The Internal Revenue Service is facing new criticism over the backlog of unprocessed tax returns.
- The Telegraph
After lockdown raided the savings of hairdresser and gym instructor Lucie Wilby, a lengthy wait for a hip replacement dealt another blow to her family’s finances.
- The Hill
The Senate voted along party lines Saturday afternoon to advance a sweeping bill to reform the tax code, tackle climate change and lower the cost of prescription drugs, taking a big step closer to giving President Biden a major victory before the November midterm elections. The Senate voted 51-50 to proceed to the 755-page bill, after Vice President…
- Associated Press
China’s export growth continued to rise in July, sending trade surplus to a record high, according to government data. China’s exports grew 18% to $333 billion compared to the same period last year, and were up from 17.9% in June, according to data from China’s customs. China’s total trade surplus reached an all-time high of $101.3 billion in July, breaking the record set in June.
The swiftness with which the coronavirus pandemic wiped out the U.S. economy in early 2020 was breathtaking. Seemingly overnight, the U.S. unemployment rate shot up to an all-time record of 14.7% in...
- Business Insider
The last 2 recessions have skewed the market's expectations, and a coming downturn may not be as mild as some expect
Economists told Insider they didn't think a recession would be as severe as 2008 or 2020, but that also doesn't mean it will be "mild."
- The Telegraph
A former mandarin with “no economic experience” is on course to be appointed to the Bank of England’s board after civil servants told the Chancellor she would “make a strong contribution to improving diversity and inclusion”.
At the onset of the coronavirus pandemic, the American economy immediately fell into recession, with unemployment spiking to 14.8%, the highest since records began in 1948. In response, the U.S....
(Bloomberg) -- The ugliest year ever for US corporate-bond investors is expected to get uglier -- and they only have the Federal Reserve to blame.Most Read from BloombergR Kelly Has $28,000 in His Prison-Inmate Account. Prosecutors Want to Seize ItBuffett’s Berkshire Pounces on Market Slump to Buy EquitiesTax Bill Latest: GOP Private Equity Carveout Amendment ApprovedWinners and Losers in Democrats’ Signature Tax and Energy BillUS Inflation Peak in Sight But Debate Rages Over What Comes NextWith
Is it stagflation? Recession? Or is something else gripping the U.S. economy that the Federal Reserve and investors need to consider?
- Fox News
Sen. Ted Cruz, R-Texas, discussed what was happening on the Senate floor as a vote-a-rama on the Democrats' social spending and taxation bill continued to go on.
(Bloomberg) -- China’s surprisingly strong export growth in July lifted its trade surplus to another record and provided some much-needed economic support, but the country will still have to find ways to keep its fragile recovery on track as the global economy slows this year.Most Read from BloombergR Kelly Has $28,000 in His Prison-Inmate Account. Prosecutors Want to Seize ItBuffett’s Berkshire Pounces on Market Slump to Buy EquitiesTax Bill Latest: GOP Private Equity Carveout Amendment Approve
(Bloomberg) -- Sky-high US inflation may finally be approaching a peak as global economic growth sputters and oil and other commodity prices plunge. Now the focus is shifting to how fast and far it will retreat.Most Read from BloombergR Kelly Has $28,000 in His Prison-Inmate Account. Prosecutors Want to Seize ItBuffett’s Berkshire Pounces on Market Slump to Buy EquitiesTax Bill Latest: GOP Private Equity Carveout Amendment ApprovedWinners and Losers in Democrats’ Signature Tax and Energy BillUS
- Fox News
Sen. Ben Cardin, D-Md., vowed the Inflation Reduction Act will not raise taxes during a recession and the addition of 87,000 new IRS agents should not be a concern to the middle class.
- The Hill
Sen. Mike Rounds (R-S.D.) on Sunday said there could be “more serious economic issues coming very shortly” for Americans, pointing to news the economy shrank in the last two quarters and that wages are not keeping up with inflation. “What you’re actually seeing, we believe, might be a precursor to what’s to come,” Rounds told…
- The Hill
Senate Majority Leader Charles Schumer (D-N.Y.) on Saturday unveiled the updated text of the Inflation Reduction Act, which now spans 755 pages after a late round of negotiations with Sen. Kyrsten Sinema (D-Ariz.) to protect manufacturers from tax increases and impose an excise tax on stock buybacks. Schumer’s office announced that the Congressional Budget Office…
The package would pump billions of dollars into energy and healthcare programs over the next 10 years, including $430 billion in new spending.
- The Wall Street Journal
Hong Kong’s bid to restore the city as Asia’s leading global financial hub falls short of business demands to scrap isolation period altogether.
China’s exports grew 18% to $333 billion compared to the same period last year, and were up from 17.9% in June, according to data from China’s customs.
- ABC News
Republican South Dakota Sen. Mike Rounds on Sunday labeled the impending passage of a Democratic tax, climate and health bill as a "boondoggle" for the country. "It's not going to do much to help inflation, we're still gonna have a problem there," Rounds told Stephanopoulos.
Labor market is surprisingly strong, but quitting jobs has slowed in these sectors — why that could hurt workers’ bargaining power
Low-wage workers’ confidence in the labor market appears to be fading, and their real wage growth is slowing down.