Economy

Dems’ spending bill hammers Americans with billions in new taxes

Tax experts are still trying to work out exactly what the so-called Inflation Reduction Act — a 755-page patchwork of giveaways, carveouts, and subsidies which purports to ease inflation by reducing the deficit and hiking taxes — will cost average Americans. However, they agree on one thing: It’s likely to be a lot. “Everyone is …

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We’re Downgrading This Semiconductor Firm and Cutting Our Price Target

We are downgrading the shares of Nvidia (NVDA) to a Two rating from One, and dialing back our price target on the shares to $200 from $225. These moves reflect the company’s downside pre-announcement for its July quarter in which it slashed its revenue expectation to $6.7 billion vs. the $8.1 billion consensus forecast and …

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US Labor Productivity Suffers Biggest Crash Ever Recorded, Labor Costs Soar Most Since 1982

Productivity crashed over the past year as the economy added workers at a rapid clip even as economic output grew slowly, data from the Department of Labor showed on Tuesday. The productivity of the business sector fell 2.5 percent compared to a year ago, the largest decline ever recorded in data going back to the …

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Here are all the most important inflation indicators heading into Wednesday’s big CPI report

Inflation running at its highest levels since the early 1980s likely cooled a little in July but is still increasing at a sweltering pace. Markets on Wednesday will get a look at a key data point that will show just where price pressures stood heading into August — the July consumer price index report, which …

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Middle-class Americans to bear brunt of IRS audits under Dem inflation bill, analysis shows

Check out what’s clicking on FoxBusiness.com. Americans who earn less than $75,000 per year are slated to receive 60% of the additional tax audits expected under the Democrats’ spending package, according to an analysis released by House Republicans. The analysis, which is a conservative estimate based upon recent audit rates and tax filing data, shows …

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Explainer: When will Americans feel the Inflation Reduction Act’s impact?

A general view of the US Capitol after United States Vice President Kamala Harris, voted on the Senate floor to break the 50-50 tie to proceed to the Inflation Reduction Act on Capitol Hill in Washington, DC, US August 6, 2022. REUTERS/ Ken Cedeno Register now for FREE unlimited access to Reuters.com Register WASHINGTON, Aug …

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White House economic adviser won’t say if 87,000 new IRS agents will audit those making under $400,000

NEWYou can now listen to Fox News articles! White House economic adviser Jared Bernstein appeared on CNBC’s Squawk Box Monday and was interviewed by host Brian Sullivan, who questioned him about the impact the Inflation Reduction Act will have on taxpayers. If passed by the House of Representatives and signed into law by President Joe …

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Altered image shows fabricated Atlantic story on Biden

The claim: Image shows headline of story in The Atlantic praising Biden for having the courage to shrink the economy In July, the Commerce Department reported that the economy shrank for a second straight quarter, stoking recession worries. President Joe Biden has rejected that description and has taken steps to strengthen the economy. Nevertheless, a …

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Billionaire Marc Andreessen slammed affordable housing in his wealthy neighborhood after criticizing ‘crazily skyrocketing housing prices’ in the past

Marc Andreessen is among the biggest defenders of the prospects of Web3.Justin Sullivan/Getty Images Billionaire Marc Andreessen helped shut down an affordable housing plan in his home town, The Atlantic first reported. In a public comment to town officials he was “IMMENSELY AGAINST multifamily development.” In 2020, the founder of Andreessen Horowitz criticized “skyrocketing housing …

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