IRS heads into new tax season is backlog from previous year
- The Conversation
I helped balance the federal budget in the 1990s – here's just how hard it will be for the GOP to achieve that same rare feat
Bill Clinton, at right, oversaw the first balanced budget since 1969, with some help from a bipartisan deal with Newt Gingrich. AP Photo/Doug MillsKevin McCarthy reportedly promised many things to Republican hardliners en route to clinching his job as speaker of the U.S. House of Representatives. One of them was a “balanced budget” in 10 years. As part of that plan, Republicans are demanding substantial spending cuts and budget reforms in exchange for lifting the debt ceiling this year – putting
At a time when a retirement crisis is looming so badly that even members of Congress agreed to do something about it, they managed to make it even worse.
‘It really disturbs me to say this, but I think I agree with Larry.’ Paul Krugman is with his frenemy Larry Summers on the inflation fight.
Both economists think the U.S. Federal Reserve is just as likely to overestimate inflation as underestimate it.
- Business Insider
China will lose half its population by the end of the century — and the ripple effects will be catastrophic
Fewer children = fewer workers = a shrinking economy. China's declining population will have catastrophic ripple effects on the global economy.
On Jan. 19, the U.S. officially hit its debt ceiling, having spent all of the $31.4 trillion available for expenditures as allocated by the Treasury. In the days since, conversations have become...
(Bloomberg) -- As Chicago struggles with rising crime and high-profile corporate departures, Mayor Lori Lightfoot has a message for business leaders: It’s time to be a cheerleader for their city. Most Read from BloombergNational Archives Releases Records Tied to Trump Classified Documents8,000 Layoffs Don’t Exactly Scream Family ValuesPorsche Blunder Puts $148,000 Sportscar on Sale for Just $18,000Adani Stock Crash at $92 Billion as Collateral Worries GrowStocks Rally as Powell Sees Progress on
India announced on Wednesday one of its biggest ever increases in capital spending for the next fiscal year to create jobs but targeted a narrower fiscal deficit in its last full budget ahead of a parliamentary election due in 2024. Prime Minister Narendra Modi's party has been under pressure to create jobs in the populous country where many have struggled to find employment, although the economy is now one of the world's fastest-growing. "After a subdued period of the pandemic, private investments are growing again," Finance Minister Nirmala Sitharaman said as she presented the 2023/24 budget in parliament.
(Bloomberg) -- India will spend less on a food subsidy program that feeds 800 million people after the government stopped providing some grain for free. Most Read from Bloomberg8,000 Layoffs Don’t Exactly Scream Family ValuesNational Archives Releases Records Tied to Trump Classified DocumentsIntel Slashing CEO, Managers’ Pay in a Bid to Preserve CashPutin’s War in Ukraine Pushes Ex-Soviet States Toward New AlliesAdani Stock Crash at $92 Billion as Collateral Worries GrowSpending will be cut to
Right now, the average price for a loaf of bread is, approximately, $1.87. Under a new law proposed by House Republicans, that price would go up to more than $2.50. This would be the result of the Fair Tax Act, … Continue reading → The post Congress to Vote on Whether to Abolish the IRS and Introduce One National Tax Rate appeared first on SmartAsset Blog.
(Bloomberg) -- Governor Kathy Hochul wants to increase a payroll tax on businesses in the New York City area served by the Metropolitan Transportation Authority’s network of subways, buses and commuter rail lines to help fix the transit agency’s operating deficits.Most Read from BloombergNational Archives Releases Records Tied to Trump Classified Documents8,000 Layoffs Don’t Exactly Scream Family ValuesPorsche Blunder Puts $148,000 Sportscar on Sale for Just $18,000Adani Stock Crash at $92 Billi
- The Hill
Federal Reserve Chairman Jerome Powell will speak with the press following the conclusion of the Federal Open Market Committee meeting, which is expected to result in a quarter-point rate increase, the smallest hike in almost a year. The expected increase is the eighth in a series begun in March 2022 aimed at curbing high inflation.…
- CBS MoneyWatch
Because inflation is easing, Fed is increasing rates at slower pace. But borrowing will still be more expensive.
(Bloomberg) -- China’s reopening is set to provide a welcome boost to global growth, offsetting weakness in Europe and a looming recession in the US. But unlike in 2009, when China’s four-trillion-yuan stimulus helped kickstart a recovery from the Lehman slump, in 2023 there’s a catch — a boost to inflation at exactly the moment the Federal Reserve and other central banks race to bring it back under control.Most Read from BloombergWall Street Is Losing Out to Amateur Buyers in the Housing SlumpS
When the pandemic's lockdowns and supply chain interruptions made a nasty dent in the American economy, Congress went to work passing a series of relief plans, including stimulus checks that put money...
Fed officials are meeting today to decide the next step in their campaign of anti-inflation rate hikes, and economic reports gave them mostly ominous data to consider.
- The Hill
As the debt ceiling fight heats up on Capitol Hill, House Democrats are eyeing an end-around strategy to bypass Speaker Kevin McCarthy (R-Calif.) — and the conservative hawks driving his agenda — to avoid a federal default later in the year. Democratic leaders have already begun talks about tapping a procedural tool, known as a…
- The New Voice of Ukraine
The IMF improved its forecast for global economics dynamics in 2023. The Fund is expecting now 2.9% growth. Previously it was 2.7%.
The latest battle over the debt ceiling is different from the rest. Surprisingly it’s the first time Americans are siding with the Republicans on the issue. Debt-ceiling showdowns are always games of chicken, and this time voters want Democrats to blink first.
This was the Narendra Modi government's last full budget before the country holds elections in 2024.
Social Security is getting a 8.7% boost in 2023 but a looming recession could spell disaster for future benefits — here is what that means for your retirement
The Senior Citizen’s League says there ‘may be no COLA payable in 2024.'