New Internal Revenue Service (IRS) guidelines for the federal electric vehicle (EV) tax credit are a “recipe for fraud,” warns the head of the Tax Foundation.
Consumers will now be able to automatically claim the tax credit at the point of sale on new or used EV purchases, rather than wait to claim it on their tax return, according to the latest Treasury Department guidance.
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The Treasury Department unveiled sanctions on a number of Hamas operatives and financial facilitators Wednesday in the wake of terrorist attacks on Israel.
Palestinian terrorist organization Hamas carried out attacks against Israel on Oct. 7, resulting in the deaths of over 1,400 Israelis and the kidnapping of over 100 people, including Americans. The Biden administration has taken steps to castigate Hamas since the attacks, including imposing sanctions against Hamas operatives and financial actors in an effort to throttle the group’s funding, according to a press release from the Treasury.
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Congressional investigators have identified a labyrinth of at least a dozen bank accounts that were used to funnel money from foreign sources to Joe Biden’s family and uncovered the first evidence that some funds went to benefit the future president, the chairman of the House Oversight and Accountability Committee has disclosed.
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The House Oversight Committee said Tuesday that the U.S. Treasury Department is providing the investigatory committee with access to Hunter Biden’s Suspicious Activity Reports after months of delay.
The revelation is the latest chapter in the committee’s ongoing investigation into the president’s son and his associates. The lawmakers concerned with the issue argue the president could be compromised if foreign sources have knowledge of his or his son’s alleged wrongdoing.
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The United States reached its debt ceiling of $31.38 trillion on Thursday, forcing the Treasury Department to implement “extraordinary measures” to avoid defaulting on bonds. Treasury Secretary Janet Yellen wrote how the U.S. had reached the debt limit in a letter Thursday to members of Congressional leadership.
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Businesses and associates linked to the Biden family allegedly exchanged over $2 million in wire transfers with a Shanghai investment fund controlled by the Bank of China over a five year period, according to a Treasury Department document obtained by Republican members of the House Oversight Committee.
Biden-linked operatives allegedly exchanged $2,461,962.60 in total with the Shanghai firm through 93 wire transactions between 2014 and 2019, according to a Suspicious Activity Report (SAR) obtained by House Oversight Republicans, which also identified Hunter Biden as a “politically exposed person.” The revelation comes amid a House Oversight Committee investigation into the Biden family’s financial dealings.
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Ford is urging the Treasury Department to ease restrictions placed on electric car parts sourced from China and other “entities of concern” to ensure more of its vehicles can qualify for the consumer tax credits included in the Democrats’ massive climate spending bill, Reuters reported Friday.
The Democrats’ $430 billion climate package, which President Joe Biden signed into law in August, prevents the $7,500 consumer tax credits from applying to new electric vehicles (EVs) if their battery materials were produced or assembled by a “foreign entity of concern” such as China. Ford is claiming that the restrictions, which were aimed at taking EV supply chains out of Chinese hands, are too strict and will not allow enough consumers to reap the benefits of the tax credit, according to Reuters.
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The Treasury Department is weighing whether or not it has the authority to launch an investigation into Elon Musk’s recent acquisition of Twitter, The Washington Post reported Tuesday evening.
Under the terms of the deal, foreign investors, including a member of the Saudi royal family, could potentially have access to confidential financial and user data, according to The Washington Post, citing anonymous sources familiar with the deal. Treasury Department officials are examining their legal options to investigate the deal, but whether they were aware of this potential information sharing was unclear and the Department’s Committee on Foreign Investment in the United States (CFIUS) typically investigates foreign nationals, not U.S. citizens like Musk.
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Ranking Member of the House Oversight Committee Rep. James Comer, R-Ky., sent a letter to U.S. Treasury Secretary Janet Yellen this week alleging that the federal agency is withholding documents that detail the foreign transactions conducted by the president’s son, Hunter Biden.
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The Internal Revenue Service has been under fire for delays and millions of backlogged returns, but now lawmakers are raising the alarm after the federal agency “destroyed” millions of Americans’ tax documents.
Republicans on the House Oversight Committee sent a letter to IRS Commissioner Charles Rettig this week asking for answers about why these records were destroyed.
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The U.S. Senate voted Tuesday to raise the debt ceiling $2.5 trillion, a move that would avoid a default on the nation’s debt payments likely until 2023, beyond the midterm elections.
The 50-49 vote along party lines now sends the measure to the U.S. House of Representatives.
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