2017 is the year US money managers are dreading – 84-year-old George Soros included. The self-made billionaire, who has made calls in the past for higher taxes of wealthy Americans, may soon be getting his wish. According to Bloomberg, after years of deferring income, Soros may be looking at a $6.7 billion tax bill. He made billion by using loopholes that allowed him to defer taxes on fees paid by clients. Erin weighs in.
Then, Erin is joined by James Galbraith – professor of government at the University of Texas at Austin and author of "Inequality and Instability: A Study of the World Economy Just Before the Great Crisis." James tells us what he expects to happen next in Greece and gives us his take on whether his former colleague and new Greek finance minister Yanis Varoufakis is part of the problem. He also opines on why Europe continues with failed policy.
After the break, Bianca gives us a daily news roundup featuring other major business headlines of the day, including Carly Fiorina’s presidential run, Chrysler’s college program, Venezuela’s energy crisis, and the success of live-streaming apps during the Mayweather-Pacquiao fight.
Afterwards, Erin sits down with Rick Rule – CEO of Sprott US Holdings. Rick tells us how just the expectations of lifted sanctions on Iran are affecting global oil markets and gives us his take on how advanced technologies are reshaping the US energy economy. He sees the potential for oil market death for high marginal cost producers in the second half of the year as very real.
And in The Big Deal, Erin and Edward discuss the wise words of elderly investors Warren Buffet and George Soros.
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https://www.youtube.com/watch?v=Jc7ZC8u2R2w