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☆ IRS says it will deliver faster refunds to millions of taxpayers in coming years. Here’s how.
▼ + stars: | 2023-08-02 | by ( Tami Luhby | ) edition.cnn.com time to read: +4 min

The two-pronged effort, dubbed the “Paperless Processing Initiative,” aims to cut down on the millions of paper documents the IRS receives annually. Although the vast majority of taxpayers file their returns electronically, millions still send in paper returns. By next year’s filing season, taxpayers will be able to digitally file all correspondence, non-tax forms and responses to notices. This will enable up to 125 million paper documents to be sent in online every year, the agency said. Those who prefer to mail in paper returns and correspondence will continue to be able to do so.

Persons: Janet Yellen, Daniel Werfel, ” Werfel Organizations: New, New York CNN, Internal Revenue Service, IRS, Service, House Republicans Locations: New York

☆ Taxpayers don’t have to worry about unannounced visits from the IRS anymore
▼ + stars: | 2023-07-24 | by ( Tami Luhby | ) edition.cnn.com time to read: +3 min

These visits will only continue in a few special circumstances, the agency said Monday. “Changing this long-standing procedure will increase confidence in our tax administration work and improve overall safety for taxpayers and IRS employees,” Danny Werfel, IRS commissioner, said in a statement. “These visits created extra anxiety for taxpayers already wary of potential scam artists,” Werfel said. “At the same time, the uncertainty around what IRS employees faced when visiting these homes created stress for them as well.”Typically, tens of thousands of unannounced visits take place each year. It will continue to focus on high-income taxpayers with tax issues, the agency said.

Persons: ” Tony Reardon, Biden, ” Danny Werfel, ” Werfel, “, ” Organizations: CNN, IRS, National Treasury Employees Union

☆ Power shutoffs: Sweltering Americans have fewer protections this summer
▼ + stars: | 2023-07-11 | by ( Tami Luhby | ) edition.cnn.com time to read: +6 min

Despite the growing concern of heat-related illnesses and climate change, people have far fewer protections from power shutoffs during the summer than they do in the winter. The Low Income Home Energy Assistance Program, known as LIHEAP, has about $6 billion in funds for fiscal 2023, which runs through September. The association is calling on Congress to provide an additional $3 billion for cooling assistance this summer, which would help about 6 million households. And it is asking utilities to voluntarily suspend shutoffs this summer for those behind on their bills. Florida Power & Light, for instance, has a longstanding policy that it won’t disconnect customers if it’s 95 degrees or higher.

Persons: David Konisky, ”, Konisky, Mark Wolfe, That’s, Wolfe, it’s, Bianca Soriano, Soriano Organizations: New, New York CNN, National Weather Service, Center for Energy, National Energy Assistance, Association, Energy, Indiana University, Centers for Disease Control, Income, Energy Assistance, Lawmakers, US Energy Information Administration, Louisiana —, Florida, Customers Locations: New York, United States, Washington, DC, Delaware, Nevada, Colorado , Missouri, New Jersey, Texas, Louisiana, Florida

☆ Biden wants to roll back Trump’s expansion of short-term health insurance plans
▼ + stars: | 2023-07-07 | by ( Tami Luhby | ) edition.cnn.com time to read: +5 min

CNN —The Biden administration wants to crack down on short-term health insurance plans, which it says can leave patients saddled with hefty medical bills. The proposal would largely reverse former President Donald Trump’s expansion of short-term plans in 2018, which extended the duration of the policies to just under a year and allowed them to be renewed for a total of up to 36 months. Short-term plans do not have to adhere to Obamacare’s consumer protections. The Trump administration heralded them as a cheaper alternative to Affordable Care Act policies since the limits on benefits allow short-term plans to carry lower premiums. Also, the Biden administration announced new guidance to strengthen rules protecting patients from surprise medical billing.

Persons: CNN —, Biden, Donald Trump’s, Trump, Neera Tanden, Joe Biden, ” Rohit Chopra Organizations: CNN, Affordable, Biden, House, of Health, Human Services, Treasury Department, Consumer Financial, Bureau, “

CNN —The US Food and Drug Administration is expected to decide on Thursday whether to grant traditional approval to the Alzheimer’s drug Leqembi, the first medicine proven to slow the course of the memory-robbing disease. Leqembi, from drugmakers Eisai and Biogen, received accelerated approval in January based on evidence that it clears amyloid plaque buildups in the brain that are associated with Alzheimer’s disease. But because of an earlier coverage decision by CMS, which provides insurance coverage for many elderly patients with Alzheimer’s through Medicare, the drug hasn’t been widely used. People with more advanced forms of the disease may not benefit from the drug, he said, and may face increased safety risks. Broad Medicare coverage of Leqembi and similar types of medications to slow the progression of Alzheimer’s disease would probably have a big impact on the program’s spending.

Persons: drugmakers, hasn’t, “, ’ ”, Joe Montminy, Lawrence Honig, “ It’s, ”, Honig, it’s, Leqembi, ” Honig, Georges Naasan, Sue Rottura, ” Drugmaker Eisai, “ You’re, Ivan Cheung, Eisai, ” Montminy, Dr, Sanjay Gupta Organizations: CNN, Food and Drug Administration, Medicare, Services, CMS, Columbia University Irving Medical Center, Alzheimer’s, Behavioral, CNN Health, Kaiser Family Foundation Locations: Mount, Florida

US debt held by the public will climb to a record high of 107% of the gross domestic product in 2029, the nonpartisan Congressional Budget Office projected on Wednesday. The projection comes despite the bipartisan debt ceiling deal hailed by its backers as a major deficit reducer. In 2029, debt held by the public will total about $36 trillion, or $104,300 per person, according to the Committee for a Responsible Federal Budget, a non-profit public policy organization. Debt held by the public is expected to hit 181% of GDP in 2053, far exceeding any previous record. To put it another way: US debt in 2053 could equal about $384,700 per person, compared to $75,700 today, according to Towner.

Persons: That’s, Chris Towner, Towner, ”, Michael Peterson, Peter G Organizations: New, New York CNN, Republicans, Democrats, CBO, Federal, Budget, Social Security, Peterson Foundation Locations: New York, United, Towner

☆ Charitable giving declines in 2022 amid high inflation and slumping stocks
▼ + stars: | 2023-06-20 | by ( Tami Luhby | ) edition.cnn.com time to read: +2 min

New York CNN —Americans got less generous in 2022, as soaring inflation and the slumping stock market took a significant toll on charitable giving. When adjusted for inflation, giving in 2022 fell 10.5%. Notably, the S&P 500 plummeted toward the end of the year, when a large share of charitable giving takes place. Generous giving early in the pandemicLast year’s drop in donations comes after two very strong years of charitable giving. In 2022, individuals, who provide the largest share of giving, curtailed their donations even before adjusting for inflation.

Persons: Indiana University Lilly, ”, Amir Pasic Organizations: New, New York CNN, USA, Indiana University, Indiana University Lilly Family School of Philanthropy Locations: New York, Ukraine

☆ Americans' household wealth rises by $3 trillion but remains below early 2022 peak
▼ + stars: | 2023-06-08 | by ( Tami Luhby | ) edition.cnn.com time to read: +2 min

New York CNN —Elevated by a strong stock market, Americans’ household wealth rose to nearly $149 trillion in the first quarter of 2023, new federal data shows. The net worth of households rose by $3 trillion in the early part of this year, according to the Federal Reserve’s quarterly report on US financial accounts. The value of real estate holdings dropped by $0.6 trillion as higher interest rates cooled sales in the first quarter. Though Americans’ net worth has been rising since the third quarter of last year, it has yet to return to its recent high point of nearly $153 trillion in early 2022. Household debt expanded at a 2.2% pace as growth in both mortgages and consumer credit slowed, the Federal Reserve report showed.

Persons: that’s, ”, Kathy Bostjancic, Bostjancic Organizations: New, New York CNN, Federal, Nasdaq, Nationwide, Federal Reserve Locations: New York

☆ 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.

☆ Premarket stocks: How crypto is dealing with debt ceiling turmoil
▼ + stars: | 2023-05-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Here’s what’s in the debt ceiling dealPresident Biden and Republican House Speaker McCarthy put their long weekend to good use, coming to an agreement to raise the debt ceiling in the hope of avoiding a self imposed default on US government debt. If Congress doesn’t raise the debt ceiling by June 5, Treasury Secretary Janet Yellen warns the government will not have enough funds to pay all of the nation’s obligations in full and on time. The debt ceiling bill does that, rescinding $1.4 billion in IRS funding. Corporate America celebrates debt ceiling dealIt appears that US industry is pleased with the debt ceiling deal, and would like Congress to pass it quickly. Leading business groups praised Biden and McCarthy for forging a bipartisan agreement over the weekend, reports my colleague Matt Egan.

☆ Here’s what’s in the debt ceiling deal
▼ + stars: | 2023-05-27 | by ( Tami Luhby | ) edition.cnn.com time to read: +4 min

Here’s what we know about the deal, based on a fact sheet circulated by House Republicans and a source familiar with the negotiations. Raises the debt ceiling: The agreement would increase the debt limit for two years. The House GOP fact sheet says veterans’ medical care would be fully funded. The GOP fact sheet says it would apply to those up to age 55. Work requirements would not be introduced in Medicaid, which House Republicans had called for in their debt ceiling bill.

☆ US may default on debt as soon as June 1, Yellen reaffirms
▼ + stars: | 2023-05-15 | by ( Tami Luhby | ) edition.cnn.com time to read: +2 min

CNN —It’s still likely that the US could default on its obligations early next month – possibly as soon as June 1 – if Congress doesn’t act, Treasury Secretary Janet Yellen reiterated Monday. Still, the actual date could be a number of days or weeks later, depending on how much revenue the federal government collects and how much it has to pay out in coming weeks, Yellen said. Yellen’s missive comes two weeks after she first warned that the so-called X-date, when the US would default, could come as soon as June 1. Yellen once again urged Congress to act as soon as possible, noting that Treasury’s borrowing costs have increased substantially for securities maturing in early June. “We have learned from past debt limit impasses that waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States,” she wrote.

In that instance, S&P Global Ratings credit rating agency downgraded the government from AAA to AA+ credit rating. The federal government maintains a perfect credit rating from Fitch and Moody’s, but that could change as the stalemate drags on. Investors care about stability and predictability, so a credit rating downgrade would send a chill down Wall Street’s spine. The broadest economic impact of a US debt default would be a recession that would encompass the global economy, including sharp job losses. And the housing market would not be spared by the “economic calamity” of a US government default, as Yellen once described it.

☆ Employers slowed their increases of workers’ wages last quarter
▼ + stars: | 2023-01-31 | by ( Tami Luhby | ) edition.cnn.com time to read: +2 min

New York CNN —Employers continued to raise wages during the fourth quarter to attract workers and hold on to existing staff, though the pace of the increases slowed from the previous quarter. Wages and salaries for civilian workers increased by 1% in the fourth quarter and by 5.1% for the year ending in December, according to the Bureau of Labor Statistics’ quarterly Employment Cost Index released Tuesday. This reflected a slowdown from the third quarter, when wages and salaries increased 1.3% quarter over quarter. Economists expected the index to increase by 1.1% in the fourth quarter, according to consensus estimates on Refinitiv. The ECI tracks changes in employers’ labor costs for wages and salaries, along with health, retirement and other benefits.

☆ Winter heating costs likely won't be as high as feared
▼ + stars: | 2023-01-30 | by ( Tami Luhby | ) edition.cnn.com time to read: +7 min

New York CNN —Heating your home this winter likely won’t burn quite as big a hole in your wallet as initially forecast. Still, costs are up across the board compared to last winter — nearly 26% and 14.5% for heating oil and natural gas, respectively, and 10.5% and nearly 9% for electricity and propane, respectively. “You’re still paying more, but not as much more,” said Mark Wolfe, executive director of the National Energy Assistance Directors Association. Applications for the Low Income Home Energy Assistance Program are projected to reach their highest level in more a decade, Wolfe said. To help its residents cope with the high heating costs, Maine started sending $450 energy relief payments on Monday.

☆ Amazon launches $5-a-month unlimited prescription plan
▼ + stars: | 2023-01-24 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

New York CNN —Amazon is expanding its push into healthcare with a $5 monthly unlimited delivery pass on 60 common generic prescription drugs treating allergies, inflammation, high blood pressure and other conditions. Amazon announced the new delivery service, RXPass, on Tuesday and it will launch immediately in most states except California, Texas, Minnesota and others with specific prescription delivery requirements. The $5-a-month delivery pass is an add-on to Amazon Prime, Amazon’s $139 annual program, and is available exclusively to Prime subscribers regardless of their insurance status. Amazon has long offered a Prime prescription savings benefit to get discounts on generic and brand-name medications. Amazon’s new plan will mean consumers may see lower costs for some generic drugs, Nicholson said.

☆ Here’s what will happen to the economy as the debt ceiling drama deepens
▼ + stars: | 2023-01-22 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

Minneapolis CNN —After the United States hit its debt ceiling on Thursday, the Treasury Department is now undertaking “extraordinary measures” to keep paying the government’s bills. And Americans — many people — would lose their jobs and certainly their borrowing costs would rise.”Dire warnings of debt ceiling trouble aren’t new. “2011 was the first time in a long time that we came close to a debt ceiling breach,” he said. “I think you would be hard pressed to say [the debt ceiling debacle] was a positive thing,” he said. Considering the potential consequences in the United States and abroad, Sheiner believes the debt ceiling will be lifted or suspended — eventually.

☆ Premarket stocks: The Federal Reserve is testing how climate change could hurt big banks
▼ + stars: | 2023-01-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —The largest six banks in the United States have been given until July to show the Federal Reserve what effects disastrous climate change scenarios could have on their bottom lines. The Federal Reserve first announced the pilot program in September, noting that Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo would participate. In its announcement the Federal Reserve stressed that the exercise “is exploratory in nature and does not have capital consequences.” It also said that it would not publish individual banks’ results. San Francisco Federal Reserve President Mary Daly told CNN in October Thursday that this was a learning and exploratory exercise for the Federal Reserve. The other side: Critics of the pilot program have argued that the Federal Reserve was overstepping its boundaries and that they might soon begin to enforce financial penalties.

☆ The top 1% captured nearly twice as much new wealth as the rest of the world over last two years: Oxfam
▼ + stars: | 2023-01-15 | by ( Tami Luhby | ) edition.cnn.com time to read: +4 min

The top 1% have captured nearly twice as much new wealth as the rest of the world during that period, according to Oxfam’s annual inequality report, released Sunday. At the start of the pandemic, global governments, particularly wealthier countries, poured trillions of dollars into their economies to prevent a collapse. It’s the first time that extreme wealth and extreme poverty have increased simultaneously in 25 years, said Oxfam. Tax the richTo counter this growing inequality, Oxfam is calling on governments to raise taxes on their wealthiest residents. Oxfam believes the rates on the top 1% should be high enough to significantly reduce their numbers and wealth.

☆ US deficit widens by $85 billion in December
▼ + stars: | 2023-01-12 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

Minneapolis CNN —The US government recorded a deficit of $85 billion in December, bringing the total deficit to nearly $1.42 trillion for the 2022 calendar year, the Treasury Department reported Thursday. The government, which runs on a fiscal year that starts in October, is running a deficit of $421.41 billion for its fiscal first quarter of 2023, a 12% increase from the fiscal first quarter of 2022, Treasury data shows. December’s deficit was nearly four times as large as the $21.3 billion deficit recorded in December 2021 as spending grew and revenue fell last month. Receipts totaled $454.94 billion, while outlays were $539.94 billion in December 2022. The House Republicans’ rules package adopted earlier this week included measures aimed at reining in federal government spending and keeping a lid on taxes.

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☆ Health care is in crisis. New York’s nurses strike is just the latest sign
▼ + stars: | 2023-01-11 | by ( Chris Isidore | ) edition.cnn.com time to read: +7 min

It is just the latest in a series of job actions across the nation by nurses’ unions and other health care workers who say they had to strike in order to provide patients with quality health care. Of the 20 major strikes tracked by the Labor Department over the first 11 months of 2022, seven of them, or 35%, were in health care. The surge in health care related strikes comes despite the fact that only 3% of union members nationwide work at private sector health care jobs. “Labor is the main expense in health care, so how do you make money? If someone is tired, overworked, sleep deprived, they’re going to make more mistakes.”A nurse’s strike won’t help patients in the short term, he said.

☆ Nurses strike: Mount Sinai NICU mom stays by her son's side in hospital after his primary nurses leave to strike
▼ + stars: | 2023-01-10 | by ( Celina Tebor | ) edition.cnn.com time to read: +4 min

Her one-year-old baby, Logan, has been in the neonatal intensive care unit (NICU) since he was born. For the past three and a half months, he’s been under the care of Mount Sinai Hospital where thousands of nurses are currently striking. But since Mount Sinai’s nurses began picketing Monday, new travel nurses have replaced Logan’s primary care nurses – nurses who don’t fully understand her son’s needs, she said. Lora Ribas' son Logan, seen at Mount Sinai with Shernette, a primary care nurse caring for the one-year-old neonatal intensive care unit patient. Transporting infantsIn preparation for the strike, Mount Sinai announced Friday it would transport newborns in its intensive care unit to other area hospitals.

☆ New York nurses strike: Key takeaways
▼ + stars: | 2023-01-09 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

New York CNN —The 7,000 nurses who went on strike in New York Monday say the 19% pay hike that hospital management offered them was never the main issue. And so thousands of nurses went on strike with no end in sight. The overall effect on the New York hospital system appear to be minor so far, according to a city official. While the union and Montefiore are due back at the bargaining table Monday afternoon, no new talks are scheduled as of midday for Mount Sinai. The union says Mount Sinai and Montefiore have severe staffing problems and need to do more than the others to improve patient care and work conditions.

☆ Has your boss recently given you a nice raise so you'll stay? Are you an employer paying workers more not to quit? Tell us about it.
▼ + stars: | 2023-01-02 | by ( Tami Luhby | ) edition.cnn.com time to read: 1 min

New York CNN —Workers who stick with the same employers are enjoying the biggest raises in nearly a quarter century. In November, the median wage growth over the past year for job stayers was 5.5%, according to the Federal Reserve Bank of Atlanta, which began keeping records in 1997. (Job switchers have had it even better, with a median wage growth of 7.7%.) CNN wants to hear from workers who recently received hefty pay hikes to entice them to stay at the same company and from employers who are doling out generous raises to retain their staffs.

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