NATIONAL ECONOMY
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Biden policy to help IRS collect up to $851 billion in back taxes from ultra-wealthy
Using funds provided by the 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. The IRS could collect as much as $851 billion in additional tax revenue over the next decade.
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Virginia Democrats vote to increase minimum wage as Youngkin signals opposition
After winning majorities in both the House of Delegates and state Senate last November, newly empowered Democrats in Virginia’s General Assembly immediately made it clear that raising Virginia’s minimum wage would be a top priority in this year’s legislative session. Now Republican Gov. Glenn Youngkin is threatening to veto the effort before a bill even…
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Virginia Senate votes to make sales tax holiday permanent
Virginians may soon be able to count on a permanent sales tax holiday for school and emergency preparedness supplies in August of each year. The sales tax holiday first became official in Virginia in 2006, and Democratic legislation to extend the sales tax break was passed in 2017. The original legislation had a sunset date…
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Overdraft fees could drop to as low as $3 under new Biden proposal
The change could potentially eliminate billions of dollars in fee revenue for the nation’s biggest banks, which were gearing up for a battle even before Wednesday’s announcement. Exactly how much revenue depends on which version of the new regulation is adopted.
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Democrats’ hard-won tax rebates begin to hit Virginians’ wallets
Good news, Virginia: You might be getting some extra cash soon! According to state officials, over $900 million in state tax rebates will go out to Virginia taxpayers in the coming weeks. Individuals who filed their state taxes in 2022 will receive a $200 rebate, while couples filing jointly will receive $400. Virginians are receiving…
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What’s at stake for Virginians’ wallets in November
Virginia’s November elections will not only determine which political party controls state government, but also how state money gets spent – and who it helps and hurts. Just before the upcoming legislative session, when the candidates elected next month will assume their offices and carry out the work of the people, Gov. Glenn Youngkin will…
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Virginia Democrats Work to Stop Threat of Future Government Shutdowns
As arguably the state hardest-hit by federal government shutdowns, Virginia is no stranger to fallout of fiscal dysfunction in Congress. But some of Virginia’s representatives in Washington are working to protect hardworking Virginians from the threat of congressional budget impasses. Virginia is second only to California in terms of residents holding federal jobs; specifically, 144,000…
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Republicans Are About to Cause a Government Shutdown. Here’s How It Would Affect You.
House Speaker Kevin MccCarthy has repeatedly tried to pass budget proposals that meet the demands of far-right Republicans, but he has been unable to wrangle the necessary 218 votes to pass any of the 12 annual funding bills necessary to prevent a shutdown.
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Virginians Get Tax Relief Due to Democratic Measures in State Budget Agreement
After six months of negotiations, Democrats finally won most of the concessions they sought on state budget amendments, and this week, Gov. Glenn Youngkin officially signed them into law. But when will Virginians see the benefits?
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Millions More Workers Would Get Overtime Pay Under New Biden Plan
The proposed regulation would require employers to pay overtime to their salaried workers who are in executive, administrative, and professional roles, and make less than $1,059 a week, or $55,068 a year for full-time employees.
