U.S. Economy

The U.S. trade deficit surged to a record high in February as the nation's economic activity rebounded more quickly than that of its global rivals and could remain elevated this year, with massive fiscal stimulus expected to spur the fastest growth in nearly four decades.

JPMorgan Chase & Co Chief Executive Officer Jamie Dimon said on Wednesday the United States could be in store for an economic boom through 2023 if more adults get vaccinated and federal spending continues.

Millions of homeowners who are struggling to make their mortgage payments due to the coronavirus pandemic could get a fresh reprieve under new rules proposed this week by the Consumer Financial Protection Bureau.  

New York is set to raise taxes on its wealthiest residents after Gov. Andrew Cuomo and legislative leaders reached a tentative agreement that would make the state's millionaires pay the highest income rate in the nation.  

The Internal Revenue Service will automatically issue tax refunds next month to Americans who already filed their returns but are eligible to take advantage of a new break on unemployment benefits.

President Biden and his top lieutenants have inaccurately depicted how many jobs the eight-year spending initiative will create.

The 190-country lending agency said Tuesday that it expects the world economy to expand 6% for 2021, up from the 5.5% it had forecast in January. It would be the fastest expansion for the global economy in IMF records dating to 1980.

President Biden has pledged to raise taxes on high-earning Americans in order to pay for his forthcoming infrastructure bill, but the design of the levy may inadvertently hurt married couples.

The IRS is holding onto more than $1.3 billion in unclaimed tax refunds for individuals who did not file a return in 2017 — money that will expire if those people don't collect it soon, the agency said Monday.  

The IRS sent out a third batch of stimulus checks this week that includes "plus-up" payments for Americans who are eligible for more money now that their 2020 tax returns have been processed.  

President Biden last week rolled out a $2.25 trillion spending proposal that his administration is pitching as a once-in-a-generation investment that will create the “strongest, most resilient, innovative economy in the world."  

Treasury Secretary Janet Yellen on Monday will make the case for a global minimum tax rate as she pushes President Biden's plan to increase levies on U.S. corporations in order to fund his $2.25 trillion spending proposal, according to Axios.

From individuals with smartphones and a few thousand dollars to pensions and private-equity firms with billions, yield-chasing investors are snapping up single-family houses to rent out or flip.

U.S. manufacturers have long grumbled about labor shortages, but the past year has proven particularly frustrating.

The past year has been the hottest for sales activity in 14 years. Home values are rising in practically every corner of the U.S., and median sale prices in dozens of metro areas have posted double-digit percentage increases from a year ago, according to Zillow Group Inc.

President Biden's $1.9 coronavirus relief package offered a major tax break for millions of Americans were collected unemployment aid last year.

Attorneys general from 13 states sued the Biden administration this week over a key element of the recently enacted $1.9 trillion coronavirus relief law that prevents states from using government aid to lower taxes.

President Biden defended the inclusion of the largest corporate tax rate in decades in his $2.25 trillion spending package, despite criticism from CEOs and industry groups who say it could hurt U.S. economic growth. 

House Speaker Nancy Pelosi signaled support this week for including a repeal of the $10,000 cap on state and local deduction in President Biden's sweeping spending proposal. 

Steve Moore argues Alexandria Ocasio-Cortez’s ideas about spending are becoming mainstream within the Democrat Party.