Former British Prime Minister Liz Truss has blamed the “very powerful economic establishment” for her failure to realise her low-tax, high-growth economic vision in her brief time in office. Truss was forced to quit as prime minister in October after just 49 days in Downing Street, as the financial markets were plunged into turmoil after…
Former Prime Minister Truss Says She Was Not Given ‘Realistic Chance’ to Enact Tax-Cutting Policy
GOP Fights Biden Deal That Lets Other Countries Tax US-Based Profits
February 4, 2023
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Biden tax planBusiness & MarketsCompanieseconomic policieseconomyExecutive Branchhouse ways and means committeeInternationalOECDPoliticsRepublicanstax policyUSWorld
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In one of the more unusual tactics to bring the United States into compliance with international agreements, the Biden administration has signed on to a global tax agreement that gives Congress the choice of either approving the deal or watching American companies suffer from foreign tax penalties. Congress this week said it would do neither….
Fed Chair Powell Says No Rate Cuts This Year, Markets Hear It Differently
Federal Reserve Chair Jerome Powell had a clear message on Wednesday: as “gratifying” as it is that inflation has begun to slow, the central bank is nowhere near to reversing course or declaring victory. “It’s going to take some time” for disinflation to spread through the economy, Powell said in a news conference following the…
Experts Reveal How to Get 2023 Tax Refund Back as Quickly as Possible
Tax attorneys and accountants say that those who want their refunds quickly should file electronically and ask for a refund via direct deposit to their accounts. “If at all possible, file electronically, and request that you receive your refund by direct deposit,” tax attorney Adam Brewer told Nexstar on Friday. “I know no one really…
Strong Jobs Report Revives Fears of Inflation and More Aggressive Fed
February 3, 2023
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Positive jobs reports can be bad news for the market. The latest strong jobs report, for example, revived Wall Street fears of continued inflation and a more aggressive Federal Reserve as markets were volatile on the news. Stocks opened lower following the jobs report from the U.S. Bureau of Labor Statistics, with a brief rally…
Annual Labor Productivity Saw Biggest Drop in 49 Years in 2022
February 3, 2023
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Business & Marketscompensationeconomic policieseconomyinflationlabor productivityMarketsunit labor costsUS
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U.S. worker productivity saw its largest annual decline in 2022 in nearly five decades, despite an improvement in the fourth quarter. Nonfarm labor productivity, which measures hourly output per worker, fell 1.5 percent in the fourth quarter from the year-ago period, the Department of Labor reported on Feb. 2. Total worker productivity for 2022, in…
Republican Rep. Massie Revives Ron Paul Movement
February 3, 2023
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Audit the FedBusiness & Marketscongresseconomic policieseconomyPoliticsRep. Thomas MassieRepublicansRon PaulUS
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Rep. Thomas Massie (R-Ky.) recently reintroduced his “Federal Reserve Transparency Act,” which he says was inspired by Ron Paul’s famous “Audit the Fed” measure from 1983. Paul, a former congressman and presidential candidate, created a movement decades ago that pushed for increased oversight of the Fed’s monetary policy decisions. Massie’s bill is a revised iteration…
‘Business-Friendly’ Florida Beats New York for First Time in 40 Years in Number of Jobs
February 3, 2023
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Business & Marketsbusiness friendlydomestic migrationeconomic policieseconomyFloridaFlorida Job GrowthLow TaxNew YorkRed states and blue statesRegional & State NewsState NewsUSUS News
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The state of Florida saw more jobs than New York for the first time in four decades in 2022, which many see as part of a trend of Americans moving out of states like New York in search of a low-tax, low-cost lifestyle. In Florida, there were 9,578,500 nonfarm jobs by the end of 2022,…
ECB Set to Raise Rates Again in May, Policymakers Say
VILNIUS/PRAGUE—The European Central Bank is likely to raise interest rates again in May after an already signaled hike in March, two policymakers said on Friday, with one arguing that the peak or “terminal” rate is at least starting to appear on the horizon. The ECB raised rates by a half a percentage point to 2.5…
US Layoffs Reach Two-Year High as Big Tech Cut Thousands of Jobs in January
February 3, 2023
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Big TechBusiness & MarketsCompanieseconomic policieseconomyinflationinterest ratesjob marketlayoffsMarketsPolicies & ImpactsrecessionUSUS News
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American companies announced last month the largest number of layoffs since September 2020, after tech firms cut positions at the second-highest pace on record as they prepare for a potential recession. The layoffs included 102,943 workers in January, more than twice the amount in December and up 440 percent from the same month in 2022, according…
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