Ticker: Musk says call to tax the rich wont see action; States jobless rate dips below 3%

Elon Musk, the world’s richest-person and head of electric carmaker Tesla Inc., said President Joe Biden’s call for more taxes on super-wealthy Americans will only hurt lower-to-middle income groups.

“I agree that we should make elaborate tax-avoidance schemes illegal, but acting upon that would upset a lot of donors, so we will see words, but no action,” he said in a tweet. “Those who will actually be forced to carry the burden of excess government spending are lower to middle income wage earners, as they cannot escape payroll tax.”

Musk’s tweet came in response to one from Biden saying “It’s about time the super-wealthy start paying their fair share.”

During his campaign rally in Philadelphia on Saturday, Biden asked union workers to support his reelection bid and called for new taxes on the wealthy and corporations.

State’s jobless rate dips below 3%

The Massachusetts unemployment rate dropped to 2.8 percent in May, nearly a full point below the national rate, as the labor market continues to hold up despite slower economic growth in recent months.

The jobless rated released Friday morning was 0.3 percentage points below the revised April rate of 3.1 percent. The April jobless rate was originally reported last month at 3.3 percent.

The Executive Office of Labor and Workforce Development on Friday also cited Bureau of Labor Statistics estimates indicating that Massachusetts gained 5,700 jobs in May, on the heels of April’s revised gain of 5,900 jobs.

Massachusetts has gained 704,100 jobs since employment levels plummeted in April 2020 at the onset of the pandemic. In the past year, the state has gained 105,100 jobs, according to the bureau’s estimates.

 

from Boston Herald https://ift.tt/VgRPSvI