Seattle reverses course on business tax after Amazon pressure.
June 12, 2018
Seattle reverses course on business tax after Amazon pressure. Seattle political leaders signaled late Monday they would reverse course and repeal a new tax on big businesses. Mayor Jenny Durkan and city council president Bruce Harrell said in statements that they would end the tax, initially meant to combat rising homelessness in a city where housing prices have soared. Business groups, led by the city’s largest employers like Amazon and Starbucks, had raised $200,000 in just a few weeks to gather signatures for a referendum challenging the new tax. They had planned to submit those signatures on Tuesday in an effort to place the referendum on the November ballot. [The Hill]
AT&T, Justice Department await decision that could determine future of media. AT&T Inc (T.N), awaits a court ruling from Judge Richard Leon that will determine if it can buy Time Warner Inc (TWX.N), a decision that could prompt a cascade of pay TV companies buying television and movie makers and the first big test of the Trump administration’s antitrust teams. The government that AT&T’s ownership of DirecTV, which has 20 million subscribers, would become too powerful if combined with Time Warner. That power would allow the company to raise prices for pay TV rivals and online streaming services, the government said. AT&T said the deal was legal, and pre-emptively offered to take any disputes with pay TV rivals to arbitration while refraining from withholding content, or “going dark”, during the arbitration. [Reuters]
Metrics indicate an increase in the Consumer Price Index for All Urban Consumers (CPI-U). The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent in May on a seasonally adjusted basis after rising 0.2 percent in April, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index rose 2.8 percent before seasonal adjustment. Forecasters are calling for no more than modest pressure in the consumer price report for May. Year-on-year rates are expected to be mixed with the overall up 3 tenths to 2.8 percent but the core up only 1 tenth at 2.2 percent. [BOLS]