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The federal government squandered more than $200 billion in potential fraud in its aggressive rush to prop up small businesses as the COVID-19 pandemic threatened to shatter the U.S. economy, according to a report published Tuesday by the inspector general of the Small Business Administration.
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The Federal Reserve paused its aggressive series of interest rate hikes on Wednesday, ending a string of 10 consecutive rate increases that stretches back 15 months.
Nearly all members of the decision-making committee believe the central bank will need to impose at least one additional rate hike this year, Fed Chair Jerome Powell said at a press conference.
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President Joe Biden and House Speaker Kevin McCarthy both said they had a productive debt ceiling discussion late Monday at the White House, but there was no agreement as negotiators strained to raise the nation’s borrowing limit in time to avert a potentially chaotic federal default.
It’s a crucial moment for the Democratic president and the Republican speaker, just 10 days before a looming deadline to raise the debt limit.
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Most taxpayers are interested in filing their taxes directly to the IRS for free, a new report says, and that option will be tested next year.
The IRS has spent the past nine months studying whether U.S. taxpayers want to see a free, e-filing system run by the government — and is now preparing to launch a pilot program.
The prospect of a free, government-run, online tax filing system has been debated for a long time. Supporters argue that the option would make tax return services more equitable and accessible for taxpayers nationwide. But there's also been pushback from some big tax-prep companies.
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Companies from toothpaste makers to even discounters are adding more premium items like designer body creams and services as they reach out to wealthier shoppers who are still spending freely even in the face of higher inflation and a volatile economic environment.
Think $10 toothpastes and $90 creams on supermarket shelves.
Retailers and consumer product companies felt justified in raising prices to offset higher costs from gnarled supply chains and Russia’s war in Ukraine last year. But as those financial pressures ease, some are looking for new ways to pump up sales and profits by focusing on premium items amid an overall sales slowdown.
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