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NATIONAL ECONOMY
Biden takes aim at high costs during State of the Union speech
| March 8, 2024
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 driving up rents."
Biden proposes new actions to address housing shortages and high costs
| March 7, 2024
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.
Biden caps credit card late fees at $8
| March 5, 2024
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.
Biden demands grocery stores and food brands end ‘price gouging’ and ‘shrinkflation’
| February 12, 2024
Grocery prices have risen by more than 20% since the beginning of the pandemic and in North Carolina, grocery prices rose 3.5% 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.
Biden policy to help IRS collect up to $851 billion in back taxes from ultra-wealthy
| February 9, 2024
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.
A new child tax credit could pass this month. Here’s what it would do for low-income families.
| January 17, 2024
During the pandemic, Democrats changed the child tax credit and cut childhood poverty in half. Now there's new hope for making those changes permanent, but there are skeptics.