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U.S. Lawmakers Reintroduce Corporate Tax Transparency Bill Amid IRS Funding Push

U.S. Lawmakers Reintroduce Corporate Tax Transparency Bill Amid IRS Funding Push

On July 16, Senator Chris Van Hollen and Representative Brittany Pettersen reintroduced the Disclosure of Tax Havens and Offshoring Act. This legislation mandates American multinational corporations to disclose expanded financial information on their offshore operations, known as public country-by-country reporting (CbCR). The bill aims to enhance transparency and create a fairer corporate tax system. The European Union and Australia have already implemented similar laws, providing insights into offshore tax avoidance by large companies. In parallel, Representatives Suzan DelBene, Terri Sewell, Judy Chu, and Ro Khanna introduced a bill to restore $83 billion in IRS funding, focusing on enforcement against high-net-worth individuals and large corporations.

Trump's Judicial Nominee Faces Scrutiny Over Election Questions in Senate Hearing

Trump's Judicial Nominee Faces Scrutiny Over Election Questions in Senate Hearing

During a Senate Judiciary Committee hearing, Gregory Carl Cook, President Trump's nominee for United States District Judge for the Northern District of Alabama, faced questions from Sen. Adam Schiff regarding past presidential elections. Cook's responses were notably cautious, particularly when discussing the 2020 election, where he acknowledged Joe Biden's certification by Congress but hesitated to directly state the election outcome. This cautious approach reflects a broader trend among Trump's nominees, who often avoid direct answers about the 2020 election results.

Government watchdog: DOGE overstated billions in savings

Government watchdog: DOGE overstated billions in savings

A new GAO report reveals the Department of Government Efficiency overstated savings and misled the public.

Union representing IRS workers asks judge to block Trump tax audit immunity deal

Union representing IRS workers asks judge to block Trump tax audit immunity deal

The labor union representing Treasury Department and Internal Revenue Service workers has asked a judge to block a sweeping tax audit immunity agreement for President Donald Trump

Republican US Senator Rand Paul to ask Justice Department to prosecute Fauci

Republican US Senator Rand Paul to ask Justice Department to prosecute Fauci

By Ahmed Aboulenein WASHINGTON, Aug 6 (Reuters) - Republican U.S. Senator Rand Paul said on Thursday he would ask the Justice Department to prosecute Dr.

President Trump Promotes Tax Cuts and Criticizes Democrats in Las Vegas Rally

President Trump Promotes Tax Cuts and Criticizes Democrats in Las Vegas Rally

President Trump addressed a crowd at the Red Rock Casino Resort Spa in Las Vegas, celebrating his administration's tax cuts and taking aim at Democratic policies. He highlighted the elimination of taxes on tipped income for service workers, a move inspired by a local waitress's concerns. Trump claimed this policy, along with other tax measures, has benefited Nevada workers and seniors significantly. He also touted the economic impact of tariffs, asserting they have bolstered the U.S. economy. During the rally, Trump criticized former President Joe Biden's investment record and accused the Biden administration of failing to secure the southern border, leading to increased crime and drug trafficking.

FACT FOCUS: Trump boasts about the economy but there's more to the story

FACT FOCUS: Trump boasts about the economy but there's more to the story

President Donald Trump has been highlighting his economic achievements, pointing to record stock market highs and claims of increased hiring, manufacturing, and investment

President Trump to Propose $14 Billion Taiwan Arms Package to Congress

President Trump to Propose $14 Billion Taiwan Arms Package to Congress

President Trump is expected to submit a $14 billion arms package for Taiwan to Congress, according to senior Republican lawmaker Michael McCaul. This move underscores the U.S. commitment to Taiwan's defense, despite diplomatic relations with China. The package, which is still under review by the Trump administration, includes critical military defense articles. McCaul emphasized that U.S. policy does not allow diplomatic ties with China to interfere with arms sales to Taiwan. He cited former President Ronald Reagan's stance that the U.S. does not consult with China on such matters. The proposed package follows a previous $11 billion arms sale to Taiwan, which included advanced weaponry like HIMARS rocket systems and Javelin anti-tank missiles.

Inflation Concerns Persist Amidst Government Spending Debates

Inflation Concerns Persist Amidst Government Spending Debates

The ongoing issue of high prices in the U.S. economy is being attributed to excessive government spending, particularly during the Biden administration. The article discusses how the American Rescue Plan Act and the Inflation Reduction Act, both passed under President Biden, contributed to a significant increase in the money supply, leading to inflation. The piece contrasts these policies with those of the Trump administration, which focused on deregulation and reducing government spending. The article also critiques Vice President Kamala Harris's approach to inflation, which includes investigating grocery store price gouging, arguing that it misunderstands the free market dynamics.

IRS silently recovers $8 billion as whistleblower claims surge

IRS silently recovers $8 billion as whistleblower claims surge

Someone in your professional circle likely knows where the gaps in your tax reporting are, and tipping off the Internal Revenue Service (IRS) now takes minutes. The IRS Whistleblower Program has generated more than $8 billion in tax collections since its 2007 inception, and it has paid $1.4 ...

US Senate panel votes to hold Fauci in contempt of Congress

US Senate panel votes to hold Fauci in contempt of Congress

By Ahmed Aboulenein WASHINGTON, Aug 6 (Reuters) - A U.S. Senate committee voted on Thursday to hold Dr. Anthony Fauci in contempt of Congress after the former top U.S. infectious disease official refused to answer questions about his handling of the COVID-19 pandemic.

IRS Considers New Stimulus Payment for Mid-2025 with Eligibility Criteria

IRS Considers New Stimulus Payment for Mid-2025 with Eligibility Criteria

The Internal Revenue Service (IRS) is preparing for a potential new round of stimulus payments, known as the June 2025 Stimulus Payment, aimed at providing financial relief to eligible Americans. The proposed payments are part of ongoing discussions in Congress regarding federal budget allocations and economic relief measures. Although no formal legislation has been passed, draft proposals suggest that the payments will target individuals with an adjusted gross income (AGI) below certain thresholds, similar to previous stimulus rounds. The expected income limit for single filers is around $75,000. The payments are anticipated to be $1,200 per eligible adult, with an additional $500 for dependents. The IRS plans to use existing tax return data to determine eligibility and manage distribution, with direct deposits potentially starting in late May 2025.