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Maine joins blue states with new 2% millionaire tax surcharge

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Maine joins blue states with new 2% millionaire tax surcharge

Maine has officially joined the ranks of high-tax blue states as Democratic Gov. Janet Mills signed a controversial new millionaire tax into law, sparking immediate warnings that the move will punish local business owners and stifle investment.

Effective Jan. 1, 2026, the new law bypasses traditional Republican opposition to implementing a permanent income tax surcharge as it was included in a supplemental budget bill. The legislation, titled LD 2212, allows for a 2% tax on individual incomes exceeding $1 million and $1.5 million for joint filers.

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It pushes Maine’s top marginal rate from 7.15% to 9.15% and impacts an estimated 2,600 filers, as the new tax is expected to bring in $160 million over the next two years.

Progressive lawmakers and Gov. Mills, who previously resisted such hikes, argue the tax is a necessary response to federal policies and a way to fund “Free Community College.”

CALIFORNIA BILLIONAIRE TAX NEARS BALLOT AFTER UNION COLLECTS NEARLY DOUBLE REQUIRED SIGNATURES

“This budget will deliver significant relief to Maine people facing rising prices because of the shortsighted actions of the Trump Administration,” Mills said in a press release. “The supplemental budget gives money directly back to the people of Maine, it builds on my Administration’s historic investments in housing, it makes Free Community College permanent, it delivers more property tax relief and funding for childcare and importantly, preserves critical funding for schools and health care for the coming years.”

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Maine harbor view with lobster traps

A view of the harbor in Bernard, Maine. (Getty Images)

“Those who benefit the most from our economy do so because of the people, infrastructure and communities that support that success,” State Rep. Cheryl Golek, D-Harpswell, told the Michigan Advance. “Asking for a small additional contribution from the wealthiest in our state is a reasonable and widely supported step toward a fairer system.” 

However, in the weeks following the law’s passage, the Maine State Chamber of Commerce has warned that it functions as a tax on local entrepreneurship and retirement.

“This new surcharge isn’t hitting Wall Street — it’s hitting the sale of local businesses that have kept people working for decades. When a Maine business owner finally sells after 30 years of hard work, we shouldn’t punish that moment of success,” former Maine senator and business owner Brian Langley said in a news conference.

“Many Maine businesses, particularly small and family-owned companies, would feel the direct impact of higher income taxes, reducing their ability to reinvest, grow and hire,” Maine State Chamber of Commerce President and CEO Patrick Woodcock added. “At a time when our economic outlook is uncertain, those resources should be focused on strengthening Maine’s long-term growth potential.”

Additionally, conservative fiscal watchdogs argue that Maine is moving in the opposite direction of the rest of the country, where many states are currently slashing rates to attract residents.

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“Twenty-three states have reduced their top marginal income tax rates since 2021, while six states have gone in the opposite direction, yielding a widening gulf between high- and low-income-tax states. The modest amount Maine could collect from a high-rate income tax isn’t worth the damage to the state’s economic competitiveness,” Tax Foundation’s Jared Walczak recently wrote.

Maine joins blue states Washington, Massachusetts and New Jersey in passing millionaire-related taxes. States like New York, Illinois and Michigan are examining proposals or facing stalled efforts.

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Carvana (CVNA) earnings Q1 2026

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Carvana (CVNA) earnings Q1 2026

In an aerial view, a sign is posted on the exterior of a Carvana car vending machine on July 19, 2023 in Daly City, California.

Justin Sullivan | Getty Images

Shares of Carvana jumped by as much as 10% in extended trading after the company reported record results during the first quarter that topped Wall Street’s expectations.

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Here’s how the company performed in the first quarter, compared with average estimates compiled by LSEG:

  • Earnings per share: $1.69 vs. $1.43 expected
  • Revenue: $6.43 billion vs. $6.08 billion expected

The online used car retailer reported adjusted earnings before interest, taxes, depreciation and amortization of $672 million, and net income of $405 million, up from $373 million a year earlier.

Carvana reported retail sales of 187,393 units, a 40% increase compared with a year earlier. Its revenue was $6.43 billion, up 52% from a year ago.

The company does not release annual guidance but said it expects sequential increase in both retail units sold and adjusted EBITDA during the second quarter, leading to all-time company records on both metrics.

Shares of Carvana, which has a roughly $87 billion market cap, are off 6% in 2026, but are roughly 63% higher over the past year.

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US stocks today: Microsoft cloud revenue accelerates as spending growth cools

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US stocks today: Microsoft cloud revenue accelerates as spending growth cools
Microsoft‘s cloud revenue growth increased in the March quarter while its spending rose less-than-expected as the software giant looks to convince investors that its big bet on artificial intelligence would pay off.

Capital expenditure rose 49% to $31.9 billion in the company’s fiscal third quarter, the company said on Wednesday, compared with Wall Street expectations of $34.90 billion, according to Visible Alpha. Spending had ‌totaled $37.5 billion in ⁠the second ⁠quarter.

The results could ease fears that sluggish adoption of its Copilot 365 assistant for businesses and a heavy reliance on OpenAI may have chipped away Microsoft’s early lead in the AI race.

It may also help justify data-center ⁠spending that ‌has strained cash flows, with major cloud players on track to spend more than $600 billion on AI infrastructure this year.

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To sharpen its competitive ⁠edge, Microsoft has aggressively added Anthropic’s technology to its cloud service and products like Copilot amid rising demand for the Claude creator’s models. The expanded AI model options helped the company land on Monday its biggest-ever roll-out of Copilot, covering roughly 743,000 Accenture employees – a majority of the IT firm’s workforce.
Earlier this week, Microsoft also overhauled its OpenAI deal to lock in its 20% cut of the startup’s revenue through 2030 regardless of whether it ‌achieves technological breakthroughs.
But the new arrangement also strips Microsoft of exclusive rights to resell OpenAI’s products on its cloud, just as competition heats up from Alphabet and Amazon.

The e-commerce ⁠giant has already started offering OpenAI’s latest models and Codex coding tool on its cloud.

The move could free up cloud capacity for Microsoft, which has blamed shortages for holding back revenue growth and used that to argue for its massive spending.

Funding those outlays has, however, forced companies to look for ways to cut costs. Microsoft earlier this month rolled out its first employee buyout program in more than five decades.

Amazon and Meta have also announced job cuts affecting thousands of employees.

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Slideshow: Crafting new-age confectionery innovations

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Slideshow: Crafting new-age confectionery innovations

Manufacturers are tapping into texture, flavor trends to drive product development.

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Universal Music Group N.V. (UNVGY) Q1 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Operator

Good evening, and welcome to Universal Music Group’s First Quarter Earnings Call for the period ended March 31, 2026. My name is Gavin and I will be your conference operator today. Your speakers for today’s call will be Sir Lucian Grainge, Chairman and CEO of Universal Music Group; and Matt Ellis, Chief Financial Officer. They will be joined during Q&A by Michael Nash, Chief Digital Officer; and Boyd Muir, Chief Operating Officer. [Operator Instructions]

As a reminder, this call is being recorded. Please also let me remind you that management’s commentary and responses to questions on today’s call may include forward-looking statements, which, by their nature, are uncertain and outside of the company’s control. Although these forward-looking statements are based on management’s current expectations and beliefs, actual results may vary in a material way.

For a discussion of some of the factors that could cause actual results to differ from expected results, please see the Risk Factors section of UMG’s 2025 annual report, which is available on the Investor Relations page of UMG’s website at universalmusic.com. Management’s commentary will also refer to non-IFRS measures on today’s call. Reconciliations are available in the press release on the Investor Relations page of UMG’s website.

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Thank you. Sir Lucian, you may begin your conference.

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Extra Space Storage Inc. (EXR) Q1 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Q1: 2026-04-28 Earnings Summary

EPS of $1.14 beats by $0.04

 | Revenue of $733.21M (4.09% Y/Y) beats by $5.50M

Extra Space Storage Inc. (EXR) Q1 2026 Earnings Call April 29, 2026 1:00 PM EDT

Company Participants

Jared Conley – Vice President of Financial Planning Analysis
Joseph Margolis – CEO & Director
Jeff Norman – Executive VP & CFO

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Conference Call Participants

Michael Goldsmith – UBS Investment Bank, Research Division
Samir Khanal – BofA Securities, Research Division
Brendan Lynch – Barclays Bank PLC, Research Division
Ravi Vaidya – Mizuho Securities USA LLC, Research Division
Eric Wolfe – Citigroup Inc., Research Division
Viktor Fediv – Scotiabank Global Banking and Markets, Research Division
Juan Sanabria – BMO Capital Markets Equity Research
Michael Griffin – Evercore ISI Institutional Equities, Research Division
Ronald Kamdem – Morgan Stanley, Research Division
Todd Thomas – KeyBanc Capital Markets Inc., Research Division
Salil Mehta – Green Street Advisors, LLC, Research Division
Caitlin Burrows – Goldman Sachs Group, Inc., Research Division
Eric Luebchow – Wells Fargo Securities, LLC, Research Division
Michael Mueller – JPMorgan Chase & Co, Research Division

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Presentation

Operator

Hello, everyone. Thank you for joining us, and welcome to Extra Space Storage Inc. Q1 2026 Earnings Call. [Operator Instructions]

I will now hand the conference over to Jared Conley, Vice President of Investor Relations. Please go ahead.

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Jared Conley
Vice President of Financial Planning Analysis

Thanks, Karen. Welcome to Extra Space Storage’s First Quarter 2026 Earnings Call. In addition to our press release, we have furnished unaudited supplemental financial information on our website.

Please remember that management’s prepared remarks and answers to your questions may contain forward-looking statements as defined in the Private Securities Litigation Reform Act. Actual results could differ materially from those stated or implied by our forward-looking statements due to risks and uncertainties associated with the company’s business. These forward-looking statements are qualified by the cautionary statements contained in the company’s latest filings with the SEC, which we encourage our listeners to review. Forward-looking statements represent management’s estimates as of today, April

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Google parent Alphabet’s cloud unit beats quarterly revenue estimates on strong AI demand

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Google parent Alphabet's cloud unit beats quarterly revenue estimates on strong AI demand
Alphabet topped Wall Street estimates for quarterly revenue growth at its cloud computing unit on Wednesday, driven by sustained enterprise spending on artificial-intelligence infrastructure.

Shares of the company were up about 4% in extended trading.

Alphabet’s total revenue rose 22% to $109.9 billion in the first quarter, compared with an estimate of $107.2 billion, according to LSEG data.

Revenue at Google Cloud grew 63% to $20 billion in the first quarter ended March, compared with analysts’ ‌average estimate ⁠of a ⁠50.1% increase, according to data compiled by LSEG.

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The cloud unit’s backlog nearly doubled quarter on quarter to over $460 billion, the company said.


The third-largest cloud services provider globally, behind Amazon Web Services and Microsoft’s Azure, has continued to land major deals, including expanded AI infrastructure partnerships with Meta and cybersecurity firm Palo Alto Networks.
The results underscore Alphabet’s position as a key beneficiary of a global surge in spending on artificial intelligence, even as investors remain watchful of whether massive outlays ⁠on infrastructure ‌will translate into sustained growth and market share gains. Strong demand for cloud-based AI services continues to outstrip supply across the industry, pushing hyperscalers to accelerate investments in ⁠data centers, advanced chips and networking equipment.

Alphabet, Microsoft, Amazon and Meta are expected to collectively spend well over $600 billion this year to expand AI capacity, as competition intensifies and companies race to secure computing power.

Google Cloud’s performance comes at a time when rivals have delivered mixed signals on growth, helping ease concerns about potential market share losses for Alphabet in the highly competitive cloud market.

At the same time, capacity constraints remain a bottleneck across the sector, limiting providers’ ability to fully capitalize on AI-driven demand ‌despite aggressive spending plans.

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Alphabet has also gained traction in its in-house AI efforts. Its Gemini models, including newer iterations rolled out this year, have seen rising adoption across enterprise and consumer applications, strengthening ⁠the company’s position in the AI race.

A partnership to power Apple’s artificial intelligence features, including upgrades to Siri, is expected to significantly expand Google’s reach across a vast global device base.

Alphabet shares have outperformed most Big Tech peers over the past year, supported by growing signs that AI integration is lifting its core search and advertising businesses.

AI-driven features such as AI Overviews and AI Mode continue to boost user engagement, while opening new avenues for monetization. The company has expanded ads within AI-generated responses across multiple markets and said monetization is broadly in line with traditional search.

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United Airlines pilot reports possible drone strike near San Diego airport

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United Airlines pilot reports possible drone strike near San Diego airport

A United Airlines pilot reported a potential collision with a drone Wednesday morning while approaching its destination at San Diego International Airport, according to a flight audio recording.

The flight, a Boeing 737 that departed from San Francisco, reportedly struck the object at an altitude of roughly 3,000 to 4,000 feet — well above the elevation typically permitted for drones under federal regulations. 

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“We hit a drone at around 3,000 feet,” the pilot said, according to a recording with air traffic controllers posted by ATC.com and shared on social media.

He added that the incident occurred as the plane was approaching landing.

WHAT A GOVERNMENT STAKE IN SPIRIT AIRLINES COULD MEAN FOR PASSENGERS AND THE INDUSTRY

United Airlines

A United Airlines passenger plane flies over the sky near San Francisco, California, United States, on October 7, 2022.  (Tayfun Coskun/Anadolu Agency via Getty Images)

The airline told FOX Business the plane did report a drone encounter, but the company could not confirm whether it struck the device.

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“United flight 1980 reported a potential drone prior to arriving in San Diego,” the company said. 

“While approaching San Diego International Airport at about 4,000 feet altitude, the crew of United Airlines Flight 1980 told air traffic control they believed they saw a drone 1,000 feet below them,” the Federal Aviation Administration added in a statement to FOX Business.  

CHEVRON CEO WARNS AVIATION STRAIN COULD WORSEN AS JET FUEL CRUNCH DEEPENS

drone flying over hills

A drone is flying over the hills during sunset. (iStock)

According to the audio recording, the pilot described the object as a very small, red, shiny drone heading west.

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The reported collision did not appear to affect the flight, which was carrying 48 passengers and six crew members, the company said.

United Airlines said the flight landed safely and passengers deplaned normally at the gate.

Maintenance crews also found no damage from the reported collision following a thorough inspection of the aircraft.

Ticker Security Last Change Change %
UAL UNITED AIRLINES HOLDINGS INC. 88.62 -1.79 -1.98%

The FAA added that no other nearby pilots reported seeing a drone.

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“Air traffic control alerted other pilots but did not receive any additional drone-sighting reports,” the agency said. 

San Francisco International Airport (SFO)

A United Airlines plane takes off from San Francisco International Airport (SFO) in San Francisco, California, United States on March 23, 2026.  (Tayfun Coskun/Anadolu via Getty Images)

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Drone operations, especially near an airport, are strictly regulated by the FAA.

Depending on the location, drones operating without a waiver are prohibited from flying within several miles of an airport, with altitude limits that typically cap operations at just a few hundred feet.

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Postal Realty Trust: Government-Backed Cash Flows, Private Market Returns (NYSE:PSTL)

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Postal Realty Trust: Government-Backed Cash Flows, Private Market Returns (NYSE:PSTL)

This article was written by

Steven Cress is VP of Quantitative Strategy and Market Data at Seeking Alpha. Steve is also the creator of the platform’s quantitative stock rating system and many of the analytical tools on Seeking Alpha. His contributions form the cornerstone of the Seeking Alpha Quant Rating system, designed to interpret data for investors and offer insights on investment directions, thereby saving valuable time for users. He is also the Founder and Co-Manager of Alpha Picks, a systematic stock recommendation tool designed to help long-term investors create a best-in-class portfolio.Steve is passionate and dedicated to removing emotional biases from investment decisions. Utilizing a data-driven approach, he leverages sophisticated algorithms and technologies to simplify complex, laborious investment research, creating an easy-to-follow, daily updated grading system for stock trading recommendations.Steve was previously the Founder and CEO of CressCap Investment Research until its acquisition by Seeking Alpha in 2018 for its unparalleled quant analysis and market data capabilities. Prior to that, he had also founded the quant hedge fund Cress Capital Management, after spending most of his career running a proprietary trading desk at Morgan Stanley and leading international business development at Northern Trust.With over 30 years of experience in equity research, quantitative strategies, and portfolio management, Steve is well-positioned to speak on a wide range of investment topics.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given that any particular security, portfolio, transaction or investment strategy is suitable for any specific person. The author is not advising you personally concerning the nature, potential, value or suitability of any particular security or other matter. You alone are solely responsible for determining whether any investment, security or strategy, or any product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. Steven Cress is the Head of Quantitative Strategy at Seeking Alpha. Any views or opinions expressed herein may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank.

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Amazon shares lower as record AI investment offsets cloud acceleration

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Amazon shares lower as record AI investment offsets cloud acceleration

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Donald Deibler: Building Community Through Business

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Donald Deibler: Building Community Through Business

Donald Deibler did not set out to chase trends. He focused on people, hard work, and steady growth. Today, he stands out as a local business leader who helps turn small ideas into real community staples.

His story starts in a small Pennsylvania town and grows into something much bigger.

From Small-Town Roots to Business Mindset

Donald Deibler

grew up in Donaldson, Pennsylvania, in a large family with five siblings. Life was simple, but it was full. Sports, family time, and shared responsibilities shaped his early years.

“I grew up around people who worked hard and showed up for each other,” he says. “That sticks with you.”

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He carried that mindset into school. After graduating from Pine Grove Area High School in 2011, he attended Albright College. There, he studied Music Business and graduated in 2015.

At first glance, music business may not seem like a direct path to food service. But for Donald, it built a foundation.

“It taught me how to think about operations, branding, and how people connect with a product,” he explains.

How Donald Deibler Built His Business Career

After college, Donald stepped into the world of small business. He became the Business Manager of All Stars Ice Cream and Café Bakery.

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This role gave him hands-on experience. He learned how to manage day-to-day operations, handle customer expectations, and keep a business running smoothly.

“You learn fast in a small business,” he says. “Every decision matters, and you see the results right away.”

But his biggest impact came through another venture closer to home.

The Vision Behind Dead Horse Beer & Burritos

Dead Horse Beer & Burritos is owned by Donald’s wife. But Donald plays a key role behind the scenes. He describes himself as “the man behind the vision,” helping bring the idea to life.

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“I’ve always believed in what we’re building,” he says. “It’s not just a business. It’s something for the community.”

From planning to execution, Donald has been involved in shaping the direction of the restaurant. He supports operations, helps solve problems, and even steps into the kitchen when needed.

“I like being hands-on,” he says. “If something needs to get done, I’ll jump in.”

That mindset reflects his leadership style. He does not lead from a distance. He works alongside his team.

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Leadership Style: Hands-On and Community Focused

Donald’s approach to leadership is simple. Show up. Do the work. Support your team.

He often works directly with staff and stays close to the customer experience. Whether it is helping in the kitchen or managing operations, he focuses on consistency.

“If customers aren’t happy, nothing else matters,” he says. “You have to earn that trust every day.”

His leadership also extends beyond the business walls. He believes local businesses should support the communities they serve.

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Why Community Involvement Matters in Business

Donald makes sure his businesses give back. He supports donations to local youth sports, including Tri Valley Little League. He also volunteers at St. Peter’s UCC and coaches youth sports.

“Kids need support and structure,” he says. “If we can help with that, we should.”

For him, community involvement is not a side effort. It is part of the business model.

“Being part of a town means showing up, not just selling something,” he adds.

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Life Outside Work: Staying Grounded

Outside of business, Donald stays active and connected to his roots. He enjoys riding dirt bikes and ATVs at places like Rauch Creek Trail and The Flying Dutchman.

He also spends time hunting, fishing, and traveling. Another passion is renovating houses, which reflects his interest in building and improving things over time.

“I like projects where you can see progress,” he says. “You start with something rough and turn it into something better.”

That same mindset shows up in his business work.

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Lessons from Donald Deibler’s Journey

Donald’s career is not built on big headlines. It is built on steady effort and clear priorities.

He focuses on people. He stays involved. And he keeps things practical.

“Success isn’t complicated,” he says. “It’s about doing the basics right, over and over.”

His journey shows how local leadership can have real impact. By staying close to the work and the community, he has helped build businesses that last.

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For readers interested in entrepreneurship, his story offers a clear takeaway. Growth does not always come from big moves. Often, it comes from small, consistent actions done well.

And for Donald Deibler, that approach continues to guide everything he does.

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