Month: May 2020

No state is immune from the pandemic’s economic fallout. TPC’s Richard Auxier finds that all 50 states are experiencing an economic and fiscal crisis unseen since the Great Depression. April unemployment rates ranged from 7.9 percent in Connecticut to 28.2 percent in Nevada. Warns Richard: “Given what we know about unemployment rates and state tax
0 Comments
The Internal Revenue Service collected nearly $3.4 trillion through more than 160 million individual and business tax returns during fiscal year 2018. For all this revenue, approximately 991,000 returns were examined, representing less than 1 percent of all tax returns filed. The number of examinations conducted to uphold enforcement has been declining year over year
0 Comments
CNBC’s Jim Cramer said Friday he’s concerned the stock market’s rally from its March lows may run out of steam unless Congress approves additional coronavirus relief measures.  “Without another package, I know it’s trillions of dollars, we’re just going to kind of sputter out,” Cramer said on “Squawk Box.” ”I get worried. It’s just too many people that
0 Comments
The White House won’t update its budget and economic projections this summer. Since the 1970s, the president has released a “mid-session” budget update in July or August, reflecting changes in unemployment, inflation and economic growth. Not this year. The White House will suspend the review, asserting that sharing projections in tumultuous economic times would be
0 Comments
The Organisation for Co-operation and Economic Development (OECD) has compiled tax revenue data for countries around the world—including 26 African countries, where tax revenue as a percent of GDP is on average lower than in other regions. On average, this tax-to-GDP ratio for those 26 countries was 17.2 percent, compared to the OECD average of 34.2
0 Comments