7 Stocks To Watch For March 18, 2021

Some of the stocks that may grab investor focus today are: Wall Street expects Dollar General Corp. (NYSE: DG) to report quarterly earnings at $2.72 per share on revenue of $8.30 billion before the opening bell. Dollar General shares gained 2.3% to $191.80 in after-hours trading. Five Below Inc (NASDAQ: FIVE) reported better-than-expected results for its fourth quarter and issued strong guidance for the first quarter. Five Below shares climbed…

Huobi’s Integration of Kava Sells Out In Under Five Minutes

San Francisco, CA, March 14, 2021 (GLOBE NEWSWIRE) — HBTC, the native tokenized Bitcoin asset of Huobi, is now compatible with hidden DeFi gem Kava. A partnership between Huobi DeFi Labs and Kava Labs brings a new earning opportunity to this asset. Exchange users can stake HBTC to begin earning their 8% annual yield. Earning Yield With HBTC Huobi launched HBTC in February 2020 as a pegged asset to Bitcoin. The purpose of this asset is to explore opportunities on the Ethereum network, including decentralized finance. As of March 11, a new use case has been added for HBTC with Kava Labs’ help: token holders can now stake HBTC to earn an 8% yield until March 12, 2022. The launch of HBTC staking marks an important milestone for the strategic collaboration between Huobi DeFi Labs and Kava Labs. Both entities have been working together since December of 2019, allowing them to combine their powerful resources to create an encompassing CeFi and DeFi solution capable of meeting diversified market needs. The industry leadership of Huobi and Kava’s success in the decentralized finance sector creates a powerful combination. Kava has successfully integrated major centralized finance institutions into DeFi, bringing a lot more exposure and interest to this growing industry. On the path to bringing more users to decentralized finance by offering a smoother experience, the HBTC integration is crucial. As HBTC users can obtain a high APY of up to 8% with a total limit of up to 500 HBTC, it is a compelling offer to check out. To allow for this opportunity, Kava has added HBTC to its DeFi platform following a successful governance proposal in February. Moreover, the team aims to distribute 2.5 million KAVA as minting incentives to users annually. It is also worth noting that creating HBTC on Kava ensures the asset is viable as collateral for USDX loans in Kava’s lending app. Going one step further, holders can supply HBTC in the HARD Protocol Money Markets to borrow, lend, and earn. Pushing DeFi Adoption Forward In the world of decentralized finance, it is crucial to acquire new users and tap into additional liquidity. Direct integration of Huobi onto Kava highlights this industry’s potential for combining centralized and decentralized aspects into one. It is pertinent to create solutions and services that people can trust. Although DeFi is still in the early days of development, it is crucial to provide a sustainable future foundation. Currently, users prefer a diversified approach for decentralized finance products. Catering to this demand forces service providers to develop innovative products and services to gain a dominant market position. The staking of HBTC is a crucial example of combining the best of CeFi with DeFi. Unlike other staking products, this new offering has unlimited potential with a single integration. Bringing broader access to DeFi products without leaving the trusted Huobi environment offers a much better overall user experience. Kava Labs CEO Brian Kerr comments: “With Huobi DeFi Labs integrating Kava’s DeFi applications and services, Huobi users around the world can access to DeFi earning opportunities in just a few clicks, finally making DeFi accessible to a mainstream audience. This has the potential to bring millions of new users to Kava’s platform and enables them with the ability to generate superior returns passively with their Bitcoin and soon other digital assets.” For Kava, maintaining and leveraging its dominant position as a decentralized finance infrastructure provider allows it to bring lending and borrowing incentives to more platforms. As more centralized exchanges acknowledge the potential, this DeFi platform has, their reach is likely to keep growing. Providing the highest DeFi earning experience on a CeFi platform is just one example of what such integrations can entail. Conclusion Following this news, the Huobi integration sold out in under five minutes, confirming the growing demand for such solutions. Moreover, the Kava price managed to push to $7, as holders see the benefit of cooperation between decentralized finance protocols and centralized exchanges. When centralized exchanges work together with DeFi teams, exciting things can happen in the future. These industries are not mutually exclusive yet can significantly strengthen one another’s appeal. Cooperation in this industry is vital to not only remain competitive but to empower users as well. Rather than opposing new ideas and concepts, the time is now to experiment with different options. Media Contact Information Sarah Austin Kava.io press@kava.io

Biden Eyes First Major Tax Hike Since 1993 in Next Economic Plan

(Bloomberg) — President Joe Biden is planning the first major federal tax hike since 1993 to help pay for the long-term economic program designed as a follow-up to his pandemic-relief bill, according to people familiar with the matter.Unlike the $1.9 trillion Covid-19 stimulus act, the next initiative, which is expected to be even bigger, won’t rely just on government debt as a funding source. While it’s been increasingly clear that tax hikes will be a component — Treasury Secretary Janet Yellen has said at least part of the next bill will have to be paid for, and pointed to higher rates — key advisers are now making preparations for a package of measures.With each tax break and credit having its own lobbying constituency to back it, tinkering with rates is fraught with political risk. That helps explain why tax hikes since Bill Clinton’s signature 1993 overhaul stands out from the modest modifications done since.For the Biden administration, the planned changes are an opportunity not just to fund key initiatives like infrastructure, climate and expanded help for poorer Americans, but also to address what Democrats argue are inequities in the tax system itself. The plan will test both Biden’s capacity to woo Republicans and Democrats’ ability to remain unified.“His whole outlook has always been that Americans believe tax policy needs to be fair, and he has viewed all of his policy options through that lens,” said Sarah Bianchi, head of U.S. public policy at Evercore ISI and a former economic aide to Biden. “That is why the focus is on addressing the unequal treatment between work and wealth.”While the White House has rejected an outright wealth tax, as proposed by progressive Democratic Senator Elizabeth Warren, the administration’s current thinking does target the wealthy.The White House is expected to propose a suite of tax increases, mostly mirroring Biden’s 2020 campaign proposals, according to four people familiar with the discussions.The tax hikes included in any broader infrastructure and jobs package are likely to include repealing portions of President Donald Trump’s 2017 tax law that benefit corporations and wealthy individuals, as well as making other changes to make the tax code more progressive, said the people familiar with the plan.The following are among proposals currently planned or under consideration, according to the people, who asked not to be named as the discussions are private:Raising the corporate tax rate to 28% from 21%Paring back tax preferences for so-called pass-through businesses, such as limited-liability companies or partnershipsRaising the income tax rate on individuals earning more than $400,000Expanding the estate tax’s reachA higher capital-gains tax rate for individuals earning at least $1 million annually. (Biden on the campaign trail proposed applying income-tax rates, which would be higher)An independent analysis of the Biden campaign tax plan done by the Tax Policy Center estimated it would raise $2.1 trillion over a decade, though the administration’s plan is likely to be smaller. Bianchi earlier this month wrote that congressional Democrats might agree to $500 billion.The overall program has yet to be unveiled, with analysts penciling in $2 trillion to $4 trillion. No date has yet been set for an announcement, though the White House said the plan would follow the signing of the Covid-19 relief bill.An outstanding question for Democrats is which parts of the package need to be funded, amid debate over whether infrastructure ultimately pays for itself — especially given current borrowing costs, which remain historically low. Efforts to make the expanded child tax credit in the pandemic-aid bill permanent — something with a price tag estimated at more than $1 trillion over a decade — could be harder to sell if pitched as entirely debt-financed.What Bloomberg’s Economists Say…“The next major legislative initiative, infrastructure investment, could provide the sort of durable economic gains that not only support higher pay, but promote diffusion of those gains across demographic lines and political persuasions.”–Andrew Husby and Eliza Winger, U.S. economistsFor the full report, click hereDemocrats would need at least 10 Republicans to back the bill to move it under regular Senate rules. But GOP members are signaling they are prepared to fight.“We’ll have a big robust discussion about the appropriateness of a big tax increase,” Senate Minority Leader Mitch McConnell said last month, predicting Democrats would pursue a reconciliation bill that forgoes the GOP and would aim for a corporate tax even higher than 28%.Kevin Brady, the top Republican on the House Ways & Means Committee, said, “There seems to a be a real drive to tax investment of capital gains at marginal income rates,” and called that a “terrible economic mistake.”While about 18% of the George W. Bush administration’s tax cuts were allowed to expire in a 2013 deal, and other legislation has seen some increases in levies, 1993 marks the last comprehensive set of increases, experts say. That bill passed on a two-vote margin in the House and required the vice president to break a tie in the Senate.“I don’t think it is an understatement to say the current partisan environment is more severe than 1993” said Ken Kies, managing director of the Federal Policy Group, a former chief of staff of the congressional Joint Committee on Taxation. “So you can draw your own conclusions” about prospects for a deal this year, he said.Still, there could be some tax initiatives Republicans could get behind. One is a shift from a gasoline tax to a vehicle-miles-traveled fee to help fund highway projects.Read More: By-the-Mile Vehicle Tax to Help Fund Infrastructure Gains SteamAnother is more money for Internal Revenue Service enforcement — a way to boost revenue without raising rates. Estimates have found that for every additional $1 spent on IRS audits, the agency brings in an additional $3 to $5.Democrats are also looking to revise tax laws that they say don’t do enough to stop U.S. companies from shifting jobs and profits offshore as another way to raise revenue, one aide said. Republicans could potentially support incentives, though it’s unclear whether they’d back penalties.White House officials including deputy director of the National Economic Council, David Kamin — who wrote a 2019 paper on “Taxing the Rich” — are in the process of fleshing out the Biden tax plans.As for timing, if passed, tax measures would likely take effect in 2022 — though some lawmakers and Biden supporters outside the administration have argued for holding off while unemployment remains high due to the pandemic.Lawmakers have their own ideas for tax reforms. Senate Finance Committee Chairman Ron Wyden wants to consolidate energy tax breaks and require investors to pay taxes regularly on their investments including stocks and bonds that have unrealized gains.“A nurse pays taxes with every single paycheck. A billionaire in an affluent suburb on the other hand can defer paying taxes month after month to the point where their paying taxes is pretty much optional,” Wyden told Bloomberg in an interview. “I don’t think that’s right.”Warren has pitched a wealth tax, while House Financial Services Committee Chair Maxine Waters has said she would like to consider a financial-transaction tax.Democratic strategists see the next package as effectively the last chance to reshape the U.S. economy on a grand scale before lawmakers turn to the 2022 mid-term campaign.“Normally, the party in power gets one or two shots to do major legislative packages,” said Chuck Marr, senior director of Federal Tax Policy at the left-leaning Center on Budget and Policy Priorities. “This is the next shot.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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