Author: Tobias Burns

IRS to conduct security review following GOP attacks, online threats

The IRS announced on Tuesday that it would conduct a large-scale security review of its operations and facilities after becoming the target of attacks both online and from congressional Republicans over $80 billion in funding allocated to the agency under the Inflation Reduction Act. “In recent days, there has been an abundance of misinformation and…

Five things to know about Weisselberg’s guilty plea

Thursday’s guilty plea from former Trump Organization Chief Financial Officer Allen Weisselberg is a major development in New York officials’ multiyear investigation into the company led by former President Trump.  Weisselberg pleaded guilty to 15 separate charges including grand larceny and criminal tax fraud in an indictment filed in New York State Supreme Court, admitting…

New construction plummeted in July, further depleting housing supply

Construction activity for new U.S. homes decreased sharply in July, and the number of permits issued for new building projects also fell as higher mortgage rates and supply chain problems continued to drive what lawmakers are calling a national housing crisis. Seasonally adjusted housing starts dropped 9.6 percent to 1.45 million units in July from…

Real estate trusts pay out big home dividends as builders bemoan ‘housing recession’

Dividends paid out on single-family homes owned by real estate investment companies have jumped more than 44 percent since last year, showing how commercial investors are taking advantage of a hot housing market that’s pricing out middle-income and first-time homebuyers. Real estate investment trusts (REITs) paid out $212 million in dividends in the second quarter…

GOP under fire for rhetoric over IRS

Republicans are coming under fire for their rhetoric over $80 billion in funding for the IRS included a massive climate, tax and health care bill that Democrats in Congress are sending to the White House. The funding, over 10 years, is intended to help the IRS enforce various provisions in the Inflation Reduction Act, which…

Wholesale prices decline 0.5 percent as inflation eases in July

Wholesale prices dropped 0.5 percent in July to hit a 9.8 percent annual increase, down from an 11.3 percent annual increase in June as 40-year high inflation continued to show signs of easing. The Labor Department’s Producer Price Index (PPI) showed that demand for goods dropped 1.8 percent from June to July as demand for…

New figures suggest inflation may be at a turning point

Inflation didn’t rise between June and July according to new figures from the Labor Department’s consumer price index (CPI), the first numbers in some time that suggest rising prices may finally be at a turning point. Prices aren’t actually going down. In fact, the new figures, while unchanged from June, were 8.5 percent higher than…