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☆ 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

☆ Fitch downgrades US credit rating citing 'steady deterioration' of US governance amid frequent debt ceiling battles
▼ + stars: | 2023-08-01 | by ( Brent D. Griffiths | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Fitch downgraded the US's credit rating on Tuesday, citing "steady deterioration in standards of governance." The downgrade comes two months after the latest debt ceiling battle and brinkmanship. Fitch's move echoes what S&P did in 2011 when that major rating agency downgraded US credit in the wake of a different debt ceiling fight. However, Fitch's assessment comes after the lastest deal — which guarantees some debt ceiling relief through the next presidential election — was brokered. "They've repeatedly put the full faith and credit of our nation on the line, and now, they are responsible for the second downgrade in our credit rating," they wrote.

Persons: Fitch, Joe, Janet Yellen, acquiescing, Biden, —, They've Organizations: Democrats, Service, Tuesday, White, Social Security, AAA, Fitch, Republicans, GOP, Lawmakers Locations: Wall, Silicon

☆ House lawmakers scrutinize pandemic-era small business tax break expert calls 'fraught with fraud'
▼ + stars: | 2023-07-30 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Scrutiny of a pandemic-era tax credit intensified this week as lawmakers, the IRS and tax professionals sought solutions for the wave of small businesses that wrongly claimed the tax break. The employee retention credit, or ERC, was enacted in 2020 to support small businesses affected by shutdowns during the Covid-19 pandemic and is worth thousands of dollars per employee. More from Personal Finance:IRS halts most unannounced visits to taxpayersIRS weighs guidance for employee retention tax creditHow to know if your business qualifies for the employee retention tax credit"Any time this amount of money is being handed out through the tax system, the bad actors show up, and they have shown up in large numbers," he said. As of July 26, the IRS said, it had roughly 506,000 unprocessed Form 941-X amended payroll tax returns. As the IRS works through its backlog of unprocessed amended returns, it's unclear how many small businesses may have wrongly claimed the credit.

Persons: There's, Roger Harris, Padgett, Harris Organizations: ERC, shutdowns, Padgett Advisors, Finance, IRS

☆ Some House Republicans want to hold up a major tax bill until it includes a big break for wealthy blue state residents
▼ + stars: | 2023-07-27 | by ( Juliana Kaplan | Eliza Relman | ) www.businessinsider.com time to read: +5 min

Some House Republicans are pushing yet again to revisit the SALT deduction. That State and Local Tax deduction — known as SALT — has proven to be a bipartisan scourge, with Republicans and Democrats alike from impacted areas rallying to restore the tax break to a more generous level. "I remain adamantly opposed to the SALT cap," Rep. Chris Smith (R-NJ), who spoke out and voted against the legislation that created the SALT cap in 2017, told Insider in a statement. "I promised Long Islanders I would fight tooth and nail to restore our SALT deduction. He added: "There is bipartisan support for restoring the SALT deduction which will put direct pressure on Republican leadership to listen to the millions of struggling middle-class families and take action to restore SALT."

Persons: —, Donald Trump's, Chris Smith, Smith, Long, New York Republican Nick LaLota, Marc Goldwein, Goldwein, Joe Biden's, Howard Gleckman, Gleckman, Josh Gottheimer, Katie Porter, Andrew Garbarino, California's Young Kim, Gottheimer Organizations: Republicans, GOP, Service, Politico, Washington Post, Long Islanders, New York Republican, Federal Budget, Democrats, Center, Democratic, Tax Locations: Wall, Silicon, it's, New York , New Jersey, California, New Jersey, Washington, California , New York, New York, Katie Porter of California, Jersey

☆ Hunter Biden to plead guilty to federal tax crimes on Wednesday
▼ + stars: | 2023-07-26 | by ( Marshall Cohen | ) edition.cnn.com time to read: +5 min

As part of the plea agreement, Justice Department prosecutors are expected to recommend a sentence of probation for the president’s son. While the investigation was ongoing, Hunter Biden fully paid his federal tax bill, along with interest and penalties, his lawyers have previously said. Federal investigators also looked into Hunter Biden’s unpaid taxes and lavish spending, which came amid a struggle with addiction. In a late twist, the judge threatened to sanction Hunter Biden’s lawyers over the matter. House Republicans have zeroed in on Hunter Biden’s finances as part of their broader oversight probes into the Biden family.

Persons: Joe Biden’s, Hunter Biden, Maryellen Noreika –, Donald Trump, Hunter, Joe Biden, David Weiss, Hunter Biden’s, Jason Smith, Trump, Biden, Weiss, General Merrick Garland, –, ’, “, Garland, They’ve, ” Organizations: Delaware CNN, Justice Department, Senate, CNN, White House, -, Trump, Republican, GOP, House Republicans Locations: Wilmington, Delaware, Wilmington , Delaware, politicization

☆ 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

☆ Top US Republican McCarthy ponders Biden impeachment probe
▼ + stars: | 2023-07-25 | by ( David Morgan | ) www.reuters.com time to read: +4 min

"What is happening right now are the committees of jurisdiction are continuing to investigate," House Speaker Kevin McCarthy told reporters. McCarthy spoke to reporters a day before Hunter Biden was expected to plead guilty to two misdemeanor charges of willfully failing to pay income taxes and to enter into an agreement that could avert a conviction on a gun-related charge. Among other allegations, Republicans claim that the Justice Department intervened to restrain the Hunter Biden probe, though the Trump-appointed prosecutor in that case has said he was not constrained. House Republicans have sought to defend Trump against allegations of wrongdoing by accusing Biden of "weaponizing" the Justice Department against the leading 2024 Republican White House candidate. "There is no evidence of Joe or Hunter Biden interfering with Ukrainian politics, and there never has been," Parnas said in a July 18 letter to the House Oversight Committee.

Persons: Joe Biden, Biden, Hunter Biden, Kevin McCarthy, Karine Jean, Pierre, He's, Jean, impeaching Biden, Donald Trump, McCarthy, Trump, REBUTS, David Weiss, Weiss, Lindsey Graham, Trump's, Lev Parnas, Rudy Giuliani, Joe, Parnas, David Morgan, Steve Holland, Scott Malone, Cynthia Osterman Organizations: Republican, U.S . Congress, Democratic, White, Justice Department, House Republicans, Trump, Republican White House, Internal Revenue, Department, New, New York City, Thomson Locations: Ukraine, New York, Ukrainian, American, Russian

On the eve of Hunter Biden’s court appearance to enter into a plea deal for misdemeanor tax crimes that would allow him to avoid prison time, House Republicans and conservative groups sought to intervene in the case, urging a judge to throw out the agreement he reached with prosecutors. The highly unusual legal maneuvering — which experts said was unlikely to succeed — illustrated the lengths that House Republicans and their allied groups have been willing to go to as they have tried to use Mr. Biden’s legal and personal troubles to inflict political damage on his father, President Biden. Representative Jason Smith of Missouri, the chairman of the House Ways and Means Committee, filed a brief in Federal District Court in Wilmington, Del., where Hunter Biden’s plea deal is to be considered by a judge on Wednesday. The committee has heard testimony from two Internal Revenue Service investigators who claim to be whistle-blowers and have told the panel that the younger Mr. Biden received preferential treatment from the Justice Department. Mr. Smith’s brief asked the judge to consider the testimony in deciding whether to approve the agreement.

Persons: Hunter, —, Biden, Jason Smith of, Smith’s Organizations: House Republicans, Republicans, Court, Revenue Service, Justice Department, Mr Locations: Jason Smith of Missouri, Wilmington, Del

☆ U.S. House committees investigate Ford Chinese battery partnership
▼ + stars: | 2023-07-21 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Brendan McDermid/File PhotoWASHINGTON, July 21 (Reuters) - Two U.S. House of Representatives committees said Friday they are investigating Ford Motor Co's (F.N) partnership with Chinese battery company CATL (300750.SZ). Ford announced in February it is spending $3.5 billion to build a battery plant in Michigan using technology from CATL, the world's largest battery maker. The committees said several hundred of the 2,500 Ford plant jobs will be filled by CATL employees from China who will be in charge of setting up and maintaining equipment. Ford still is awaiting guidance from the U.S. Treasury to ensure the partnership does not run afoul of the requirement. Republican Senator Marcio Rubio has urged the Biden administration to investigate the deal and introduced legislation that seeks to bar consumer tax credits for EVs produced using CATL technology.

Persons: Brendan McDermid, Jason Smith, Mike Gallagher, Ford, CATL, Marcio Rubio, Biden, EVs, David Shepardson, Jonathan Oatis, David Holmes Organizations: North American, REUTERS, WASHINGTON, House, Ford Motor, Ford, Chinese Communist Party, U.S . Treasury, Republican, Thomson Locations: Detroit , Michigan, U.S, Michigan, CATL, China, United States, Xinjiang, Beijing

Ford CEO Jim Farley announces at a press conference that Ford Motor Company will be partnering with the worlds largest battery company, a China-based company called Contemporary Amperex Technology, to create an electric-vehicle battery plant in Marshall, Michigan, on February 13, 2023 in Romulus, Michigan. DETROIT – U.S. lawmakers are seeking to review a licensing deal between Ford Motor and China-based CATL that would allow the automaker to produce battery cells developed by the global supplier at a planned $3.5 billion plant in Michigan. The new batteries are expected to offer different benefits at a lower cost, assisting Ford in increasing EV production and profit margins. Several hundred of the proposed 2,500 jobs managed by Ford will be staffed by CATL employees from China until the licensing agreement expires in 2038, according to the letter. "Indeed, although the executives of the proposed project will be US-based Ford employees, it appears that the project will rely on CATL employees from the PRC to maintain operations in the long term," the lawmakers wrote.

Persons: Jim Farley, Biden, Tesla Organizations: Ford Motor Company, Technology, Ford Motor, Chinese Communist Party, CCP, Ford, Detroit automaker Locations: China, Marshall , Michigan, Romulus , Michigan, DETROIT – U.S, Michigan

A partnership between Ford Motor and a major Chinese battery maker is facing scrutiny by Republican lawmakers, who say it could make an American automaker reliant on a company with links to forced labor in China’s Xinjiang region. In a letter sent to Ford on Thursday, the chairs of the House Select Committee on the Chinese Communist Party and the House Ways and Means Committee demanded more information about the partnership, including what they said was a plan by Ford to employ several hundred workers from China at a new battery factory in Michigan. Ford announced in February that it planned to set up the $3.5 billion factory using technology from Contemporary Amperex Technology Ltd., known as CATL, the world’s largest maker of batteries for electric vehicles. CATL produces about a third of electric vehicle batteries globally and supplies General Motors, Volkswagen, BMW, Tesla and other major automakers. Ford has defended the partnership, saying it will help diversify Ford’s supply chain and allow a battery that is less expensive and more durable than current alternatives to be made in the United States for the first time, rather than imported.

Persons: Ford Organizations: Ford Motor, Republican, Ford, Chinese Communist Party, Amperex Technology Ltd, Motors, Volkswagen, BMW, Tesla Locations: American, China’s Xinjiang, China, Michigan, United States

☆ Prosecutor Rebuts I.R.S. Official’s Account of Request in Hunter Biden Case
▼ + stars: | 2023-07-10 | by ( Glenn Thrush | More About Glenn Thrush | ) www.nytimes.com time to read: +1 min

official, Gary Shapley, who said Mr. Weiss had sought that status and been turned down. Mr. Weiss suggested that Mr. Shapley might have misunderstood him during an October 2022 meeting. Deputizing a federal prosecutor as a special attorney is distinct from making one a special counsel. The special attorney provision is, in essence, a workaround that allows an outsider to intervene in cases that span multiple jurisdictions or have special conditions. The special counsel regulations, by contrast, contain internal Justice Department reporting requirements and congressional oversight provisions.

Persons: David C, Weiss, Hunter Biden, Gary Shapley, Shapley, Donald J, Trump, Deputizing Organizations: Internal Revenue Service, Department Locations: Delaware, U.S

☆ US House Republicans seek testimony from Hunter Biden investigators
▼ + stars: | 2023-06-29 | by ( David Morgan | ) www.reuters.com time to read: +2 min

WASHINGTON, June 29 (Reuters) - U.S. House Republicans sought testimony on Thursday from more than a dozen officials from the Justice Department, FBI and other government agencies involved in the federal tax investigation of President Joe Biden's son, Hunter. House Republicans have long made investigations of the president, his family and his administration a top priority. Republican House Speaker Kevin McCarthy warned earlier this week that Garland could face impeachment over the whistleblower allegations. Thursday's testimony requests came from House Judiciary Committee Chairman Jim Jordan, House Oversight Committee Chairman James Comer and House Ways and Means Committee Chairman Jason Smith. "The committees seek to examine whistleblower claims that the ... investigation of Hunter Biden was purposely slow-walked and subjected to improper and politically motivated interference," they said in a letter to Garland.

Persons: Joe Biden's, Hunter, General Merrick Garland, Donald Trump, Trump, Kevin McCarthy, Garland, Jim Jordan, James Comer, Jason Smith, Hunter Biden, David Morgan, Sarah N, Lynch, Scott Malone, Alexandra Hudson Organizations: . House Republicans, Justice Department, FBI, Representatives, Internal Revenue Service, DOJ, Republican, Republicans, Justice, Alexandra Hudson Our, Thomson

☆ Throw Hunter Biden’s Plea Deal in the Trash
▼ + stars: | 2023-06-28 | by ( Eileen J. O Connor | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The IRS agent's detailed list of abuses deserves an answer. Images: AP Composite: Mark KellySupervisory Special Agent Gary A. Shapley Jr ., a 14-year veteran of the Internal Revenue Service’s Criminal Investigation Division, sat on May 26 for hours of sworn and transcribed testimony with members of the majority and minority staffs of the House Ways and Means Committee. On June 1, an IRS criminal investigator who chose to remain anonymous did the same. These whistleblowers came forward because they believe that Attorney General Merrick Garland gave false assurances to Congress when he testified that he had empowered U.S. Attorney David Weiss with full authority to investigate Hunter Biden ’s alleged criminal activity and bring any resulting charges.

Persons: Kelly, Gary A, Shapley, Merrick Garland, David Weiss, Hunter Biden ’ Locations: U.S

☆ Biden snaps 'No!' when asked if he was involved in alleged Hunter Biden shakedown of Chinese executive
▼ + stars: | 2023-06-28 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

President Joe Biden on Wednesday angrily denied that he was involved in an alleged shakedown of a Chinese businessman by his son Hunter Biden. "No I wasn't, and I won't," the president said as he left to the White House to fly to Chicago for an event. The White House previously has said that President Biden was not involved in Hunter's business ventures. The WhatsApp message came to light days after Hunter Biden agreed to plead guilty to two misdemeanor tax crimes in federal court in Delaware. "I am sitting here waiting for the call with my father," Hunter Biden wrote.

Persons: Joe Biden, Hunter Biden, Biden, Henry Zhao, Hunter Biden's, Gary Shapley, Zhao, Hunter, Zhang Organizations: Wednesday, White, IRS Locations: Chicago, Delaware, U.S

☆ Competing Accounts of Justice Dept.’s Handling of Hunter Biden Case
▼ + stars: | 2023-06-27 | by ( Glenn Thrush | Michael S. Schmidt | ) www.nytimes.com time to read: +1 min

At a Senate hearing in March, Senator Charles E. Grassley, Republican of Iowa, spent seven minutes grilling Attorney General Merrick B. Garland about the Hunter Biden investigation, reading a series of unusually specific queries from a paper in his hands. Did David C. Weiss, the Trump-appointed U.S. attorney in Delaware kept on under Mr. Garland to continue overseeing the inquiry, have full authority to bring charges against President Biden’s son in California and Washington if he wanted to? Had Mr. Weiss ever asked to be made a special counsel? official, Gary Shapley, oversaw the agency’s role in the investigation of Mr. Biden’s taxes and says his criticism of the Justice Department led to him being denied a promotion. He told the House Ways and Means Committee that Mr. Weiss had been rebuffed by top federal prosecutors in Los Angeles and Washington when he had raised the prospect of pursuing charges against the president’s son in those jurisdictions.

Persons: Charles E, Grassley, Merrick B, Garland, Hunter Biden, David C, Weiss, Biden’s, Gary Shapley Organizations: Republican, Trump, Republicans, Internal Revenue, Justice Department Locations: Iowa, Delaware, California, Washington, Los Angeles

It is not clear what he meant, but the declaration will have a near-term chilling effect on greater disclosure, effectively preventing Mr. Weiss from speaking publicly about the investigation until it is officially closed. House Republicans sought to portray the testimony by the I.R.S. officials as evidence that Hunter Biden had gotten a sweetheart deal from the Justice Department and that the department had been subject to political influence. In the testimony released by the committee on Thursday, the lead I.R.S. agent investigating whether Hunter Biden committed tax crimes told Congress his team uncovered evidence that Mr. Biden had invoked his father, who was then out of office, while pressing a potential Chinese business partner in 2017 to move ahead with a proposed energy deal, House Republicans said.

Persons: Weiss, Biden, Hunter Biden, Jason Smith, ” “, Mr, Zhang, ” Organizations: Republicans, Justice Department, Republican Locations: Missouri

☆ I.R.S. Agent Told Congress of Hunter Biden Invoking His Father in Business Deal
▼ + stars: | 2023-06-22 | by ( Luke Broadwater | Michael S. Schmidt | ) www.nytimes.com time to read: +1 min

The lead I.R.S. agent investigating whether Hunter Biden committed tax crimes told Congress his team uncovered evidence that Mr. Biden had invoked his father, who was then out of office, while pressing a potential Chinese business partner in 2017 to move ahead with a proposed energy deal, House Republicans said. In testimony made public on Thursday, Gary Shapley, an I.R.S. agent since 2009 who supervised the tax agency’s investigation into Hunter Biden, said his team used a search warrant to obtain a July 30, 2017, WhatsApp message from Mr. Biden to Henry Zhao, a Chinese businessman. In the message, provided to the House Ways and Means Committee by Mr. Shapley, Mr. Biden told Mr. Zhao that he was sitting with his father and that “we would like to understand why the commitment made has not been fulfilled.”“Tell the director that I would like to resolve this now before it gets out of hand, and now means tonight,” Mr. Biden wrote, referring to other participants in the proposed deal.

Persons: Hunter Biden, Biden, Gary Shapley, Henry Zhao, Shapley, Zhao, ” “, Mr, Zhang, ” Organizations: Republicans, Mr Locations: Chinese

☆ US House Republicans unveil broad package of tax cuts
▼ + stars: | 2023-06-09 | by ( Richard Cowan | ) www.reuters.com time to read: +3 min

Three related bills were introduced on Friday with the goal of moving the legislation through the House Ways and Means Committee next week. Democrats already were focusing on whether the tax legislation could add to the ballooning federal debt. Representative Richard Neal, the panel's senior Democrat, said Republicans were "laying the groundwork for even bigger cuts in 2025" when provisions of the 2017 tax law expire. Republicans, who control the House, introduced the proposals days after Biden, a Democrat, signed into law legislation Republicans sought to begin addressing the rapidly-growing debt with about $1.3 trillion in spending cuts. Other provisions include an expansion of tax benefits for small start-up enterprises to "S Corporations," while eliminating some "red tape" that small businesses experience related to contract workers.

Persons: Joe Biden's, Jason Smith, Richard Neal, Neal, Biden, Richard Cowan, Paul Simao, Diane Craft Organizations: U.S . House, Taxation, Big Oil, Republicans, Child Tax, Democratic, Thomson Locations: U.S, American

NEW YORK/LONDON, June 1 (Reuters) - A bill backed by debt justice campaigners and civil society groups advocating on behalf of economically distressed countries could alter past and future sovereign debt restructurings covered by New York state law - and Wall Street is watching. Senate Bill S4747, the NY Taxpayer and International Debt Crises Protection Act, "relates to New York state's support of international debt relief initiatives for certain developing countries." The initiative has so far failed to accelerate debt relief talks, while private creditors are not even formally included in this initiative. It would "bring badly needed improvements to the framework for resolving unsustainable sovereign debt burdens," according to Nobel Prize-winning U.S. economist Joseph Stiglitz. If this bill passes, "I would recommend issuers not go through New York law, (but) through London or any other jurisdiction," said Rodrigo Olivares-Caminal, professor of banking and finance law at Queen Mary University of London.

Persons: Bill S4747, Alexander Flood, Patricia Fahy, Kathy Hochul, Joseph Stiglitz, Rishikesh Ram Bhandary, THE BILL, Rodrigo Olivares, Caminal, Rodrigo Campos, Jorgelina, Karin Strohecker, Aurora Ellis Organizations: NY Taxpayer, Senate, Institute of International Finance, Paris Club, China, WHO, Economic, Initiative, Boston, Global, Policy, THE, Queen Mary University of London, Thomson Locations: New York, United States, Ukraine, Sri Lanka, Zambia, Rishikesh, London, Paris, Brazil, Argentina, Rosario

☆ Obama agreed to spending cuts to end the 2011 debt ceiling crisis. Here's what happened next
▼ + stars: | 2023-05-30 | by ( Tami Luhby | ) edition.cnn.com time to read: +4 min

What happened after the 2011 deal was signedThe joint committee in 2011 was tasked with finding additional deficit reduction measures to offset a $1.2 trillion increase in the debt ceiling. The committee did not accomplish its goal, which triggered the spending caps, known as sequestration. In the end, spending was curtailed by about $1.5 trillion out of the total $2.1 trillion agreed to in the 2011 deal, Riedl said. One of the major sticking points to ending the debt ceiling impasse was the depth of the spending cuts. “People were operating under the presumption that the spending caps would never actually happen,” Payne said.

If Biden and McCarthy reach a deal, possibly as soon as Sunday, Congress could struggle to get enough votes for passage ahead of a June. Liberal Democrats, including Senator Raphael Warnock and Representative Ro Khanna, put Biden on notice that they do not support more stringent requirements to existing law. Republicans have called for saving $120 billion by expanding work requirements to qualify for food aid, monetary help for poor families and other assistance. Warnock accused Republicans of "using poor people as pawns" in negotiations, saying their proposal "presupposes that poor people are in some way morally deficient. The Republican-controlled House Ways and Means Committee describes the steps as "common-sense work requirements to help lift families out of poverty and revitalize the American workforce."

☆ US IRS to launch free tax e-file pilot program in 2024
▼ + stars: | 2023-05-16 | by ( David Lawder | ) www.reuters.com time to read: +3 min

WASHINGTON, May 16 (Reuters) - The Internal Revenue Service on Tuesday said it would launch a free, government-provided direct tax filing option next year, which could lead to the full-scale launch of an IRS filing system that would compete with private tax preparers. The IRS said in an exploratory report to Congress that 72% of American taxpayers surveyed said they were "very interested in" or "somewhat interested in" using a government tool to electronically file their tax returns. The size, scope and complexity of the pilot program, to be available in the 2024 tax filing season, has yet to be determined, IRS Commissioner Danny Werfel told reporters, adding that Treasury Secretary Janet Yellen directed the IRS to launch the pilot after reviewing the report. "Americans will be powerless when the IRS completely controls the tax filing process from start to finish," Smith said in a statement. Werfel noted that all filing options would continue, including free e-file options from private firms and non-profit tax advocacy services, paid filing by tax preparers, and free paper filing to the IRS.

☆ Judge dismisses Trump’s lawsuit against The New York Times
▼ + stars: | 2023-05-04 | by ( Zoë Richards | ) www.cnbc.com time to read: +3 min

A New York judge dismissed Donald Trump's 2021 lawsuit against The New York Times on Wednesday and ordered the former president to pay attorneys' fees for the paper and three of its journalists who are listed as defendants. Reed's ruling comes as a defeat for Trump, who filed the $100 million lawsuit in 2021 against the Times, his estranged niece Mary Trump and others. "The New York Times is pleased with the judge's decision today. While Wednesday's ruling dismisses the claims against the Times and its journalists, a ruling has not yet been rendered about Mary Trump, who has also filed a motion to dismiss. Neither did a lawyer for Mary Trump.

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