government budget

WASHINGTON—The Federal Reserve continued a sprint to reverse its easy-money policies by approving another unusually large interest rate increase and signaling more rises were likely coming to combat inflation that is running at a 40-year high. Officials agreed Wednesday to a 0.75-percentage-point rate rise, which will lift their benchmark federal-funds rate to a range between 2.25% and 2.5%. The rate increase won unanimous backing from the 12-member rate-setting committee.…

WASHINGTON—The U.S. Treasury Department is softening its limits on foreign tax credits, responding to corporations that have been warning about double taxation. The department issued corrections Tuesday to rules released in December that have drawn furious complaints from multinational companies. The change makes clear that foreign income taxes don’t have to precisely mirror U.S. income-tax rules for when certain costs can be deducted in order to qualify for foreign tax credits.…

Companies are racking up hundreds of millions of dollars in income taxes on pay for top executives, a growing bill that in some cases makes up a sizable chunk of their annual tax expense. Tesla Inc. booked $447 million in taxes on executive pay over three years. Pay for officers generated nearly 20% of all tax costs booked by defense contractor Howmet Aerospace Inc. in the same period. At cosmetics retailer Ulta Beauty Inc.,…

The federal government ran an $89 billion deficit during June, a 49% decline from a year earlier, as spending fell and revenue increased. Federal outlays in June dropped by 12% to $550 billion, not adjusting for calendar differences, the Treasury Department reported Wednesday. That reflected a reduction in spending on pandemic programs, including at the Small Business Administration and Treasury and Labor Departments. Government receipts for the month rose by 3% from a year…

Efforts to deliver the most significant changes to global tax rules in a century will face fresh delays after negotiators Monday said it would take longer than planned to reach a formal agreement on how countries with large consumer markets collect more corporate tax revenue.The new rules, initially promised by mid-2022 as part of a multilateral deal negotiated under the auspices of the Organization for Economic Cooperation and Development, won’t be completed until next year. After that, countries will need to vote to…

From his new office in Miami Beach, real-estate investor Barry Sternlicht is only steps from the ocean. His waterfront mansion is just a short drive away. Cold winters and state income taxes are a thing of the past now that he has relocated here from Connecticut.Mr. Sternlicht, known for launching the trendsetting W Hotel brand, moved his Starwood Capital Group to the city in 2018. He’s part of a booming migration of financial firms, technology companies and venture capitalists that has…

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 tax on large companies, paving the way for the most significant overhaul of international tax rules in a century. Getting to that point took years of negotiations that often seemed…

Fed governor Michelle Bowman said the central bank would need to raise interest rates aggressively this year in order to combat inflation. Fed governor Michelle Bowman said the central bank would need to raise interest rates aggressively this year in order to combat inflation. FOLLOW US ON GOOGLE NEWS Read original article here Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong…

More than 18 months later, many of those rural communities are still waiting for broadband. That is because a little-known Las Vegas company that won a bid to implement the program missed filing deadlines and failed to secure regulatory approvals needed to receive the money. The situation serves as a cautionary tale as the federal government rolls out yet another costly program—this one with a price tag of $42.5 billion—to deploy broadband to rural areas. “It’s frustrating to see that there were dollars…

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 the midst of increasing political pressure to take action to address record-high gas prices. The announcement is expected Wednesday, some of the people said. The White House said Mr. Biden would deliver remarks on gas prices at 2 p.m. Eastern Time, but didn’t provide any details on the speech. “President…