Recapping the day's news and newsmakers through the lens of CNBC.
It's Election Day, and elections will be a bellwether of sorts on one of the go-to strategies for boosting government revenues: raising taxes on the rich. In New York City, lead candidate Bill de Blasio wants to hike taxes on the wealthy. In Colorado, voters will decide whether to raise taxes on those with incomes above $75,000 to 5.9 percent, from 4.63 percent, to boost education funding. And there are calls to raise federal taxes on the wealthy, with some focusing on growing wealth from passive investments like stocks due to a decades-long credit boom. Some propose eliminating the favored rate on long-term capital gains.
"You did not, as President Obama averred, 'build that,' you did not create that wave. You rode it. And now it's time to kick out and share some of your good fortune by paying higher taxes or reforming them to favor economic growth and labor, as opposed to corporate profits and individual gazillions."—Bill Gross, billionaire and co-founder of Pimco
"Whatever you think of his argument, Gross has clearly outlined the two numbers that will no doubt remain at the center of the tax-the-wealthy debate—whether it's in Washington, or Colorado or New York. Those opposing higher taxes point to the amount of taxes paid by the wealthy. Those supporting higher taxes point to their incomes and share of wealth."—CNBC's Robert Frank