According to a report, the Internal Revenue Service (IRS) imposed $7 billion in extra tax penalties last year, about four times the $1.8 billion it assessed in 2022 following the Biden administration’s push for increased funding and enforcement of the agency.
Read More Americans Suffered $7B In Tax Penalties Last Year Following Biden Admin’s Additional Funding Of IRS, Thousands Of Added Positions
The Federal Reserve decides to hold interest rates steady following the latest inflation report.
Read More Chief Market Strategist On State Of The Economy
U.S. consumer prices were unexpectedly unchanged in May, but inflation likely remains too high for the Federal Reserve to start cutting interest rates before September.
Read More US consumer prices unchanged in May; rate-cut expectations rise
Wall Street slipped on Monday as wary investors steered clear of risky assets ahead of a key inflation reading and a meeting of the Federal Reserve this week.
Read More Wall St unsettled ahead of inflation data, Fed meeting
The labor market is cooling but not enough to allay the Federal Reserve’s hesitance to begin cutting interest rates.
Read More US weekly jobless claims edge higher, Q1 labor costs revised lower
It is a worrying sign for the Fed, suggesting that the elevated pace of price increases could last longer than expected.
Read More Inflation rises moderately in April, consumer spending slows