Must-Read Money Stories for Tuesday, Nov. 8

by November 8, 2016
The big day is finally here. (Creative Commons image via Jay Phagan on flickr, CC by 2.0)

Exhausted or exhilarated, the big day is finally here. (“Vote Here Sign” image via Jay Phagan on flickr, CC by 2.0)

 

Following results

The big day is finally here. Bloomberg has a guide on what to watch in the financial markets as results start pouring in. And, in a break from journalistic tradition, Slate plans to report real-time projections for seven battleground states based on exit polling throughout the day. Slate says the new project, in partnership with startup VoteCastr, is an “experiment” and might not be predictive of the final result.

Taxing the rich

It may not have always seemed like it from the campaign rhetoric, but there are actual policy issues at stake in this year’s presidential race. One of them is taxes. On that subject, the National Bureau of Economic Research published a new working paper yesterday outlining the effects of the 2013 tax hike on wealthy Americans. The LA Times has a summary of the research findings. Basically, raising taxes on the rich did generate revenue without hurting the economy. But it did nothing for reducing inequality.

Pot at the polls

Another big election issue to look out for is marijuana. CNBC reports five states seem poised to approve recreational marijuana at the ballot box. Another four are considering various versions of medical marijuana approval. CNBC says all of it is likely to add up to a pot industry worth more than $20 billion by 2020. That’s also creating a new demand for startups to create a data-driven approach to selling marijuana across multiple states.

Closed for the day

More companies are giving their workers paid holidays today. CNNMoney reports General Motors, Ford, Hearst Publications and others are offering the day off so their workers can go to the polls. Patagonia stores will also be closed, with signs posted on the door explaining the reason for the day off. The YMCA will not be among the organizations closed on Election Day. USA Today reports the Y will stay open to offer free daycare for parents who want to go out and vote.