Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Tesla solar energy systems reportedly ignited at an Amazon warehouse in Redlands, California last June, and the Seattle e-commerce titan confirmed that it has no further plans...Technologyread more
The death comes as federal and state health officials investigate a slew of lung illnesses in connection to e-cigarette use.Health and Scienceread more
The call to increase taxes on the wealthy has been gaining steam — but that isn't enough to stop to the growing wealth and income gap in America, Democratic former Sen. Heidi Heitkamp told CNBC on Monday.
"How do we close that gap and make America's economy and capitalism work for everyone, including working people in this country? It's not just through the tax code," she said in an interview with "Power Lunch. "
Prominent Democrats have been floating different plans to make the super rich pay more.
Sen. Elizabeth Warren, who represents Massachusetts and launched her 2020 presidential campaign on Saturday, wants to impose a 2 percent tax every year on households with assets over $50 million and 3 percent on households with assets over $1 billion. Meanwhile, Rep. Alexandria Ocasio-Cortez, from New York, wants to slap a 70 percent marginal tax rate on income above $10 million. And independent Sen. Bernie Sanders, from Vermont, has proposed a big hike in the estate tax, including a 77 percent rate for over $1 billion.
It's an issue that appears to be resonating with the American public. According to a recent Politico/Morning Consult poll, 76 percent of registered voters believe the wealthiest should pay more in taxes.
"My frustration always in Washington is the sound bite policy. It sounds good. It polls well. Everybody jumps on the bandwagon. But will it solve the problem?" said Heitkamp, who represented North Dakota from 2013 to 2019. She was also tax commissioner of the state from 1986 to 1992.
"I could show you numbers that would suggest it will not solve the problem with wealth disparity and income disparity. It might offer some alternatives," she added. "I don't think it can solve every problem that they're trying to solve with it."
For one, everybody can avoid the estate tax if they do some planning, and the rich targeted by the 70 percent tax can find ways to shelter their income, she said.
Heitkamp, a CNBC contributor, said she certainly wants to find a solution but "let's not use simple ways of doing it."
One thing that she advocates is changing the tax code so that unearned income is not taxed less than earned income. Plus, there are workforce issues and a skills gap that need to be addressed, she said.
Heitkamp is also warning of a looming retirement crisis. She is urging Americans to act now and start saving "before it is too late."