Economy
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Biden takes aim at high costs during State of the Union speech
Biden called on Congress to pass a mortgage relief credit that would give first-time homebuyers an annual tax credit of up to $5,000 a year for two years. He also endorsed legislation to build and renovate roughly 2 million homes and vowed to crack down on “big landlords who break antitrust laws by price-fixing and…
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Biden proposes new actions to address housing shortages and high costs
The actions announced last week will promote fairer rental markets, boost the supply of affordable housing and manufactured homes, and help families who are struggling to make ends meet.
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Biden caps credit card late fees at $8
More than 45 million Americans who are charged late fees on credit cards each year will save an average of $220 annually under the new rule.
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Biden demands grocery stores and food brands end ‘price gouging’ and ‘shrinkflation’
Grocery prices have risen by more than 20% since the beginning of the pandemic and in Virginia, grocery prices rose 3.6% from Nov. 2022 to Nov. 2023. In response, President Biden is demanding grocery chains and food brands lower their prices and stop ripping families off.
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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…
