WASHINGTON—Americans paid a greater share of the taxes they owe in recent years, according to new estimates from the Internal Revenue Service. In tax years 2014 through 2016, Americans paid 85% of their taxes on time, up from the agency’s 83.7% estimate for tax years 2011 through 2013, the IRS said Friday. That compliance rate … Read more
October 28 is investors’ last chance to buy I Bonds that earn a 9.62% interest rate. Yet a surge in demand for the inflation-adjusted bonds has overwhelmed the TreasuryDirect site and the Treasury Department said it cannot guarantee orders will be completed in time. Investors must complete purchases and receive a confirmation email by Oct. … Read more
LONDON— Rishi Sunak, a former hedge-fund manager and U.K. Treasury chief, formally became Britain’s prime minister on Tuesday after he was appointed by King Charles III, vowing to steer the U.K. through a period of growing political and economic troubles. In his first speech as prime minister, Mr. Sunak warned of a “profound economic crisis” … Read more
When Janet Yellen testified before a congressional commission almost a decade ago about the 2007-2009 global financial crisis, an interlocutor noted that she seemed to have seen trouble brewing in banks and mortgage markets before most others. In truth, she said, she hadn’t put the pieces together fast enough to stop the ensuing disaster. “I’m … Read more
LONDON—U.K. Prime Minister Liz Truss fired Treasury chief Kwasi Kwarteng and reversed crucial parts of her government’s tax cuts, after her plans to jolt the economy into growth unraveled in spectacular fashion following a backlash from financial markets and her party. Mr. Kwarteng, who just three weeks ago presented the U.K.’s largest tax cuts since the 1970s, … Read more
LONDON—U.K. Prime Minister Liz Truss fired Treasury chief Kwasi Kwarteng, in an attempt to salvage her tenure following pressure from her Conservative Party and international markets. Mr. Kwarteng, who just three weeks ago presented the largest tax cuts since the 1970s, was replaced after markets balked at the scale of the borrowing required to fund … Read more
Top Western finance officials are expected to lay out their plan for setting a cap on the price of Russian oil this week as they push to put together a workable policy before a December deadline. Finance ministers from the Group of Seven wealthy democracies are set to meet virtually on Friday, when they are … Read more
The last Tax Report came out just as Congress took up the Inflation Reduction Act, and it discussed the bill’s $80 billion in proposed new Internal Revenue Service funding. Over half the new dollars were earmarked for new tax enforcement, especially audits of high-earning taxpayers, while the rest was to improve operations, technology and taxpayer … Read more