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What We Are Following in the News

Gov. Bob Ferguson is backing a seismic shift in Washington’s tax code: an income tax on millionaires. https://buff.ly/CLfLv0I

Trump administration to overhaul lottery system for H-1B visas. ‘Weighted’ selection process that prioritises higher-paid and more skilled applicants will begin in February. https://buff.ly/IdY7ZXj

Financial Times has this interesting opinion piece: America’s risky bet on hydrocarbons might hurt it in the AI race. US strategy could be costly in terms of higher electricity prices, increased water stress and potential food insecurity. https://buff.ly/oEYrwus

With home affordability increasingly out of reach, many young adults are making choices that are reshaping the economy — and mostly for the worse — a new research paper says. https://buff.ly/JXK5Ofl

Initial Fourth-Quarter GDP Growth Estimate 3.0 Percent. On December 23, the initial GDPNow model estimate for real GDP growth in the fourth quarter of 2025 is 3.0 percent

Private credit firms snapped up nearly 14 times as much consumer debt this year as in 2024, piling into riskier areas such as credit cards and buy now, pay later debt. The rush of deals raises concerns about underwriting standards and risk management by Wall Street firms. https://buff.ly/9t7Dx1z