Tuesday’s business headlines
INDIANAPOLIS (WISH) — Here’s a look at Tuesday’s business headlines.
Wine
The Pacific Northwest wine grape harvest has been damaged by wildfires.
Smoke and vintage variation reduced Oregon wine grape harvest by 29% in 2020. Pinot Noir, the state’s mainstay, was hit especially hard.
COVID test
The IRS is reminding taxpayers that home testing for COVID-19 is an eligible medical expense for health savings accounts and flexible spending arrangements.
The agency’s message came the day after President Biden announced his latest mandate for businesses with 100 employees or more to require their workers to get vaccinated against COVID-19 or conduct weekly tests on unvaccinated workers.
Facebook says its rules apply to all. However, company documents reveal a secret elite that’s exempt.
The Wall Street Journal says Facebook has a problem called X-check that protects public figures whose posts contain harassment or incitement to violence, violations that would typically lead to sanctions for regular users.
Biden tax
President Biden’s ability to win new tax hikes will dictate the future of the stock market, according to Goldman Sachs.
The firm estimates that raising the domestic tax rate to 25% and passage of about half of the proposed increase on tax rates to foreign income will lower S&P 500 earnings by 5% and could slow economic growth.