Attentive, regular MHProNews readers were told in advance of the election that despite the pledge by the Biden-Harris ticket only to raise taxes on those earning over $400,000 annually, those candidates and their campaign also said the planned on repealing the Trump Administration tax cuts, if they get the keys to the White House.
Eliminating the 2017 Tax Cut and Jobs Act would impact tens of millions of lower to middle income taxpayers. Their taxes would rise, their tax home pay would fall.
Additionally, Fox Business said that “Biden’s tax plans have come under scrutiny over intentions to raise rates for wealthy Americans – but some experts say they could also contribute to an exodus from high-tax states.”
Despite Biden-Harris being publicly crowned by much of the mainstream media as ‘president-elect,’ even though election results are not certified and several key states are being challenged by the Trump Campaign, the legal issues continue to ramp up.
Additionally, Democrat Cal Cunningham’s campaign conceded today to Republican Senator Thom Tillis in North Carolina. MHLivingNews and MHProNews previously highlighted that contest.
That GOP victory by Tillis means that the balance of power in the Senate is now 48 Democrats and 49 Republicans, per the seat-count used by several mainstream media outlets. But that Senate seat count is based on projections that may be overturned by Republican legal challenges of illegal voting or unconstitutional changes to voting in certain jurisdictions.
Even if hypothetically the media’s current projections stand, there will be runoffs in Georgia for two U.S. Senate seats there. Both major parties are gearing up for that battle, which could decide who hold sway in the upper chamber of Congress.
If Democrats fail to capture the Senate, that would likely freeze any attempt by a potential Biden-Harris Administration at changing tax law.
Additionally, as the Daily Torch and others have noted, there is a possibility that Republican challenges in key battleground states could leave Republicans in control of the U.S. House.
It is entirely possible – based upon reasonable challenges – that a possible Biden-Harris Administration could find itself with a narrow majority in the House and with Republicans in control of the Senate, which could bar any bills by Democrats that aren’t bipartisan in nature. It is also possible that President Trump could end up with 4 more years, with either both the House and the Senate in Republican hands, or the Senate and a large minority in the House in GOP hands.
MHProNews will continue to monitor those post-election developments.
But that outline tees up the featured focus this evening. Which is the shifting state of smaller businesses in post-pandemic America, and wrinkles in the intergenerational transfer of wealth between baby boomers and millennials. Tonight’s featured focus is found following our quotable quotes, left-right headline bullets, and 2 of the 3 evening market graphics. The manufactured housing connected equities graphic follows the featured focus and recent/related reports.
Notice: MHProNews will re-evaluate the long-standing use here of Fox Business in these left right media headlines. This is an apt time to remind readers that these headlines are to provide readers with a quick sense of news that may be moving the markets, from the left and right of the mainstream media.
Headlines from left-of-center CNN Business
- Wall Street is moving on
- S. President Donald Trump leaves after speaking in the briefing room at the White House on November 5, 2020 in Washington, DC. Votes are still being counted two days after the presidential election as incumbent Trump is in a close race against challenger Democratic presidential nominee Joe Biden, which remains too close to call.
- Trump is waging a legal war over the presidential election results. But this isn’t a repeat of 2000
- These stocks and sectors could thrive under Biden
- Millions of Americans have been out of work for months
- How the 5G iPhone kicked off the latest carrier wars
- Watch: People travel in Virgin Hyperloop for the first time
- Nikola Motor reveals it received subpoenas from DOJ, SEC
- Norwegian Air may not survive the pandemic
- NASA chief Jim Bridenstine won’t stay on under new president
- Want to work from home forever? Here’s what you need to know
- Five alarm fire: Right-wing media is encouraging Trump’s election denialism
- Late-night TV celebrates Trump losing the 2020 election
- Those wild firework drones at Joe Biden’s victory speech, explained
- Yeti recalls nearly 250,000 of its popular mugs over burning hazards
- New 13-inch MacBook Pro.
- Apple unveils new Mac lineup powered by in-house silicon chips
- 2020 Chevrolet Bolt EV
- Electric car batteries are catching fire and that could be a big turnoff to buyers
- Whole Foods will ‘insure’ your Thanksgiving meal
Headlines from right-of-center Fox Business
- Some in middle class may face higher taxes, despite Biden’s campaign pledge
- Biden’s tax plans have come under scrutiny over intentions to raise rates for wealthy Americans – but some experts say they could also contribute to an exodus from high-tax states.
- Biden’s tax-the-rich agenda faces Senate roadblock if GOP holds majority
- US jobs market may not recover from coronavirus pandemic until 2024
- Boeing faces possible new FAA enforcement action over alleged regulatory lapses
- Boeing, Caterpillar fuel cyclical stock rally as tech falls
- China’s currency hits 29-month high as Biden projected to win White House
- Biden’s incentive for homeownership doesn’t go far enough: Don Peebles
- Carnival plans $1.5B stock offering after shares to soar
- DANGEROUS SEASON
- Biden coronavirus adviser warns US facing ‘darkest’ days of pandemic
- FRAUD ALLEGATIONS
- Nikola discloses grand jury subpoenas from DOJ
- ENTICING MOVIEGOERS
- AMC launches private theater rentals nationwide
- SUPREME BATTLE
- Several justices suspicious of Republican challenge to ObamaCare
- DITCHING DINING ROOMS
- Red Lobster opens its first ‘ghost kitchen’ in Chicago
- RISING COSTS
- Race for space pushing up suburban rents
- RENT’S DUE
- Coronavirus leaves retailers struggling to pay rent
- QUEEN BEY WORKOUT
- Beyonce partners with Peloton to produce streaming content
- Beyond Meat CEO says McDonald’s ‘McPlant’ a collaboration, thinks chain should acknowledge it on menu
- Antonio Sabato Jr. rips Whoopi Goldberg for telling Trump voters to ‘suck it up’: ‘It’s been 5 years of hell’
- Harris’ husband Doug Emhoff to sever ties with law firm DLA Piper
- NASA announces partnerships with firms, including SpaceX and Blue Origin, to develop space technologies
- Thanksgiving 2020: 56% of Americans still plan to travel, small study claims
- Ulta to open beauty shops at 100 Target stores in 2021
- Truckers plan strike urging Biden to avoid fracking ban, tout Trump protecting ‘blue-collar’ workers
- Homebuilder DR Horton posts 81% sales spike as coronavirus prompts flight to suburbs
- EU files antitrust charges against Amazon over use of data
- Elon Musk’s Boring Company hints at new tunnel project in this city
- FAA enters ‘final stages’ of Boeing 737 Max review
- Airbnb IPO: What to know
- McCloskeys file new lawsuit regarding a photographer allegedly trespassing on their property
- How you can become a millionaire saving $405 a month
- Georgia’s Senate runoffs poised to be among most expensive races in history
- Nikola talks GM partnership status
- McDonalds drink size TikTok video sparks outrage online
- Nissan dealers to let Rogue SUV shoppers test drive Toyota Rav4
- In-store Black Friday shopping expected to plummet due to coronavirus pandemic: survey
- Today’s mortgage refinance rates edge back up from unprecedented lows | November 10, 2020
Market Indicator Closing Summaries – Yahoo Finance Closing Tickers on MHProNews…
Featured Focus –
Where Business, Politics and Investing Can Meet
CNBC put a spotlight last Thursday on what they called the “The $68 trillion transfer of wealth in America is evaporating amid crisis.”
Their bullet summary was as follows.
- “According to a survey by the Center for New Middle Class, there was a 25% drop in the number of baby boomers who said they are self-employed or own their own business in the second quarter [of 2020].”
- “That impact could have significant repercussions for the economy at large considering that baby boomers own nearly half of privately-held businesses with employees in the U.S., according to Project Equity.”
- “That’s 2.34 million businesses with 24.7 million employees and $5.1 trillion in sales, according to the U.S. Census Bureau.”
CNBC said that “When the pandemic hit in March, Kelly Kearney, owner of Pacific Fine Food Catering in Alameda, California, initially thought things might go back to normal after a couple of months. She bought the company in 2004 and built up a business with a loyal, dependable staff and long-time clients. At age 58, she wasn’t intending to retire anytime soon, but she and her husband, who is 66, were starting to step back a little to enjoy the success they earned after many years of hard work. They recently bought an apartment in Italy, with a view of the Riviera, and would stay for two weeks every quarter.
- Sherman said he expects to see “a very significant likely uptick” in small- and mid-sized family business sales in the next 18 to 24 months. While M&A activity came to an abrupt stop earlier this year amid uncertainty, it’s come back with a vengeance thanks in part to record low interest rates. Anticipation that capital gains taxes could increase, especially if there is a change in administration, is also driving some of the urgency.
- According to a recent report by BizBuySell, business for sale transactions were down just 5% in September compared to a year ago. That’s up significantly from April when transactions plummeted 51% year over year. Much of the traction seems to come from buyer confidence. BizBuySell’s Small Business Confidence study found that 57% of buyers believe they can buy a business for a better value than last year, compared with 17% last year.
“It’s a bad time to have a business but a good time to buy. Things are slow and cheap,” said Pacific Fine Food’s Kearney. As Kearney prepares to sell her business to her employees, she is also working on training staff on marketing and maximizing margins by making the most of seasonal produce. That’s something that was hard when business was busy.
“This has not made me look for an exit strategy,” he said of the crisis. Goldman’s son joined the business nine months ago. While passing on the business to him “would be every parent’s wish. I’m not sure I’d want him to be in this business,” he said about the difficulties in the industry.
Related, Recent, and Read Hot Reports
Manufactured Housing Industry Investments Connected Closing Equities Tickers
Some of these firms invest in manufactured housing, or are otherwise connected, but may do other forms of investing or business activities too.
- NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry lender
- NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
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Sample Kudos over the years…
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That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHLivingNews.com.
Tony earned a journalism scholarship and earned numerous awards in history and in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com. This article reflects the LLC’s and/or the writer’s position, and may or may not reflect the views of sponsors or supporters.