Author: Tobias Burns

Rettig out as IRS commissioner

The Treasury Department on Friday announced the departure of IRS Commissioner Charles Rettig, whose term is set to end in mid-November. Before Congress approves a new permanent IRS chief, the agency will be headed by deputy commissioner Douglas O’Donnell as acting chief, the Treasury said. “I want to thank Commissioner Rettig for his tireless service…

Wage growth ticks down, causing markets to soar

New data showing a slowdown in wage growth on Friday is leading to a big day on the stock market. Compensation rose 1.2 percent in the third quarter, a tick down from the 1.3 percent growth in the previous quarter, according to the data released Friday by the Labor Department. Wage growth at an annualized…

House GOP lawmakers push permanent tax cuts amid soaring inflation

House Republicans on the chief tax-writing Ways and Means Committee are seeking to make the tax cuts and adjustments enacted in the 2017 overhaul of the tax system permanent, a move economists say would stimulate the economy at the same time the Federal Reserve is trying to rein in demand against 40-year-high inflation. Ways and…

Trump loses latest bid to shield tax returns from House committee

A federal court cleared the way Thursday for a Democratic-led House committee to review former President Trump’s tax returns, although the Supreme Court could still block the action. Judges on the D.C. Circuit Court of Appeals upheld a ruling that courts won’t stand in the way of the House’s chief tax committee seeing Trump’s financial…

Liz Truss’s downfall sparks talk of democracy’s decline in UK

Questions of democratic legitimacy are swirling in the United Kingdom after the resignation on Thursday of Prime Minister Liz Truss, whose government collapsed just 44 days after she took office. Truss’s downfall will trigger a second leadership election within the Conservative Party’s 170,000 members to pick a third prime minister for the country of…

How to prepare for a potential recession in 2023

Many market watchers are predicting a recession in 2023 as the Fed continues to raise interest rates in its battle against 40-year-high inflation. Due to a persistently hot job market, a recession is not a certain fate, but the economy has already contracted for two quarters in a row, and a period of cooling off…

US to announce release of 15M barrels of oil from strategic reserve

The U.S. will release 15 million barrels of oil from its strategic reserve, Biden administration officials plan to announce Wednesday. The 15 million barrels are the final tranche of a disbursement of 180 million announced in March and comes as energy prices threaten to rise again less than a month before Election Day. Rising prices…