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Private Equity’s Biggest Tax Tactics
  + stars: | 2021-06-14 | by ( Andrew Ross Sorkin | Jason Karaian | Sarah Kessler | ) www.nytimes.com + 0.00   time to read: +2 min
Private equity has conquered the American tax systemThe $4.5 trillion buyout industry “has perfected sleight-of-hand tax-avoidance strategies so aggressive that at least three private equity officials have alerted the Internal Revenue Service to potentially illegal tactics,” according to a new investigation by The Times. These previously unreported whistle-blower claims involved dozens of private equity firms, Jesse Drucker and Danny Hakim report. audits of private equity firms are “almost nonexistent,” said Michael Desmond, who stepped down this year as the I.R.S.’s chief counsel. After ProPublica’s recent revelation that some of America’s richest men paid little or no federal taxes, the push to tax private equity may gain new momentum. Like those before him, his ability to increase private equity’s tax burden will face resistance in the form of the industry’s formidable lobbying operations, which have derailed many past efforts.
Persons: Jesse Drucker, Danny Hakim, , Michael Desmond, , Monte Jackel, ” Jackel, Obama, Trump, Biden Organizations: Internal Revenue Service, The Times, Times Locations: U.S
A big misconception about bitcoin is that it's anonymous and untraceable, CoinFlip's Ben Weiss said. Using bitcoin to launder money is one of the stupidest things to do, he said. That's why one of the most stupid things anyone could do would be to attempt to launder dirty money using bitcoin, Weiss said. The US government can track bitcoin transactions with the help of blockchain analysts and through serving seizure warrants authorized by district courts, he said. "You're really playing with fire if you tried to today," he said, adding that bitcoin transactions are more traceable than cash.
Persons: CoinFlip's Ben Weiss, Ben Weiss, Weiss, Read, Morningstar Organizations: Colonial Pipeline, US Internal Revenue Service, IRS, Big Tech Locations: Russia
While not illegal, tax avoidance strategies can seen as unethical, says business ethics scholar Erin Bass. It claims to provide an insight into how prominent billionaires such as Jeff Bezos, Elon Musk, and Michael Bloomberg take advantage of "tax avoidance strategies" beyond the reach of ordinary people. An individual who adopts the deontological perspective likely evaluates a public figure's tax avoidance strategies — and that of others — with less scrutiny. For example, someone may use tax avoidance strategies and direct some wealth to provide funding directly to an academic health care center for cancer research. But if that person employs tax avoidance strategies in the absence of any other virtuous behaviors, then the tax avoidance is likely to be seen and rationalized as unethical.
Persons: Erin Bass, Jeff Bezos, Elon Musk, Michael Bloomberg, Donald Trump —, , Immanuel Kant, John Rawls, John Stuart Mill, Jeremy Bentham, Aristotle Organizations: Internal Revenue Service, Trump, University of Nebraska Locations: University of Nebraska Omaha
How the FBI Got Colonial Pipeline’s Ransom Money Back
  + stars: | 2021-06-11 | by ( David Uberti | ) www.wsj.com + 0.00   time to read: +11 min
Hackers convert digital money into hard currency, such as U.S. dollars, at cryptocurrency exchanges abroad. Hackers convert digital money into hard currency, such as U.S. dollars, at cryptocurrency exchanges abroad. Hackers convert digital money into hard currency, such as U.S. dollars, at cryptocurrency exchanges abroad. Hackers convert digital money into hard currency, such as U.S. dollars, at cryptocurrency exchanges abroad. Once ransomware victims transfer cryptocurrency to hackers, sophisticated criminal groups often distribute the money among hundreds of other wallets, Mr. Carlisle said.
Persons: , Elvis Chan, launderers, “ We’ve, David Carlisle, Carlisle, didn’t, Pamela Clegg, haven’t, Ms, Clegg, Chan, — Sadie Gurman, Dustin Volz, David Uberti Organizations: Colonial Pipeline, Federal Bureau of Investigation, FBI, Justice Department, Biden, cryptocurrency, Brigades, Hamas, Internal Revenue Service, Northern, Northern District of, DarkSide’s Locations: San Francisco, Qaeda, U.S, cryptocurrency, Russia, Northern District, Northern District of California, Colonial
REUTERS/Rebecca Cook/File PhotoA former president of the United Auto Workers, Gary Jones, on Thursday was sentenced to 28 months in jail for embezzling union funds as part of a larger federal probe into corruption in the union. Jones, who pleaded guilty last June to charges he embezzled more than $1 million, appeared in U.S. District Court in Detroit on Thursday. On Thursday morning, Jones pleaded for mercy from Judge Paul Borman and again apologized to the union and its members. read moreThe UAW said Jones' sentencing brings to a close a "very dark chapter" in the union's history. Jones' predecessor as head of the UAW, Dennis Williams, pleaded guilty to embezzlement of union funds in September and was sentenced to 21 months in prison last month.
Persons: Gary Jones, Rebecca Cook, Jones, Judge Paul Borman, " Jones, Saima Mohsin, Dennis Williams Organizations: United Auto Workers, National Association of, Advancement for Colored, REUTERS, UAW, Internal Revenue Service, U.S, Eastern, Eastern District of Michigan Locations: Detroit , Michigan, U.S, Detroit, Corsicana , Texas, Eastern District, United States
In prepared remarks, Deputy Assistant Secretary Mark Mazur told Congress on Thursday that the so-called tax gap will only worsen over the next several years without more funding from lawmakers. He added that the estimate of the gross tax gap is around $580 billion for 2019 alone. "Over the coming decade, the gross tax gap is projected to total approximately $7 trillion, roughly 15 percent of all owed taxes," Mazur told House lawmakers. "A larger tax gap generates the following results: higher tax rates elsewhere in the system, lower revenues to fund the nation's fiscal priorities, or higher budget deficits and larger amounts of federal debt," he added. Mazur blamed the persistent and growing tax gap on insufficient funding for the Internal Revenue Service.
Persons: Mark Mazur, Mazur Organizations: Treasury Department, Internal Revenue Service, IRS
A ProPublica report based on secret IRS files showed billionaires pay relatively little tax. On Tuesday morning, ProPublica published a bombshell report showing how little America's wealthiest pay in taxes, based on leaked documents from the Internal Revenue Service (IRS). "I think it really underscores, again, that very wealthy people do not pay tax on much of their income. Those wages would be income, and you'd be taxed under the income tax. Nicholas Kamm / AFP) (Photo by NICHOLAS KAMM/AFP via Getty ImagesThe report could add flame to the fire for tax reformEven before the ProPublica report, tax debate had been brewing.
Persons: ProPublica, Jeff Bezos, Warren Buffett, It's, Chuck Collins, Collins, they're, Chuck Marr, we've, Joe Biden, Marr, Alex Wong, Samantha Jacoby, Kathleen Bryant, Goldman Sachs, Jacoby, Bryant, Nicholas Kamm, NICHOLAS KAMM, Biden, Jen Psaki, Brian Deese, Reagan, There's, Sen, Bernie Sanders, Ron Wyden, Wyden Organizations: Internal Revenue Service, Policy Studies, Budget, Democratic, Tax Foundation, AFP, Getty, House Press, Washington, National Economic Council, Capitol, Senate Finance Locations: isn't
Amazon CEO Jeff Bezos received a $4,000 tax credit for his children in 2011, ProPublica reported. In 2011, Bezos' net worth was valued at $18 billion. In 2011, billionaire Amazon CEO Jeff Bezos reportedly paid nothing in federal income taxes. That same year, when his net worth was valued at around $18 billion, he filed for and received a $4,000 tax credit for his children, ProPublica reports. As a result, despite being a billionaire many times over in 2011, Bezos was able to receive a $4,000 credit from the federal government.
Persons: Jeff Bezos, ProPublica, Bezos, Forbes, Bill Gates, jockeying, Elon Musk, He's, Forbes —, Ben Gilbert Organizations: Amazon, Internal Revenue Service, Tech, Twitter Locations: Amazon, Amazon .
Typically, investors pay a drastically lower effective tax rate compared to people who make a similar amount in wages. As long as they don't sell their appreciating assets, they won't pay taxes on the gains." The Tax Foundation, an independent tax policy nonprofit, found that the average individual income tax rate is 14.6 percent. When asked whether it was appropriate that he should pay no income tax at all — as he did in 2016 and 2017 — Icahn objected. "Do you think a rich person should pay taxes no matter what?
Persons: Jeff Bezos, Elon Musk, Charles Rettig, Ron Wyden, Biden, you've, Wyden, Lilian Faulhaber, Samuel Brunson, they're, It's, ProPublica, Bezos, Forbes, Carl Icahn, — Icahn, Joe Biden Organizations: IRS, NBC News, Revenue, Senate Finance Committee, Internal Revenue Service, Georgetown University, Loyola University of Chicago, Amazon, Tax Foundation, American, Bank of America, Investments Locations: U.S
U.S. investigates disclosure of tax records on rich Americans
  + stars: | 2021-06-08 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +2 min
WASHINGTON (Reuters) - The Treasury Department has asked law enforcement authorities to investigate the disclosure of tax records cited in a media report that showed that some of America’s richest people paid little to no income taxes, U.S. officials said on Tuesday. White House Press Secretary Jen Psaki holds a press briefing at the White House in Washington, U.S., June 8, 2021. White House Press Secretary Jen Psaki said that “any unauthorized disclosure of confidential government information” is illegal. Treasury Department spokeswoman Lily Adams said in an emailed statement that the matter has been referred to the FBI, federal prosecutors and two internal Treasury Department watchdogs, “all of whom have independent authority to investigate.”The IRS, part of the Treasury Department, is the nation’s tax-collecting agency and many tax records are considered confidential documents. ProPublica described the records as “confidential” and did not disclose how it obtained them.
Persons: Jen Psaki, Leah Millis, Jeff Bezos, Elon Musk, Lily Adams, Department watchdogs, Charles Rettig, ” Psaki, ProPublica, Joe Biden, Rettig, , ” Rettig Organizations: WASHINGTON, Treasury Department, White House Press, White, REUTERS, Revenue, Amazon, Tesla, Treasury, FBI, Department, IRS, Senate Finance, Internal Revenue Service Locations: Washington , U.S
Charles P. Rettig, commissioner of the Internal Revenue Service, arrives to testify during the Senate Finance Committee hearing titled The IRS Fiscal Year 2022 Budget, in Dirksen Senate Office Building in Washington, D.C., U.S., June 8, 2021. Tom Williams/Pool via REUTERSU.S. Internal Revenue Service Commissioner Charles Rettig said on Tuesday that Congress needs to provide clear statutory authority for the tax agency to collect information on cryptocurrency transfers valued at over $10,000 that largely go unreported. "I think we need congressional authority," Rettig said in testimony to the Senate Finance Committee. "We get challenged frequently, and to have a clear dictate from Congress on the authority for us to collect that information is critical." I can confirm that there is an investigation, with respect to the allegations that the source of the information in that article came from the Internal Revenue Service," he said.
Persons: Charles P, Rettig, Tom Williams, Charles Rettig, Biden, Mike Crapo Organizations: Internal Revenue Service, Senate, Washington , D.C, REUTERS U.S . Internal Revenue, Senate Finance Committee, Treasury, Revenue, Tax Administration, IRS, Thomson Locations: Washington ,
Return of the IRS Scandal
  + stars: | 2021-06-08 | by ( The Editorial Board | ) www.wsj.com sentiment -0.99   time to read: +1 min
Less than half a year into the Biden Presidency, the Internal Revenue Service is already at the center of an abuse-of-power scandal. Leaking such information is a crime, since under federal law tax returns are confidential. The story arrives amid the Biden Administration’s effort to pass the largest tax increase as a share of the economy since 1968. The main Democratic argument for a tax hike is that the rich should pay their “fair share.” The ProPublica story is a long argument that somehow the rich don’t pay enough. “What this data reveals is that the country’s wealthiest—who profited immensely during the pandemic—have not been paying their fair share,” Mr. Wyden said.
Persons: ProPublica, Jeff Bezos, Warren Buffett, doesn’t, Biden, Ron Wyden, Mr, Wyden, Organizations: Biden, Internal Revenue Service
Those loans are not taxed and the interest that the executives pay on the money can often be deducted from their tax bills. In 2007, Mr. Bezos, the chief executive of Amazon, paid nothing in federal income taxes even as his company’s stock price doubled. The Treasury Department and the Internal Revenue Service did not immediately have a comment on the disclosures on Tuesday, but Charles Rettig, the I.R.S. At the hearing, Mr. Rettig said that he could not comment on the apparent breach at his agency but said that it was being scrutinized. “I can confirm that there is an investigation with respect to the allegations that the source of the information in that article came from the Internal Revenue Service,” Mr. Rettig said.
Persons: Bezos, Buffett, Berkshire Hathaway, Charles Rettig, Rettig, Mr, , Organizations: Amazon, Berkshire, Treasury Department, Internal Revenue Service, Senate
Warren Buffett is exhibit A to hike taxes on rich
  + stars: | 2021-06-08 | by ( ) www.reuters.com sentiment -0.95   time to read: +1 min
Berkshire Hathaway CEO Warren Buffett pauses while playing bridge as part of the company annual meeting weekend in Omaha, Nebraska U.S. May 6, 2018. A ProPublica report on Tuesday estimated how little Warren Buffett, Jeff Bezos, and other billionaires pay to the Internal Revenue Service based on tax returns obtained by the nonprofit news site. Buffett told ProPublica in a statement he had paid the taxes he was owed. To put that in perspective, someone who earns on average $75,000 a year pays a federal income tax rate of around 20%, according to Americans for Tax Fairness. True, the Berkshire Hathaway (BRKa.N) boss has been vocal about how little the rich pay relative to the general population and has urged the government to change that.
Persons: Warren Buffett, Rick Wilking, Sam, Jeff Bezos, Buffett, ProPublica, Biden, Jennifer Saba Organizations: Berkshire Hathaway, Omaha , Nebraska U.S, REUTERS, Internal Revenue Service, Tax Locations: Omaha , Nebraska, Omaha
U.S. IRS chief says needs congressional authority for cryptocurrency reporting
  + stars: | 2021-06-08 | by ( ) www.reuters.com sentiment -1.00   time to read: +1 min
Charles P. Rettig, commissioner of the Internal Revenue Service, arrives to testify during the Senate Finance Committee hearing titled The IRS Fiscal Year 2022 Budget, in Dirksen Senate Office Building in Washington, D.C., U.S., June 8, 2021. Tom Williams/Pool via REUTERSU.S. Internal Revenue Service chief Charles Rettig said on Tuesday that Congress needs to provide clear statutory authority for the tax agency to collect information on cryptocurrency transfers valued at over $10,000 that largely go unreported. "I think we need congressional authority," Rettig said in testimony to the Senate Finance Committee. "We get challenged frequently, and to have a clear dictate from Congress on the authority for us to collect that information is critical." Our Standards: The Thomson Reuters Trust Principles.
Persons: Charles P, Rettig, Tom Williams, Charles Rettig Organizations: Internal Revenue Service, Senate, Washington , D.C, REUTERS U.S . Internal Revenue Service, Senate Finance Committee, Thomson Locations: Washington ,
From 2014 to 2018, Elon Musk paid $455 million in taxes on $1.52 billion in income, according to a report from ProPublica. Over the period from 2014 to 2018 — as Musk's wealth grew by $13.9 billion — he reported just $1.52 billion worth of taxable income to the Internal Revenue Service, ProPublica reported. If his $455 million in taxes paid are compared to his wealth gains, they equate to what ProPublica calls a "true tax rate" of 3.27%. In 2018, Musk paid no federal income tax, the report said. The notion that high-net-worth individuals use the tax code to their advantage to pay minimal income tax is nothing new.
Persons: Elon Musk, ProPublica, Tesla, Musk, Read, Elon, Mark Zuckerberg, Bill Gates, Rupert Murdoch Organizations: SpaceX, Tesla, Internal Revenue Service, Internal Revenue, Elon Musk's Locations: ProPublica
Amazon CEO Jeff Bezos didn't pay any income taxes for at least two years between 2006 and 2018, ProPublica reported. In 2007, and again in 2011, billionaire Amazon CEO Jeff Bezos reportedly paid nothing in federal income taxes. Bezos avoided paying federal income taxes in those two years by losing more money investing than he earned from other income, according to the report. In both years, the report said, Bezos paid nothing in federal income taxes by citing investment losses greater than the amount he earned from various income streams (stock dividends, salary, etc.). For the years he did pay federal income taxes between 2006 and 2018, Bezos paid a total of about $1.4 billion on a reported income of $6.5 billion, or a rate of about 21.5%.
Persons: Jeff Bezos didn't, ProPublica, Jeff Bezos, Bezos, Forbes —, Bill Gates, jockeying, Elon Musk, He's, Ben Gilbert Organizations: Amazon, Internal Revenue Service, Internal Revenue, ProPublica, Forbes, Twitter Locations: Amazon, Bezos
The IRS has started sending letters to 36 million families eligible to receive child tax credits. The Internal Revenue Service (IRS) has started notifying 36 million American families that they could be eligible to receive a monthly child tax credit starting next month. The press release said that families eligible for the credits will receive a personalized letter detailing an estimate of their monthly payment. Biden's coronavirus relief package revamped the $2,000 child tax credit, increasing the amount to $3,600 per child 5 and under and to $3,000 for every kid between 6 and 17. Democratic lawmakers have pushed for a child tax credit beyond the end of the pandemic to sustain economic recovery, most recently renewing the call in April.
Persons: it's, Joe Biden's, Biden, Biden's, Rosa DeLauro Organizations: IRS, Internal Revenue Service, Democratic, Act
Republicans have called any effort to boost the corporate tax rate or unwind the Republicans’ 2017 tax law a nonstarter. Some Democratic lawmakers have urged the White House to move ahead without Republican support while others have supported continuing talks. Mr. Biden also suggested repurposing $75 billion in previously approved Covid-19 relief aid, according to a person familiar with the matter. Mr. Biden is caught between progressive Democrats who have encouraged him to spend more and moderates who want him to find common ground with the GOP. Mrs. Capito and her colleagues, meanwhile, want to avoid being accused by conservatives of capitulating to Mr. Biden and greenlighting too much new spending.
Persons: Biden, Sen, Shelley Moore Capito, Jen Psaki, “ We’re, Drew Angerer, Mitch McConnell, , , ” Mrs, Capito, Ms Psaki, Mr, Biden isn’t, Biden’s, clawing, Trump, greenlighting, Republicans ’ counteroffers, Carlos Waters, Mitt Romney, Joe Manchin, don’t, ” Sen, Bernie Sanders, Sanders, Manchin, “ We’ve, Kamala Harris, — Lindsay Wise, Kristina Peterson, Andrew Restuccia, Richard Rubin Organizations: WASHINGTON, Senate Republican, White, Republicans, Democratic, Getty, Mr, Internal Revenue Service, Biden, Senate Republicans, GOP, CNN, Top, richard.rubin Locations: Ky, Kentucky, Washington, Baltimore, Sens, , Utah, kristina.peterson
White House Press Secretary Jen Psaki on Thursday downplayed the odds of a fourth relief payment for now. At least 28 Democratic lawmakers support recurring stimulus payments, a minority in the party. The White House downplayed the prospect of a fourth stimulus payment on Thursday, saying that President Joe Biden has already unveiled what he believes is his best possible economic recovery plan. But neither side has proposed another direct payment, and Republicans argue that generous federal aid is keeping unemployed Americans on the sidelines. The Treasury Department and the Internal Revenue Service issued $1,400 direct payments to the vast majority of American taxpayers and their dependents.
Persons: Jen Psaki, Biden, Psaki, Joe Biden, he's, Ayelet Sheffey Organizations: White, Press, Democratic, House Press, Republicans, Republican, Treasury Department, Internal Revenue Service, GOP, Research, University of Michigan
Live Live Updates: Biden Expands Trump-Era Ban on Investment in Chinese Firms Linked to Military The new order includes firms engaged in making and deploying the surveillance technology used against Muslim minorities and dissidents around the globe. Mr. Biden’s aides said the move was justified by a new American commitment not to facilitate Chinese repression and human rights abuses. It is unclear how effective Mr. Biden’s order will be at stopping the spread of Chinese espionage technology. Mr. Biden has also kept tariffs on Chinese goods in place, as leverage in negotiations. Mr. DeJoy argued that the changes were intended to make the Postal Service financially stable, but after a flurry of litigation, Mr. DeJoy postponed some of those decisions.
Persons: George P, Bush, Jeb, DeJoy, Biden, Joe Biden, Oliver Contreras, China —, Donald J, Biden’s, Kamala Harris, Harris, Harris’s, Derrick Johnson, Michael Waldman, ” Mr, Waldman, Katie Rogers, Capito, Sen, Shelley Moore Capito, Republican counteroffer, J, Scott Applewhite, Mr, Trump, , Jim Tankersley, Kirsten Gillibrand, Ted Cruz of, Stefani Reynolds, Gillibrand, Jack Reed, James M, Inhofe, Reed, ” Ms, , General Louis DeJoy, Louis DeJoy, “ Mr, , Mark Corallo, Corallo, George P . Bush, Amanda, Eric Gay, Associated Press George P, Jeb Bush, George W, George H.W, Bush’s, Ken Paxton, — Lee Merritt, Joe Jaworski, Paxton, Democrat Justin Nelson, Hurricane Harvey, Janet Yellen, Erin Scott, Janet L, Yellen, Alan Rappeport, Queen Elizabeth, . Queen Elizabeth, Steve Parsons, Elizabeth II, Jill Biden, Vladimir V, Putin, Elizabeth, Harry S, Truman, Lyndon, Johnson, Jill Biden’s, ” Michael LaRosa, Camp David, Jill, Sharon McCown, Luke Sharrett, Jeanna, Saul Martinez Organizations: Biden, Trump, Investment, Justice Department, Eisenhower, ., The New York Times, Huawei, NATO, Treasury Department, Pentagon, Republican, Senate, Democratic, National Association for, Advancement of Colored People, Brennan Center for Justice, New York University School of Law, Brennan, Democratic White House, Capitol, Washington . Credit, Associated Press, Republicans, Internal Revenue Service, Politico, Administration, New, Armed Services Committee, Democrat, Army, Justice, New Breed Logistics, Department of Justice, Washington Post, United States Postal Service, Postal Service, Trump . Texas, Lone Star, Trump —, Mr, Fox News, CNN, Group, European Union, White House, British, White, Convention, Service, The Washington, Amtrak, Air Force, Camp, Credit, The New York Times Workers, Federal, The New York, Labor Department, Bloomberg Locations: Texas, Washington, China, Hong Kong, Beijing, China’s, United States, Japan, South Korea, Britain, Germany, Tulsa, Okla, Washington ., West Virginia, New York, Ted Cruz of Texas, Rhode Island, Oklahoma, North Carolina, Trump ., Dallas, Galveston, Austin, Florida, Mexican, doling, Houston, London, Windsor Castle, England, Brussels, Russia, Rehoboth Beach, Del, Rehoboth, Mar, Beach, Fla, Wilmington, Maryland, Louisville, Ky, Cleveland
A police chief in Pennsylvania who threatened a private citizen with felony charges in retaliation for critical Facebook comments has agreed to plead guilty to a charge of deprivation of civil rights, federal prosecutors said. The critical social-media posts prompted a meeting between Buglio, 45, and the private citizen at the West Hazleton Police Department on March 4, 2020, court records said. West Hazleton Police Chief Brian Buglio. Inquiries to the police and West Hazleton officials were directed to Borough Solicitor Chistopher B. Slusser. West Hazleton police have four full time and four part time officers, according to the department’s website.
Persons: Brian Buglio, , Buglio, Fortunato N, Perri , Jr, Paul DeLorenzo, Brian, Chistopher, Slusser Organizations: West, West Hazleton Police Department, Middle, Middle District of Pennsylvania, Facebook, Scranton Federal, of, Force, Pennsylvania State Police, General’s, FBI, Internal Revenue Service, West Hazleton Police, Federal, NBC Locations: Pennsylvania, West Hazleton, Scranton, U.S, Middle District, Buglio, Philadelphia, East Stroudsburg, DeLorenzo
The Boston Herald found that 1.2 million of the $1,200 stimulus checks remain unspent. As a growing number of Democrats are pushing for recurring stimulus checks beyond the three that Americans have already received, the Boston Herald found 1.2 million people still haven't spent their first $1,200 check, from all the way back in March 2020. The Herald reported on Sunday that 1.2 million people have yet to spend those checks, citing records obtained from the Internal Revenue Service (IRS). The records show that California leads the country with 123,265 unspent stimulus checks, followed by Florida with 92,018 unspent checks. Even though 1.2 million stimulus checks remain uncashed, a growing number of Democrats are pushing for checks to be recurring, along with extended unemployment benefits, to sustain economic recovery.
Persons: haven't, Donald Trump, Unspent, Steve Scalise, unspent, Scalise, Sen, Shelley Moore Capito, Biden Organizations: Boston Herald, IRS, Herald, Internal Revenue Service, Republican, Bloomberg, Economic Security, Democrats Locations: California, Florida
Bitcoin falls 10% to $33,747, ether down 14%
  + stars: | 2021-05-23 | by ( ) www.reuters.com sentiment -1.00   time to read: +2 min
A collection of virtual currency bitcoin tokens are displayed in this picture illustration taken Dec. 8, 2017. Bitcoin , the world's biggest and best-known cryptocurrency, is down 48% from the year's high of $64,895.22 on April 14. Ether , the coin linked to the ethereum blockchain network, dropped 14% to $1,973.96 on Sunday, losing $322.35 from its previous close. Bitcoin markets operate 24/7, setting the stage for price swings at unpredictable hours. China's Financial Stability and Development Committee, chaired by Vice Premier Liu He, singled out bitcoin as the asset it needs to regulate more.
Persons: Benoit Tessier, Amy Wu Silverman, Bitcoin, Tesla, Elon Musk, Liu, bitcoin Organizations: REUTERS, RBC Capital Markets, China, Development, U.S . Treasury Department, Internal Revenue Service, Federal Reserve, Thomson Locations: Bitcoin
Bitcoin falls 11.3% to $33,250, ether down 16.6%
  + stars: | 2021-05-23 | by ( ) www.reuters.com sentiment -1.00   time to read: +2 min
A collection of virtual currency bitcoin tokens are displayed in this picture illustration taken Dec. 8, 2017. REUTERS/Benoit Tessier/IllustrationBitcoin dipped 11.33% to $33,250 at 16:00 GMT on Sunday, losing $4,248.98 from its previous close. Bitcoin , the world's biggest and best-known cryptocurrency, is down 48% from the year's high of $64,895.22 on April 14. Bitcoin markets operate 24/7, setting the stage for price swings at unpredictable hours. China's Financial Stability and Development Committee, chaired by Vice Premier Liu He, singled out bitcoin as the asset it needs to regulate more.
Persons: Benoit Tessier, Amy Wu Silverman, Bitcoin, Tesla, Elon Musk, Liu, bitcoin Organizations: REUTERS, RBC Capital Markets, China, Development, U.S . Treasury Department, Internal Revenue Service, Federal Reserve, Thomson Locations: Bitcoin
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