Republican lawmakers are fuming about the large boost in funding for the IRS included in the $400 billion tax, health care and climate package passed by Democrats in the Senate over the weekend. The bill provides nearly $80 billion to strengthen the IRS, more than half of which will go specifically to increased enforcement efforts…
Author: Tobias Burns
US to provide additional $4.5 billion to keep Ukrainian government operating
The U.S. is sending out an additional $4.5 billion in aid to the government of Ukraine, bringing the total amount of budgetary support to the country since it was invaded by Russia to $8.5 billion, the Treasury Department said Monday. The funds will help keep the Ukrainian government afloat as it seeks to withstand the…
Democrats add stock buyback tax, scrap carried interest to win Sinema over
Democrats are including a tax on stock buybacks to make up for the revenue lost in their climate change package to win over Sen. Kyrsten Sinema (D-Ariz.), whose vote is a necessity to advance a centerpiece of President Biden’s economic agenda. Senate Majority Leader Charles Schumer (D-N.Y.) said Friday that the buyback tax will raise…
Kentucky expected to face enormous costs after devastating floods
Kentucky is facing enormous financial costs to rebuild after massive flooding in the eastern part of the state that has left 37 people dead and hundreds homeless. While the Federal Emergency Management Agency (FEMA) is still assessing the toll, Gov. Andy Beshear (D) said the state would need “significant dollars,” describing the disaster as “the…
Inflation Reduction Act drops most of Biden’s proposals to tax the rich
The deal struck last week by Sens. Charles Schumer (D-N.Y.) and Joe Manchin (D-W.Va.), a slimmed-down version of the Build Back Better Act, leaves out most of President Biden’s proposals to pull in greater government revenues from rich taxpayers. Increases in individual income tax rates for high earners, increases in the estate tax, increased taxes…
How landlords are evading taxes and fueling the housing crisis
Opaque ownership laws that make it easier for property owners to avoid paying taxes are compounding a national housing crisis fueled by inflation and a shortage of low- and moderate-income homes. Limited liability companies — or LLCs — are a common way for landlords to own the real estate on which they can charge…
UN hails first grain shipment out of Ukrainian agricultural corridor
United Nations Secretary-General Antonio Guterres hailed the first shipment of grain out of Ukraine on Monday as part of a trade corridor set up by Russia, Ukraine, Turkey and the U.N. as “an enormous collective achievement.” The shipment left the port of Odesa bound for Lebanon and consisted of nearly 27,000 metric tons of corn…
Is there a recession? Only the National Bureau of Economic Research gets to decide
Commerce Department data this week found the U.S. economy shrank for a second quarter in a row, sparking a new debate about whether the nation is in a recession. Negative growth in two consecutive quarters fulfills a common definition for a recession — and it’s the official way of making such a call in some…
Is the US in a recession? It depends on who you ask.
The Commerce Department released data on Thursday showing that the U.S. gross domestic product (GDP) shrunk for a second consecutive quarter. The data prompted media headlines warning about the increased possibility of a recession and outcry from Republicans, quick to slam President Biden for his economic policies. For its part, the Biden administration…
What the Treasury is doing to address the housing shortage
The Treasury Department is making moves to address the shortage of affordable housing across the U.S. — an issue that has only been exacerbated by pandemic complications, rising interest and soaring inflation. Treasury announced Wednesday that it’s making more money available for affordable housing loans as part of the nearly $2 trillion American Rescue Plan (ARP)…