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☆ BreakingViews: Xi’s contract with China needs more signatures
▼ + stars: | 2022-10-23 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +4 min

HONG KONG, Oct 23 (Reuters Breakingviews) - Xi Jinping has effectively secured a third presidential term at the just-concluded Chinese Communist Party conclave. His prize: a $16 trillion economy in a vulnerable state, dependent on American technology and facing a demographic crisis. China’s so-called chairman of everything has the power to relieve his people, but it’s unclear whether he has the will. The focus on weaning China from foreign software and semiconductors entails a vast duplication of effort. Follow @petesweeneypro on TwitterloadingCONTEXT NEWSChina’s Communist Party has elected President Xi Jinping as general secretary on Oct. 23, his third five-year term, according to Chinese state media.

☆ Is the Uber, Lyft and gig economy battle over workers nearing its end game?
▼ + stars: | 2022-10-16 | by ( Tim Mullaney | ) www.cnbc.com time to read: +6 min

With federal regulators set to tighten Trump-era labor standards that let Uber and Lyft, as well as food-delivery services like Doordash, treat gig workers as independent contractors with few protections under labor law, shares dropped sharply last week. But while a shift, the Department of Labor proposal doesn't immediately transform gig workers into employees entitled to overtime pay, unemployment insurance and other benefits. "It seems like the start of a Game of Thrones battle between the Department of Labor and the gig economy,' Wedbush analyst Dan Ives said. Uber believes the Department of Labor is focused less on ridesharing and more on industries such as construction that also use gig workers, pointing out that the proposed rule doesn't single out rideshare drivers. Uber drivers also supply their own cars and gasoline, though the company in March added a per-trip fuel surcharge that goes directly to drivers.

Gig company stocks were hammered on the news, with Uber (UBER.N), Lyft (LYFT.O) and DoorDash (DASH.N) all falling at least 10%. Employees can cost companies up to 30% more than independent contractors, studies suggest. U.S. Labor Secretary Marty Walsh in a statement said businesses often misclassify vulnerable workers as independent contractors. Those groups have said that any broad rule would hurt workers who want to remain independent and have flexibility. Worker advocacy groups have said that companies are increasingly misclassifying employees as independent contractors, depriving workers of fair pay and benefits to pad their profits.

☆ Here’s what a new Biden administration labor proposal would mean for independent contractors
▼ + stars: | 2022-10-11 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Rudi_suardi | E+ | Getty ImagesThe Biden administration will soon issue a rule that may make it easier for workers to be considered "employees" instead of "independent contractors." Misclassification of workers as independent contractors — also known as freelancers or the self-employed — instead of employees is happening across many industries, like construction, health care, restaurants, retail and transportation, Labor Department officials said Tuesday. Employers may benefit financially by classifying their workforce as contractors instead of employees. These companies often classify gig workers as independent contractors. Federal action would especially be a boon to "low-wage, vulnerable workers," Labor Department officials said.

☆ Opinion: The Fed doesn’t have a choice anymore. Get ready for a recession
▼ + stars: | 2022-10-07 | by ( Gad Levanon For Cnn Business Perspectives | ) edition.cnn.com time to read: +5 min

On the other hand, overall employment growth has been much stronger than normal. Why has employment growth remained so strong? And it’s likely that these represent structural changes to buying patterns that will keep demand high. Employment growth is likely to slow down from its historically high rates, but it will still remain solid in the coming months. The only option that leaves the Fed is to engineer a recession by continuing to raise interest rates.

☆ What to expect from Friday’s jobs report
▼ + stars: | 2022-10-06 | by ( Alicia Wallace | ) edition.cnn.com time to read: +5 min

The US economy is forecast to have added 250,000 jobs in September, which would be the lowest monthly jobs gain since December 2020. August jobs data already indicated that the historically tight labor market has loosened by a notch. The jobs report for that month found that America added 315,000 positions, a much lower level than the 512,000 average job gains over the past 12 months. The unemployment rate will likely have to rise despite these downward demographic pressures, and that likely would have to come from people losing their jobs. It’s not going to be a painless slow grind.”The September jobs report is among the key economic data that Fed policymaking officials will review when they meet in early November to discuss how to stifle stubbornly high inflation.

☆ Covid-19 Unemployment Fraud May Have Topped $45 Billion, Watchdog Estimates
▼ + stars: | 2022-09-23 | by ( Joseph Pisani | Joseph De Avila | ) www.wsj.com time to read: 1 min

The Labor Department’s inspector general’s office said $45.6 billion may have been stolen from a U.S. unemployment insurance program during the pandemic. A federal watchdog said $45.6 billion may have been stolen from a U.S. unemployment insurance program meant to help people laid off during the Covid-19 pandemic. Fraudsters used the Social Security numbers of people who were dead or in prison and filed for unemployment in multiple states, the Labor Department’s inspector general’s office said in a new report. More than 1,000 people have been charged with crimes involving unemployment insurance fraud since March 2020, the report said.

☆ Fraudsters likely stole $45.6 billion from U.S. COVID unemployment insurance program
▼ + stars: | 2022-09-22 | by ( Kanishka Singh | ) www.reuters.com time to read: +2 min

REUTERS/Shannon StapletonWASHINGTON, Sept 22 (Reuters) - Fraudsters likely stole $45.6 billion from the United States' unemployment insurance program during the COVID-19 pandemic by applying tactics like using Social Security numbers of deceased individuals, a federal watchdog said on Thursday. Register now for FREE unlimited access to Reuters.com Register"We determined 205,766 Social Security numbers of deceased persons were used to file claims for UI (unemployment insurance) pandemic benefits," the report added. The United States' jobless aid program started in 2020 in the early days of the coronavirus outbreak. The United States is probing many fraud cases pegged to U.S. government assistance programs, such as the Paycheck Protection Program, unemployment insurance and Medicare. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kanishka Singh in Washington; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

☆ The Fed can save the stock market if a recession hits. Experts explain how far the central bank will go with rate hikes – and when it could reverse course.
▼ + stars: | 2022-09-22 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

As of yesterday, the federal funds rate is now in a range of 3.0% to 3.25% after a third consecutive 75-basis-point rate hike and the fifth increase of the year. But should the unemployment rate rise and company earnings fall enough to kick off a deep recession, a markets-friendly central bank could emerge over the next year, according to Kolanovic. In his view, a Fed pivot won't materialize until the unemployment rate gets closer to 5%. How does the Fed's third outsized rate hike impact your outlook for the economy and for your portfolio? US stock futures struggled for direction early Thursday, as the odds of a soft economic landing dwindled following the Fed's rate hike Wednesday.

☆ Trump and Biden's pandemic stimulus helped Americans get wealthier at the fastest rate this century
▼ + stars: | 2022-09-21 | by ( Jason Lalljee | Joseph Zeballos-Roig | ) www.businessinsider.com time to read: +4 min

Global wealth increased at its fastest rate this century last year. Wealth in the US grew the fastest, likely due to the impact of pandemic stimulus under Trump and Biden. When year-on-year exchange rate movements are accounted for, average wealth grew by 11.3%, the researchers found, and total global wealth grew by 12.7% in 2021. It's the fastest rate achieved this century, the report said, and "almost certainly the fastest rate recorded at any time in history." But that's likely to be the most help Americans will be getting in a while, the report notes.

The Justice Department named Kevin Chambers, who had been associate deputy attorney general, as chief prosecutor for Covid-19 fraud Thursday. President Joe Biden said in his State of the Union address last week that Chambers would lead the charge against major perpetrators of pandemic fraud. We may not get all the money back, but that’s not the only value in bringing these cases," he said. The U.S. government spent $5 trillion to fight Covid-19, Chambers said, "so the numbers are going to be big." In explaining the importance of prosecuting Covid-19 fraud cases, Chambers rejected the notion that stealing from the government is a victimless crime.

Quick tip: Even if you aren't required to file a tax return, you'll need to if you want to get a refund of overpaid taxes or claim refundable credits such as the earned income tax credit (EITC) or child tax credit (CTC). Requirements to file if you're a dependentPeople who are claimed as an adult or child dependent have to file a tax return in some situations. Also, if you qualify for any of the following tax credits, you should file to get your refund:Earned income tax creditChild tax credit or additional child tax creditChild and dependent care creditAmerican opportunity tax credit (partially refundable)Credit for federal tax on fuelsPremium tax creditHealth coverage tax creditRecovery rebate credit (aka economic impact payments)Credits for sick and family leaveNotes: The IRS begins issuing refunds for the child tax credit and the earned income tax credit in mid-February. Millions of Americans don't owe taxes on their income and aren't required to file a tax return because they don't earn enough money. And some taxes are certain for everyone, regardless of income, including sales taxes, excise taxes, and property taxes.

☆ Many stimulus programs are due to expire at the end of 2020, threatening the US economy during the COVID-19 pandemic's most challenging phase
▼ + stars: | 2020-11-22 | by ( John L. Dorman | ) www.businessinsider.com time to read: +7 min

On November 19, Mnuchin expressed his desire to have $580 billion in unspent stimulus funds redirected to small businesses and to extend unemployment benefits. This economic relief program extended traditional unemployment benefits from the standard 26 weeks to 39 weeks. Self-employed and gig economy workers can collect state unemployment benefits through December 31, but that will also expire under the CARES Act. At the end of July, the Federal Pandemic Unemployment Compensation, or FPUC, expired, which provided a federally funded $600 weekly supplemental boost to state unemployment payments. AdvertisementThe coronavirus pandemic has deeply impacted funding for first-responders, teachers, firemen, and police officers, the very people who have been on the front lines.

Persons: —, Nancy Pelosi, Mitch McConnell, gridlock, Steven Mnuchin, Pelosi, McConnell, Mnuchin, Donald Trump, Joe Biden, Paul Sakuma, Stout, Biden Organizations: Service, Relief, Economic, Business, Representatives, Democratic, Johns Hopkins University, Century Foundation, Survey, The New York Times, New Locations: Federal, coronavirus, State, New York City

☆ 'Real men wear masks': Nancy Pelosi urges caution as the economy reopens
▼ + stars: | 2020-06-04 | by ( Jacob Pramuk | ) www.cnbc.com time to read: +3 min

House Speaker Nancy Pelosi speaks during her weekly press conference at the US Capitol in Washington, DC on June 4, 2020. House Speaker Nancy Pelosi pushed Thursday for a robust coronavirus testing and tracing operation, along with sustained precautions such as wearing face coverings, as the U.S. reopens businesses during the pandemic. "Real men wear masks," the California Democrat told CNBC's Jim Cramer on "Mad Money," in response to a question about some men shunning face coverings in public. On "Mad Money," Pelosi again pushed for aid for state and local governments so they do not have to cut essential services as they face budget shortfalls during the pandemic. The House bill would extend the provision through January.

☆ 12 Steps to Starting a Small Business
▼ + stars: | 2019-05-02 | by ( ) www.nbcnews.com time to read: +8 min

Step 2: Write a business planYou don’t need an MBA to write a business plan. In addition to selecting your business name, you may also need to register a fictitious business name, known as a DBA (Doing Business As). Step 9: Figure out your taxesYour business structure will determine the types of taxes you’ll have to pay. Step 11: Learn relevant laws and regulationsIf you’re starting an online business, contact the Federal Trade Commission to learn about e-commerce regulations. Step 12: Set up your accounting systemBookkeeping can be simple, at least when you first start your business.

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