Abolish the IRS – that's what some House Republicans are calling for. In House Speaker Kevin McCarthy's (R-CA) efforts to secure the needed support from his party to be their leader, he reportedly promised members of the House Freedom Caucus a vote on a bill that would replace the current federal tax system – including the income tax - with a national consumption tax, which could lead to the end of the Internal Revenue Service.
In an Oval Office meeting with Federal Reserve Chairman Jerome Powell on Tuesday, the president said his top goal is fighting inflation while he highlighted the agency's role. Right now, that means a series of hikes in interest rates. Critics charge the administration is late to the game. Treasury Secretary Janet Yellen admitted she was slow to recognize the danger last year when she said the risk of inflation was "small" and "manageable."
It’s no surprise that soaring inflation has many Americans feeling down. While the unemployment rate is at a pandemic low, the benefits of rapid economic growth could be diminished if rising prices continue to chop away at paychecks. CBN News Financial Editor Drew Parkhill is on today’s episode to discuss who or what is responsible for skyrocketing prices, if Americans are keeping up, and what it may take to bring inflation to a halt.
Why is it that the richest man in the world can’t seem to buy Twitter? There’s a lot more involved than money and much more at stake than a brand. CBN News Financial Editor Drew Parkhill is on today’s episode to discuss what’s really behind Elon Musk’s bid to buy Twitter and why the social media company delivered a “poison pill” in response.