Sunday, December 22

Tag: Government Finance

Chinese Leaders Vow to Step Up Support for Flagging Economy
12Dec By adminNo Comments
World

Chinese Leaders Vow to Step Up Support for Flagging Economy

Chinese leaders vowed to increase government spending and monetary support for the economy at an annual gathering, signaling they plan to stick with a measured approach to stimulus despite calls for bolder action. The Central Economic Work Conference, which ended Tuesday, capped a bruising year for the country’s economy, which has struggled with a drawn-out housing crunch and weak consumption.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Why Treasury Auctions Have Wall Street on Edge
10Dec By adminNo Comments
Money

Why Treasury Auctions Have Wall Street on Edge

The U.S. Treasury prefers its debt sales to be humdrum affairs. Lately, they are sparking fireworks in markets.  Scrutiny of Treasury auctions—whereby the government funds operations by selling the world’s safest bonds to big banks and dealers—has grown alongside their size. For years, many in Washington and on Wall Street assumed that investors would buy any number of bonds the government issued, no matter the fiscal outlook. Testing that assumption: the sale of $20.8 trillion of new Treasurys in the first 11 months of the year—set to surpass 2020’s record of just under $21 trillion.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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The California Budget Bust Arrives
9Dec By adminNo Comments
Business

The California Budget Bust Arrives

Much like California’s climate cycle of storms and drought, the state’s progressive tax code yields revenue booms and busts. Now the bust is coming. After a $100 billion budget surplus two years ago, the Golden State is now staring at a $68 billion shortfall because the gusher of tax revenue from soaking the rich has dried up.The state Legislative Analyst’s Office projected on Thursday a $68 billion budget gap through the next fiscal year and $155 billion in cumulative deficits over the next four years. For comparison, Florida’s entire general fund budget was $46.1 billion this year.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Hunter Biden Indictment Alleges Post-Addiction Fraud
8Dec By adminNo Comments
World

Hunter Biden Indictment Alleges Post-Addiction Fraud

WASHINGTON—In early 2020, while his father was on the cusp of a political turnaround that would propel him to the Democratic presidential nomination, Hunter Biden went to his accountants to clean up a lingering personal issue: his failure to have filed taxes for 2017 and 2018.By his own account, the younger Biden had been sober since June 2019. But during that attempt to resolve his tax mess, he created a far more serious one for himself, according to federal prosecutors, who charged him Thursday with nine tax offenses, including three felonies.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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California Faces Record $68 Billion Budget Deficit
7Dec By adminNo Comments
World

California Faces Record $68 Billion Budget Deficit

California is facing a $68 billion budget deficit next fiscal year—its largest ever—because of plunging revenues including a steep drop in personal income tax collections.According to estimates released by the nonpartisan Legislative Analyst’s Office Thursday, projected state revenues through the 2024-2025 fiscal year are $58 billion lower than assumed in the $310 billion state budget passed by the Democratic-controlled legislature and signed by Gov. Gavin Newsom, also a Democrat, in June. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Joe Biden’s Assist to Hunter’s Business
7Dec By adminNo Comments
Health

Joe Biden’s Assist to Hunter’s Business

House investigators keep digging into the Biden family business, and this week comes new evidence of the ways Joe Biden helped his son using alias email accounts.Internal Revenue Service agents Gary Shapley and Joseph Ziegler provided to the House Ways and Means Committee more information from their multiyear investigation into Hunter Biden’s taxes and business. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Georgia’s Flat Tax Advances – WSJ
7Dec By adminNo Comments
Health

Georgia’s Flat Tax Advances – WSJ

State governments aren’t known to run ahead of schedule, but Georgia lawmakers plan to deliver early on a promised tax cut. The acceleration is made possible by another state budget surplus. As Gov. Brian Kemp put it, “this is what happens when you budget conservatively.”The Governor announced the updated tax cuts Monday to set the agenda for the coming legislative session. The new proposal would enact a flat income-tax rate of 5.39% beginning next year, a leap forward from the state’s current six brackets and 5.75% top rate. Legislative leaders endorsed the reform and plan to vote next month to postdate the new rate to Jan. 1.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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IRS Turns Down 20,000 Refund Claims for Covid Tax Credit
6Dec By adminNo Comments
World

IRS Turns Down 20,000 Refund Claims for Covid Tax Credit

Updated Dec. 6, 2023 2:55 pm ETThe Internal Revenue Service is rejecting more than 20,000 requests for pandemic-era tax refunds from employers that either didn’t exist or didn’t have employees during the required period, as the tax agency cracks down on a program that has been rife with problems. The move is the agency’s latest swipe at claims for the Employee Retention Credit, or ERC, a tax incentive created in 2020 to encourage business owners and nonprofits to keep workers attached to jobs during the pandemic. The credit has already cost the government at least $230 billion, roughly triple early estimates. A cottage industry of firms popped up to help employers claim the credit, often in exchange for hefty fees. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cb...
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The Supreme Court and a Wealth Tax
6Dec By adminNo Comments
Business

The Supreme Court and a Wealth Tax

You almost have to admire the big-government legal lobby. Sensing a threat to their designs for a wealth tax, they turned the runup to the Supreme Court’s Tuesday oral arguments in Moore v. U.S. into tax Armageddon.“Supreme Court Will Hear Case That Could Upend The Current Tax System,” headlined Forbes. The Washington Post called it “the Supreme Court tax case that could blow a hole in the federal budget,” as if Congress hasn’t already done that. Even former House Speaker Paul Ryan pushed the panic button, but he’s been led astray. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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