The day’s business news at a glance
Enjoy tax breaks in GOP plan while they last
President Donald Trump has touted his tax overhaul as a once-in-a-generation opportunity. Yet the plan Senate Republicans have embraced could force lawmakers to rewrite the tax code repeatedly for years to come. The main reason is that some of its key planks are set to expire in several years, thereby forcing a future Congress to decide whether to renew them. The tax cuts for individuals and families? They’d vanish after eight years.
Bag the mistletoe, booze: Office parties sober up
With the names of Weinstein, Spacey and Lauer likely to be more often repeated than Dancer, Prancer and Blitzen at office holiday parties this year, employers are making sure their year-end staff merrymaking doesn’t generate more inappropriate conduct.
There will be less booze at many. An independent business organization has renewed its annual warning not to hang mistletoe. And some will have party monitors, keeping an eye out for bad behavior.
Senator: Comments on estate tax misinterpreted
A top Republican senator says his comments were misinterpreted when he defended GOP efforts to scale back the federal estate taxes because it helps those who invest rather than people who spend their money on “booze or women or movies.” Iowa Sen. Chuck Grassley says his point regarding the estate tax was taken out of context and the government shouldn’t “seize the fruits of someone’s lifetime of labor after they die.”
High court could side with state on sports betting
The Supreme Court is indicating a willingness to side with New Jersey’s effort to permit sports gambling in a case being closely watched by states interested in allowing betting on sports.
The justices heard arguments Monday in a case where New Jersey is challenging a federal law that bars gambling on football, basketball, baseball and other sports in most states.
Barkin tapped as next Richmond Fed bank chief
The Federal Reserve’s Richmond regional bank is announcing that Thomas Barkin, a senior executive at global management consulting firm McKinsey & Co., will be the bank’s next president.
He will succeed Jeffrey Lacker, who resigned as the bank’s president in April after revealing his involvement in a leak of confidential information in 2012 that had triggered congressional and criminal investigations.
McDonald’s revives Dollar Menu with $1, $2, $3 items
The Dollar Menu is making a McComeback. McDonald’s says it is reviving the name of the once-popular value menu next month, but this time the items will cost $1, $2 or $3.
The world’s biggest hamburger chain has become more reliant on deals to win customers back from other low-priced chains. In October, it attributed a rise in a key sales figure to its $1 sodas and a two-for-$5 promotion called McPick 2.
Slump for tech stocks overshadows gains by banks
Stock indexes didn’t do much at first glance on Monday, but the seemingly modest moves masked dramatic changes roiling underneath the surface. Telecom stocks and other areas of the market that stand to benefit the most from Washington’s drive to cut corporate tax rates jumped, while technology stocks slumped sharply and gave up some of the gains that have made them the best-performing area of the market this year by far.