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US Economy
Unleashing IRS Potential: Decoding the Impact of the Inflation Reduction Act | CEA
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The gross tax gap, or the difference between taxes owed and paid, reached $688 billion in 2021, with a net tax gap of $625 billion after IRS enforcement efforts. President Biden's Inflation Reduction Act provided $80 billion in additional funding for the IRS, mainly aimed at enforcing tax compliance by wealthy tax evaders and reducing the…
Analysis Spotlights Returns from Inflation Reduction Act
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The U.S. Department of the Treasury and Internal Revenue Service (IRS) released a new analysis suggesting…
Reason for Rising Costs of Biden’s Climate Law
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The estimated cost of President Biden’s clean-energy and climate agenda has doubled, mainly due to the…
North America’s largest $1b EV nickel plant underway
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Canada Nickel Co. plans to invest $1 billion in building North America’s largest nickel processing plant in Ontario, with the capacity to produce over 80,000 tons of nickel annually for EV batteries. The company plans to commence operations in 2027 and also aims to construct a stainless steel and alloy production plant to process nickel…
US Federal Solar Investment May Fund Chinese Factories
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The US federal government plans to subsidize green energy initiatives, including the construction of…
Investment in IRS Modernization Could Yield $851B, Treasury Reports
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A new analysis by the Department of the Treasury and Internal Revenue Service estimates that implementing…
Dems on Ag Committee Oppose Inflation Act Funds Reallocation
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Democrats in the U.S. House Agriculture Committee are defending the Inflation Reduction Act (IRA) funds against potential redirection away from their original uses, such as the Thrifty Food Plan or conservation initiatives. There is also contention around the handling of the Supplemental Nutrition Assistance Program (SNAP) budget in the…
IRS Projects $560B Gain from Wealthy Tax Evaders via Inflation Reduction Act
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The article is titled "The IRS estimates that the Inflation Reduction Act will enable them to get $560…
Europe responds to US Inflation Act; targets net-zero by 2050
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The European Parliament has agreed to the Net Zero Industry Act (NZIA), aiming to make Europe a leader in…
Inflation Reduction Act May Enable IRS to Collect $561B: Treasury
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A new Treasury Department analysis suggests that the IRS could turn nearly $80 billion in funding from the Inflation Reduction Act into $561 billion in overdue and unpaid taxes collected over the next decade. This estimated revenue could potentially rise to $851 billion if the funding is renewed after it expires in 2031. However, the…