🚀 Immigration keeps jobs numbers rising

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Immigration, both authorized and unauthorized, has significantly contributed to the U.S. job market's strength without reigniting inflation, presenting a favorable situation for President Biden ahead of the November election. The May jobs report revealed 272,000 new jobs, exceeding expectations, while consumer prices remained stable. Increased immigration has bolstered labor supply in tight sectors, easing market pressure and reducing the need for more rate hikes. This influx has enabled the U.S. economy to absorb more jobs without spiking inflation, helping maintain a positive GDP. However, the upcoming election could impact immigration policies, with Biden's recent restrictions on asylum seekers and Trump's proposed mass deportations presenting potential economic challenges.

2. The U.S. Department of the Treasury and the IRS have unveiled a plan to close a tax loophole known as “related party basis shifting” used by large partnerships, potentially raising over $50 billion in tax revenue over the next decade. This practice allows businesses to trade asset purchase prices among related entities to increase deductions or reduce gains. The plan includes proposed regulations and a revenue ruling to address transactions lacking economic substance or substantial business purpose. This initiative is part of broader IRS efforts to increase audits on the wealthiest taxpayers and large corporations, aiming to reduce the estimated $160 billion annual tax gap. The announcement follows the Biden administration’s push for sustained IRS funding to ensure wealthy taxpayers pay their fair share.

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4. Headlines

   1. Despite its recent EV successes, Warren Buffet has sold off some of his shares in BYD.

   2. China’s housing market is continuing to decline prompting economists to suggest the government needs to intervene and increase spending to stabilize the market.

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