Your Weekend Reading: Banks Move to Protect Staff Mental Health
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U.S. President Joe Biden speaks during the weekly economic briefing in the Oval Office on April 9. Biden proposed major boosts in funding to combat inequality, disease and the climate crisis as part of a $1.52 trillion budget request for 2022.
Photographer: Amr Alfiky/The New York TimesPresident Joe Biden is proposing to unwind many of the tax goodies Republicans pushed through in 2017 that helped corporations and the rich get even richer. The White House thinks attacks from the right on corporate tax hikes will lose in the court of public opinion. Nevertheless, taxation will be the debate of the decade, Conor Sen writes for Bloomberg Opinion. In New York, the state’s new budget deal might backfire, while tax-the-rich initiatives gain support across Latin America. And international companies are facing a tax “revolution” after the U.S. proposed a global minimum tax, aimed at recouping overseas profits and ending a race to the bottom on corporate taxes between countries.
Banks are worried. Junior staff at Bank of America will receive a salary boost while Barclays has reworked some policies to protect their mental health. The burnout is real, said RBC and Toronto-Dominion Bank, both of which are giving employees an extra paid day off this year.