Sen. Elizabeth Warren (D-Mass.) on Monday introduced legislation that would help the IRS pursue wealthy tax cheats and close the tax gap.
Why it matters: The bill would increase the IRS's budget to $31.5 billion so the agency can bolster efforts to go after wealthy people who aren't paying the taxes they owe. The announcement follows President Biden's own proposal to strengthen tax enforcement as a way to pay for infrastructure spending.
Why it matters: Congress may decide to draft new legislation that would take away one of the advantages of going public through SPACs versus a traditional IPO — the ability to make forward-looking statements.
Shopping centers are where national retailers rub elbows with mom and pops.
Axios Re:Cap kicks off a new special series on America's small business recovery by speaking to the CEO of one of America's largest shopping center landlords, and several of his tenants in an Allen, Texas property called The Villages, to understand what happened over the past year and where things stand today.
Listen to this special Axios Re:Cap series all week. Subscribe for free.
The freight train trip from Canada to Mexico still goes through Kansas City, but the rest of the route remains unsettled.
Driving the news: Kansas City Southern (NYSE: KCS) on Friday canceled its planned $29 billion merger with Canadian Pacific Railway (NYSE: CP), instead opting for a $33.6 billion deal with Canadian National Railway (NYSE: CNI).
Over 100 Associated Press employees signed onto an open letter Monday saying they "strongly disapprove" of how the organization handled the firing of Emily Wilder, a news associate who was targeted by conservative media for pro-Palestinian activism in college.
Why it matters: Wilder claims she was fired last week with little to no explanation, beyond generally violating the company's social media policy. The incident has prompted widespread backlash.
The latest forecast from the National Association for Business Economics (NABE) released today shows its members largely agree with Atlanta Fed President Raphael Bostic and the U.S. Fed that inflation will moderate even as growth picks up through the rest of the year.
The headline numbers: NABE raised its forecast for U.S. GDP this year to increase by 6.5% in 2021 including 8.5% growth in the second quarter.
After the April Consumer Price Index report that showed U.S. inflation was growing at the fastest rate since 2008 (and the fastest rate since 1981 when looking at core inflation, which strips out volatile food and energy prices), Atlanta Fed president Raphael Bostic was one of the first Fed presidents to say the central bank would not be changing its policy stance as a result.
What it means: Backing Powell's insistence that the significant rise in prices around the country will be temporary, Bostic has been emphatic in arguing that the Fed should continue not only holding interest rates at near 0% but also maintain its $120 billion a month bond-buying program.
There's been a lot of chatter about who will be the next chair of the Federal Reserve if President Biden decides to replace Jerome Powell when his term ends next year, and much of that chatter has included Atlanta Fed president Raphael Bostic.
Health companies and startups are getting into the business of helping K-12 schools in the U.S. figure out how to safely reopen in person — and stay open in person — in the fall.
Why it matters: Even as cases and deaths come down nationwide, experts worry about the unknowns the fall could bring as people retreat indoors. That's a particular concern with the uncertainty in child COVID vaccine uptake and adults' looming need for booster shots.
Instead of mandating COVID-19 vaccination, more companies are offering employees cash, paid time off, and other financial incentives to get the shot.
The big picture: Employers are favoring "carrots" over "sticks" in the push to get more people vaccinated. But those carrots could run afoul of federal law — if the rewards are too big.
Support of Black-owned businesses has slowed since digital campaigns sparked a surge last year after George Floyd's death, but some owners say they now have more confidence that they can continue to grow.
Why it matters: News outlets, social media and e-commerce platforms rushed to find ways to support the Black community, including the promotion of Black-owned businesses — but it was never clear whether that support was authentic or whether it would last.
A COVID-19 breath test designed to return accurate results within one minute has received provisional authorization from Singapore health regulators Monday, per a statement from the National University of Singapore (NUS).
Why it matters: An accurate test like this breathalyzer, developed by NUS startup Breathonix, could play a key role in reviving the pandemic-hit travel industry, per Bloomberg.
