Friday, December 10, 2021 13:16:17 UTC
The U.S. Senate passed and sent to President Biden the first of two bills required to raise the $28.9 trillion debt limit and avoid default.
The federal debt is the amount of money the government currently owes for spending on payments such as Social Security, Medicare, military salaries and tax refunds.
The debt limit allows the government to finance those existing obligations.
Treasury Secretary Janet Yellen has said failing to act could spark an "economic catastrophe," but not all politicians agree.(More)
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Wednesday, October 06, 2021 01:42:20 UTC
The Biden Administration's IRS plans to review every account above a $600, or with more than $600 of transactions in a year.
Essentially every American with a job could get evaluated. A group of 41 industry groups recently warned congressional leaders that the plan "is not remotely targeted" to detect major tax avoidance.
Keep this in mind when creating and managing your stock options accounts as well.
Treasury Secretary Janet Yellen said the plan would identify "opaque income streams that disproportionately accrue to the top." Treasury and congressional Democrats claim taxpayers will now report income more accurately if they know the feds have their account information.(More)
Wednesday, October 06, 2021 01:42:20 UTC
The Biden Administration's IRS plans to review every account above a $600, or with more than $600 of transactions in a year.
Essentially every American with a job could get evaluated. A group of 41 industry groups recently warned congressional leaders that the plan "is not remotely targeted" to detect major tax avoidance.
Keep this in mind when creating and managing your stock options accounts as well.
Treasury Secretary Janet Yellen said the plan would identify "opaque income streams that disproportionately accrue to the top." Treasury and congressional Democrats claim taxpayers will now report income more accurately if they know the feds have their account information.