As they make their opening bids for tax reform this congressional session, House and Senate tax writers are staking out maximalist positions. They're also clearly leaving space to cut a deal.
Why it matters: A bipartisan tax negotiation will test a divided Congress’ ability to move substantive legislation in a post-debt deal world. It will also be a venue for both parties to signal their priorities to their bases and the general public ahead of the election.
Republicans and Democrats found something that brings them together: protecting older workers from age discrimination.
What's happening: SenatorsLindsey Graham (R-S.C.) and Kirsten Gillibrand (D-N.Y.) high-fived each other Wednesday afternoon at a press conference announcing the Protecting Older Americans Act.
The Federal Reserve kept interest rates steady, but hinted they could resume hiking rates in the months ahead, according to a policy statement released on Wednesday.
Why it matters: The Fed held off on hiking rates for the first time since its historic campaign to cool inflation began 15 months ago. However, officials anticipate they still have to do more to slow the economy as prices continue to rise quickly.
Driving the news: Modelo Especial sales surpassed Bud Light this May, knocking the beer brand from the top spot it has held for over two decades, according to Nielsen data analyzed by Bump Williams Consulting.
UPS drivers scored a cool win this week: most UPS delivery vehicles will likely soon be equipped with air conditioning.
Why it matters: Drivers have long said that working in extreme heat poses serious health and safety risks — with conditions only worsening in recent years as the hottest temperatures on record have been recorded.
While centralized crypto exchanges fight for survival with the SEC, the regulator is closing in on re-defining the definition of "exchange" more broadly.
Why it matters: The amendment would have big implications for the crypto industry, but it’s also drawing criticism from traditional finance shops who fear what else may end up getting caught in its wake.
Multiple brands of frozen strawberries and fruit products sold at Walmart, Costco and HEB stores are being recalled after being linked to a Hepatitis A outbreak that has sickened nine people.
A persistent question about U.S. fiscal policyrevolves around it being too loose to bring down inflation,something the International Monetary Fund has suggested.
Driving the news: At an Axios event Wednesday morning, we asked President Biden's top budget aide whether fiscal policy needed to tighten, even with spending cuts associated with the debt ceiling deal.
You no longerneed to bring home extra bacon to afford eggs.
What happened: A dozen large cost $2.67 on average in May, down from $3.27 in April — and way below the January peak of $4.82, per the latest Consumer Price Index data out Tuesday.
The world's largest private sector company — the first to hit the $1 trillion and the $2 trillion valuation marks — may soon make history again.
The big picture:Apple stock is up 41% year to date, on strong earnings, excitement about AI opportunities for tech giants, and expectations that the Fed is nearly done hoisting interest rates.
A troubled South American oil giant may be shaking off a decades-long production slump.
Why it matters: Venezuela has the largest volume of proven oil reserves on earth — besting even Saudi Arabia. More Venezuelan crude on global markets could help ease the tight supply that led to last year's energy shocks, and help bring down inflation.
Now that General Motors and Ford have pledged to adopt Tesla's electric vehicle (EV) charging standard, other industry players are lining up behind it too — even faster than we predicted they would.
What's happening: Several major charging networks, including EVgo and ChargePoint, have jumped on board, saying they'll support the Tesla connector, too.
Wells Fargo and the Latino civil rights group UnidosUS are unveiling a multimillion-dollar plan to help four million Latinos buy homes by 2030.
Driving the news: Both will announce Wednesday they are kicking in $10 million each as part of a $100 million fundraising effort aimed at changing federal and local policies to make loans more accessibleand provide counseling for Latinos seeking to become homeowners.
This century has known a stunning decrease in global income inequality, bringing it down to levels not seen in well over a century. That's the conclusion that Branko Milanovic, one of the world's foremost inequality researchers, comes to in an important essay for Foreign Affairs.
Why it matters: The U.S. has only about 4% of the world's population. Increasing equality is good for the planet as a whole, but it foreshadows an end to U.S. hegemony.
A Los Angeles City Council member was charged with embezzlement, perjury and conflict of interest on Tuesday, prosecutors announced.
Driving the news: In the latest council scandal to hit the second-largest city in the U.S. over the past year, Councilman Curren Price was charged with five counts of embezzlement of government funds, three counts of perjury and two counts of conflict of interest, per a statement from the Los Angeles County District Attorney's Office.
A federal judge on Tuesday granted the FTC's request for a temporary restraining order that prevents Microsoft from closing its acquisition of gaming giant Activision Blizzard.
Why it matters: We're inching quite close to the July 18 deadline for the deal to either close, or an extension to be negotiated — or else, Microsoft will owe Activision Blizzard a $3 billion breakup fee.
