Treasury Department officials warn that the IRS may lose $20 billion in funding if Congress does not intervene.
Last year, $20 billion was rescinded from the IRS, but the budget cut could be inadvertently duplicated due to a legislative mechanism that keeps the government afloat, the Associated Press reported.
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House investigators prepared Wednesday to subpoena the Democrat donations platform ActBlue in a rapidly expanding probe into possible illicit foreign funding in the 2024 election after the Treasury Department confirmed to Congress its money laundering detection system has generated hundreds of suspicious activity reports related to the online fund-raising giant.
The dramatic developments were communicated to House members and ActBlue itself in a series of memos this week obtained by Just the News that reaffirmed that lawmakers fear foreign adversaries like China, Iran, Venezuela and Russia may be routing illicit foreign money into Democratic coffers by using the names of unsuspecting American donors.
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The Biden-Harris administration tried improve tax compliance on tips prior to Vice President Kamala Harris’ following Trump with a vow to end tax on tips.
In 2023, the Treasury Department introduced the Service Industry Tip Compliance Agreement (SITCA) program to “take advantage of advancements in point-of-sale, time and attendance systems, and electronic payment settlement methods to improve tip reporting compliance.”
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The nonpartisan Congressional Budget Office this week revealed the magnitude of the federal deficit, growing to $1.7 trillion in one year, as the national public debt reached $34.7 trillion for the first time in U.S. history.
On Monday alone, the national public debt grew by $37 billion. By Tuesday, it surpassed $34.7 trillion overall.
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The federal debt continues to climb to unprecedented levels, but the “actual, true” debt is higher if the Treasury weren’t being drained, a national economist says.
Citing Bureau of the Fiscal Service data, E. J. Antoni, Ph.D., an economist at the Heritage Foundation, argues that as the federal debt increases, the “true daily deficit” is being masked by the amount of cash being drained from the U.S. Treasury by Treasury Department Secretary Janet Yellen.
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Newly revealed documents obtained by a watchdog group show that Amazon founder, multibillionaire, and Washington Post owner Jeff Bezos hosted an event bringing together international bureaucrats, a liberal foundation, and senior Treasury Department officials at his palatial Washington, D.C. home to advance “Climate Action” efforts.
The event shows how Bezos has used his convenient capital city location and private foundation to help the Biden Administration advance its climate goals by galvanizing private finance through grants.
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The House Judiciary Committee has opened an inquiry to whether the IRS is using artificial intelligence to invade Americans’ financial privacy after an agency employee was captured in an undercover tape suggesting there was a widespread surveillance operation underway that might not be constitutional.
Committee Chairman Jim Jordan, R-Ohio, and Rep. Harriet Hageman, R-Wyo., sent a letter last week to Treasury Secretary Janet Yellen demanding documents, and answers as to how the agency is currently employing artificial intelligence to comb through bank records to look for possible tax cheats.
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President Joe Biden is expected to announce his opposition to the foreign acquisition of the iconic American company U.S. Steel on Thursday as he looks to win over blue collar voters, according to The Associated Press.
The Japanese Nippon Steel Corporation first announced that it would be acquiring U.S. Steel, the world’s fourth-largest steel producer, in December for around $14.9 billion after entertaining multiple offers, including from American steel company Cleveland Cliffs. The announcement is part of the president’s bid to sway blue-collar voters and union members by positioning himself as supporting American manufacturing, with the remarks to be delivered in the battleground state of Michigan, according to the AP.
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The number of electric vehicles (EV) that qualify for tax credits fell from 43 to 19 on Monday following new rules about the number of components in the vehicle that can be made by China and other foreign entities, according to Reuters.
On Dec. 1, 2023, the Treasury Department released guidance for which EVs are eligible for its $7,500 tax credit, requiring vehicles to have at least 60% of battery components and 50% of total critical minerals used not be from a foreign entity of concern like China starting in 2024. Vehicles that are impacted by the changes include the Volkswagen ID.4, Tesla Model 3 Rear Wheel Drive, BMW X5 xDrive 50e, Audi Q5 PHEV 55, Cadillac Lyriq and Ford E-Transit, losing eligibility for the credit, according to Reuters.
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