Money
IRS Announces Sweeping Effort to Restore Fairness to Tax System With Inflation Reduction Act Funding
"The effort, building off work following last August's IRA funding, will center on adding more attention on wealthy, partnerships and other high earners that have seen sharp drops in audit rates for these taxpayer segments during the past decade. The changes will be driven with the help of improved technology as well as Artificial Intelligence that will help IRS compliance teams better detect tax cheating, identify emerging compliance threats and improve case selection tools to avoid burdening taxpayers with needless "no-change" audits." more »
A Proclamation on Women’s Equality Day 2023 and the 100th Anniversary of the Introduction of the Equal Rights Amendment
"My Administration is committed to realizing the promise of the suffragists, who knew that equality begins at the ballot box and requires women to have a seat at the table. That is why we will keep fighting to pass the John Lewis Voting Rights Advancement Act to restore and strengthen the Voting Rights Act and the Freedom to Vote Act to ensure fair Congressional maps give all Americans an equal chance to be heard. It is also why I have delivered on my promise to build an Administration that looks like America — with courageous leaders like Vice President Kamala Harris and the record number of women who serve in our Nation’s first gender-equal Cabinet leading the way." more »
Brief Remarks on the Economy and Monetary Policy Governor Michelle W. Bowman At the 2023 CEO and Senior Management Summit and Annual Meeting, sponsored by the Kansas Bankers Association, Colorado Springs, Colorado
"... the economy and the labor market have remained strong as the FOMC has tightened monetary policy. Real gross domestic product grew slightly more than 2 percent at an annual rate in the first half of the year, well above many forecasters' expectations. Consumer spending has been robust, and the housing sector appears to be rebounding with accelerating growth in house prices and a pickup in new housing starts. The most recent employment report showed a strong labor market with low unemployment and solid job gains. The pace of job gains has slowed, which is a sign that labor market demand and supply are coming into better balance. But the demand for workers continues to exceed the supply of available job seekers, adding upward pressure on prices." more »
Women's Labor Force Exits During COVID-19: Differences by Motherhood, Race, and Ethnicity
Abstract: While the descriptive impacts of the pandemic on women have been well documented in the aggregate, we know much less about the impacts of the pandemic on different groups of women. After controlling for detailed job and demographic characteristics, including occupation and industry, we find that the pandemic led to significant excess labor force exits among women living with children under age six relative to women without children. We also find evidence of larger increases in exits among lower-earning women. The presence of children predicted larger increases in exits during the pandemic among Latina and Black women relative to White women. Overall, we find evidence that pandemic induced disruptions to childcare, including informal care from family and friends. Our results suggest that the unique effect of childcare disruptions during the pandemic exacerbated pre-existing racial and income inequalities among women. more »