Officials say the move is standard procedure ahead of a potential government shutdown, a report says.
WASHINGTON (Reuters) -Senior Democrats in Congress have agreed to raise their proposed tax reporting threshold for bank account inflows and outflows to $10,000 a year, with exemptions for wage income, from an earlier proposal of $600 that drew criticism for being too intrusive. U.S. Senate Finance Committee Chairman Ron Wyden on Tuesday said the new $10,000 Internal Revenue Service reporting threshold, to be included in Democrats' sweeping "reconciliation" social spending and tax hike legislation, was chosen after consultations with the U.S. Treasury because it is a level frequently used in other bank reporting requirements.
After uproar over a proposal to have banks tell the Internal Revenue Service about their customers’ annual cash-flow information, the Biden administration and congressional Democrats unveiled a new, pared-down proposal on Tuesday. Now the question is whether this version of the proposed reporting requirement, which would kick in at the $10,000 mark instead of covering transactions above a $600 threshold, will, if it passes, win over critics and help the IRS catch tax cheats. In the Biden administration’s bid to ensure rich households pay their full tax bill, they proposed months ago that bank, loan and investment accounts report to the IRS on their customers’ aggregate “inflow” and “outflow” above the $600 point on a yearly basis.
President Biden wants to step up the war on tax cheats, so of course the GOP and banks object.
(Bloomberg) -- Former President Donald Trump on Wednesday announced a deal that would enable him to regain a social media presence after he was kicked off Twitter Inc. and Facebook Inc. platforms. Most Read from BloombergGoogle’s Biggest Moonshot Is Its Search for a Carbon-Free FutureA $30 Billion Fortune Is Hiding in China’s Silicon ValleyBeef Industry Tries to Erase Its Emissions With Fuzzy Methane MathGoogle’s CEO: ‘We’re Losing Time’ in the Climate FightHate-Speech Case Forces Japan to Confr
After glowing a healthy shade of green yesterday, marijuana stocks are wilting on Wednesday, with shares of Canopy Growth (NASDAQ: CGC) down 2.6%, Tilray (NASDAQ: TLRY) tumbling 2.8%, and Hexo (NASDAQ: HEXO) off a more disturbing 6.7% as of 11:30 a.m. EDT. News from Mexico, to be precise. Yesterday, investors snapped up shares of Canopy Growth, which rose 8.6%, and Tilray and Hexo as well -- up 15.8% and 14.8%, respectively.
Most retirees are eligible, but some fall through the cracks due to a spotty work history or for other reasons.
Donald Trump announced his reelection bid as soon as he took office four years ago and raised more than $1 billion in the 2020 cycle, according to OpenSecrets. This amount includes donations to his official campaign committee and outside groups such as single-candidate super PACs and hybrid PACs or Carey committees. Very large donations in U.S. presidential elections are directed to super PACs (political action committees) or hybrid PACs because of the $5,600 limit on how much an individual can give to a candidate’s official campaign committee per election cycle.
"For 20 years I couldn't sleep at night as memories of physical violence, the feeling of loneliness, the loss of peers rushed through my mind when I shut my eyes," Hilton said Wednesday on Capitol Hill
WASHINGTON (Reuters) -U.S. President Joe Biden said on Wednesday he is concerned about Chinese hypersonic missiles, days after a media report that Beijing had tested a nuclear-capable hypersonic glide weapon. Asked by reporters as he was boarding Air Force One for a trip to Pennsylvania whether he was concerned about Chinese hypersonic missiles, Biden said, "Yes." The test took place as the United States and its global rivals quicken their pace to build hypersonic weapons - the next generation of arms that rob adversaries of reaction time and traditional defeat mechanisms.
Randal Quarles, a Fed governor, says he is watching for signs that higher demand will keep prices elevated even after bottlenecks abate.
The coronavirus vaccine developed by Pfizer and BioNTech has proven a success. First to receive emergency use approval in the United States, the Pfizer shot has become the world's most popular, with 3.5 billion purchased. Sales could double in 2022, according to projections. But the rapid proliferation of the vaccine, under contracts negotiated between the company and governments, has unfolded behind a veil of strict secrecy, allowing for little public scrutiny of Pfizer's burgeoning power, even
The Kremlin said on Tuesday that a reported hypersonic weapon test by China breached none of Beijing's international obligations, posed no threat to Russia and followed similar moves by the United States. "In no way does Russia (itself) break its obligations with regards to arms control and we only take measures aimed at ensuring our own security amid actions that the United States take under their missile defence programme," Peskov told a briefing. Washington said this week it was concerned about hypersonic missile technology and its potential military applications by China and Russia, after a media report that Beijing had tested a nuclear-capable hypersonic glide weapon.
In an abrupt change, the White House on Wednesday floated new plans to pay for parts of President Joe Biden’s $2 trillion social services and climate change package, shelving a proposed big increase in corporate tax rates though also adding a new billionaires' tax on the investment gains of the very richest Americans. The reversal came as Biden returned to his hometown of Scranton, Pennsylvania, to highlight the middle class values he says are at the heart of the package that Democrats are racing to finish. Biden faces resistance from key holdouts, including Sen. Kyrsten Sinema, D-Ariz., who has not been on board with her party's plan to undo Trump-era tax breaks to help pay for it.
Public debt poses challenges for chancellor Rishi Sunak as the government's next budget looms next week.
Investors in renewable energy companies such as Plug Power (NASDAQ: PLUG), Enphase Energy (NASDAQ: ENPH), and SunPower (NASDAQ: SPWR) are cheering today, as shares of the stocks have risen 2.6%, 4.2%, and 7.6%, respectively, as of 2:20 p.m. EDT Tuesday. This is rather strange, however, because the news today sounds mostly bad for investors in renewable energy stocks.
President Biden told House progressives on Tuesday that his proposal for free community college would not be included in the final reconciliation package being hammered out by Democrats, multiple sources told CNN.
(Bloomberg) -- Chinese President Xi Jinping pledged to support development of key technologies while strengthening regulation of the country’s tech giants as part of his strategy to expand the digital economy.Most Read from BloombergGoogle’s Biggest Moonshot Is Its Search for a Carbon-Free FutureA $30 Billion Fortune Is Hiding in China’s Silicon ValleyBeef Industry Tries to Erase Its Emissions With Fuzzy Methane MathGoogle’s CEO: ‘We’re Losing Time’ in the Climate FightHate-Speech Case Forces Ja
Microwaves are an undeniably convenient way to prepare food. In mere seconds, you can take a cold bowl of leftovers and turn it into a gourmet meal once again or turn ingredients from your fridge into something new and delicious. However, while nuking your food may save you time, making food in the microwave isn't a risk-free endeavor. Before you prepare your next meal, read on to discover the one crucial mistake experts from the U.S. Food&Drug Administration (FDA) say you should never make when
Executives with United Parcel Service Inc, Walt Disney Co and other companies met with White House officials on Tuesday to discuss President Joe Biden's COVID-19 vaccine requirement plan for private-sector workers, amid concerns it could worsen labor shortages and supply chain woes. The mandate would apply to businesses with 100 or more employees, and would affect about 80 million workers nationwide. Several industry sources, speaking on condition of anonymity, said the rulemaking process was moving with urgency and they expect the mandate to be formally announced as early as this week.
Tensions with China are high, but investors at the 2021 Milken Institute Global Conference sill see it as a top target for smart money.