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☆ Bipartisan Tax Deal Would Provide Boost to Businesses, Families
▼ + stars: | 2024-01-16 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

The new plan would provide some U.S. households with more money from the child tax credit. Photo: Alex Wong/Getty ImagesWASHINGTON—Top U.S. lawmakers unveiled a bipartisan tax agreement that would revive expired breaks for businesses and increase the child tax credit for low-income families, and they are aiming to push the $78 billion in tax breaks through Congress in the next few weeks. The deal comes from Sen. Ron Wyden (D., Ore.) and Rep. Jason Smith (R., Mo. ), ideological opponents who found common ground after months of talks. They have a tough task ahead, given skepticism about aspects of the deal in both parties and a tight deadline before tax season starts.

Persons: Alex Wong, Sen, Ron Wyden, Jason Smith Organizations: Getty, WASHINGTON —, WASHINGTON — Top U.S Locations: WASHINGTON — Top, Mo

☆ Congress announces tax deal to expand child tax credit and revive breaks for businesses
▼ + stars: | 2024-01-16 | by ( Sahil Kapur | Kate Santaliz | ) www.cnbc.com time to read: +3 min

WASHINGTON — Senior lawmakers in Congress announced a bipartisan deal Tuesday to expand the child tax credit and provide a series of tax breaks for businesses. The deal, details of which were reported earlier by NBC News, would enhance refundable child tax credits in an attempt to provide relief to financially struggling and multi-child families. Democrats had demanded a larger child tax credit after an earlier version they passed for less than one year expired, causing child poverty to fall and then rise again after it lapsed. And Republicans were motivated to revive some expired portions of the 2017 Trump tax cuts for businesses. Wyden has said he hopes to pass the deal by the beginning of tax filing season, which is Jan. 29.

Persons: Cara Baldari, Evie, Sarah Orrin, Vipond, Otto, Jason Smith, Ron Wyden, Smith, " Wyden, Wyden, That's Organizations: D.C, U.S, Capitol, WASHINGTON —, Congress, NBC News, American Locations: China

☆ Lawmakers Strike Tax Deal, but It Faces Long Election-Year Odds in Congress
▼ + stars: | 2024-01-16 | by ( Kayla Guo | ) www.nytimes.com time to read: +1 min

Top Democrats and Republicans in Congress on Tuesday released a $78 billion compromise they have reached to expand the child tax credit and restore three popular expired business tax breaks, but the package faces a challenging road to enactment in an election year. The plan includes $33 billion to partly extend a major expansion of the child tax credit that was initially beefed up for one year as part of the sweeping 2021 pandemic aid law, and another $33 billion to reinstate a set of expired business tax benefits related to research, business and capital deductions. It would also include an increase of a tax credit to encourage the development of low-income housing, tax relief for disaster victims and tax breaks for Taiwanese workers and companies operating in the United States. The package would be financed by reining in the employee retention tax credit, a pandemic-era program to encourage employers to keep workers on payroll that has become a hotbed of abuse. They have led an intensive round of discussions aimed at striking a compromise and pushing it into law in time for the start of tax filing season this month.

Persons: Jason Smith, Ron Wyden Organizations: Republicans, reining, Republican, Democrat, Finance Committee Locations: United States, Missouri, Oregon

“It’s an ongoing effort,” said White House chief of staff Jeff Zients. “Under his leadership, we’ve attacked inflation from every angle.”The question is whether voters are feeling the improvement and will reward Biden. Or will they penalize him because inflation became a problem on his watch as the U.S. emerged from pandemic shutdowns? Past and current Biden administration officials say the decline in inflation since then was a result of a set of choices. Much of the public saw inflation through the lens of their grocery stores, strip malls and gas stations, but the White House considered it a worldwide issue.

Persons: Joe Biden, he's, Biden, ”, Jeff Zients, we’ve, Jason Smith of Missouri, Donald Trump, ” Trump, “ We're, Bharat Ramamurti, shutdowns, “, Jared Bernstein, White, Ben Harris Organizations: WASHINGTON, White, Bureau of Labor Statistics, Biden, Federal Reserve, House, National Economic Council, Congressional, Medicare, Factories, Shipping, White House Council, Economic Advisers, White House, U.S, Republican, Treasury Department, Associated Press, NORC, for Public Affairs Locations: “, U.S, Los Angeles, Long Beach , California, Russia, Ukraine, Israel, Red

☆ House takes aim at Harvard, MIT and UPenn’s tax-exempt status over antisemitism
▼ + stars: | 2024-01-10 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

CNN —The powerful House Ways and Means Committee is threatening to reconsider the tax-exempt status of Harvard University, the Massachusetts Institute of Technology, the University of Pennsylvania and Cornell University amid allegations the elite schools have failed to fight antisemitism on campus. Rep. Jason Smith, the Republican chair of the committee, sent a letter on Wednesday to the four schools expressing alarm at their responses to antisemitism. The controversy has fueled a backlash from donors and politicians and helped contribute to the ousters of former Harvard President Claudine Gay and former UPenn President Liz Magill. The Ways and Means chairman noted that the universities’ tax-exempt status provides “lucrative financial benefits” and “advantageous tax treatment” of their endowments. Harvard is also under pressure to respond to wide-ranging document requests from another House panel, the Committee on Education and the Workforce, on both antisemitism and plagiarism.

Persons: Jason Smith, ” Smith, Claudine Gay, Liz Magill, Smith, ” Cornell, Rebecca Valli, ”, UPenn, “ Penn, ” UPenn, Sally Kornbluth, Martha Pollack Organizations: CNN, Harvard University, Massachusetts Institute of Technology, University of Pennsylvania, Cornell University, US, Harvard, UPenn, MIT, Cornell, Education, ” Locations: Israel

☆ A bigger tax break for parents and companies is getting closer to becoming a reality
▼ + stars: | 2024-01-10 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +3 min

Read previewThere might be welcome tax news for parents and businesses soon — if legislators are finally able to wrangle a deal. "We've made a substantial kind of progress," Wyden told Semafor. AdvertisementRyan Carey, a spokesperson for Wyden, told BI last week that discussions were "ongoing" and "productive." At the same time, Democrats have been pushing for some renewal of pandemic-era expansions to the Child Tax Credit that expired in December 2021. Wyden told Semafor that he'd want the package in front of President Joe Biden by January 29, when filing season begins.

Persons: —, Ron Wyden, Jason Smith, Semafor's Joseph Zeballos, We've, Wyden, Semafor, Smith, Ryan Carey, Carey, Spokespeople, Donald Trump's, Joe Biden Organizations: Service, Senate, Democrat, Tax, Business, Senate Finance, Child Tax, American, Child, ARP CTC

☆ Rep. Jason Smith: Need to make sure universities are following free, not preferred speech
▼ + stars: | 2023-11-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. Jason Smith: Need to make sure universities are following free, not preferred speechHouse Ways and Means Committee Chairman Rep. Jason Smith (R-Mo.) joins 'Squawk Box' to discuss the government funding bill passed by the House, what it means for the spending fights next year, upcoming Congressional hearing on antisemitism on college campuses, and more.

Persons: Jason Smith

☆ House subpoenas James and Hunter Biden in GOP-led probe of the president's family
▼ + stars: | 2023-11-08 | by ( Ryan Nobles | Summer Concepcion | ) www.cnbc.com time to read: +7 min

House Republicans on Wednesday issued subpoenas to Hunter and James Biden — President Joe Biden's son and brother, respectively — as well as a Biden family associate, Rob Walker, in an escalation of Republicans' impeachment inquiry into the president. A representative and attorney for Hunter Biden and James Biden did not immediately respond to a request for comment. The subpoenas and interview requests come a day after the special counsel overseeing the probe into Hunter Biden testified before the House Judiciary Committee behind closed doors. The panel further alleges that the Biden family, their business associates and their companies received more than $24 million from foreign nations over approximately five years. "These records reveal how the Bidens sold Joe Biden around to the world to benefit the Biden family, including Joe Biden himself, to the detriment of U.S. interests," Comer said in the statement.

Persons: Jason Smith, Joe Biden, Hunter, James Biden, Joe Biden's, —, Biden, Rob Walker, James Comer, Walker, Sara Biden, James, Hallie Biden, Beau ), Elizabeth Secundy, Melissa Cohen, Hunter's, Tony Bobulinski, Hunter Biden, Ian Sams, Sams, Comer, should've, David Weiss, Weiss, " Weiss, Daniel Goldman, Mary Gay Scanlon, Ted Lieu, Ted Lieu of California —, Scanlon, Matt Gaetz, Jim Jordan, Jordan, — Tom Winter Organizations: House Republicans, Biden, Republicans, Judiciary, Justice Department, Committee, United, United States Attorneys, Department of Justice, NBC News, Trump, Democratic, Florida Republican Locations: Longworth, Ky, United States, New York, Ted Lieu of California, Ohio

☆ Republicans return to Biden impeachment inquiry following 3-week speaker race
▼ + stars: | 2023-10-27 | by ( Annie Grayer | ) edition.cnn.com time to read: +10 min

Another unknown factor is how House Judiciary Chairman Jim Jordan – who spent much of the last three weeks running for speaker – will return to the scene. A source familiar with Johnson’s thinking told CNN, “He believes it’s a fact-finding mission. GOP Rep. Jen Kiggans, who represents a Virginia district Biden won in 2020, told CNN, “We have so much work we need to get done including these appropriations bills. I don’t think so,” GOP Rep. Mike Garcia, who represents a competitive district in California, told CNN of the inquiry. House Republicans have not held an impeachment inquiry hearing since their first one on September 28, where expert witnesses brought in by Republicans acknowledged they did not yet have the evidence to prove the accusations leveled against the president.

Persons: Joe Biden, Hunter, James Biden, Mike Johnson, Kevin McCarthy, Johnson, ”, Jason Smith, Jim Jordan –, –, Jordan, Russell Dye, James Comer, Fox News ’ Sean Hannity, ” Johnson, “, it’s, Comer, Smith, Jeff Van Drew, Jen Kiggans, Biden, Mike Garcia, Ralph Norman, Jim Jordan, Austin Scott of, ” Van Drew, Matt Gaetz, Hunter Biden, Tony Bobulinski, McCarthy, Ken Buck, Ken Buck of Colorado, ” Buck, Chip Roy, “ we’re, Martin Estrada, David Weiss, holdouts, Ben Cline, Virginia, ” Gaetz Organizations: CNN, Republican, Republicans, GOP, Kentucky Republican, Judiciary, Fox News, New, New Jersey Republican, ” CNN, White, Democratic, California, Department of Justice Locations: Missouri, Kentucky, Jordan, New Jersey, Virginia, California, South Carolina, Austin Scott of Georgia, Florida, Ken Buck of, ”, Texas

☆ GOP lawmaker attacks tax-exempt status of US colleges failing to condemn Hamas' 'barbaric' attacks
▼ + stars: | 2023-10-19 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +4 min

A GOP lawmaker said he was "disgusted" by US college responses to Hamas' attacks on Israel. AdvertisementAdvertisementA top Republican lawmaker overseeing US federal taxes has attacked the tax-exempt status of universities failing to condemn Hamas' "barbaric acts of terrorism committed against the Jewish people," according to a statement. Smith added that after Hamas' "horrific attack" on Israel on October 7, some universities, which had previously condemned speech they disapproved of, had failed to condemn Hamas attacks and student statements of support for Hamas. In the 12 days since the Palestinian militant group Hamas' terror attacks on Israel, elite US universities have been criticized for their response, or lack of response, to Hamas' attacks and student statements holding Israel responsible for Hamas' offensive. More than thirty Harvard student organizations issued a joint statement on October 10, in which they held Israel "entirely" responsible for Hamas' attacks.

Persons: Jason Smith, Smith, —, Israel Organizations: GOP, Service, Republican, Hamas, University, University of Virginia, Northwestern University Students for Justice, Israel Defense Forces, Palestinian Health Ministry Locations: Israel, United States, Palestinian, Harvard, Palestine, Gaza

☆ House Republicans push IRS for answers on processing pause for small business tax credit
▼ + stars: | 2023-10-04 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Rep. Jason Smith, R-Mo., speaks during a House Oversight and Accountability Committee impeachment inquiry hearing on Sept. 28, 2023. Jonathan Ernst | ReutersHouse Republicans are pressing the IRS for answers after the agency paused processing new claims for a pandemic-era small business tax break. Lawmakers voiced "continued concerns" about the employee retention credit, or ERC, which was enacted to support small businesses during the Covid-19 pandemic. The backlog of unprocessed ERC claimsAs of Sept. 27, the total inventory of unprocessed Forms 941-X, used to amend an employer's quarterly federal tax returns, was roughly 779,000, according to the IRS. However, the ERC claim backlog may be significantly higher due to professional employer organizations, or PEOs, which provide payroll benefits and other HR services.

Persons: Jason Smith, Jonathan Ernst, David Schweikert, Pat Cleary Organizations: Reuters, Republicans, ERC, IRS, National Association of Professional Locations: Worth

☆ Rep. Jason Smith on government shutdown: Don't count House Speaker Kevin McCarthy out
▼ + stars: | 2023-09-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. Jason Smith on government shutdown: Don't count House Speaker Kevin McCarthy outHouse Ways and Means Committee Chairman Rep. Jason Smith (R-Mo.) joins 'Squawk Box' to discuss the latest negotiations on Congress, whether a government shutdown can be averted, the challenges facing House Speaker Kevin McCarthy within his own party, and more.

Persons: Jason Smith, Kevin McCarthy

☆ Pressure mounts on McCarthy ahead of shutdown deadline as Democratic Rep. Boyle blames 'infighting'
▼ + stars: | 2023-09-25 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

WASHINGTON — Bipartisan lawmakers on Monday weighed in on a possible government shutdown, as pressure builds on House Speaker Kevin McCarthy to get something passed with less than a week before the deadline. McCarthy, R-Calif., is in a bind and can't afford to lose more than four Republican votes on a spending bill. Rep. Tim Burchett, R-Tenn., said Sunday that he might back ousting the House speaker if such a compromise is reached. "Clearly it's a Kevin McCarthy problem," Heidi Heitkamp, a former Democratic senator from North Dakota, told "Squawk Box" on Monday about moving bills through the House. "People will get paid at the end of this," Mulvaney told "Squawk Box."

Persons: Kevin McCarthy, Jason Smith, CNBC's, McCarthy, Tim Burchett, Brendan Boyle, recessing, Heidi Heitkamp, We've, Heitkamp, Mick Mulvaney, Donald Trump, Mulvaney, It's Organizations: WASHINGTON, Republican, Caucus, Democratic, Social Security, White House Locations: Missouri, North Dakota, Washington

☆ Republican lawmaker seeks details of Tesla relationship with Chinese battery company CATL
▼ + stars: | 2023-09-19 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Florence Lo/File Photo Acquire Licensing RightsWASHINGTON, Sept 19 (Reuters) - A senior Republican in Congress asked Tesla (TSLA.O) Tuesday to detail its relationship with Chinese battery manufacturer CATL (300750.SZ) amid concerns electric vehicle subsidies are flowing to foreign entities raising security concerns. Smith said the committee is concerned CATL "may be trying to negotiate other agreements like the agreement with Ford." The question is how what precisely constitutes a "foreign entity of concern", and so far no foreign battery supplier has been labeled as such. In July, Smith and Mike Gallagher, Republican chair of the Select Committee on China, demanded Ford answer questions about the CATL deal. Ford told Reuters Tuesday it agrees that "U.S. taxpayer dollars should support American manufacturers, not foreign entities of concern."

Persons: Florence, Tesla, Jason Smith, Elon Musk, Smith, Ford, Musk, Mike Gallagher, Janet Yellen, David Shepardson, Stephen Coates Organizations: Fair for Trade, Services, REUTERS, Rights, Republican, Ford, Republicans, Nissan, Reuters, American, U.S . Treasury, Treasury, Thomson Locations: Beijing, China, Michigan, CATL, United States

☆ Republican lawmaker seeks details of Tesla relationship with Chinese battery maker CATL
▼ + stars: | 2023-09-19 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

Smith said the committee is concerned CATL "may be trying to negotiate other agreements like the agreement with Ford." Republicans in Congress have been probing Ford Motor's (F.N) planned $3.5 billion investment to build a battery plant in Michigan using technology from CATL, the world's largest battery maker. The question is what precisely constitutes a "foreign entity of concern", and so far no foreign battery supplier has been labeled as such. Tesla, CATL and Nissan did not immediately respond to requests for comment. In July, Smith and Mike Gallagher, Republican chair of the Select Committee on China, demanded Ford answer questions about the CATL deal.

Persons: Florence, Tesla, Jason Smith, Elon Musk, Smith, Ford, Musk, Mike Gallagher, Janet Yellen, David Shepardson, Stephen Coates, Himani Organizations: Fair for Trade, Services, REUTERS, Rights, Republican, Ford, Reuters, Republicans, Nissan, American, U.S . Treasury, Treasury, Thomson Locations: Beijing, China, Michigan, CATL, United States, America

☆ House Oversight Committee to hold first Biden impeachment inquiry hearing next week
▼ + stars: | 2023-09-19 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Rep. James Comer of Kentucky, the Oversight Committee chair, said Tuesday that he plans to subpoena the personal bank records of Hunter Biden , the president's son, and his brother James Biden. The House Oversight Committee will hold the first hearing on the impeachment inquiry into President Joe Biden on Sept. 28, a committee spokesperson said Tuesday. A spokesperson for the oversight committee said the subpoenas could come as early as this week. House Speaker Kevin McCarthy, R-California, last week directed three GOP-led committees to launch an impeachment inquiry into Biden. The impeachment inquiry is being led by Comer on the Oversight Committee, Judiciary Committee Chair Jim Jordan of Ohio, and Ways and Means Committee Chair Jason Smith of Missouri.

Persons: Joe Biden, James Comer of, Hunter Biden, James Biden, James Comer, Kevin McCarthy, Biden, McCarthy, Comer, Jim Jordan of, Jason Smith of, Jordan, Smith, Hunter, James, Ian Sams, Jamie Raskin Organizations: Prince George's Community College, UNITED STATES, GOP, Jason Smith of Missouri, White, Republicans, Maryland Locations: Largo , Maryland, James Comer of Kentucky, Ky, Rayburn, California, Jim Jordan of Ohio

CNN —House Speaker Kevin McCarthy unilaterally gave his conference the green light to launch an impeachment inquiry into President Joe Biden. “There has to be an aha moment.” Rep. Darrell Issa of California, a Republican member of the House Judiciary Committee, told CNN. McCarthy – who spoke for 15 minutes before a scheduled presentation on their Biden impeachment inquiry – also expressed annoyance over their spending struggles and inability to find consensus, saying “hell yeah” he is frustrated. “Until I see the evidence of an impeachable offense, I’m not in favor of impeachment inquiry or impeachment.”Some moderates in swing districts, though, are expressing support for the impeachment inquiry, and dismissing concerns that it could negatively impact the GOP. Some House Republicans cautioned that an impeachment inquiry does not make articles of impeachment inevitable.

Persons: Kevin McCarthy, Joe Biden, McCarthy, Biden –, Darrell Issa of, “, Hunter Biden, –, ” Issa, Republicans –, Jim Jordan, “ We’re, ” Jordan, ”, McCarthy –, Biden, impeaching Biden, Clinton, Tom Cole, Kat Cammack, Brian Mast, Dan Newhouse, Donald Trump, Tim Burchett, Jim Jordan’s, Republicans don’t, McCarthy’s, We’ve, Matt Gaetz, James Biden, “ Hunter Biden, Hunter, can’t, Scott Perry of, James Biden’s, ” Comer, James Comer, Jordan, Jason Smith of Missouri, They’ve, ” McCarthy, Nancy Pelosi, Mike Johnson, ” Newhouse, Comer, Jordan trekked, John Thune of, ” Sen, Lindsey Graham of, ” Graham, There’s, Ken Buck, Ken Buck of Colorado, Buck, ” Buck, I’m, Nick LaLota, ” Johnson, ” Mast Organizations: CNN —, House Republicans, ”, Republican, CNN, Republicans, Ohio Republican, Capitol, GOP, Senate, Dan Newhouse of Washington, hardliner, Hunter Biden, McCarthy’s, Democrats, Senate Republican, Biden Locations: Darrell Issa of California, Ohio, Florida, Dan Newhouse of, Tennessee, John Thune of South Dakota, Lindsey Graham of South Carolina, Ken Buck of, “, New York

House Speaker Kevin McCarthy, facing growing pressure from the right flank of his conference, announced on Tuesday he is directing committee leaders to open an impeachment inquiry into President Joe Biden, citing a “culture of corruption” around the chief executive. “Today, I am directing our House committee to open a formal impeachment inquiry into President Joe Biden,” McCarthy said at a press conference. But until now, the inquiry was not guaranteed, especially as it remained unclear whether vulnerable Republicans in swing districts that Biden won in the last election would vote to open the impeachment inquiry into the president. But other Republicans have opposed launching an impeachment inquiry. Rep. Ken Buck of Colorado has argued that the House lacks evidence connecting Biden to his son’s foreign business dealings.

Persons: Kevin McCarthy, Joe Biden, ” McCarthy, Biden, McCarthy, James Comer, Jim Jordan, Jason Smith, “, Marjorie Taylor Greene, Matt Gaetz, Hunter, Greene, Ken Buck Organizations: “, California Republican, GOP, Caucus, Marjorie Taylor Greene of Georgia Locations: California, Marjorie Taylor Greene of, Florida, Colorado

CNN —House Speaker Kevin McCarthy announced Tuesday he is calling on his committees to open a formal impeachment inquiry into President Joe Biden, even as they have yet to prove allegations he directly profited off his son’s foreign business deals. While McCarthy has already publicly threatened to launch an inquiry, sources say that McCarthy has sent even stronger signals about his intentions behind closed doors. Punchbowl first reported McCarthy’s expected message on an impeachment inquiry. But Tuesday’s news will mark a real effort by McCarthy to start moving ahead and get House Republican skeptics on board with proceeding. House Republican leadership will need to formally whip votes at some point which they have not yet done.

Persons: Kevin McCarthy, Joe Biden, McCarthy, “, ”, Hunter, James Comer of, Jason Smith of, Jim Jordan of, Biden Organizations: CNN —, California Republican, Capitol, Representatives, Republicans, Republican, CNN, Republican House, House Republican Locations: California, James Comer of Kentucky, Jason Smith of Missouri, Jim Jordan of Ohio, Punchbowl

☆ McCarthy directs GOP-led House committees to open Biden impeachment inquiry
▼ + stars: | 2023-09-12 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Republican House Speaker Kevin McCarthy on Tuesday announced that he has instructed three GOP-led committees to launch an impeachment inquiry into President Joe Biden. McCarthy apparently abandoned his previous vow that an impeachment inquiry would occur through a vote in the House. Senate Republicans are skeptical that the House has uncovered enough evidence to justify an impeachment inquiry. The Republican-led House Oversight committee launched an investigation in January into allegations that Biden profited from his son Hunter's business dealings while he was vice president. Rep. Jamie Raskin, the ranking Democrat on the oversight committee, called the GOP investigation "a complete and total bust" in a statement Monday.

Persons: Kevin McCarthy, Joe Biden, McCarthy, Biden, James Comer, Jim Jordan of, Jason Smith, Ian Sams, Jamie Raskin, Raskin Organizations: GOP, GOP Rep, White, Republicans, Republican Locations: Ky, Jim Jordan of Ohio, Mo

☆ Inflation Reduction Act spurs $500 billion in investments — and much is going to underserved communities, Treasury says
▼ + stars: | 2023-08-16 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

WASHINGTON — The Treasury Department on Wednesday announced that billions of dollars slated for investments in clean energy, electric vehicles and batteries under the Inflation Reduction Act will go to relatively underserved communities throughout the country. The announcement comes as the IRA, the Biden administration's landmark law targeting manufacturing, infrastructure and climate change, turns one year old. The more than $500 billion in announced investments, $200 billion of which is in the clean energy sector, is a key goal of the legislation, according to the Treasury. A senior Treasury official told reporters on Wednesday that the agency is also seeing meaningful private investment in the efforts. He also contended it would benefit the Chinese Communist Party, as the U.S. relies on Chinese imports of key inputs for clean energy technology.

Persons: Sean Patrick Maloney, WASHINGTON —, Janet Yellen's, Harris administration's, Joe Biden's, Biden, Jason Smith, Smith Organizations: WASHINGTON, Treasury Department, Wednesday, Biden, Treasury, Chinese Communist Party Locations: Cold, , New York, U.S, China

☆ Democrats are increasingly optimistic about the IRS' plan to offer free tax prep software and break TurboTax and H&R Block's stranglehold
▼ + stars: | 2023-08-14 | by ( Madison Hall | ) www.businessinsider.com time to read: +5 min

A small part of the Inflation Reduction Act instructed the IRS to look into developing a free tax filing program. According to a Bloomberg Second Measure report, TurboTax is by far the most popular tax filing service with a 73 percent market share in May 2021. "The Free File program, which was created in partnership with tax preparation companies, clearly has not been successful in over two decades." Intuit, which makes TurboTax, and H&R Block both pulled out of the Free File Alliance during the pandemic. "Americans will be powerless when the IRS completely controls the tax filing process from start to finish."

Persons: It's, Joe Biden, Don Beyer, Beyer, Katie Porter, it's, Porter, Sen, Elizabeth Warren, Jason Smith Organizations: IRS, Service, Privacy, Democratic, Internal, Bloomberg, Coalition For Free, Rep, Alliance, Intuit, Office, Republican, Biden Administration Locations: Wall, Silicon, California

☆ Focus: Key trade loophole keeps cheap Chinese products flowing to US
▼ + stars: | 2023-08-04 | by ( Katherine Masters | ) www.reuters.com time to read: +6 min

Data from U.S. Customs and Border Protection shows that de minimis shipments into the U.S. rose to 685.5 million in 2022, up nearly 67% over 2018. That equals roughly two to three million packages a day, Robert Silvers, Under Secretary for Policy at the Department of Homeland Security, told lawmakers in July. A bipartisan group of U.S. lawmakers in June introduced bills that would ban de minimis shipments from China upon enactment. Rival U.S. retailers also have grown increasingly concerned about the exemption as Shein and Temu have gained market share. In 2015, Congress raised the cap on de minimis shipments to $800 from $200, making the U.S. threshold one of the highest in the world.

Persons: Dado Ruvic, Shein, Peter Pernot, Robert Silvers, minimis, Jason Smith, Temu, Steve Story, They're, Erik Autor, Katherine Masters, Anna Driver Organizations: REUTERS, PDD Holdings, U.S, Reuters, American Apparel and Footwear Association, de, U.S . Customs, Border Protection, Department of Homeland Security, Republican, Columbia, Apex Logistics International, UPS, FedEx, Barlow & Company, Thomson Locations: China, U.S, Beijing, Mexico, Canada

☆ House GOP chairmen announce probe into Hunter Biden plea deal
▼ + stars: | 2023-07-31 | by ( Clare Foran | ) edition.cnn.com time to read: +2 min

CNN —Three House GOP chairmen sent a letter Monday to Attorney General Merrick Garland demanding documents and information regarding circumstances related to Hunter Biden’s plea deal with the Justice Department. A plea deal between Hunter Biden and the Justice Department is on hold after a dramatic court hearing Wednesday. Noreika said she had “concerns” about the parties seemingly linking the tax plea agreement to resolving a felony gun charge. While the investigation was ongoing, Hunter Biden fully paid his federal tax bill, along with interest and penalties, his lawyers have previously said. Last month, Garland rejected claims the Justice Department improperly interfered in the Hunter Biden probe.

Persons: General Merrick Garland, Hunter, Jim Jordan of, James Comer of, Jason Smith of, Hunter Biden, Hunter Biden’s, Devon Archer, “, ”, Maryellen Noreika, Noreika, David Weiss, Donald Trump, Joe Biden, Garland Organizations: CNN, GOP, Justice Department, Republicans –, House Republicans, Justice, Trump -, White House, Department Locations: Jim Jordan of Ohio, Jason Smith of Missouri

☆ Hunter Biden's plea deal just collapsed in court
▼ + stars: | 2023-07-26 | by ( Haven Orecchio-Egresitz | Jacob Shamsian | ) www.businessinsider.com time to read: +4 min

Hunter Biden's plea deal with federal prosecutors fell apart at the last minute in a court hearing Wednesday. Wise said the plea deal wouldn't cover other potential crimes. At that point, according to the Times, Biden's lawyer said the plea agreement was "null and void." After news of the charges in June, Biden's attorneys said the plea would resolve the Justice Department's investigation into his conduct. On Tuesday, Republican Rep. Jason Smith of Missouri, the chairman of the powerful House of Representatives Ways and Means Committee, tried to intervene in the proceedings by asking the judge to reject the plea deal.

Persons: Hunter, Maryellen Noreika, Leo Wise, Biden, David Weiss, Wise, Biden's, Hunter Biden, —, Donald Trump, Weiss, Jason Smith of, Trump, Latham & Watkins, Smith, Ted Kittila, Jessica Bengels Organizations: New York Times, Prosecutors, Times, Department, Justice Department, The Heritage Foundation, Republican, Latham & Locations: Delaware, Wilmington , Delaware, Europe, Asia, Jason Smith of Missouri

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