U.S. and European officials are trying to inject fresh momentum into a global drive for a minimum corporate tax rate, but they are finding it difficult to navigate around a series of roadblocks, namely Democrats’ narrow margins in Congress and consequential objections from Hungary. Nearly 140 countries agreed last year to impose a 15% minimum … Read more
Fertility companies and patients are moving embryos and making contingency plans in case Roe v. Wade is overturned and abortion laws in some states extend to protect eggs fertilized in laboratories. More than 2% of 3.7 million babies born in the U.S. in 2019 were conceived through in vitro fertilization, the latest federal data show. … Read more
Fed governor Michelle Bowman said the central bank would need to raise interest rates aggressively this year in order to combat inflation. Source link
A suspension of the 18.4 cents a gallon federal gasoline tax would require congressional approval. Photo: Nick Rohlman/The Gazette/Associated Press WASHINGTON—President Biden is planning to call for a temporary suspension of the federal gasoline tax, according to people familiar with the matter. Mr. Biden and his advisers have been discussing the issue for months in … Read more
WASHINGTON—President Biden said Monday that he may make a decision on seeking a pause to the federal gasoline tax by the end of the week, as Americans deal with soaring gas prices. Mr. Biden told reporters in Rehoboth Beach, Del., that he is considering a gas tax holiday. “I hope to have a decision based … Read more
WASHINGTON—The federal budget ran a $66 billion deficit during May, a 50% decline from a year earlier as the government slashed spending on pandemic programs. Federal outlays in May fell by 24% to $455 billion, not adjusting for calendar differences, the Treasury Department reported Friday. That reflected a reduction in spending on pandemic programs at … Read more
WASHINGTON—Treasury Secretary Janet Yellen said the Biden administration is considering ways to reconfigure tariffs on imports from China as a means of helping to ease decades-high inflation. Ms. Yellen, speaking at a House Ways and Means Committee hearing on Wednesday, said she expected the administration to have additional information on its plans in the coming … Read more
WASHINGTON—An unprecedented gush of income tax revenue is flowing into the federal government, driven in part by investors and business owners, and the size and speed of the increase has surprised even the nation’s fiscal-policy experts. Individual income tax collections are poised to reach $2.6 trillion, or 10.6% of the economy in the fiscal year … Read more
WASHINGTON—Treasury Secretary Janet Yellen denied that she tried to decrease the size of the $1.9 trillion rescue package Democrats approved in early 2021, defending legislation that is now a focus of debate about the causes of currently high inflation. Ms. Yellen’s statement Saturday comes after Bloomberg News reported that a forthcoming biography about Ms. Yellen … Read more
A federal pandemic aid program aimed at boosting small businesses’ access to capital is getting off the ground more than a year after it was authorized, when firms are now facing the headwinds of high inflation and the growing risks of an economic downturn. The Treasury Department this month began distributing nearly $200 million to … Read more