White House says Biden to release tax returns 'soon'
Raising US taxes now ‘won’t work’: Congressman
Rep. Dan Meuser, R-Pa., on Presidents Biden’s tax plans.
The White House plans to release President Biden's tax returns "soon," press secretary Jen Psaki said Monday, resuming a tradition that stopped under former President Donald Trump.
"We will be soon releasing, as we believe is the transparent approach and what the public expects, the tax returns of the president," Psaki told reporters. "I’ll have to double-check on the vice president, but I would expect those will be out soon."
THE MAY 17 TAX DEADLINE IS HERE: EVERYTHING YOU NEED TO KNOW
Trump refused to make his tax returns public while in office, breaking a modern-day precedent set by other presidents over the past four decades.
Biden released his 2019 tax return in September while campaigning for president, which showed that he and first lady Jill Biden had paid nearly $300,000 in taxes and had an adjusted gross income of $985,000.
IRS DELAYS IRA, HEALTH SAVINGS ACCOUNT CONTRIBUTION DEADLINE UNTIL MAY 17
He had previously released his returns from earlier years, which showed that Biden enjoyed a stream of wealth once leaving office, making millions of dollars mainly from lucrative book deals.
Biden's federal tax return for 2016 shows his adjusted gross income was close to $400,000 in his last year in office. His 2017 tax return shows his income soared to more than $11 million; in 2018, he earned about $4.6 million.
Denver Broncos make groundbreaking hire, adding Kelly Kleine to front office
The Denver Broncos on Monday announced the hiring of Kelly Kleine as the team's executive director of football operations.
Kleine, who spent the past 10 years with the Minnesota Vikings, is believed to be the highest-ranking woman in scouting in the history of the league.
"Kelly is a rising star in the NFL, and we're fortunate to add someone of her caliber to the Denver Broncos," Broncos general manager George Paton said. "Having worked with her for nine years in Minnesota, Kelly has a strong understanding of all aspects of football operations and player evaluation, along with outstanding leadership qualities.
Treasuries Close Nearly Unchanged Following Last Week’s Volatility
Following the volatility seen last week, treasuries showed a lack of direction over the course of the trading session on Monday.
Bond prices spent the day bouncing back and forth across the unchanged line. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by less than a basis point to 1.640 percent.
The choppy trading on the day came after treasuries moved notably higher last Thursday and Friday, partly offsetting the sell-off seen earlier in the week.
Traders may have been reluctant to make significant moves ahead of the release of the minutes of the Federal Reserve’s latest monetary policy meeting on Wednesday.
Traders are likely to closely analyze the Fed minutes for indications officials are growing concerned about the recent acceleration in inflation and considering tapering asset purchases.
The Fed has repeatedly signaled that it believes the increase in inflation largely reflects “transitory factors,” although the spike in consumer prices reported by the Labor Department last week still helped trigger the sell-off by bonds.
Trading may remain somewhat subdued on Tuesday, but traders are likely to keep an eye on the Commerce Department’s report on new residential construction in the month of April.
European Economics Preview: Germany ZEW Economic Confidence Data Due
Economic confidence survey data from Germany is due on Tuesday, headlining a light day for the European economic news.
At 2.00 am ET, Destatis releases Germany’s wholesale prices for April. Prices had increased 4.4 percent annually in March.
At 3.00 am ET, consumer price figures are due from the Czech Republic and Hungary. The Czech inflation is forecast to rise to 2.7 percent in April from 2.3 percent in March.
Hungary’s inflation is seen at 5 percent in April versus 3.7 percent in March.
At 4.00 am ET, Italy’s statistical office Istat is scheduled to release industrial production for March. Economists forecast output to grow 0.4 percent on month, following a 0.2 percent rise in February.
At 5.00 am ET, Germany’s ZEW economic confidence survey data is due. The economic sentiment index is seen at 72 in May versus 70.7 in April.
Jaguars waive Ryquell Armstead after running back missed 2020 NFL season due to COVID-19
The Jacksonville Jaguars waived Ryquell Armstead on Monday after the running back missed all of last season while battling COVID-19.
Armstead, a 2019 fifth-round pick out of Temple, was hospitalized twice and suffered respiratory issues connected to COVID-19, according to multiple reports. He was placed on the COVID-19 reserve list for a second time last September and never was activated.
As a rookie in 2019, Armstead rushed for 108 yards on 35 carries and caught two touchdowns while also contributing on special teams.
New coach Urban Meyer and general manager Trent Baalke had several other options in the backfield. James Robinson nearly set the record for rushing yards by an undrafted rookie before sitting the final two games with a knee injury, and the Jaguars selected Clemson running back Travis Etienne with the No. 25 overall pick in April's NFL draft.