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PRUDENTJ2 DAILY NEWS HEADLINES.
1. The $1.2T bipartisan infrastructure has passed in the House and will now be sent to President Biden's desk for final approval.
Biden's signature is now all but a formality as he refers to its passing as a "once-in-a-generation investment that will create millions of jobs."
The total package:
$550B will be directed toward the nation's physical infrastructure.
$110B for roads, bridges, and major projects.
$66B for railways.
$65B for broadband infrastructure.
$55B for clean water investments.
$39B for public transit.
According to Biden, the vast majority of the jobs required will not require a college degree.
13 Republicans voted in favor, while six Democrats voted against the democrat sponsored bill.
Several prominent Republicans took to Twitter to blast their 13 party mates as "RINOs" — Republicans in name only.
They also called the bill "socialist."
The bill had previously passed the Senate in August by a bipartisan 69-30 vote.
The delay in the House after the Senate vote has stemmed from Progressives within the Democratic Party holding out in an effort to get the "Build Back Better Act" social spending bill passed.
But the vote came to the floor after moderates pledged to vote on the bill as currently written by Nov. 15.
2. Peloton saw its shares plummet over 30% on Friday after telling investors that the company would likely lose more money than it had expected in fiscal 2022.
After riding the pandemic to its first and only profitable quarters in 2020, Peloton now forecasts subscriptions to drop 6% and losses in 2022 of $425M-$475M.
What's Happening?
The re-opening of gyms across the U.S. has hit Peloton's at-home workout market.
Gyms and competitors like Zwift are encroaching on Peleton's virtual classes offerings.
Spending is shifting away from pandemic winners like Peloton and back toward travel and restaurants.
The increase in expected losses really irked analysts. The company had previously said it expected to lose $325M.
Peloton also lowered its sales expectations for 2022 to a range of $4.4B to $4.8B, markedly below the $5.3B analysts had forecast.
Friday represents the worst trading day in the company's history.
3. South Dakota has now become one of the world's best tax havens.
According to the Guardian's Oliver Bullough, a South Dakota trust is "the most potent force-field money can buy."
How?
South Dakota has no income tax, no inheritance tax, and no capital gains tax.
The process requires three parties: a settlor, a trustee, and a beneficiary. Through the trust, a "settlor" gives assets to a "trustee" in South Dakota to look after and invest for a "beneficiary, usually a direct relative of the settlor."
All three parties can legally claim that the money isn't theirs.
The settlor and the beneficiary never have to set foot in South Dakota.
More:
South Dakota allows for perpetual trusts, which is money that can remain untouchable and untaxable for centuries.
The settlor and the beneficiary can be the same person.
The United States is the only major country not to sign on to the Common Reporting Standard (CRS), meaning they do not need to inform other governments about assets held by foreigners
