Tag: taxes

Biden Aims To Give Federal Workers Largest Pay Increase in 40 Years

Federal employees are set to receive the largest pay increase in four decades, courtesy of President Joe Biden.

In a letter sent to Congress last week, Biden called for a 5.2 percent overall pay increase for federal workers—the same increase that he’d included in his budget plan that was sent to Congress earlier this year. Biden said the huge pay increase was necessary so the federal government could “attract, recruit, and retain a skilled workforce with fair compensation in order to keep our government running, deliver services, and meet our nation’s challenges today and tomorrow.”

Technically, the pay increase will be divided into two separate categories. Federal workers would receive a 4.7 percent across-the-board pay raise, combined with a 0.5 percent bump in so-called locality pay. Because the amount of a federal employee’s locality pay varies from place to place based on the cost of living, the actual pay increases might not be the same for all workers.

It would be the biggest increase since federal workers received a 9.1 percent pay raise in 1980 during the waning days of the Carter administration, according to Government Executive, a trade publication for federal employees. As Government Executive notes, some members of Congress have been pushing for an even larger increase in federal employee compensation: A group of Democrats introduced a bill earlier this year to boost federal workers’ wages by 8.7 percent.

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Prohibitionist Group Narcs On Wells Fargo And Maryland Officials Over Accounting Of Marijuana Tax Revenue

An anti-marijuana advocacy group is taking aim at a banking arrangement between Wells Fargo and the state of Maryland that allows officials to receive and process tax revenue generated by state-legal cannabis businesses, calling the scheme “an active effort to protect the banks who are breaking federal law” and making an attempt to alert federal officials about it.

The state, for its part, has said it “complies with applicable laws and regulations.”

Smart Approaches to Marijuana (SAM), which opposes marijuana legalization, made the allegations in a press release late last month following media reports of the banking arrangement, including in Marijuana Moment.

The also group sent an open letter to Maryland officials and Wells Fargo, while CCing several federal officials, requesting that “Wells Fargo cease working with Maryland state officials to circumvent federal laws and regulations.”

“The workaround by the Maryland government reported on in the media is a clear attempt to protect banks from thoughtfully crafted federal regulations,” the prohibitionist group’s letter says.

Among those copied on the letter are Erek L. Barron, the U.S. attorney for Maryland, whose office would oversee any potential federal prosecutions in the state, as well as Attorney General Merrick Garland and Treasury Secretary Janet Yellen.

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Sen. Blumenthal: US Getting Its ‘Money’s Worth’ in Ukraine Because Americans Aren’t Dying

Fresh from a trip to Kyiv, Sen. Richard Blumenthal (D-CT) is arguing that the US is getting its “money’s worth” in Ukraine because Russia is taking losses and no Americans are dying, showing a lack of concern for Ukrainian lives.

“Even Americans who have no particular interest in freedom and independence in democracies worldwide, should be satisfied that we’re getting our money’s worth on our Ukraine investment,” Blumenthal wrote in the Connecticut Post.

“For less than 3 percent of our nation’s military budget, we’ve enabled Ukraine to degrade Russia’s military strength by half … All without a single American service woman or man injured or lost,” he added.

The argument has become a common talking point among hawks in Washington who want the US to keep fueling the proxy war against Russia. Sen. Mitt Romney (R-UT) recently called the conflict “the best national defense spending I think we’ve ever done.”

“We’re losing no lives in Ukraine, and the Ukrainians are fighting heroically against Russia,” Romney said. “We’re diminishing and devastating the Russian military for a very small amount of money … a weakened Russia is a good thing.”

The hawkish senators’ comments came amid Ukraine’s faltering counteroffensive. Despite the lack of success on the battlefield, the Biden administration and most members of Congress want to keep funding the war, which they acknowledge would not continue without US support.

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Digital Asset Sales To Come Under Increased IRS-Treasury Scrutiny

The U.S. Treasury and the IRS have proposed new reporting requirements for digital asset brokers like cryptocurrencies and NFTs in an attempt to “crack down on tax cheats” and help citizens assess tax dues arising from such asset transactions.

Regulations “would require brokers of digital assets to report certain sales and exchanges,” the U.S. Treasury said in an Aug. 25 press release. The proposed regulations “is part of a broader effort at Treasury to close the tax gap, address the tax evasion risks posed by digital assets, and help ensure that everyone plays by the same set of rules.”

Brokers would be required to report on the sale and exchange of digital assets in 2026 for activities that took place during the prior year.

In an Aug. 25 press release detailing the new proposed regulations, IRS Commissioner Danny Werfel said that a critical part of the rules is that it “fits in with the larger IRS compliance focus on wealthy taxpayers.”

“We need to make sure digital assets are not used to hide taxable income, and the proposed regulations are designed to provide a clearer line of sight into activities by high-income people as well as others using them,” he said.

“We want to make sure everyone pays what they owe under the tax laws, and our research and experience demonstrate that third-party reporting improves compliance.”

A Barclays analysis released last year estimated that the IRS could be missing out on more than $50 billion annually due to crypto traders not paying their taxes.

The new rules will also help taxpayers in filing their returns, the Treasury stated.

Under current laws, citizens owe tax on gains made on the sale or exchange of digital assets and can deduct losses on such activity. However, “for many taxpayers it is difficult and costly to calculate their gains.”

The proposal would require that digital asset brokers “provide a new Form 1099-DA to help taxpayers determine if they owe taxes, and would help taxpayers avoid having to make complicated calculations or pay digital asset tax preparation services in order to file their tax returns.”

“These regulations align tax reporting on digital assets with tax reporting on other assets, and, as a result, avoid preferential treatment between different types of assets,” the treasury stated.

The agency cited figures from the Joint Committee on Taxation (JCT) which estimated that the new rules could raise almost $28 billion in revenues for the government over a decade.

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California Attorney General Calls For ‘Lowering Taxes’ On Marijuana To Combat The Illicit Market

California’s attorney general says the cost of doing business in the state’s legal marijuana marketplace is too steep, pointing to high taxes and compliance hurdles that can create incentives for entrepreneurs to remain in the illicit market.

“The barriers to entry are too high,” state Attorney General Rob Bonta (D) said at an event in Fresno on Tuesday. “The costs to stay in operation are too high. And we should be lowering taxes at least temporarily.”

For operators trying to comply with state law, he continued, “We should make the regulatory burden less than what it is while we target the illicit market that is undercutting them.”

Bonta’s comments came as he announced a new program to aid cities and counties in addressing illegal marijuana activity through administrative enforcement and nuisance abatement. For too long, he said, fly-by-night operators in the state have gotten away with it.

“Some folks believe they can avoid the tax burden or regulatory burden and just operate and make a profit without being legal,” Bonta said at the event. “And they’ve been doing it. They haven’t been shut down. They haven’t had an administrative action taken against them. And that’s what is necessary, and that’s why this will be an important tool.”

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France to spend millions on wine disposal

The French government and the EU will shell out a total of €200 million ($216 million) to destroy wine surpluses in a country renowned for its centuries-old winemaking traditions, Agriculture Minister Marc Fesneau has said. Officials in Paris cited sluggish demand which resulted in overproduction and falling prices.

Speaking at a press conference on Friday, Fesneau explained that the money is “aimed at stopping prices collapsing and so that wine-makers can find sources of revenue again.” The official also suggested that the entire industry should “think about consumer changes… and adapt.”

According to AFP, the alcohol from the condemned wine could be sold to companies that produce hand sanitizers, cleaning products, and perfume.

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LOS ANGELES COMMITS ANOTHER $1 BILLION TO LAPD DESPITE FALLING VIOLENT CRIME

The Los Angeles City Council approved a contract with the Los Angeles Police Department’s union on Wednesday containing salary increases, increased healthcare pay, and bonuses that will cost the city an additional $994 million over the next four years.

The 12-3 vote followed an outpouring of opposition from Angelenos, who argued during public comment that the police have more than enough funding. Many pleaded with councilmembers to instead invest in other city services, like housing and infrastructure. Councilmembers who voted against the proposal voiced agreement with their constituents.

“When we allocate so much of our city money to just one department, we starve all of our other departments of the money, personnel, and resources that they need to serve Angelenos,” said councilmember Eunisses Hernandez at a press conference before the hearing. Hernandez voted no on the proposal, alongside councilmembers Hugo Soto-Martinez and Nithya Raman.

“It is unclear exactly how the city will pay for nearly $1 billion in salary increases over the next four years, despite the fact that we already allocated a quarter of our city’s general fund to the LAPD,” Hernandez added.

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Biden Administration Announces Massive $5 Billion COVID-19 Funding Called “Project NextGen”

This week, InfoWars published insider information that alleges the TSA and US Border Patrol will be moving back to 2020-era COVID-19 mandates and restrictions starting in mid-September through mid-October, to include mask mandates on all flights.  This is in addition to the confirmed mask-mandate reinstatement at Morris Brown College in Atlanta, GA and Lionsgate Studios in Santa Monica, CA.

That same week, WarRoom’s Natalie Winters uncovered millions of dollars in funding, awarded primarily for the Department of Veteran’s Affairs, to ramp up testing and other COVID-19 related.  This was just a week after the NIH appointed Dr. Jeanne Marrazzo, a staunch advocate for masks, lockdowns, and vaccine mandates, as the replacement for Dr. Fauci.

To further the suggestion that another lockdown scare is in the forecast, yesterday the US Department of Health and Human Services announced funding of $1.4 billion to “support the development of a new generation of tools and technologies to protect against COVID-19 for years to come” according to a press release:

The awards announced today follow extensive coordination with industry partners and include support for clinical trials that will enable the rapid development of even more effective and longer-lasting coronavirus vaccines, a new monoclonal antibody, and transformative technologies to streamline manufacturing processes.

“Project NextGen is a key part of the Biden-Harris Administration’s commitment to keeping people safe from COVID-19 variants,” said HHS Secretary Xavier Becerra. “These awards are a catalyst for the program – kickstarting efforts to more quickly develop vaccines and continue to ensure availability of effective treatments.”

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Kansas Highway Patrol to pay $500,000 after passenger killed in police chase in Topeka

The Kansas Highway Patrol will pay a half million dollars to the family of a woman who died in a 2021 police chase in Topeka. The settlement was approved Wednesday by the State Finance Council. According to the lawsuit, Trooper Justin Dobler was patrolling on March 6, 2021, when he allegedly saw a car with a cracked windshield. It looked similar to a white Ford Crown Victoria that was on a list of stolen vehicles. He attempted to pull the vehicle over, but the driver did not stop and a chase began. About 45 seconds into the pursuit, the lawsuit said Dobler identified the car as a Mercury Grand Marquis. Dobler provided dispatch information including the license plate number and was told a couple minutes later that the vehicle was not stolen. The vehicle allegedly was speeding up to 55 mph in a 35 mph zone. He twice attempted a “tactical vehicle intervention” to disable the car. The third attempt was successful and the car spun out and struck a utility pole. Passenger Anita Benz, 45, was killed. Her daughter filed a federal lawsuit in March. The lawsuit said the highway patrol found Dobler had violated the agency’s chase policy.

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Delaware judge dismisses tax charges against Hunter Biden

A federal judge in Delaware dismissed tax misdemeanor charges against first son Hunter Biden on Thursday, a pro forma move weeks after a plea agreement between the Justice Department and Biden’s attorneys blew up, new filings show.

US District Judge Maryellen Noreika granted without prejudice a motion from the office of Delaware US Attorney — and newly elevated special counsel — David Weiss to withdraw its case against the 53-year-old first son after prosecutors said last Friday he would likely have to stand trial in either Washington, DC, or Southern California.

Plea talks broke down between Hunter’s legal team and federal prosecutors following a July 26 hearing, during which Noreika pressed both parties about the scope of their agreement, including potential immunity for past crimes.

Under persistent questioning from Noreika, prosecutors said such charges could include alleged violations of the Foreign Agents Registration Act — prompting Biden attorney Chris Clark to declare the deal “null and void.”

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