CNBC.com's Pippa Stevens brings you the day's top business news headlines. On today's show, Eamon Javers breaks down a recent court decision allowing the IRS to access the identities of taxpayers who use cryptocurrencies. Plus, Robert Frank explains what he calls the "triple tax threat" to real estate investors under President Biden's policy proposals.
Here's what else we're reading:
Wealthy families could face combined tax rates of as much as 61% on inherited wealth under President Joe Biden's tax plan, according to a recent analysis and tax accountants.
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As part of his American Families Plan, Biden is proposing to nearly double the top tax rate on capital gains and eliminate a tax benefit on appreciated assets known as the "step-up in basis." Combining the estate tax, the new higher capital gains rate and the repeal of step-up in basis could bring total effective marginal rates as high as 61%, according to an analysis from the Tax Foundation.
The rate would be the highest such rate in nearly a century, according to the tax policy research group.
Peloton on Thursday reported fiscal third-quarter sales growth of 141%, saying recent investments in its supply chain allowed it to improve deliveries.
The company said average wait times for its Bike are now back to pre-pandemic levels.
However, the company's stock fell nearly 5%, as it didn't provide a financial outlook.
Peloton is dealing with the fallout from a recall of its treadmills. During an earnings conference call, management said the planned launch of the company's less-expensive treadmill in the U.S. will be postponed, until new safety features for the machines are approved.
Square reported $3.5 billion in bitcoin revenue, up eleven times year over year. But bitcoin gross profit was only $75 million, or approximately 2% of revenue.
Gross profit grew 79% year over year to $964 million in the quarter that ended Mar. 31, according to a statement.
Cash App gross profit came in at $495 million, up 171% year over year. In March, Square's peer-to-peer competitor to Venmo began offering customers the ability to instantly send bitcoin for free.