NATIONAL ECONOMY

The announcement from the Federal Reserve will lower mortgage rates and encourage more building of apartments, which could lower rental costs. 

The vice president has said that she will call on Congress to pass a federal ban on price gouging and give the Federal Trade Commission more authority to prevent consolidation in the food industry.

Harris has proposed expanding a tax deduction for costs that are incurred while starting a business, creating a new fund that would allow the country’s smallest banks to cover the interest accrued on loans to new businesses, and more. 

After years of a worsening housing crisis in Virginia, Kamala Harris’ proposals seek to create three million homes by 2028, provide down payment assistance to first-time home buyers, and crack down on price fixing among corporate landlords. 

The IRS’ Direct File program was rolled out on a limited basis in 12 states this past tax-filing season and saved 140,000 taxpayers who used it an estimated $5.6 million in filing costs. Now, the agency is looking to expand it nationwide.

Senate Democrats joined their House counterparts in calling for an industry-wide investigation into Big Oil collusion and price-fixing allegations, which they say cost US consumers at the pump while driving up corporate profits. 

The lawsuit is backed by attorneys general for 29 states plus Washington, D.C., and alleges that Live Nation leveraged its power as a venue owner, concert promoter, and ticket seller in order to lessen consumer choice, raise prices, and eliminate its rivals.

Using an infusion of funds provided by President Biden’s Inflation Reduction Act, the IRS has already collected more than $520 million from 1,600 millionaires who had unpaid tax bills of more than $250,000.