The IRS says it is about to ramp up audits as it cracks down on tax cheats and seeks to deliver more revenue into the U.S. Treasury’s coffers. But not every group of taxpayers will face more scrutiny, according to IRS commissioner Danny Werfel. The IRS has been bolstered by $80 billion in new funding […]
Category: Business
Will first bank failure of 2024 be contagious?
Republic First Bank, a regional lender based out of Philadelphia, became the first bank failure of 2024 on Friday when it was shut down by Pennsylvania’s bank regulator and the Federal Deposit Insurance Corp. (FDIC) seized control of the operation. The FDIC quickly made a deal for Fulton Bank to buy Republic First’s assets, but […]
Biden desperate to keep gas $$ down until Nov.
With only six months to go before the election, President Joe Biden’s strategy to lower gasoline prices is in jeopardy. The administration’s soft approach to sanctions on oil from Iran, Russia and Venezuela has been key to its efforts to tame fuel costs. But that leniency is becoming politically riskier: Iran’s attack on Israel has […]
McNugget Meal costs over $25 in California
A fast food run ain’t what it used to be. A TikTok video of a customer complaining about the price of a $25 deal at a California McDonald’s has sparked blame for the state’s latest minimum wage increase for fast food workers. Since going into effect on April 1, the law requires chains with 60 […]
Stubborn Inflation Ticked Up In March
Inflation picked up slightly in March as Americans saw their paychecks rise and kept up a sturdy pace of spending, according to data released Friday by the Commerce Department. The personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred gauge of inflation, rose 0.3 percent in March and 2.7 percent over the past year. […]
Tik-Tok ban passed by House; goes to Senate
TikTok users could soon find that the popular social media service is either under new ownership or, although it wouldn’t happen immediately, outright banned in the U.S. On Saturday, the House passed legislation that would bar TikTok from operating in the U.S. if the popular platform’s China-based owner doesn’t sell its stake within a year. […]
Biden wants to control the internet
People have watched the Biden administration employ a wide array of aggressive regulatory policies that increasingly restrict American companies and constrain economic growth. And although the competition is stiff, it would be hard to find a more hostile regulatory barrage than what has been coming out of my old institution, the Federal Communications Commission. Under […]
Have a B of A bank account? Beware De-banking
A dozen Republican-led states plan to send a letter to Bank of America demanding an explanation for why it allegedly de-banked Christian and other conservative groups. The letter obtained first by DailyMail.com, led by Kansas Attorney General Kris Kobach, demands that the financial institution turn over documents related to its account cancellation policies and requested […]
Don’t like LED light bulbs? Too bad says Govt
The Department of Energy, or DOE, announced Friday that it’s strengthening energy efficiency requirements for light bulbs in U.S. markets, in a move anticipated to save Americans $27 billion on their utility bills over 30 years. The DOE estimates that the new standards will prevent 70 million metric tons of carbon from being emitted over […]
Doing better under Biden? Check the stats
Prices are up nearly 19% across the board since President Joe Biden entered office, meaning households are suffering sticker shock even if the inflation rate has moderated in recent months. Inflation, as tracked by the consumer price index, rose to 3.5% for the year ending in March, the Bureau of Labor Statistics reported Wednesday. Overall, […]
Gas prices going up fast and will continue to
Budget-conscious motorists may want to fill up sooner rather than later, as prices at the pump are likely headed higher in the near term. The approach of the peak driving season and the annual switch by refineries to more costly summer gasolines has driven up the national average for unleaded to $3.63, according to AAA. […]
Is inflation ever going away?
The government announced Wednesday morning that inflation rose 0.4% in March, part of a 3.5% increase on an annual basis. The rise, which clearly means that inflation is not subsiding, took some big media outlets by surprise. The New York Times said the increase in prices was “unexpectedly sharp.” The Washington Post called it “hotter […]