Treasury Secretary Janet Yellen said Sunday that she is confident that the Democrats’ budget will include a global minimum tax for corporations just days after nearly 140 countries endorsed the measure.
“I am confident that what we need to do to come into compliance with the minimum tax will be included in a reconciliation package,” Treasury Secretary Janet Yellen told ABC News on Sunday. “I hope that it will be passed and we will be able to reassure the world that the United States will do its part.”
Though the United States and 135 other countries signed the agreement, each nation must pass its own legislation to enact the minimum tax rates. Democrats are currently crafting the budget, a spending package that would reshape the social safety net, but the process has slowed by disagreements between the party’s moderate and left wings. Read More
Republican lawmakers are pushing back against the Biden administration’s plan to join a global compact implementing a tax on U.S. corporations regardless of where they operate.
One hundred and thirty six136 countries agreed Friday to implement a global business tax, and G-7 finance leaders agreed to the plan Saturday. President Joe Biden and Treasury Secretary Janet Yellen praised the plan.
Proposed by the Paris-based Organization for Economic Co-operation and Development (OECD), an intergovernmental economic organization, the global tax is necessary to respond to an “increasingly globalized and digital global economy,” OECD said. Read More
The U.S. economy reported an increase of 194,000 jobs in September, and the unemployment rate fell to 4.8%, according to Department of Labor statistics.
The number of unemployed people fell by 710,000 to 7.7 million, according to the Department of Labor statistics released Friday. Economists projected that employers created 500,000f jobs in September, more than double the figure in August, according to the Wall Street Journal.
Despite the spike in employment, the labor market remains thin due to the pandemic, and job growth earlier in the year was considerably stronger, according to the WSJ. Read More
Every so often we receive a comment to the effect that we are paranoid and should stop seeing a Communist under every bed, however, it appears that based on the views expressed by Prof. Saule Omarova, President Biden’s nominee for Comptroller of the Currency, our concerns about the takeover of the Democratic Party by Socialists and Communists have received some very solid confirmation.
Indeed, Omarova is so far out in Communism’s Left Field that Janet Yellen, Biden’s Treasury secretary (a garden variety liberal Democrat) raised concerns about her taking the post.
And Secretary Yellin’s concerns are amply justified. Read More
In 2019, Omarova posted to Twitter in support of the “old USSR” where there was “no gender pay gap.” She attempted to do damage control after being criticized for it, but failed to fully condemn the Soviet Union.
U.S. Trade Representative Katherine Tai said the Biden administration would enforce the Phase One trade agreement negotiated by the Trump administration with China while giving a speech at the Center for Strategic and International Studies on Monday.
“For too long, China’s lack of adherence to global trading norms has undercut the prosperity of Americans and others around the world,” Tai said in prepared remarks. “China made commitments that benefit certain American industries, including agriculture, that we must enforce.”
China has fallen short on the purchase totals it agreed to as part of the agreement, increasing its purchases by only 69% as of July 2021, according to the non-partisan Peterson Institute for International Economics (PIIE). Read More
Tennessee continued its trend of growing a financial surplus as the state ranked sixth nationally for its fiscal health, according to Truth in Accounting’s annual Financial State of the States report.
Using numbers that included data from the fiscal year that ended in June 2020, Tennessee had $8.7 billion more than it owed in obligations, amounting to a $4,400 surplus per taxpayer and earning a grade of B in the report, which was released Tuesday.
The state had a $3,400 surplus per taxpayer the year before. Read More
The U.S. Secretary of Commerce’s Economic Development Administration (EDA) awarded a $3.8 million Coronavirus Aid, Relief, and Economic Security Act (CARES) Recovery Assistance grant to the University of Michigan-Flint, Flint, to construct the university’s new College of Innovation and Technology.
The grant, to be matched with $4.9 million in local funds, is expected to create 126 jobs, retain 175 jobs, and generate $10.4 million in private investment.
“We are grateful to Secretary Raimondo and the Biden Administration for investing in University of Michigan-Flint’s College of Innovation and Technology,” Whitmer said in a statement. “This grant will help us usher in a new era of prosperity by supporting over 300 good-paying jobs and generating $10.4 million in private investment.”
Mayor Sheldon Neeley welcomed the investment. Read More
On Monday, Joe Biden uncorked the largest lie of a 50-year political career overstuffed with them.
“My Build Back Better Agenda costs zero dollars,” he tweeted. “Instead of wasting money on tax breaks, loopholes, and tax evasion for big corporations and the wealthy, we can make a once-in-a-generation investment in working America. And it adds zero dollars to the national debt.” Read More
The Methane Emissions Reduction Act of 2021 has been proposed as a “pay-for” – a source of revenue – in the reconciliation infrastructure package. It would impose a “fee” on methane emissions from natural gas and petroleum production systems and related processes, but not on such emissions from agricultural and other operations. Accordingly, it is worse than a mere money grab: it’s a blatant exercise in punitive politics directed at the fossil-fuel energy sector, a tax on conventional energy.
Not so, says Representative Diana DeGette (D-CO), as summarized by the Washington Examiner:
“This is not a tax. It’s a fee on natural gas waste,” adding oil and gas operators have the technologies to combat methane leaks at low cost. “The smart players want to prevent waste because they can capitalize it to make money. Customers won’t be paying a fee on gas delivered. The only fee will be paid [by an operator] on what doesn’t make it to the consumer.” Read More
A major component of President Joe Biden’s plan to raise revenue to pay for his trillions of dollars in new federal spending is now under fire from trade associations across the country.
The Biden administration has made clear its plan to beef up IRS auditing by expanding the agency’s funding and power. Biden’s latest proposal would require banks to turn over to the Internal Revenue Service bank account information for all accounts holding more than $600.
In a sharp pushback against the proposal, more than 40 trade associations, some of which represent entire industries or economic sectors, signed a letter to U.S. House Speaker Nancy Pelosi, D-Calif., and Minority Leader Kevin McCarthy, R-Calif., raising the alarm about the plan. Read More
One thousand lucky Phoenix families will get $1,000 in taxpayer funding a month in 2022.
The Phoenix City Council has approved $12 million for a “Financial Assistance for Phoenix Families Program,” a lottery-based form of universal basic income that will begin in January 2022 if not sooner.
The program, which has yet to be finalized, will send approximately 1,000 families a monthly stipend of $1,000 for all of 2022. According to a city document, the funds would be limited toward “basic household necessities” such as housing, childcare, food and other staples. Read More
As congressional Democrats push a $3.5 trillion social spending package, everyone is wondering: “How are we going to pay for that?” To President Joe Biden, the answer is simple: raise taxes.
Included in Biden’s proposed tax plans — erroneously named the American Families Plan — are hikes in personal income tax and capital gains tax rates. The plan would raise the top marginal income tax rate from 37 percent to 39.6 percent and reclassify long-term capital gains and qualified dividends as ordinary income for those with taxable income above $1 million, resulting in a top marginal tax rate of 43.4 percent, according to the Tax Foundation.
Despite the frustration (or excitement) that Americans have towards Biden’s income and wealth tax proposals in the midst of an economic recovery, Americans should be paying closer attention to his other proposals, the American Jobs Plan and the Made in America Tax Plan. Read More
Day by day, as the Biden Administration crashes into utter shambles and a cloud of dust reminiscent of 9/11, the Bidenization of America becomes more stark and horrifying.
I can remember no more pitiful words from a senior American government official in 65 years than Secretary of State Anthony Blinken’s complaint that the Taliban government in Kabul was disappointing in its lack of “inclusiveness.” (To be sure, that is not all it lacks, and that could hardly have been a surprise.)
Nor can I think of any diplomatic initiative by a senior American government official more certainly doomed to ludicrous failure than environment ambassador John Kerry’s recent trip to China requesting the collaboration of the People’s Republic in this administration’s hell-bent-for-leather assault on what it is trying to identify as climate change. Read More
President Joe Biden’s proposal to increase the United States’ Global Intangible Low-Tax Income (GILTI) tax will lead to job losses at 266 public companies in Arizona, according to research from Arizona State University.
The proposal doubles the GILTI rate to 21% from 10.5%. Ninety-four percent of U.S manufacturers believe the increase will harm their business, according to a National Association of Manufacturers (NAM)survey on Sept. 9.
The study by the Seidman Institute at ASU’s W. P. Carey School of Business and Ernst & Young’s Quantitative Economic and Statistics Team (QUEST) said the tax “is specifically targeted at the income earned by foreign affiliates of those companies from intangible assets including intellectual property such as patents, trademarks, and copyrights.” Read More
U.S. stocks shed more than 500 points as the markets opened Monday morning as emerging risks continue to become the September story for Wall Street.
The Dow Jones Industrial average fell 570 points – its biggest single day drop since mid-July. The S&P 500 lost 1.4%, while the tech-oriented Nasdaq Composite dropped 1.6%.
The sell-off comes as a the result of a number of investor concerns. On Tuesday, the Federal Reserve will begin a two-day meeting, which investors are worried will result in a decision that will pull stimulus funds as inflation continues to surge. Read More
Retail sales unexpectedly increased last month despite continued challenges facing the economy as it recovers from the coronavirus pandemic.
Sales ticked up 0.7% in August relative to July and totaled $618.7 billion, according to a Census Bureau report published Thursday. E-commerce, furniture, general merchandise, building materials and energy purchases drove last month’s sales increase.
Dow Jones economists had expected sales to decline 0.8%, CNBC reported. In July retail sales posted a sharp 1.8% decline as coronavirus cases surged, the Census report said Thursday. Read More
The GOP-led Legislature and Gov. Gretchen Whitmer struck a budget deal to avoid a government shutdown before the next fiscal year.
Budget officials welcomed the deal.
“The last year and a half has been hard on all of our families and communities. Addressing their needs – from jobs to education to government accountability – is at the center of today’s budget deal,” Senate Appropriations Chair Jim Stamas, R-Midland, said in a statement. “By working together our divided Michigan government has shown what can be accomplished when Michigan families are put first. Michigan families are counting on us to invest in them. This budget does that by laying the groundwork for a healthy economy for Michigan’s future. I thank House Appropriations Chair Thomas Albert, Budget Director David Massaron, and my colleagues on both sides of the aisle for their collaboration.” Read More
Events this weekend showcased the intense bifurcation of America into two separate realities. As our country observed the 20th anniversary of the 9/11 attacks, former presidents gathered, sans Donald Trump, in New York for a solemn ceremony — wearing masks even though they are fully vaccinated and were outside. In Shanksville, Pa., George W. Bush leveraged the occasion to take a not-very-veiled shot at the MAGA movement, comparing its most fervent adherents to the 9/11 terrorists.
Meanwhile, at stadiums across America, massive crowds of rowdy, unmasked college football fans tailgated, packed into stadiums, and also recalled the grim events of 2001, but in far more boisterous displays of patriotism.
This same-day divergence highlights the sharply divided nation of 2021. That chasm will now only widen as Joe Biden targets many of those same people, the ones unwilling to live under the thumb of onerous government virus mitigation restrictions. These ineffective mandates may nominally emanate from science, but they moreover stem from a preference for coercion and control by Democrat politicians, all with the assistance of powerful business interests, including Big Tech and Big Pharma. Read More
While the state of California and multiple counties continue to settle with churches after imposing unconstitutional restrictions against them, one county is expanding its efforts to pursue damages against a church, claiming their worship services are a public nuisance.
In its latest request, filed Aug. 31, Calvary Chapel has asked the court to dismiss the public nuisance claim along with the $2.8 million in fines levied against it, arguing the county has not provided any evidence to support the accusation that the church has caused any harm to the public.
The battle between the county and the church began in late spring 2020 after the state and county encouraged residents to protest the death of George Floyd without numerical limitations or public health restrictions, even as the same authorities imposed severe constraints on houses of worship. Read More
by Cole Lauterbach Afghan refugees looking to resettle in the U.S. are being discouraged from picking California as a destination, despite the state having significant Afghan population centers. In the days after the U.S. announced it would resettle refugees fleeing a Taliban takeover of Afghanistan, governors across the country… Read More
While the unemployment rate for Americans dropped in August, there is a political time bomb buried in the statistics for President Joe Biden and a Democratic Party increasingly focused on equity: black joblessness shot up significantly.
In other words, the president who fondly boasts of a domestic policy promising to leave nobody behind has an economic recovery that is leaving a key Democratic constituency in worse shape.
“The rise in black unemployment in August is certainly troubling, considering their unemployment rates were already much higher than any other group,” Elise Gould, a senior economist at the Economic Policy Institute, said on Twitter. Read More
With Labor Day upon us, it’s time to take a look at which are the hardest-working states in America, and why. It has been a year that daily and weekly work routines have dramatically changed for tens of millions of Americans.
Researchers for WalletHub, a personal finance website, have once again set out to determine which states are home to the hardest working Americans in their annual report. They compare the 50 states based on both direct and indirect work factors, and then apply 10 different metrics to reach an overall score to rank each state.
The direct work factors, according to WalletHub, include “average workweek hours, employment rate, the share of households where no adults work, the share of workers leaving vacation time unused, share of engaged workers, and idle youth.” Read More
Prominent economic historian Niall Ferguson said current inflation could be in line with where it was in the 1960s during the period that preceded a decade of high consumer prices, CNBC reported.
“What is interesting about disasters is that one can lead to another,” Ferguson said in a Friday interview with CNBC. “You can go from a public health disaster to a fiscal, monetary and potentially inflationary disaster.”
During the 1960s, inflation stayed low before shooting up in the 1970s, according to government economic data. Consumer prices ultimately peaked in 1980 before rapidly declining. Read More
The U.S. economy added 235,000 jobs in August and the unemployment rate fell to 5.2%, according to Department of Labor data released Friday.
The number of unemployed people decreased to 8.4 million, according to the Bureau of Labor Statistics report. Economists projected 720,000 Americans — roughly three times the actual number — would be added to payrolls prior to Friday’s report, The Wall Street Journal reported.
“Despite the delta variant, there is still an opening up of the service sector of the U.S. economy,” Nationwide Mutual Insurance Chief Economist David Berson told the WSJ. “While that started some months ago, it’s not nearly complete.” Read More
Apple and Google might change their app store business practices because of a new South Korean law similar to recent legislative efforts by U.S. lawmakers.
The new law would prohibit app stores, including Apple’s App Store and the Google Play Store, from forcing developers to use the tech giants’ payment systems, The Wall Street Journal reported. The bill, passed by South Korea’s National Assembly, will become law once signed by President Moon Jae-in.
The Korean bill is similar to a bipartisan bill introduced by Sens. Richard Blumenthal, Amy Klobuchar, and Marsha Blackburn to the U.S. Senate earlier this month that seeks “to promote competition and reduce gatekeeper power in the app economy, increase choice, improve quality, and reduce costs for consumers.” Both bills prevent app stores from requiring the use of their billing systems and take aim at the tech giants’ commission structure. Read More
Arizona taxpayers who received unemployment benefits in 2020 and filed their state tax return before the American Rescue Plan Act (ARP) was enacted on March 11 can receive a new income tax refund.
That’s according to a Thursday announcement from the Arizona Department of Revenue.
Congress passed the ARP to give communities money to address public health and economic recovery issues which resulted from the COVID-19 pandemic. Read More
An index measuring inflation surged at an annual rate of 4.2% last month, reaching its highest level since 1991, according to the Department of Commerce.
The personal consumption expenditures (PCE) index, which measures prices, increased 4.2% in the 12-month period between August 2020 and July 2021, according to a Department of Commerce report published Friday. Excluding volatile food and energy prices, the index spiked 3.6%, the report showed.
The last time consumer prices increased this much in one year was more than three decades ago in January 1991, CNBC reported. The figure reported Friday is in line with what economists expected. Read More
House lawmakers are set to return from recess Monday and will likely take up the $1.2 trillion bipartisan infrastructure bill the Senate passed last week — and with it, a controversial and last-minute cryptocurrency tax provision.
The bill contains a tax reporting mandate forcing cryptocurrency “brokers” to disclose gains and transactions to the Internal Revenue Service (IRS) as part of a scheme designed to help cover part of the infrastructure bill’s cost. However, the bill’s definition of “broker” has been criticized by the cryptocurrency community and pro-crypto lawmakers as vague, expansive and potentially unworkable, with many fearing it could stifle the industry and force crypto companies to collect personal information on their customers.
The provision defines a broker as “any person who is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person,” and forces brokers to report transactions to the IRS in a form similar to a 1099. This means brokers have to collect and report customer information such as names, addresses, and taxpayer identification numbers. Read More
The leaders of the Unemployment Insurance Agency (UIA) knew as early as Jan. 6 they erred in developing qualifications for benefits, but didn’t tell the 700,000 Michiganders affected for nearly six months.
The Detroit News first broke the story.
After Jan. 6, the UIA tried to retroactively charge some benefit recipients up to $27,000 for the state’s mistake, instead of admitting it erred. Read More
A conservative digital media company’s focus on the culture wars in America appears to be paying off, as it is the fastest-growing private advertising and marketing business in the U.S., according to the 2021 Inc. 5000 list released Tuesday.
“We focus on working with groups that are advocating for or otherwise advancing conservative causes or conservative beliefs,” Olympic Media Founder and CEO Ryan Coyne told the Daily Caller News Foundation on Thursday.
Olympic was founded in 2018 and has had many high-profile clients, such as Reps. Elise Stefanik, Jim Jordan, and Madison Cawthorn, Sen. Bill Hagerty and Turning Point USA. Read More
Retail sales in the U.S. declined in July as the number of coronavirus cases spiked, localities renewed some restrictions and businesses delayed their return to in-person work.
Sales dropped 1.1% in July compared to June and totaled $617.7 billion, according to the Census Bureau report released Tuesday. The decrease was driven mainly by declining used and new car sales, clothing purchases, building materials sales, sports goods sales and furniture purchases.
Economists expected retail sales to fall 0.3%, a relatively modest drop compared to the actual decline, CNBC reported. All major stock market indices declined between 0.5% and 0.8% on Tuesday morning following the worse-than-expected report. Read More
What is all this “Biden inflation tax” talk really about? What is the actual effect of inflation on the lives of real people?
Well, below is a chart that compares yearly wage and inflation rates for each month from 2017 through July of this year using Bureau of Labor Statistics data. Wage rates are in blue and inflation (as measured by the consumer price index) is in red. When blue is on top, as it was during the entire Trump administration, workers’ wages are beating inflation and their standards of living are improving. When red is on top, they’re not.
While President Biden claims that it is “indisputable” that his jobs plan “is working,” this chart unequivocally shows that it is not, at least not for American workers. Rather, inflation is surging, more than wiping out any wage gains those workers might have experienced. Read More
President Joe Biden has proposed amending the inheritance tax, also known as the “death tax,” but farmers around the country are raising concerns about the plan.
In the American Families Plan introduced earlier this year, Biden proposed repealing the “step-up in basis” in tax law. The stepped-up basis is a tax provision that allows an heir to report the value of an asset at the time of inheriting it, essentially not paying gains taxes on how much the assets increased in value during the lifetime of the deceased. This allows heirs to avoid gains taxes altogether if they sell the inheritance immediately.
Under Biden’s change, heirs would be forced to pay taxes on the appreciation of the assets, potentially over the entire lifetime of the recently deceased relative. Read More
A new report released Wednesday lists the states with a marriage penalty on citizens’ income taxes.
The Tax Foundation, a non-partisan policy think tank, lists 15 states that penalize couples for being married.
Minnesota is one of those states. North Dakota and Wisconsin join the state in punishing marriage. Read More
The U.S. economy reported an increase of 943,000 jobs in July and the unemployment rate fell to 5.4%, according to Department of Labor data released Friday.
Total non-farm payroll employment increased by 850,000 in July, according to the Bureau of Labor Statistics report, and the number of unemployed persons decreased to 8.7 million. Economists projected 845,000 Americans would be added to payrolls prior to Friday’s report, The Wall Street Journal reported.
“The jobs recovery is continuing, but it’s different in character to any we’ve seen before,” payroll software firm ADP economist Nela Richardson told the WSJ. “I had been looking at September as a point when we could gain momentum—with schools back in session and vaccines widely available. But with the delta variant, we need to rethink that.” Read More
Senate Majority Leader Chuck Schumer set up a critical vote on the bipartisan infrastructure bill Saturday after talks to expedite the process fell apart late Thursday.
Both Republicans and Democrats engaged in marathon talks Thursday in a bid to vote on a package of amendments and to advance the sweeping public works package. Doing so, however, required approval from all 100 senators, and Tennessee Republican Sen. Bill Haggerty refused to go along even as his Republican colleagues urged him to do so.
In a statement, Hagerty attributed his objection to the Congressional Budget Office’s estimation that the bill would add $256 billion to the national debt over 10 years. Read More
The $3.5 trillion spending bill set up to follow the $1.1 trillion infrastructure bill (which has little to do with infrastructure) should be called what it really is: The Higher Inflation and Bigger Debt Act.
The Democrats would like you to believe it is only a reconciliation bill. This is vital to them because a reconciliation bill only takes 50 senators and the vice president to pass the U.S. Senate.
However, this additional $3.5 trillion comes after trillions of emergency spending prompted by the COVID-19 pandemic. Consider what the Congressional Budget Office has written about the fiscal situation before the $1.1 trillion and $3.5 trillion bills are passed:
Here is what the Congressional Budget Office forecasts (not counting Biden’s enormous spending plan):
“By the end of 2021, federal debt held by the public is projected to equal 102 percent of GDP. Debt would reach 107 percent of GDP (surpassing its historical high) in 2031 and would almost double to 202 percent of GDP by 2051. Debt that is high and rising as a percentage of GDP boosts federal and private borrowing costs, slows the growth of economic output, and increases interest payments abroad. A growing debt burden could increase the risk of a fiscal crisis and higher inflation as well as undermine confidence in the U.S. dollar, making it more costly to finance public and private activity in international markets.” Read More
A new executive order from the Biden administration has accelerated the timeline for electric vehicles and raised questions about the economic impacts of the transition away from gas-powered vehicles.
President Joe Biden signed the executive order Thursday aimed at making 50% of vehicles zero emission in the U.S. by 2030, an aggressive push toward electric vehicles. About 2% of new cars sold each year in the U.S. are currently electric, according to the Pew Research Center.
“The Executive Order also kicks off development of long-term fuel efficiency and emissions standards to save consumers money, cut pollution, boost public health, advance environmental justice, and tackle the climate crisis,” the White House said. Read More
Ohio plans to spend more federal tax dollars to convince more people to get the COVID-19 vaccine.
Gov. Mike DeWine recently announced the state plans to pay $100 to each state employee for getting the vaccine. Their spouses would receive $25.
For spouses and employees enrolled in the state medical plan, the money will come from funds dedicated to state employee health and wellness, which is funded through state employee payroll deductions and state agency contributions. For those not enrolled, the state will use coronavirus relief funds. That is a small number of employees, according to Molly O’Reilly McGhee, public information officer for the Administrative Support Division. Read More
Governors in wildfire country had a message for President Joe Biden and Congress on Friday: it’s time for the federal government to step in and manage its forests because their state resources are running on empty.
In 2021, 83 large fires have burned more than 1.7 million acres in 13 states, the National Interagency Fire Center reports. Some 547,000 acres have been lost to fires in Oregon, where the state’s Bootleg Fire has swelled to 413,000 acres and has become the nation’s largest fire. While some 22,000 wildland firefighters and support personnel beat back the flames nationwide, states governments are calling on Biden to help them rewrite the nation’s firefighting playbook.
California Gov. Gavin Newsom said as much to Biden on Friday at a virtual news briefing. More specifically, Newsom took aim at the U.S. Forest Service response to the Tamarack Fire south of Lake Tahoe that grew to 625 acres before creeping into Nevada over little more than a three-week span this month. Read More
How is Tennessee’s economy doing? A lot of it is doing well when compared to the COVID-19 lows on many economic indicators such as employment, a new Sycamore Institute report shows.
But other items are troubling, such as there being 40% fewer small businesses in Tennessee as of late June data than there were before the pandemic. That’s considering that 99% of private sector workers in the state work for small businesses, defined as companies of 500 employees or less.
“There are a lot of things going on here,” said Brian Straessle, the Sycamore Institute’s Director of External Affairs. “There isn’t like one nice neat narrative of the economy right now.” Read More
A new Democratic proposal to increase the capital gains tax could cost 745,000 jobs, a study published by the Regional Economic Models Inc. (REMI) projects.
The Sensible Taxation and Equity Promotion (STEP) Act, which would tax unrealized capital gains when heirs inherit assets, among other things, would have a “significantly negative impact” on the economy, including average job losses of 745,000 over 10 years, the report found.
The analysis, conducted for the Committee to Unleash Prosperity, found that sustained annual job losses from eliminating a tax benefit on appreciated assets known as the step-up in basis could eliminate between 537,000 to 949,000 jobs, with models predicting a base of 745,000 lost jobs through 2030. Read More
More than 800 businesses and business associations are jointly urging the Virginia General Assembly to approve a budget item for $291 million in relief to the travel and hospitality industries, which was proposed by Gov. Ralph Northam.
Northam’s proposal would appropriate funds from the federally passed American Rescue Plan to help these industries bounce back from losses caused by the COVID-19 pandemic and subsequent economic restrictions. The General Assembly is scheduled to meet on Aug. 2 to consider the budget proposal.
The businesses and business associations signed a joint letter showing their support. It includes the Virginia Chamber of Commerce and the Virginia Restaurant Lodging and Travel Association. Read More
Up to 1.95 million households across America will owe a collective $15 billion in back rent when the eviction moratorium expires Saturday, the Federal Reserve Bank of Philadelphia estimates.
That number will reach 2 million by December, according to the report released Friday. In Pennsylvania, about 60,000 renter households will owe $412 million come August.
The U.S. Centers for Disease Control and Prevention (CDC) made one final 30-day extension of the Emergency Rental Assistance Program through July 31. President Joe Biden’s administration said its “hands are tied” by the courts on the matter and any further relief must come from Congress itself. Read More
Gov. Gretchen Whitmer has signed Senate Bill 27 to appropriate $384.7 million in supplemental pandemic relief funding.
Signed by the governor on Monday afternoon, the bill also provides $10 million of financial support for Southeast Michigan families and businesses that endured massive flooding in June.
SB 27 was introduced by Sen. Jim Stamas, R-Midland, in January. The bill combines $367.7 million of federal COVID relief funding authorized through the Coronavirus Response and Relief Supplemental Appropriations Act and $17 million from the state’s general fund. Read More
Former Amazon CEO Jeff Bezos offered to waive $2 billion in payments to secure his spaceflight company Blue Origin a NASA contract.
Bezos asked NASA Administrator Bill Nelson in an open letter Monday to award Blue Origin a contract to construct a Human Landing System (HLS), a lunar-landing vehicle, as part of the Artemis program, offering to waive up to $2 billion in fees. Elon Musk’s space company SpaceX had been awarded the $2.9 billion contract in April, beating out Blue Origin’s bid, The Wall Street Journal reported.
The Artemis program is intended to return human astronauts to the Moon, with a manned mission to Mars planned as well. Though the program was initially planned as a joint contract, it was awarded solely to SpaceX due to budgetary constraints which Bezos’ offer sought to alleviate, according to the letter.
“Blue Origin will bridge the HLS budgetary funding shortfall by waiving all payments in the current and next two government fiscal years up to $2 billion to get the program back on track right now,” Bezos wrote in the letter. Read More
Chewy Inc. plans to build a new e-commerce fulfillment center in Wilson County that will lead to 1,200 new jobs, Tennessee officials and the company announced Tuesday.
Details on the size, cost or economic incentives related to the project, projected to open in fall 2022, were not immediately released. Once finalized, those details will be included in the state’s economic development database in the next 15-30 days, according to the Tennessee Department of Economic and Community Development.
“At 1,200 jobs, Chewy will become one of the top three largest employers in Wilson County,” TDECD Commissioner Bob Rolfe said in a statement. Read More
According to an April-June McKinsey Global Survey poll of 60 senior supply-chain executives from across the nation, 73% encountered a shortage of suppliers – not just supplies – and 75% faced production/distribution shortfalls during the 2020 height of the COVID-19 pandemic.
Florida’s 21,000 manufacturers – not to mention farmers, restauranteurs, hoteliers, retailers – were also affected by pandemic-induced supply disruptions, as they were by Hurricanes Irma in 2017 and Michael in 2018.
To mitigate disruption for the state’s $56 billion manufacturing industry, which employs about 400,000 Floridians, the Associated Industries of Florida (AIF), Space Florida and FloridaMakes have formed Connex Florida, an online database to link manufacturers connect with prospective suppliers and develop business opportunities. Read More
The Georgia Access to Medical Cannabis Commission will pick six companies to start producing the plant for medical uses in the state.
Nearly 70 companies applied for licenses to grow marijuana and convert it to oil to treat various illnesses. Once the commission approves them, the companies could be looking at paying up to $200,000 in licensing fees to the state. They will have one year to get product to thousands of Georgians who have been waiting for more than five years.
Patients with a Low THC Oil Registry card legally can purchase up to 20 fluid ounces of the THC oil from licensed dispensaries or pharmacies under legislation signed into law by former Gov. Nathan Deal in 2015. However, without guidelines and a medical marijuana marketplace, the 14,000 registered patients in Georgia have no way of legally obtaining the oil. Read More
The country is opening up and travel is increasing, but visitors are finding the rental car landscape a bit empty.
Rental car companies are continuing to have a hard time keeping up with demand after selling off fleets to stay afloat during the pandemic.
“The fundamental thing that’s causing it is the very rational corporate response to the pandemic and the almost shutting down of international and domestic travel for most of 2020 and the first half of 2021,” Gregory Scott, spokesperson for the American Car Rental Association (ACRA), told The Center Square. “Airport rentals dropped 70-90% in March and April of last year, and as a result there were literally tens of thousands of vehicles sitting unrented and unwanted because people stopped traveling.” Read More