Billionaire Tax, Interest Rate Cuts, And Trump's Take On Federal Reserve: This Week In Economics

The past week has been a whirlwind of financial news, with billionaires potentially facing a minimum tax, a call for swift interest rate cuts, and former President Donald Trump suggesting a say in Federal Reserve decisions.

Elon Musk, Jeff Bezos, and Other Billionaires Could Face Minimum Tax

Economist Gabriel Zucman, Professor of Economics at the Paris School of Economics and the University of California, has suggested that a minimum tax for billionaires could soon become a reality due to the alarming concentration of global wealth. According to Zucman, a mere 3,000 people now hold $14.4 trillion of wealth, equating to 13% of the world's GDP.

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Jeremy Siegel Advocates For Swift Interest Rate Cuts

Finance professor at the Wharton School, Jeremy Siegel, has retracted his earlier call for an emergency interest rate cut by the Federal Reserve. However, he still advocates for a rapid and aggressive rate reduction, urging the Federal Reserve to swiftly lower rates to 4%. 

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See Also: Fed Rate Cuts Could Avert Recession, Say 75% In Benzinga Poll: Majority See Market Dip As Temporary

Jim Cramer Endorses Trump For Taxpayer Friendliness

CNBC Mad Money host Jim Cramer has suggested that a Trump White House could be beneficial for income earners and those invested in the stock market. Cramer believes that the former president would cut taxes on income. 

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Jamie Dimon Predicts Looming Recession

JPMorgan Chase & Co. CEO Jamie Dimon has reiterated his prediction of a looming recession in the U.S. economy, despite the current economic stability. He also expressed skepticism about the Federal Reserve's ability to bring inflation down to its 2% target. 

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Trump Proposes Presidential Influence On Federal Reserve Decisions

Former President Donald Trump has suggested that presidents should have the power to influence the Federal Reserve's interest rate decisions, potentially challenging the central bank's political independence. 

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• Palantir Co-Founder Joe Lonsdale Concurs On AI Not Driving Immediate Growth: ‘We’ve Failed So Far Because It’s Not Impacting The Entire Economy Right Away’

This story was generated using Benzinga Neuro and edited by Ananya Gairola

Photo courtesy: Shutterstock