Businesses reject Trump payroll tax plan while postponing their own tax bills

15th September 2020

As part of the last coronavirus stimulus package, lawmakers agreed to allow employers to postpone paying their share of the Social Security tax for the rest of this year. (The 12.4 percent charge is split evenly between employers and employees, with businesses withholding the tax from workers’ paychecks). Half of companies’ deferred taxes are due […]

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‘A tale of 2 recessions’: As rich Americans get richer, the bottom half struggles

9th September 2020

A historic House vote on marijuana legalization will take place later this month. We break down why Democrats are voting on the bill despite the fact that it’ll be dead upon arrival in the Senate. And while the employment rate for high-wage workers has almost entirely recovered — by mid-July it was down just 1 […]

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Trump and Pence try a messaging reboot on economic recovery

8th September 2020

“On this Labor Day, it’s important to remember that in the last three years wages were rising at their fastest pace in the last decade,” Pence told workers and their families at a power cooperative near the banks of the Mississippi River. He continued: “I encourage you to keep pressing on. Keep showing the strength […]

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Trump’s rebound story meets mounting bankruptcies

4th September 2020

Earlier this summer, Covid cases were dipping and states started reopening. Weeks later, there was a resurgence. Trump is now looking at a repeat of that situation — just two months ahead of the election. “With consumer demand falling, as things get colder and as people don’t want to be outside and begin to feel […]

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Trudeau shifts agenda after summer of scandal

2nd September 2020

These are among the issues Trudeau wants to tackle in his long-term recovery plan. In August, he abruptly shut down Canada’s Parliament for five weeks, promising to reset the government’s agenda in a speech from the throne on Sept. 23. Those remarks will trigger a confidence vote his minority government must win to survive. After […]

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Trump tries to dance around a devastating backdrop

1st September 2020

The pre-Covid economy was far from the greatest in history, with growth not much different than rates seen under President Barack Obama and far slower than many booming periods since World War II. All the unemployment records Trump boasted about also come from trends that began ten years ago and changed little under Trump until […]

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Economy hurting after Congress fails to act on stimulus

25th August 2020

Unemployment insurance added about $25 billion a week to the economy during the four months the additional aid was in place, and now since the expiration of the extra benefit, it’s running closer to $10 billion, former U.S. Treasury economist Ernie Tedeschi said. That’s going to have “devastating individual implications for the families that receive […]

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Opinion | Unemployment Isn’t Too High — Regular Wages Are Too Low

19th August 2020

Congress has access to this basic information. A Congressional Research Service study notes that since the EITC was first enacted in 1975, lawmakers have shown a growing preference for using these refundable tax credits to help working families afford childcare, health care, education and have the income to cover the basics of life; Congress likes […]

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Japan’s economy shrinks at record rate, slammed by pandemic

17th August 2020

Japanese media reported the latest drop was the worst since World War II. But the Cabinet Office said comparable records began in 1980. The previous worst contraction was in 2009, during the global financial crisis of 2008-2009. The world’s third largest economy was already ailing when the virus outbreak struck late last year. The fallout […]

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Negotiators ‘miles apart’ on Covid funding, with little hope for deal until September

14th August 2020

Speaking on the floor, McConnell scoffed at the Democratic leaders’ demands for Republicans to raise the price ceiling of their negotiations to $2 trillion from $1 trillion. “The Speaker’s latest spin is that it is some heroic sacrifice to lower her demand from a made-up $3.5 trillion marker that was never going to become law […]

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