
Then, he took out the names with stocks selling for more than 10 times earnings, and also gave the boot to GameStop and Bed Bath & Beyond because they have no price to earnings multiple and are expected to lose money this year.
Cramer then whittled down the list even further to companies that meet the following criteria:

Does not have a debt to EBITDA ratio over three
Does not have an earnings forecast this year that is down more than 20% from last year
Did not miss the numbers when reporting their first quarter results
Does not have a dividend yield under 1%

Here is the list of nine retail companies that fit the bill:

Macy’s
Signet Jewelers
Buckle
American Eagle Outfitters
Dick’s Sporting Goods
Kohl’s
Williams-Sonoma
Bath & Body Works
Best Buy

Disclosure: Cramer’s Charitable Trust owns shares of American Eagle Outfitters.
Sign up now for the CNBC Investing Club to follow Jim Cramer’s every move in the market.
Disclaimer

Questions for Cramer?Call Cramer: 1-800-743-CNBC
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Questions, comments, suggestions for the “Mad Money” website? [email protected]

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United Airlines doesn’t expect to fly dozens of Boeing 777 jets, grounded more than a year ago after one suffered an engine failure, until at least mid-May.
The airline had most recently planned for at least some of the planes to return to service this month.
United’s Pratt & Whitney-powered 777s were taken out of service after an engine failure shortly after takeoff from Denver in early 2021.

The damaged starboard engine of United Airlines flight 328, a Boeing 777-200, is seen following a Feb. 20 engine failure incident, in a hangar at Denver International Airport in Denver, Colorado, U.S. February 22, 2021.
National Transportation Safety Board | via Reuters

United Airlines doesn’t expect to fly dozens of Boeing 777 jets, grounded more than a year ago after one suffered an engine failure, until at least mid-May. The airline had most recently planned for at least some of the planes to return to service this month.
The further delay in the planes’ return is a challenge for United as it seeks to fly as many travelers as possible during what airline executives expect to be a bustling spring travel season, including a resurgence international travel. The jets are among the largest in United’s fleet.

“Due to the delay in the return of our PW777 aircraft to active service, the May flight schedule is being reconfigured to account for the lack of these aircraft,” United said in a note sent to pilots on Friday and viewed by CNBC.
In February 2021, one of United’s 777-200s bound for Honolulu from Denver suffered an engine failure, dropping debris in a residential area before returning to Denver’s main airport. No injuries were reported.
United has 52 Boeing 777s powered by Pratt & Whitney 4000 engines. They are “being removed from the schedule through May 12 and removed from international/Hawaii routes through May 25,” United said in the note.

The Federal Aviation Administration last month issued safety directives to increase inspections of fan blades on those engines. Those directives go into effect April 15.
“We continue to work conscientiously with Boeing, Pratt & Whitney and the FAA to safely return these aircraft to service soon, and our current plan will allow them to return in the second half of May,” United said in a statement.
Boeing and Raytheon Technologies, parent company of Pratt & Whitney, didn’t immediately comment.

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Monday – Friday, 6:00 – 7:00 PM ET

CNBC’s Jim Cramer on Friday previewed next week’s roster of earnings and advised investors to stick to companies that are profitable yet affordable for investors to own.
“In this environment, you need to own companies that make stuff and do things profitably, but let’s add, also, with stocks that remain cheap on a price to earnings basis,” the “Mad Money” host said.

CNBC’s Jim Cramer on Friday previewed next week’s roster of earnings and advised investors to stick to companies that are profitable yet affordable for investors to own.
“In this environment, you need to own companies that make stuff and do things profitably, but let’s add, also, with stocks that remain cheap on a price to earnings basis,” the “Mad Money” host said.

Even as the Fed tries to tamp down higher prices, “we’ve already seen signs that inflation is peaking in many areas. Unfortunately, so is the rest of the economy,” he later added.
Cramer said that on Monday, he’ll be keeping his eye on Russia’s invasion of Ukraine and its effect on commodity prices. He also said he’ll be watching the 30-year Treasury bonds.
“The 30-year, not the 20[-year], is where all the action will be once the Fed starts selling its bond portfolio. You need to know that this sell-off in the 30-year is signifying that much higher rates are on the way,” Cramer said. “Get ready for them. Higher long rates will likely hurt the Nasdaq like we saw today, not the Dow, which can hold up just fine because it’s full of tangible companies that fit my criteria.”
The Dow Jones Industrial Average on Friday rose 0.4%. The S&P 500 dropped 0.27% while the Nasdaq Composite tumbled 1.34%. All three declined for the week.
Also on Cramer’s radar is an expected “red-hot reading” in the March consumer price index releasing next Tuesday. 

“It’ll be inexorable and nasty until we see the peak in everything. Whatever the so-called consensus is, it’s almost always too low right now, and so that’s going to gaffe the bondholders and put pressure on the stock market that day,” he said.
Cramer also previewed next week’s slate of earnings and gave his thoughts on each reporting company. All earnings and revenue estimates are courtesy of FactSet.
Tuesday: Albertsons, CarMax
Albertsons

Q4 2021 earnings release before the bell; conference call at 8:30 a.m. ET
Projected EPS: 64 cents
Projected revenue: $16.76 billion

Cramer said he expects great results from Albertsons and is on the lookout for an announcement, whether they’re planning on going private or revealing a big buyback or dividend.
CarMax

Q4 2022 earnings before the bell; conference call at 9 a.m. ET
Projected EPS: $1.27
Projected revenue: $7.5 billion

“Any sign that this endless series of price hikes is over, or that demand has been destroyed … will reinforce my thesis that all the used car companies must be sold,” Cramer said.
Wednesday: JPMorgan Chase, Bed Bath & Beyond, BlackRock, Delta Air Lines
JPMorgan Chase

Q1 2022 earnings release at 6:45 a.m. ET; conference call at 8:30 a.m. ET
Projected EPS: $2.72
Projected revenue: $30.57 billion

“Every time the Fed raises rates, these guys instantly become more profitable on a risk-free basis,” Cramer said. 
Bed Bath & Beyond

Q4 2021 earnings release; conference call at 8:15 a.m. ET
Projected EPS: 4 cents
Projected revenue: $2.08 billion

“The question here is simple: Will big new shareholder Ryan Cohen, of Chewy and GameStop fame, join the board, and will the Buy Buy Baby business be sold to private equity? I think it’s all on the table, and the stock goes up substantially,” Cramer said.
BlackRock

Q1 2022 earnings release before the bell; conference call at 8:30 a.m. ET
Projected EPS: $8.95
Projected revenue: $4.73 billion

Cramer said he’s interested in hearing about how “individuals might get to vote their index fund shares.”
Delta Air Lines

Q1 2022 earnings release before the bell; conference call at 10 a.m. ET
Projected loss: loss of $1.30 per share
Projected revenue: $8.74 billion

Cramer said he’s in favor of travel stocks but believes airlines are currently a tough sell “given how much money they can lose in a Fed-mandated recession.”
Thursday: Goldman Sachs
Goldman Sachs

Q1 2022 earnings release at 7:30 a.m. ET; conference call at 9:30 a.m. ET
Projected EPS: $8.95
Projected revenue: $11.98 billion

“I have never seen Goldman Sachs stock this cheap, ever. … I think you’re getting a fairly good chance to catch a bounce here, if not an investment, because by this point, it should be no surprise that Goldman’s first quarter was ugly,” Cramer said.

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