After more than a year of fraught negotiations, President Joe Biden on Tuesday signed into law the Inflation Reduction Act, a long-awaited ambitous bill passed by the Democrats at the U.S. House and Senate. The historic bill will invest $370 billion in spending and tax credits in low-emission forms of energy to fight climate change, stable health care premiums for millions and significant savings on power bills for most Americans, Vox Senior Correspondent Ellen Loanes reported
The Congressional Budget Office said this week that high inflation is expected to persist for the rest of the year, saddling Americans with higher costs as price hikes continue, Jeff Stein, The Washington Post's White House economics reports.
he American Rescue Plan Act of 2021 (“the Act”), enacted in March 2021, dramatically lowers the filing threshold for payments required to be reported on the annual Form 1099-K from $20,000 in aggregate reportable payments and 200 transactions to just $600 in aggregate reportable payments and eliminates the transaction minimum. This modification is effective for calendar years ending after December 31, 2021. You may see this new requirement on Section 9674 of the federal bill.
📷 President Biden speaks about the COVID-19 pandemic during a prime-time address from the East Room of the White House, March 11, 2021. (AP Photo/Andrew Harnik) Let’s take a look…