New York City’s Looming Covid Fiscal Cliff

New York City’s Looming Covid Fiscal Cliff

Pedestrians on Park Avenue in New York, Oct. 12. Photo: Jeenah Moon/Bloomberg News States and cities have enjoyed a revenue high from federal pandemic relief and surging capital gains. But the buzz won’t last and the hangover could be painful, as New York’s Citizens Budget Commission warned this week. The March 2021 American Rescue Plan … Read more

Trump Organization Tax-Fraud Trial Set to Begin in New York

Trump Organization Tax-Fraud Trial Set to Begin in New York

The criminal tax-fraud trial of the Trump Organization is set to begin with jury selection Monday, offering a rare look into an opaque company that prosecutors say illegally paid some executives in cars, apartments and cash. The Manhattan district attorney’s office alleges former President Donald Trump’s family business effectively kept two sets of books. In … Read more

U.K. Government Abandons Plan to Cut Rate of Income Tax for Top Earners

U.K. Government Abandons Plan to Cut Rate of Income Tax for Top Earners

LONDON—U.K. Chancellor of the Exchequer Kwasi Kwarteng on Monday ditched a plan to cut the 45% top rate of income tax after turmoil in the country’s financial markets, an intervention by the Bank of England and the threat of large-scale rebellion by Conservative Party lawmakers. The U-turn is a major setback for new Prime Minister … Read more

U.K. Prime Minister Defends Tax Cuts as Market Turmoil Continues

U.K. Prime Minister Defends Tax Cuts as Market Turmoil Continues

LONDON—Prime Minister Liz Truss looked to reassure the British public and rattled investors that her plan to cut taxes wouldn’t lead to prolonged financial instability, arguing in a series of interviews on Thursday that the country had been buffeted by global shocks rather than her government’s reforms and that her policies would result in faster … Read more

Bank of England to Buy Bonds in Bid to Stop Spread of Crisis

Bank of England to Buy Bonds in Bid to Stop Spread of Crisis

LONDON—The Bank of England on Wednesday said it would buy U.K. government bonds with long maturities “on whatever scale is necessary” in an effort to restore order to the market after a large set of government tax cuts sent borrowing costs soaring. The furious selloff in U.K. government debt in recent days ripped through normally … Read more

Europe Holds Emergency Talks on Energy-Market Intervention

Europe Holds Emergency Talks on Energy-Market Intervention

BRUSSELS—European energy ministers are debating plans for an intervention in the continent’s energy markets at an emergency meeting that is aimed at tamping down soaring electricity prices. Diplomats said many countries—including the European Union’s biggest economies, Germany and France—appeared to agree ahead of Friday’s meeting on the idea of imposing a cap on the revenue … Read more

Biden to Announce Student Loan Forgiveness Plan

Biden to Announce Student Loan Forgiveness Plan

President Biden is planning to take executive action to forgive $10,000 or more in federal student loan debt for tens of millions of Americans, a move that would provide unprecedented relief for borrowers but is certain to draw political and legal challenges. The president is set to announce later Wednesday that he will cancel $10,000 … Read more

These stocks soared up to 12% after inflation cooled

These stocks soared up to 12% after inflation cooled

Amid the euphoria following what appeared to be the first sign of slowing inflation, stocks staged a broad rally on Aug. 10, with dozens of large-cap stocks rising 5% or more. Those included several tech names that investors loved during the early stages of the coronvirus pandemic, along with cruise lines, credit-card lenders and chip-related … Read more

Kyrsten Sinema Reads the Book Tax

Kyrsten Sinema Reads the Book Tax

Sen. Kyrsten Sinema is reportedly seeking changes in the tax provisions of the Schumer-Manchin climate and tax bill, and we hope the Arizona Democrat succeeds. She can save employers in Arizona, and manufacturers around the country, from a poorly constructed tax that would harm business investment. The Schumer-Manchin deal would impose a 15% minimum tax … Read more