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☆ Biden Seeks Extension of Trump Tax Cuts for Most Households
▼ + stars: | 2023-03-09 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

WASHINGTON—President Biden largely wants to extend Trump-era tax cuts for households making under $400,000 a year beyond their scheduled expiration after 2025, the White House said in a budget statement Thursday. Mr. Biden’s budget calls for extending those tax cuts “in a fiscally responsible manner” by using new tax increases on wealthy people and large corporations to offset the budget-deficit increases that extended tax cuts would create. The cuts expanded the standard deduction and lowered tax rates for all income groups and will lapse after 2025 unless Congress acts.

The budget is unlikely to gain momentum on Capitol Hill, with the GOP expected to oppose most of the administration’s ideas. WASHINGTON—President Biden will outline a plan to reduce federal budget deficits by nearly $3 trillion over the next decade and raise taxes on wealthy people and large corporations, kicking off monthslong spending negotiations with Republicans in Congress. Mr. Biden’s fiscal year 2024 budget plan, which will be released Thursday, will lay out his recommended funding levels for federal agencies and departments. He is expected to ask for more in defense spending than he requested last year and propose drug-policy changes and efforts to cut fraud and waste that the White House said would save hundreds of billions of dollars.

☆ Big Companies Seeing Tax Benefits From Law Change Some of Them Fought
▼ + stars: | 2023-03-08 | by ( Richard Rubin | Jennifer Williams-Alvarez | ) www.wsj.com time to read: +6 min

Those companies now qualify for a bigger tax break for exports because of the way the research-deduction change alters their tax calculations. Photo: Dado Ruvic/REUTERSModerna saw that tax break jump to a 7.4 percentage-point benefit on its tax rate from 4.8 points in 2021, even as its cash tax payments rose. The change requiring companies to spread out research deductions was part of the 2017 tax law, and it was designed to partly offset the revenue loss from cutting corporate tax rates. PREVIEWAt the same time, the smaller research deduction means many companies can get a bigger advantage from the export tax break. The size of the FDII tax break is based in part on how much income a company has.

President Biden’s budget proposal will kick off monthslong spending negotiations with lawmakers. WASHINGTON—President Biden’s budget blueprint will lay out plans to save hundreds of billions of dollars by seeking to lower drug prices, raising some business taxes, cracking down on fraud and cutting spending he sees as wasteful, according to White House officials. Mr. Biden is set to release his fiscal 2024 budget plan on Thursday. Administration officials said it would propose cutting federal budget deficits by nearly $3 trillion over the next decade. But the release of the budget will kick off monthslong spending negotiations with lawmakers.

President Biden’s budget plan will also outline several new prescription-drug-related proposals. WASHINGTON—President Biden’s coming budget blueprint will propose extending the solvency of a key Medicare trust fund by at least 25 years, according to the White House, in part by increasing tax rates on people earning more than $400,000 a year. The plan would raise Medicare taxes to 5% from 3.8% for those top earners and effectively expand the reach of the tax so it applies to business income as well as investments, wages and self-employment income. Mr. Biden would also redirect some existing taxes from the government’s general fund to a Medicare fund. The Medicare program provides health insurance for adults 65 and older, as well as some younger people with disabilities.

☆ Biden’s Budget to Lay Out Plan to Extend Key Medicare Trust Fund by 25 Years
▼ + stars: | 2023-03-07 | by ( Andrew Restuccia | Richard Rubin | ) www.wsj.com time to read: 1 min

☆ Richard Rosenberg, former Bank of America chief who doubled its assets, dies
▼ + stars: | 2023-03-06 | by ( Lananh Nguyen | ) www.reuters.com time to read: +1 min

NEW YORK, March 5 (Reuters) - Richard Rosenberg, the former Bank of America Corp (BAC.N) chief executive who presided over a spree of acquisitions that doubled the bank's assets, has died. Rosenberg, a former Navy commander, served as the bank's chairman and CEO from 1990 to 1996. He took the helm as the industry was deregulating and orchestrated several major deals including a $4 billion merger with Security Pacific National Bank, one the largest banking deals of its time. They have since swelled to more $3 trillion after more deals, including the purchase of Merrill Lynch during the 2008 financial crisis. He joined Bank of America in 1987 to run its California operations, helping the company to swing to a profit from losses.

☆ Biden Budget to Draw Battle Lines With GOP on Taxes, Spending Ahead of 2024 Campaign
▼ + stars: | 2023-03-05 | by ( Andrew Restuccia | Richard Rubin | ) www.wsj.com time to read: 1 min

President Biden is expected to call for raising taxes on corporations. WASHINGTON—President Biden this week will release his annual budget blueprint, a document that is unlikely to gain momentum in Congress but will shed light on his priorities ahead of an expected re-election campaign and set the stage for contentious negotiations with Republicans over government spending. Mr. Biden, in his February State of the Union address, said his fiscal year 2024 budget will map out a plan to lower the deficit by $2 trillion over 10 years and extend the solvency of the Medicare Trust Fund by at least two decades. He pledged to achieve those goals without cutting Social Security or Medicare benefits or raising taxes on Americans making less than $400,000 a year.

☆ This SoftBank-backed startup that uses AI to draft legal documents just raised $10 million. Check out the 10-slide pitch deck Robin AI used to land the cash.
▼ + stars: | 2023-02-27 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Robin AI, a legal tech startup that uses AI to read and negotiate contracts, has raised $10 million. A startup that uses AI to make legal contracts simpler to draft and negotiate has raised $10 million in fresh funding. London-based Robin AI, which counts SoftBank among its backers, was founded by former lawyer Richard Robinson and physics PhD James Clough. The startup uses machine learning to review and negotiate legal contracts through a software platform. The startup claimed to have grown its revenues 20x since its previous raise, a $3.3 million funding from SoftBank in December 2021.

☆ This SoftBank-backed startup that uses AI to draft legal documents just raised $10.5 million. Check out the 10-slide pitch deck Robin AI used to land the cash.
▼ + stars: | 2023-02-27 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Robin AI, a legal tech startup that uses AI to read and negotiate contracts, has raised $10.5 million. A startup that uses AI to make legal contracts simpler to draft and negotiate has raised $10.5 million in fresh funding. London-based Robin AI, which counts SoftBank among its backers, was founded by former lawyer Richard Robinson and physics PhD James Clough. The startup uses machine learning to review and negotiate legal contracts through a software platform. The startup claimed to have grown its revenues 20x since its previous raise, a $3.3 million funding from SoftBank in December 2021.

☆ Converting empty office buildings into apartments sounds like a no-brainer, but big landlords are resisting for one big reason
▼ + stars: | 2023-02-23 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +7 min

Three experts tell Insider office prices need to fall before conversions are commonplace. But for these plans to be successful, the world of real estate must address the elephant in the room: Office buildings are simply too expensive. Moody's laid out some basic math: In 2021, the average New York apartment building traded at $434 a square foot. Now in the US, he's up to the same business but not yet with the vacant office buildings that dot the downtowns of large metropolises. Among them is an older, 130,000-square-foot St. Louis office building, which represents some of the city's most outdated stock, Rubin told Insider.

☆ California’s heavy rains deliver hope of a lifeline for one devastated industry – rice
▼ + stars: | 2023-02-16 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +8 min

After years of drought, California has received an epic amount of rain already in 2023. The Sacramento Valley is the hub of California’s rice production. During the seed planting and growing season, which runs from March through August, farmers flood rice fields with up to five inches of water. The way the rice business goes is how the economy goes,” Ponciano said. “After harvest season, the sky over the rice fields would be filled with geese and ducks,” he said.

☆ Biden’s Pick for IRS Chief to Face Questions About Agency’s $80 Billion Expansion
▼ + stars: | 2023-02-15 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

Danny Werfel was acting IRS commissioner for most of 2013 and before that was a senior official at the Office of Management and Budget. WASHINGTON— Danny Werfel , President Biden’s choice to run the Internal Revenue Service , will tell senators Wednesday that he is committed to focusing tax enforcement on high-income Americans, as lawmakers press him for details on how the agency plans to use the $80 billion Congress gave it last year. Mr. Werfel’s confirmation hearing is expected to focus less on his qualifications for the role—which include a stint as the acting IRS leader in 2013 and years as a consultant—and more on the new IRS funds from the Inflation Reduction Act.

☆ New $10 Billion Program for Energy Subsidies Set for Rollout by Treasury Department
▼ + stars: | 2023-02-15 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

WASHINGTON—The Treasury Department is preparing to start a $10 billion program for subsidizing advanced energy projects and a new tax break for solar-and-wind projects in low-income communities. The two programs were created last year in the climate, health and tax law known as the Inflation Reduction Act. The department has been working to lay out the details of how the law’s tax breaks will work, as companies begin taking advantage of new incentives to invest in projects aimed at accelerating the country’s shift away from fossil fuels.

☆ Biden’s Pick for IRS Chief Faces Questions About Agency’s $80 Billion Expansion
▼ + stars: | 2023-02-15 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

Danny Werfel, acting IRS commissioner for most of 2013, delivers an opening statement at his confirmation hearing Wednesday in Washington. WASHINGTON— Danny Werfel , President Biden’s choice to run the Internal Revenue Service , told senators Wednesday that he is committed to focusing tax enforcement on high-income Americans, as lawmakers press him for details on how the agency plans to use the $80 billion Congress gave it last year. Mr. Werfel’s confirmation hearing is focusing less on his qualifications for the role—which include a stint as the acting IRS leader in 2013 and years as a consultant—and more on the new IRS funds from the Inflation Reduction Act.

☆ Treasury Department Set to Roll Out New Tax Credits for Energy Projects
▼ + stars: | 2023-02-13 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

☆ These Millionaires Tried Turning a Yacht Into a Tax Break. The IRS Sank Their Plan.
▼ + stars: | 2023-02-11 | by ( Richard Rubin | Rachel Louise Ensign | ) www.wsj.com time to read: 1 min

JR and Loren Ridinger wanted a new yacht. First, they needed to get rid of the old one. The 116-foot Utopia II wasn’t selling, so the Ridingers and their lawyers hatched an alternative plan: Donate it, and reap a big tax deduction.

☆ House Tax Leader Denounces International Plan to Raise Minimum Corporate Tax
▼ + stars: | 2023-02-10 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

Rep. Jason Smith said ‘Republicans will not tolerate’ changes that could let other countries collect more taxes from U.S. companies. WASHINGTON—The House’s top tax legislator criticized an international agreement to raise minimum taxes on corporations, saying Republicans in Congress wouldn’t accept the deal reached by the Biden administration and more than 130 countries. Rep. Jason Smith (R., Mo. ), who became chairman of the House Ways and Means Committee last month, said the agreement would help China gain a competitive advantage and hurt the U.S.

☆ SEC to increase scrutiny of Crypto trading firms and ESG funds in 2023
▼ + stars: | 2023-02-08 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

The Securities and Exchange Commission will increase its scrutiny of crypto trading firms and investment advisers as well as Environmental, Social and Governance — or ESG — funds, among other issues on its list of top oversight priorities this year. This year, the SEC's examinations division will focus its attention on broker-dealers and registered investment advisers that use emerging financial technologies, including crypto. Registered investment advisers to private funds: To assess compliance and other risks as well as if advisers are adhering to their duties as fiduciaries. Retail investors and working families: Ensuring these groups receive advice in their best interests from broker-dealers and registered investment advisers. "In executing against the 2023 priorities, the Division will help ensure compliance with the federal securities laws and rules."

☆ Top GOP Tax Legislator Says He’ll Boost Workers, Probe Companies
▼ + stars: | 2023-02-06 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

Rep. Jason Smith, who represents southeastern Missouri, said his policies will focus on ‘real Americans’ over large corporations. Jason Smith (R., Mo. ), the House’s new top tax writer, is promoting an approach he says would favor working-class Americans over large corporations, a shift in tone from his predecessors that raises questions about companies’ ability to push tax cuts through Congress. In speeches, interviews and a 10-year voting record in Congress, Mr. Smith has been a steady supporter of Republican tax cuts, and he says that basic approach isn’t changing. As chairman of the Ways and Means Committee, he says the needs of farmers, small businesses and working-class Americans should come first when setting policy.

☆ Biden to Urge Quadrupling New 1% Tax on Stock Buybacks
▼ + stars: | 2023-02-06 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

President Biden during his State of the Union address is also expected to tout economic progress that has occurred since early in the pandemic. WASHINGTON—President Biden plans to propose quadrupling the 1% tax on stock buybacks that took effect in January, which the White House said would encourage companies to invest in their growth instead of boosting shareholders. Mr. Biden will discuss the proposed change during his State of the Union speech on Tuesday, the White House said in a preview of the address, in which the president will also tout economic progress since the early days of the Covid-19 pandemic. The plan to boost the buyback tax might struggle to advance through the divided Congress, where Republicans control the House.

☆ Perfect Storm for Some Companies: Fewer Interest Deductions, Rising Rates
▼ + stars: | 2023-02-06 | by ( Mark Maurer | ) www.wsj.com time to read: +9 min

For some firms, the move shrank the amount of taxable income that can be offset by interest expenses. Higher interest rates generally lead to higher interest expenses tied to companies’ variable-rate debt, new borrowings and refinancings. The cap can hit companies’ cash flows immediately, though not necessarily their financial statements, due to timing differences in claiming the deductions. Aluminum maker and recycler Novelis plans to allocate less cash toward its venture-capital arm due to the higher interest expenses. Leveraged loans have variable rates that typically reset every one to three months, based on short-term interest rates.

☆ Global Minimum Tax Deal Advances With Partial Reprieve for U.S.-Based Companies
▼ + stars: | 2023-02-02 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

The Organization for Economic Cooperation and Development explained how the U.S. tax system will interact with the minimum taxes being implemented in other countries. WASHINGTON—The U.S. prodded other major countries to agree to a coordinated global corporate tax increase. Now, international officials are moving ahead with their tax increases while giving U.S. companies a temporary break from some tax hikes in hopes of prompting the U.S. to implement the deal. The Organization for Economic Cooperation and Development on Thursday spelled out how the U.S. tax system will interact with the minimum taxes being implemented in the European Union, the U.K., South Korea and other countries. The rules offer a partial reprieve for U.S. companies through 2025.

☆ An 81-year-old brain doctor's 7 'hard rules' for keeping your memory 'sharp as a whip'
▼ + stars: | 2023-02-02 | by ( Richard Restak | ) www.cnbc.com time to read: +4 min

Neglecting your brain health can make you vulnerable to degenerative brain diseases like Alzheimer's and other forms of dementia. As a neuroscientist, I've spent decades guiding patients with memory problems through brain-enhancing habits and exercises — many of which I practice, too. Here are seven brain rules I follow to keep my memory sharp as a whip:1. Eat brain foods. Get in the habit of converting anything which you find hard to remember into a wild, bizarre or otherwise attention grabbing image.

☆ Amid high levels of contamination, Puerto Rico town's residents plead for action
▼ + stars: | 2023-01-30 | by ( Associated Press | ) www.nbcnews.com time to read: +8 min

SALINAS, Puerto Rico — Shuttered windows are a permanent fixture in Salinas, an industrial town on Puerto Rico’s southeast coast that is considered one of the U.S. territory’s most contaminated regions. Salinas also has one of the highest incidence rates of cancer in Puerto Rico, with 140 cases reported in 2019, the newest figures available from the island’s Central Registry of Cancer. Those measures have a limited effect, however, and residents continue frustrated that their complaints about contamination have been ignored for years. That has been hailed by many in Puerto Rico, which has one of the highest asthma rates in a U.S. jurisdiction and whose power generation system is 97% based on fossil fuels. Although she has been the target of protests organized by frustrated residents, she said she is pushing for corrective measures.

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