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How climate change could hit the global economy
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A new report from Swiss Re, one of the largest insurance companies in the world, contains dire warnings about climate change and how rising temperatures, higher seas, falling crop yields, and wildfires are also likely to cut into global wealth significantly within 30 years. Plus, more details on President Biden's expected proposal to increase taxes on the wealthy. And, a Republican proposal on infrastructure spending.
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Swiss Re, one of the world's biggest insurers, projects that by 2050, climate pressures could reduce the world's GDP by 14%.
Biden's plans for capital gains tax hikes should not come as a surprise
As Christopher Low, chief economist at FHN Financial, explains, investors have been talking about this possibility for months, and those with very high incomes have already started making portfolio adjustments and rotating stock holdings as a result. That rotation means they've sold off stocks to capture the profit and then bought similar holdings. "They took those gains last year, because not only did they expect the capital gains tax increase, they thought it would be retroactive to Jan. 1," Low said. "So, no, nobody should be surprised by this."
Republicans unveil counteroffer to Biden's infrastructure plan that comes with a price tag of $568 billion
Marketplace's Nova Safo has more.