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ECONOMY
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.
Biden visits Raleigh, announces $82 million for high-speed internet in NC
| January 19, 2024
President Joe Biden on Thursday visited Raleigh to announce an $82 million dollar investment in high-speed internet, which will help expand the critical technology to an additional 16,000 households in North Carolina through funding provided by the American Rescue Plan. This latest investment in high speed internet brings the administration’s total funding for high speed […]
Overdraft fees could drop to as low as $3 under new Biden proposal
| January 17, 2024
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.
America’s ultra rich have $8.5 trillion in untaxed income thanks to this loophole
| January 11, 2024
Most American families must work and earn paychecks to support themselves, but many of the wealthiest Americans are able to live off unrealized gains thanks to a tax loophole that Republicans refuse to fix.
The paper mill’s gone. But there’s optimism in Canton, NC.
| August 29, 2023
In May, one NC town lost the paper mill that fueled its economy. We found a surprising thing when we returned three months later. People are optimistic.