Recall day in California | New taxes for the rich?

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VIEW IN BROWSER | SUBSCRIBE TUE, SEP 14, 2021 CNBC POLITICS EDITOR'S NOTE Hello,   It's recall election day in California. House Democrats are floating new taxes on the rich and big companies to pay for their ambitious spending package. And SEC Chairman Gary Gensler is slated to testify before lawmakers today.   Here are some stories we're following at CNBC Politics: Newsom's moment of truth: This is it. Voters in the Golden State will determine whether Gov. Gavin Newsom can keep his job. For a while it looked like the Democrat was on shaky ground. But polling turned around after it became clear that Trump-friendly Larry Elder was the GOP frontrunner for governor if Newsom were to be recalled. Newsom has also received some help from the top Democrats in the country: President Biden and Vice President Harris, showing just how important it is to the party that it holds on to power in California.  Gensler on the Hill: The top markets regulator will face grilling from lawmakers starting at 10 a.m. today. Expect cryptocurrency to be a big topic, especially since the SEC under Gensler's watch has made no secret about its concerns regarding those markets. CNBC's Thomas Franck has a preview. Read it here. Big bill, bigger taxes: It's time for Democratic lawmakers to put their cards on the table as they draw up the language for a $3.5 trillion spending package aimed at boosting health and child care, among other social programs. Centrists like Sen. Joe Manchin have balked at the price tag, while members of the more liberal wing of the party have said they want to pay for it all with targeted tax hikes. A new House plan calls for top corporate and individual tax rates of 26.5% and 39.6%, respectively, as well a 3% surcharge on individual income above $5 million and a capital gains tax of 25%. Read more here. In case you missed it: Be sure to check out  Christina Wilkie's analysis of where all the American money went in Afghanistan over the 20 years since 9/11, and Brian Schwartz's dive into the problems plaguing prominent law firm Boies Schiller.  Thanks for reading CNBC Politics.   Thoughts? Tips? Email us at CNBCPolitics@nbcuni.com.   Have friends or colleagues who might like this newsletter? They can sign up here.  Mike Calia @Michael_Calia KEY STORIES  House Democrats propose new tax hikes to pay for their $3.5 trillion bill: Here are the details House Democrats proposed a 26.5% top corporate tax rate and 39.6% top individual rate as they try to pay for a $3.5 trillion bill. California Gov. Gavin Newsom poised for victory in upcoming recall election as polls swing sharply in his favor The Sept. 14 recall election is just one day away, and California Gov. Gavin Newsom is now on course to easily defeat the Republican-led recall effort. Lawmakers to grill SEC Chair Gensler on crypto during Senate hearing Senators will grill Securities and Exchange Commission chairman Gary Gensler on Tuesday over the agency's plans for cryptocurrency. Secretary of State Blinken calls Taliban 'the de facto government of Afghanistan' Secretary of State Antony Blinken said during a contentious congressional hearing on Monday that the Taliban "is the de facto government of Afghanistan." Here are the major issues and deadlines facing Congress as lawmakers return to Washington Democrats aim to pass President Biden's economic plans, fund the government, raise the debt ceiling and approve an abortion rights bill in weeks. 1 million Afghan children are at risk of starvation, UNICEF director warns At least 1 million children in Afghanistan will suffer from severe acute malnutrition this year, UNICEF executive director Henrietta Fore warned. Media companies linked to Steve Bannon pal Guo Wengui reach $539 million SEC settlement for illegal offerings SEC says media companies linked to wealthy Chinese exile Guo Wengui settle for over $500 million following probe. Biden to deliver first UN General Assembly speech as president Sept. 21 President Joe Biden next week will deliver his first speech before the United Nations General Assembly since taking office. Prince Andrew attorney tells judge sex lawsuit by Jeffrey Epstein accuser might not be legal Prince Andrew is accused of sexually abusing a Jeffrey Epstein accuser while she was in the clutches of that ex-friend of Donald Trump and Bill Clinton. '9/11 millionaires' and mass corruption: How American money helped break Afghanistan U.S. government contracts in Afghanistan fueled a system of mass corruption that engulfed the country and, eventually, doomed its fragile democracy.      Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS