Author: Fatima Hussein
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US government agrees to drop tax claims against Trump in broadening of IRS lawsuit settlement
WASHINGTON (AP) — The U.S. government will permanently drop tax claims against President Donald Trump, according to a settlement document made public Tuesday, in an extraordinary use of executive power that could effectively help shield the president from further examination of his finances and legal conduct. As part of the settlement deal meant to resolve…
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Justice Department announces a $1.7B fund to compensate Trump allies in a deal to drop IRS suit
WASHINGTON (AP) — The Trump administration announced Monday the creation of a $1.7 billion fund to compensate allies of the Republican president who believe they were mistreated by the Biden administration Justice Department, an arrangement that Democrats and government watchdogs derided as “corrupt” and unconstitutional. The “Anti-Weaponization Fund” of $1.776 billion is part of a…
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Trump moves to dismiss $10B suit against the Internal Revenue Service over leak of tax returns
WASHINGTON (AP) — President Donald Trump on Monday moved to withdraw his $10 billion lawsuit against the Internal Revenue Service over the leak of his tax returns amid reports that his administration was poised to create a fund to compensate some of his allies. The disclosure was made in a filing in federal court in…
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US Treasury plans to put Trump’s signature on new paper currency in first for sitting president
WASHINGTON (AP) — The U.S. Treasury Department plans to put President Donald Trump’s signature on all new U.S. paper currency, the agency announced on Thursday. The move would be a first for a sitting president, since traditionally, U.S. paper currency carries the signatures of the Treasury Secretary and the Treasurer, not the president. It’s the…
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Treasury Secretary Bessent calls for looser regulations for the U.S. financial system
WASHINGTON (AP) — U.S. Treasury Secretary Scott Bessent is proposing to overhaul a regulatory panel that monitors the nation’s financial stability, by advocating for looser regulations. The Financial Stability Oversight Council, a U.S. body created in the wake of the 2008 global financial crisis, monitors risks to the financial system and coordinates regulators’ approaches to…
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Treasury proposes new anti-money laundering regulations for investment advisers
The Biden administration is rolling out new recordkeeping rules for U.S. investment advisers in its continued effort to clamp down on money laundering, illicit finance and fraud in the American financial system
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IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding
The IRS says it expects to collect hundreds of billions of dollars more in overdue and unpaid taxes than previously anticipated using funding provided to the agency by the Democrats’ Inflation Reduction Act
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U.S. to max out on debt soon, setting up political fight
WASHINGTON • The federal government is on track to max out on its $31.4 trillion borrowing authority as soon as this month, starting the clock on an expected standoff between President Joe Biden and the new House Republican majority that will test both parties’ ability to navigate a divided Washington, with the fragile global economy…
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Treasury making Trump taxes available to House committee
WASHINGTON • The Treasury Department said Wednesday it has complied with a court order to make former President Donald Trump’s tax returns available to a congressional committee. The Supreme Court last week rejected Trump’s request for an order that would have prevented the Treasury Department from giving six years of tax returns for Trump and…
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Biden pledges new commitments, respect for tribal nations
WASHINGTON • President Joe Biden on Wednesday pledged to give Native Americans a stronger voice in federal affairs, promising at the first in-person summit on tribal affairs in six years that he will bolster tribal consultations, inclusion of Indigenous knowledge in decision-making and funding for communities struggling with the impacts of climate change. Biden spoke…