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Biden won’t accept debt deal protecting crypto traders

United States President Joe Biden has expressed opposition to a debt ceiling deal that he says would benefit “wealthy tax cheats and crypto traders”…

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United States President Joe Biden has expressed opposition to a debt ceiling deal that he says would benefit “wealthy tax cheats and crypto traders” while putting food assistance programs at risk.

United States President Joe Biden expressed opposition to a debt ceiling agreement with Republican leaders that would allegedly benefit crypto traders. Attending the Group of Seven (G7) Summit in Hiroshima, Japan on May 21, Biden called the Republicans’ proposed terms “unacceptable” during a press conference.

“I’m not going to agree to a deal that protects wealthy tax cheats and crypto traders while putting food assistance at risk for nearly a hundred — excuse me — nearly 1 million Americans.”

The alleged protections for crypto traders refer to tax-loss harvesting. According to the Washington Post, there’s an ongoing discussion between the White House and Republican leaders about blocking that the mechanism for cryptocurrency transactions.

Crypto tax-loss harvesting is a strategy that investors use to reduce their overall tax liabilities. It involves selling a cryptocurrency at a loss to offset capital gains from crypto profit. To claim a loss, the assets must be sold, and the proceeds must be used to purchase a similar asset within 30 days before or after the sale. The mechanism is also available for stocks and other assets.

Related: US debt ceiling crisis: Bullish or bearish for Bitcoin?

Along with ending tax-loss harvesting for crypto, the White House pitched Republicans a similar proposal that bars investors from deferring taxes on real estate swaps. Both the changes would add about $40 billion in tax revenue for the U.S. government.

Republicans reject the proposals, a source told the Post. House Speaker Kevin McCarthy claims the U.S. debt rise is a “spending problem, not a revenue problem," citing the Biden administration’s excessive spending during the pandemic. Meanwhile, the White House blames the debt issue on tax cuts from previous administrations, claiming revenue has been significantly affected by tax reductions.

Republicans want to close the deficit with $4.8 trillion in spending cuts, which would directly affect federal agencies’ budgets. If Congress fails to raise the debt ceiling, the U.S. could default as early as June 1. Biden will reportedly speak with McCarthy on the phone during his flight from Hiroshima to Washington, D.C.

In effect since 1917, the debt ceiling is the limit that Congress has set on how much money the federal government can borrow to pay i bills.

Magazine: Best and worst countries for crypto taxes — Plus crypto tax tips

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One more airline cracks down on lounge crowding in a way you won’t like

Qantas Airways is increasing the price of accessing its network of lounges by as much as 17%.

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Over the last two years, multiple airlines have dealt with crowding in their lounges. While they are designed as a luxury experience for a small subset of travelers, high numbers of people taking a trip post-pandemic as well as the different ways they are able to gain access through status or certain credit cards made it difficult for some airlines to keep up with keeping foods stocked, common areas clean and having enough staff to serve bar drinks at the rate that customers expect them.

In the fall of 2023, Delta Air Lines  (DAL)  caught serious traveler outcry after announcing that it was cracking down on crowding by raising how much one needs to spend for lounge access and limiting the number of times one can enter those lounges.

Related: Competitors pushed Delta to backtrack on its lounge and loyalty program changes

Some airlines saw the outcry with Delta as their chance to reassure customers that they would not raise their fees while others waited for the storm to pass to quietly implement their own increases.

A photograph captures a Qantas Airways lounge in Sydney, Australia.

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This is how much more you'll have to pay for Qantas lounge access

Australia's flagship carrier Qantas Airways  (QUBSF)  is the latest airline to announce that it would raise the cost accessing the 24 lounges across the country as well as the 600 international lounges available at airports across the world through partner airlines.

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Unlike other airlines which grant access primarily after reaching frequent flyer status, Qantas also sells it through a membership — starting from April 18, 2024, prices will rise from $600 Australian dollars ($392 USD)  to $699 AUD ($456 USD) for one year, $1,100 ($718 USD) to $1,299 ($848 USD) for two years and $2,000 AUD ($1,304) to lock in the rate for four years.

Those signing up for lounge access for the first time also currently pay a joining fee of $99 AUD ($65 USD) that will rise to $129 AUD ($85 USD).

The airline also allows customers to purchase their membership with Qantas Points they collect through frequent travel; the membership fees are also being raised by the equivalent amount in points in what adds up to as much as 17% — from 308,000 to 399,900 to lock in access for four years.

Airline says hikes will 'cover cost increases passed on from suppliers'

"This is the first time the Qantas Club membership fees have increased in seven years and will help cover cost increases passed on from a range of suppliers over that time," a Qantas spokesperson confirmed to Simple Flying. "This follows a reduction in the membership fees for several years during the pandemic."

The spokesperson said the gains from the increases will go both towards making up for inflation-related costs and keeping existing lounges looking modern by updating features like furniture and décor.

While the price increases also do not apply for those who earned lounge access through frequent flyer status or change what it takes to earn that status, Qantas is also introducing even steeper increases for those renewing a membership or adding additional features such as spouse and partner memberships.

In some cases, the cost of these features will nearly double from what members are paying now.

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Star Wars icon gives his support to Disney, Bob Iger

Disney shareholders have a huge decision to make on April 3.

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Disney's  (DIS)  been facing some headwinds up top, but its leadership just got backing from one of the company's more prominent investors.

Star Wars creator George Lucas put out of statement in support of the company's current leadership team, led by CEO Bob Iger, ahead of the April 3 shareholders meeting which will see investors vote on the company's 12-member board.

"Creating magic is not for amateurs," Lucas said in a statement. "When I sold Lucasfilm just over a decade ago, I was delighted to become a Disney shareholder because of my long-time admiration for its iconic brand and Bob Iger’s leadership. When Bob recently returned to the company during a difficult time, I was relieved. No one knows Disney better. I remain a significant shareholder because I have full faith and confidence in the power of Disney and Bob’s track record of driving long-term value. I have voted all of my shares for Disney’s 12 directors and urge other shareholders to do the same."

Related: Disney stands against Nelson Peltz as leadership succession plan heats up

Lucasfilm was acquired by Disney for $4 billion in 2012 — notably under the first term of Iger. He received over 37 million in shares of Disney during the acquisition.

Lucas' statement seems to be an attempt to push investors away from the criticism coming from The Trian Partners investment group, led by Nelson Peltz. The group, owns about $3 million in shares of the media giant, is pushing two candidates for positions on the board, which are Peltz and former Disney CFO Jay Rasulo.

HOLLYWOOD, CALIFORNIA - JUNE 14: George Lucas attends the Los Angeles Premiere of LucasFilms' "Indiana Jones and the Dial of Destiny" at Dolby Theatre on June 14, 2023 in Hollywood, California. (Photo by Axelle/Bauer-Griffin/FilmMagic)

Axelle/Bauer-Griffin/Getty Images

Peltz and Co. have called out a pair of Disney directors — Michael Froman and Maria Elena Lagomasino — for their lack of experience in the media space.

Related: Women's basketball is gaining ground, but is March Madness ready to rival the men's game?

Blackwells Capital is also pushing three of its candidates to take seats during the early April shareholder meeting, though Reuters has reported that the firm has been supportive of the company's current direction.

Disney has struggled in recent years amid the changes in media and the effects of the pandemic — which triggered the return of Iger at the helm in late 2022. After going through mass layoffs in the spring of 2023 and focusing on key growth brands, the company has seen a steady recovery with its stock up over 25% year-to-date and around 40% for the last six months.

Related: Veteran fund manager picks favorite stocks for 2024

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Another airline is making lounge fees more expensive

Qantas Airways is increasing the price of accessing its network of lounges by as much as 17%.

Published

on

Over the last two years, multiple airlines have dealt with crowding in their lounges. While they are designed as a luxury experience for a small subset of travelers, high numbers of people taking a trip post-pandemic as well as the different ways they are able to gain access through status or certain credit cards made it difficult for some airlines to keep up with keeping foods stocked, common areas clean and having enough staff to serve bar drinks at the rate that customers expect them.

In the fall of 2023, Delta Air Lines  (DAL)  caught serious traveler outcry after announcing that it was cracking down on crowding by raising how much one needs to spend for lounge access and limiting the number of times one can enter those lounges.

Related: Competitors pushed Delta to backtrack on its lounge and loyalty program changes

Some airlines saw the outcry with Delta as their chance to reassure customers that they would not raise their fees while others waited for the storm to pass to quietly implement their own increases.

A photograph captures a Qantas Airways lounge in Sydney, Australia.

Shutterstock

This is how much more you'll have to pay for Qantas lounge access

Australia's flagship carrier Qantas Airways  (QUBSF)  is the latest airline to announce that it would raise the cost accessing the 24 lounges across the country as well as the 600 international lounges available at airports across the world through partner airlines.

More Travel:

Unlike other airlines which grant access primarily after reaching frequent flyer status, Qantas also sells it through a membership — starting from April 18, 2024, prices will rise from $600 Australian dollars ($392 USD)  to $699 AUD ($456 USD) for one year, $1,100 ($718 USD) to $1,299 ($848 USD) for two years and $2,000 AUD ($1,304) to lock in the rate for four years.

Those signing up for lounge access for the first time also currently pay a joining fee of $99 AUD ($65 USD) that will rise to $129 AUD ($85 USD).

The airline also allows customers to purchase their membership with Qantas Points they collect through frequent travel; the membership fees are also being raised by the equivalent amount in points in what adds up to as much as 17% — from 308,000 to 399,900 to lock in access for four years.

Airline says hikes will 'cover cost increases passed on from suppliers'

"This is the first time the Qantas Club membership fees have increased in seven years and will help cover cost increases passed on from a range of suppliers over that time," a Qantas spokesperson confirmed to Simple Flying. "This follows a reduction in the membership fees for several years during the pandemic."

The spokesperson said the gains from the increases will go both towards making up for inflation-related costs and keeping existing lounges looking modern by updating features like furniture and décor.

While the price increases also do not apply for those who earned lounge access through frequent flyer status or change what it takes to earn that status, Qantas is also introducing even steeper increases for those renewing a membership or adding additional features such as spouse and partner memberships.

In some cases, the cost of these features will nearly double from what members are paying now.

Read More

Continue Reading

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