18:48 2025-04-22
Former US Treasury Secretary Summers: IRS layoffs could cost the government $1 trillion in revenueLawrence Summers, the former Treasury secretary, said the Trump administration's move to shrink the size of the Internal Revenue Service and a series of other policy changes could cost the federal government as much as $1 trillion in revenue over a decade by incentivizing taxpayers to reduce tax compliance. The cuts put at risk "the very foundation of a tax system that is built on voluntary compliance," Mr. Summers said in an interview.
18:03 2025-04-22
Goldman Sachs forecasts weaker U.S. economic data this summerGoldman Sachs economists are forecasting that fourth-quarter U.S. GDP will grow by just 0.5 percent from the fourth quarter of 2024 as tariffs and policy uncertainty weigh on the economy. Currently, business and consumer surveys are pointing to a slowdown, but official economic data have yet to show that sign. They reasoned that economic indicators could start to show a clearer sign of recession in the middle or late summer. "The evolution of the data in recent weeks is consistent with previous'...
17:33 2025-04-22
Putin proposes ceasefire in current frontline areasOn April 23rd, according to the Financial Times, as part of efforts to reach a peace deal with US President Donald Trump, Russian President Vladimir Putin has proposed to suspend the offensive against Ukraine in the current frontline areas.