Passage of Inflation Reduction Act gives Medicare historic new powers

A pharmacist collects medications for prescriptions at a pharmacy. Simon Dawson | Bloomberg | Getty Images Medicare is poised to renegotiate the prices of some of its most expensive drugs through a historic expansion of its power, which could reduce costs for many seniors as well as federal spending on its prescription drug plan. The … Read more

Attorney General Garland to make statement after Trump raid by FBI

Attorney General Merrick Garland is scheduled to make a statement Thursday afternoon, three days after FBI agents raided the Florida residence of former President Donald Trump. The Justice Department, which Garland heads, has faced pressure since that raid to provide a public explanation for the search of the Trump home at his Mar-a-Lago club. Trump, … Read more

China’s trade curbs on Taiwan after Pelosi visit are drop in the ocean

Beijing’s new trade blocks against Taiwan affect about 0.04% of their two-way trade, making them more political than economic. Beijing took action against Taiwan following US House Speaker Nancy Pelosi’s visit to the island earlier this month despite warnings from Beijing. That included suspensions of imports of Taiwanese citrus, frozen fish, sweets and biscuits and … Read more

Inflation Reduction Act extends $7,500 tax credit for electric cars

David Madison | Photodisc | Getty Images A federal tax break that’s available to car buyers for going electric may work differently starting next year. Under the Inflation Reduction Act — which received Senate approval on Sunday and is expected to clear the House this week — a tax credit worth up to $7,500 for … Read more

With 87,000 new agents, here’s who the IRS may target for audits

Jeffrey Coolidge | Photodisc | Getty Images As the Democrats’ spending plan moves closer to a House vote, one of the more controversial provisions — nearly $80 billion in IRS funding, with $45.6 billion for “enforcement” — has raised questions about who the agency may target for audits. IRS Commissioner Charles Rettig said these resources … Read more

Inflation Reduction Act limits pass-through tax break for 2 more years

Senate Majority Leader Chuck Schumer, DN.Y., discusses the Inflation Reduction Act on Aug. 7, 2022 in Washington, D.C. Kent Nishimura | Los Angeles Times | Getty Images Senate Democrats curtailed a tax break for certain pass-through businesses as part of the Inflation Reduction Act passed Sunday. A pass-through or flow-through business is one that reports … Read more

How Wall Street wooed Sen. Kyrsten Sinema and preserved its multi-billion dollar carried interest tax break

US Senator Kyrsten Sinema (D-AZ) waits for an elevator to go to the Senate floor at the US Capitol in Washington, US August 2, 2022. Jonathan Ernest | Reuters Long before Sen. Kyrsten Sinema, D-Ariz., held up a massive spending bill that promised to create jobs, invest in clean energy and tax the rich — … Read more

Biden signs China competition bill to boost U.S. chipmakers

[ The stream is slated to start at 10 a.m. ET. Please refresh if you do not see a player above at that time.] President Joe Biden on Tuesday signed a bipartisan bill that aims to strengthen US competitiveness with China by investing billions of dollars in domestic semiconductor manufacturing and science research. “Today is … Read more

Market outlook ‘too volatile’ to chase stock, bond rallies, asset manager says

Investors should eschew chasing recent rallies in stocks and bonds given the current economic uncertainty, according to the chief investment officer of Swiss asset manager Prime Partners. Francois Savary said it was hugely difficult to have clear economic visibility due to the particulars of the current investment cycle, such as the Covid-19 recovery and the … Read more

Taiwanese foreign minister says China drills game-plan for invasion

Taiwan Foreign Minister Joseph Wu. Sam Yeh | AFP | Getty Images Taiwan’s foreign minister said on Tuesday that China was using the military drills it launched in protest against US House Speaker Nancy Pelosi’s visit as a game-plan to prepare for an invasion of theself-ruled island. Joseph Wu, speaking at a press conference in … Read more