On Friday, Treasury Secretary Janet Yellen wrote a letter to congressional leaders warning that the U.S. would hit its debt limit on January 19 and encouraged Congress to "act promptly to protect the full faith and credit of the United States," CNBC reported.
When the Democrats finally passed the "Inflation Reduction Act" in 2022 (how's that going?), they included several tax hikes set to take effect on Jan. 1, 2023.
The INFORM Act requires e-commerce companies to collect, verify, and disclose personal information from high-volume, third-party sellers with annual revenues exceeding $5,000 and will be enforced by the Federal Trade Commission.
Those hoping for a Christmastime government shutdown were once again disappointed when Congress passed a 4,000-page, $1.7 trillion omnibus appropriations bill that few, if any, Representatives and Senators read before voting on.
The Internal Revenue Service (IRS) on Friday announced it would delay a rule that would have required tens of millions of Americans who received payments of at least $600 to report their earnings, following widespread confusion and angst about the new requirements.