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'The situation is about to get worse': Stocks slide as surging US unemployment and coronavirus cases stifle stimulus hopes

2 days ago   |   By Business Insider

REUTERS/Lucas Jackson
Stocks fell on Friday as surging unemployment and novel coronavirus cases in the US overpowered hopes for a $2 trillion stimulus bill to mitigate the pandemic's fallout.
Initial jobless claims rocketed to almost 3.3 million last week - more than four times the previous weekly record.
The US passed 82,000 coronavirus cases on Thursday, overtaking China as the world leader in confirmed infections.
"The situation is about to get worse in the coming weeks," one analyst said.
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Stocks slid on Friday as sharp increases in...
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Senate Republicans slipped a tax break for wealthy real estate investors into the $2 trillion coronavirus stimulus package

Senate Republicans slipped a tax break for wealthy real estate investors into the $2 trillion coronavirus stimulus package

3 days ago   |   By Business Insider

AP Photo/Chuck Burton,
The measure is "a potential bonanza" for wealthy investors, The New York Times reported, saving them $170 billion over 10 years.
It temporarily lifts the cap on the tax deduction for real estate depreciation, a boon to the top 1% of taxpayers.
"It's a pretty big deal," Peter Buell, of the accounting firm Marcum, told The Times.
Visit Business Insider's homepage for more stories .
A provision slipped into the $2 trillion coronavirus stimulus package by Senate Republicans enables wealthy real estate investors to reduce their tax burden, The New York Times reported...
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