US Economy

IRS to increase audit rates on large firms, partnerships, millionaires

TL/DR - The Internal Revenue Service (IRS) plans to increase audit rates for large corporations, partnerships, and multimillionaires over the next three years to enhance collections. The IRS targets a triple increase in audit rates for corporations with assets over $250 million and a nearly 10-fold increase for partnerships with assets over $10…
Politics

Gov. Katie Hobbs Enacts 1864 Law Repeal

TL/DR - Arizona Governor Katie Hobbs has repealed a 160-year-old abortion ban, one of the most restrictive in the nation. However, the repeal doesn't take immediate effect and the state will be in policy flux until it does, with the 1864 law potentially being enforceable from late June until the repeal takes effect. Once the ban is officially…
US Economy

IRS to hike audit rates for wealthy taxpayers by 50%

TL/DR - The IRS Commissioner, Danny Werfel, has promised to protect American households earning less than $400,000 a year from increased audit rates. He stated that their audit rates will not surpass those of 2018, which were a record low. He made these comments during a call with reporters. IRS Commissioner's Assurance on Audit Rates The IRS,…
US Economy

Is the Inflation Reduction Act a Hidden Green New Deal?

TL/DR - The Inflation Reduction Act (IRA) passed by the Biden Administration in 2022 made unprecedented investments in clean energy and climate health, setting aside $369 billion for climate investments and incentivizing citizens to adopt renewable energy measures. The bill was predicted to bring $3 trillion into renewable energy, create 170,000…