We are edging towards a soak-the-rich economy. To borrow from Winston Churchill: Rarely would so much be taken from so few. To be sure, the United States is undertaxed in the sense that people want more government spending than they are willing to pay for with higher taxes. Here are the numbers. In 2019, federal taxes equaled 16% of the ...

Americans have become polarised over something other than politics. We’re now divided into those who are washing our hands more carefully and more often, but otherwise living as usual, and those who are buying a year’s supply of toilet paper at Costco and, at the extreme end, ordering $400 bottles of now-rare Purell. For every Covid-19 headline urging “don’t panic,” ...

Wall Street’s giants are grappling with an unprecedented test of their business resilience — arguably their biggest challenge since 2008. A potential pandemic is forcing a complete rethink of how they operate, while stock markets plummet amid fears of an economic slump. For JPMorgan Chase & Co, the world’s most systemically important financial institution, the sudden absence of its powerful ...