By , WASHINGTON (Reuters) - The pandemic sweeping the world will turn global economic growth “sharply negative” in 2020, triggering the worst fallout since the 1930s Great Depression, with only a partial recovery seen in 2021, the head of the International Monetary Fund said.IMF Managing Director Kristalina Georgieva painted a far bleaker picture of the social and economic impact of the new coronavirus than even a few weeks ago, noting governments had already undertaken fiscal stimulus measures of $8 trillion, but more would likely be needed.She said the crisis would hit emerging markets...…By , WASHINGTON (Reuters) - The pandemic sweeping the world will turn global economic growth “sharply negative” in 2020, triggering the worst fallout since the 1930s Great Depression, with only a partial recovery seen in 2021, the head of the International Monetary Fund said.IMF Managing Director Kristalina Georgieva painted a far bleaker picture of the social and economic impact of the new coronavirus than even a few weeks ago, noting governments had already undertaken fiscal stimulus measures of $8 trillion, but more would likely be needed.She said the crisis would hit emerging markets...WW…

By WASHINGTON (Reuters) - President Joe Biden on Monday launched changes to the U.S. coronavirus aid program for small businesses to try to reach smaller and minority-owned firms, sole proprietors and those with past criminal records left behind in previous rounds of aid.Slideshow For two weeks starting on Wednesday, the Small Business Administration will only accept applications for forgivable Paycheck Protection Program (PPP) loans from firms with fewer than 20 employees.“A lot of these mom and pop businesses got muscled out of the way by bigger companies who jumped in front of the line”...…By WASHINGTON (Reuters) - President Joe Biden on Monday launched changes to the U.S. coronavirus aid program for small businesses to try to reach smaller and minority-owned firms, sole proprietors and those with past criminal records left behind in previous rounds of aid.Slideshow For two weeks starting on Wednesday, the Small Business Administration will only accept applications for forgivable Paycheck Protection Program (PPP) loans from firms with fewer than 20 employees.“A lot of these mom and pop businesses got muscled out of the way by bigger companies who jumped in front of the line”...WW…

By , WASHINGTON (Reuters) - U.S. Democrats stepped up pressure on Sunday against a cost-cutting campaign by President Donald Trump’s appointed Postal Service chief that they fear will hold up mail-in ballots in November’s election, with House Speaker Nancy Pelosi calling lawmakers back and several states considering legal action.Top Democrats in Congress called on Postmaster General Louis DeJoy and another top postal official to testify this month at a hearing on a wave of cuts that has slowed mail delivery across the country, alarming lawmakers ahead of the Nov. 3 election when up to half...…By , WASHINGTON (Reuters) - U.S. Democrats stepped up pressure on Sunday against a cost-cutting campaign by President Donald Trump’s appointed Postal Service chief that they fear will hold up mail-in ballots in November’s election, with House Speaker Nancy Pelosi calling lawmakers back and several states considering legal action.Top Democrats in Congress called on Postmaster General Louis DeJoy and another top postal official to testify this month at a hearing on a wave of cuts that has slowed mail delivery across the country, alarming lawmakers ahead of the Nov. 3 election when up to half...WW…

By WASHINGTON (Reuters) -The U.S. government is losing some $1 trillion in unpaid taxes every year and needs more and consistent Internal Revenue Service funding to go after tax cheats, IRS Commissioner Charles Rettig said on Tuesday.Rettig told the Senate Finance Committee that the “tax gap” -- the difference between taxes legally owed and revenue collected -- has grown substantially since the last official estimate of a $441 billion annual average from 2011 to 2013.New sources of wealth arising since then, such as trading in cryptocurrencies, were escaping taxation, he said, as was rising...…By WASHINGTON (Reuters) -The U.S. government is losing some $1 trillion in unpaid taxes every year and needs more and consistent Internal Revenue Service funding to go after tax cheats, IRS Commissioner Charles Rettig said on Tuesday.Rettig told the Senate Finance Committee that the “tax gap” -- the difference between taxes legally owed and revenue collected -- has grown substantially since the last official estimate of a $441 billion annual average from 2011 to 2013.New sources of wealth arising since then, such as trading in cryptocurrencies, were escaping taxation, he said, as was rising...WW…

Register now for FREE unlimited access to Reuters.comWASHINGTON, April 9 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Friday that the Internal Revenue Service budget would increase by $1.2 billion or 10.4% under President Joe Biden's fiscal 2022 budget request.Yellen, in a statement, said the $13.2 billion overall IRS budget would include an additional $900 million for tax enforcement in fiscal 2022. The Treasury is seeking to increase revenues by shrinking the "tax gap," the difference between taxes legally owed and those collected.IRS officials have said that more than a...…Register now for FREE unlimited access to Reuters.comWASHINGTON, April 9 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Friday that the Internal Revenue Service budget would increase by $1.2 billion or 10.4% under President Joe Biden's fiscal 2022 budget request.Yellen, in a statement, said the $13.2 billion overall IRS budget would include an additional $900 million for tax enforcement in fiscal 2022. The Treasury is seeking to increase revenues by shrinking the "tax gap," the difference between taxes legally owed and those collected.IRS officials have said that more than a...WW…

By (Reuters) -U.S. Treasury Secretary Janet Yellen said on Monday that she is working with G20 countries to agree on a global corporate minimum tax rate and pledged that restoring U.S. multilateral leadership would strengthen the global economy and advance U.S. interests.In a speech ahead of her first International Monetary Fund and World Bank Spring Meetings as Treasury chief, Yellen signaled stronger U.S. engagement on issues from climate change to human rights to tax base erosion.A global minimum tax proposed by the Biden administration could help to end a “thirty-year race to the bottom...…By (Reuters) -U.S. Treasury Secretary Janet Yellen said on Monday that she is working with G20 countries to agree on a global corporate minimum tax rate and pledged that restoring U.S. multilateral leadership would strengthen the global economy and advance U.S. interests.In a speech ahead of her first International Monetary Fund and World Bank Spring Meetings as Treasury chief, Yellen signaled stronger U.S. engagement on issues from climate change to human rights to tax base erosion.A global minimum tax proposed by the Biden administration could help to end a “thirty-year race to the bottom...WW…

By WASHINGTON (Reuters) - U.S. Trade Representative Katherine Tai on Friday said she was maintaining the threat of U.S. tariffs on goods from Austria, Britain, India, Italy, Spain and Turkey in retaliation for their digital services taxes.In a statement, Tai announced that her office would proceed with steps to impose potential tariffs, including filing public notices and collecting public comments as part of investigations launched originally by the Trump administration into the taxes aimed largely at American internet companies and e-commerce platforms.The taxes target in-country revenues...…By WASHINGTON (Reuters) - U.S. Trade Representative Katherine Tai on Friday said she was maintaining the threat of U.S. tariffs on goods from Austria, Britain, India, Italy, Spain and Turkey in retaliation for their digital services taxes.In a statement, Tai announced that her office would proceed with steps to impose potential tariffs, including filing public notices and collecting public comments as part of investigations launched originally by the Trump administration into the taxes aimed largely at American internet companies and e-commerce platforms.The taxes target in-country revenues...WW…

By WASHINGTON (Reuters) - The coronavirus pandemic has significantly strengthened the market power of dominant firms, which could drag on medium-term growth and stifle innovation and investment, the International Monetary Fund said on Monday in a new research paper.Key indicators of market power are on the rise, including price markups over marginal costs, and the concentration of revenues among the four biggest players in a sector, the IMF study said. Part of this was due to increased bankruptcies as the pandemic caused competition to fall away.“Due to the pandemic, we estimate that this...…By WASHINGTON (Reuters) - The coronavirus pandemic has significantly strengthened the market power of dominant firms, which could drag on medium-term growth and stifle innovation and investment, the International Monetary Fund said on Monday in a new research paper.Key indicators of market power are on the rise, including price markups over marginal costs, and the concentration of revenues among the four biggest players in a sector, the IMF study said. Part of this was due to increased bankruptcies as the pandemic caused competition to fall away.“Due to the pandemic, we estimate that this...WW…

By WASHINGTON (Reuters) - With plenty of practice sending out coronavirus relief payments, the U.S. government should be able to start delivering $1,400 checks almost immediately once Congress finalizes a new aid bill and President Joe Biden signs it, tax experts say.Some Americans might receive direct payments as soon as this week if the House of Representatives, as expected, passes the $1.9 trillion bill on Tuesday, compared with the lag of several weeks experienced in April 2020. Nearly 160 million households are expected to get payments, the White House estimates.The Treasury...…By WASHINGTON (Reuters) - With plenty of practice sending out coronavirus relief payments, the U.S. government should be able to start delivering $1,400 checks almost immediately once Congress finalizes a new aid bill and President Joe Biden signs it, tax experts say.Some Americans might receive direct payments as soon as this week if the House of Representatives, as expected, passes the $1.9 trillion bill on Tuesday, compared with the lag of several weeks experienced in April 2020. Nearly 160 million households are expected to get payments, the White House estimates.The Treasury...WW…

By , , WASHINGTON (Reuters) - A high-profile pandemic aid program protected about 51.1 million American jobs, the Trump administration said on Monday, as it revealed how $521.4 billion in taxpayer cash was injected into small businesses but also into the pockets of the rich and famous.The data on the small business Paycheck Protection Program (PPP) seemed to confirm worries among Democrats and watchdog groups that in addition to mom-and-pop shops, the funds went to well-heeled and politically-connected companies, some of which were approved for between $5 million and $10 million.Those...…By , , WASHINGTON (Reuters) - A high-profile pandemic aid program protected about 51.1 million American jobs, the Trump administration said on Monday, as it revealed how $521.4 billion in taxpayer cash was injected into small businesses but also into the pockets of the rich and famous.The data on the small business Paycheck Protection Program (PPP) seemed to confirm worries among Democrats and watchdog groups that in addition to mom-and-pop shops, the funds went to well-heeled and politically-connected companies, some of which were approved for between $5 million and $10 million.Those...WW…