Cutting through misinformation about the IRS’s plan to spend $80 billion

Understanding how the Inflation Reduction Act (IRA) will affect the operations of the Internal Revenue Service requires wading through the quagmire of misinformation, misinformation, and no information. But to cut down most of the political noise, here are the facts we do know and some important questions about how the IRS will spend the substantial new funding provided by the new law. About the big picture. Here’s what we know for sure: Law provides nearly $80 billion in new IRS funding in the next decade. Congress wants $46 billion to…

If the IRS Gets $80 Billion, Will Its Agents Come Gunning for You?

With the nearly certain enactment of the Inflation Reduction Act, the Internal Revenue Service is on track to receive an additional $80 billion in funding over the next decade. Now it is up to the administration, IRS and Congress not to miss this opportunity to bring the primary tax collector of the country to 21. scheduled tribe century. It would help if opponents of the new funding stifled their irresponsible claims that armed IRS agents are going to go after middle-income families. And it would also help if the IRS…

Kotak Mahindra Bank Stock: 5 Reasons Goldman Sachs Thinks Kotak Could Be a $100 Billion Bank in the Next 4 Years

New Delhi: The private sector lender, which has underperformed Nifty Bank in the last two years, could grow up to 26 per cent in the next one year and also have a market capitalization of $100 billion in the next four years, said a foreign brokerage firm. Goldman Sachs said in a report. “we believe May join the ranks of banks with USD 100 billion in market cap by FY27E as all factors to deliver sustainable and strong volume and operating profit growth in this cycle as it puts its…

China and India give $24 billion in aid to Putin in energy race

Russia has earned $24 billion from selling energy to China And India only three months after the invasion of UkraineIt shows how high global prices are limiting efforts by the US and Europe to punish the president Vladimir Putin, China spent $18.9 billion on Russian oil, gas and coal in the three months to the end of May, nearly double the amount a year earlier, the latest customs data shows. Meanwhile, India paid $5.1 billion in the same period, more than five times the value a year ago. This is…

IMF: Hard currency growth in India’s forex reserves limited to just $4 billion in FY12

India added $ 47.5 billion to this foreign exchange reserves Last fiscal year, down almost half of the previous year. But a drill down of the data shows that about $26 billion of those incremental reserves were due for approval. special Drawing Rights From International Monetary Fund and revaluation of gold reserves. Only $4 billion worth of hard foreign currency assets were added to the forex kitty. An additional $17.7 billion in reserves was provided by the IMF SDR The allocation and the increase in the value of gold by…

FPI News: FPIs withdraw record $39 billion in nine months

FPIs are deploying funds to commodity producers while selling their stake in commodity-consumer economies. essence FPI outflows hit a record high, driven by valuation inconvenience and India’s high macroeconomic sensitivity to crude. They have been net sellers in Asia’s third-largest economy for nine consecutive months, the longest period in more than a decade. So far in June, FPIs have sold $5.1 billion in Indian equities. ET Intelligence Group: Foreign portfolio investors (FPIs) have so far pulled $39 billion (close to Rs 3 lakh crore) from Indian equities through the stock…

LIC IPO: $17 billion loss puts LIC IPO among top money losers in Asia

A massive $17 billion drop in market value has made Life Insurance Corporation of India one of the biggest wealth destroyers in Asia’s initial public offerings this year. India’s biggest IPO of all time ranks second in terms of loss of market capitalization since listing, after a 29% drop since the beginning of May 17, according to data compiled by Bloomberg. The drop puts it just behind South Korea’s LG Energy Solutions Ltd., which saw its share price drop more than 30% for the first time since its initial spike.…

Forex reserves rose by $3.854 billion to $601.363 billion

Just a month after slipping below the Reserve Bank’s comfort level, India’s forex reserves again hit the $600 billion mark. an increase of $3.6 billion in forex asset Assisted in expanding the total stock of reserves billed as a cushion against global economic odds. foreign exchange reserves for the week ended May 27 were $601.4 billion as against $597.5 billion in the previous week, show data from reserve Bank of India, released Friday evening. The share of reserves held in gold and other International Monetary Fund-backed assets increased by about…

Electronics trade deficit reaches record $56 billion in FY12

The trade deficit in electronics widened to a record $56 billion in fiscal 2012, as both imports and exports hit fresh peaks, adding to the pressure on the country’s current account at a time when rising oil prices had already hit the import bill. is extended. After oil and petroleum products, electronics remains the second largest contributor to the country’s overall merchandise trade deficit.Electronics exports grew 41% to $15 billion in the last fiscal, while imports grew 35 percent to $70.8 billion, according to commerce ministry data. Earlier, in FY19,…