Author: Tobias Burns

GOP rails against IRS funding in Inflation Reduction Act

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…

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…

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…

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)…