Treasury unveils plan to close tax gap and boost revenue
The Treasury proposes 22 new policies to raise about 700 billion dollars over the next decade by tightening tax compliance. It cites higher IRS funding, expanded reporting rules, auditor tools, and cryptocurrency rules to reduce the annual gap of roughly 600 billion dollars.
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Biden Administration
Treasury
Internal Revenue Service
IRS
White House
The
Office of Tax Analysis
Charles Rettig
Associated Press
Jobless claims fall as states halt federal aid
The Department of Labor reports 444000 new unemployment claims, a decline from the prior week, while 22 states plan to end the $300 weekly federal benefit from June. About 3.5 million will lose aid, with some states also cutting programs for gig workers and long-term unemployed.
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U.S. Department of Labor
Texas
Georgia
Ohio
Iowa
Associated Press
Florida
Kansas
Tech shares lift stocks as inflation fears ease
Wall Street rose as major indexes climbed led by technology and communications names. The S&P 500 gained 1.1 percent to 4,159.12 with Apple up 2.1 percent and Alphabet up 1.6 percent, while energy fell on a weaker oil price and retailers declined. The Dow added 188.11 to 34,084.15 and Nasdaq rose 236 points to 13,535.74 as investors weighed inflation trajectories and Fed policy. Russell 2000 advanced 14.12 to 2,207.76.
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Wall Street
U.S
Apple
Google
Alphabet
Tom Martin
Global Investments
Fed
Millennials Most Regret Buying Homes in Bankrate Survey
A Bankrate survey finds 64 percent of millennial buyers ages 25 to 40 regret their home purchase, versus 33 percent of baby boomers. Regrets fall into financial and physical categories, with urgency in pandemic-era offers contributing to rushed decisions.
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