
Milei's Rift With His Vice President Now ‘Undoubtedly a Crisis'
'That is undoubtedly a crisis — not an institutional one, but a political crisis — within the government,' Cabinet Chief Guillermo Francos told local television channel DNews in a clip aired Wednesday afternoon. 'There is a rift between the president of the nation and the vice president.'
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US appeals court strikes down SEC rule on 'audit trail' funding
WASHINGTON (Reuters) -A federal appeals court on Friday struck down 2023 regulations adopted by the U.S. Securities and Exchange Commission on funding a comprehensive market surveillance system, finding that Wall Street's top regulator had not provided a sufficient basis for allowing stock exchanges to pass on its costs to their members, court papers showed. The unanimous decision represented another blow to SEC regulations adopted under the previous Biden administration, which faced concerted opposition from industry and Republican lawmakers. It was also a setback for the Consolidated Audit Trail, a repository of investor and transaction data meant to give regulators overarching visibility into U.S. market operations, but which has faced delays and obstacles for more than a decade. The American Securities Association and Citadel Securities, which brought the lawsuit, both hailed the outcome. The ruling "prevents a tax hike on every American investor who buys or sells a share of stock," ASA President Chris Iacovella said in a statement. The SEC did not immediately respond to requests for comment. Over the objections of its Republican members, the SEC in 2023 split the operating costs among buyers, sellers, and exchanges. Officials said at the time this would divide costs evenly but also allow exchanges several years to recoup hundreds of millions already spent. This drew stiff objections from the investment industry, which said it could be left paying an unfairly large share. The two Republicans are now part of the five-member commission's controlling majority. In an opinion for a three-judge panel of the U.S. Court of Appeals for 11th Circuit, Circuit Judge Andrew Brasher said that, because the SEC had not advanced a sufficient justification in deciding how the system's cost would fall on different actors in the marketplace, "we conclude that the 2023 Funding Order is arbitrary and capricious" and therefore in violation of federal laws governing the crafting of regulations. The appeals court sent the rule back to the SEC for further processing in line with the court's decision. The SEC mandated the CAT's creation in 2012 as a response to the "flash crash" of 2010 when major Wall Street indexes temporarily erased nearly $1 trillion in market value in a matter of minutes. Officials say it can allow regulators to spot market manipulation and have cited its data in enforcement actions.


Forbes
29 minutes ago
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Federal Judge Blocks Trump's Birthright Citizenship Ban In Third Ruling Opposing President
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Yahoo
an hour ago
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AICPA survey shows US tax relief need post-natural disasters
A recent survey by American Institute of CPAs (AICPA) has highlighted the need for improved tax relief measures for Americans affected by natural disasters. The findings suggest that American populace is in favour of the Internal Revenue Service (IRS) extending its tax relief measures beyond the initial timeframe set following emergency declarations. The survey, conducted by The Harris Poll, revealed that 35% of respondents see value in a prolonged period for filing taxes and payment relief from the IRS after a natural disaster. This viewpoint is underscored by the recently revealed finding that nearly 32% of Americans have not taken measures to secure their financial interests against such calamities. Additionally, the survey suggests a room for improvement in IRS processes, with 29% of participants requesting tax filing extensions in disaster scenarios would be beneficial. Another 21% believe that the IRS could better manage the situation by setting staggered deadlines for tax relief for individuals and businesses after a disaster. The experiences of Americans who have previously faced natural disasters were also examined. Among the 43% who reported being affected by such events, a diverse range of experiences with federal tax relief was noted: 11% received assistance in under a month, 25% within one to six months, 28% in six months to a year, and 14% waited more than a year. Notably, 22% did not receive any tax relief from the federal government. AICPA tax policy & advocacy vice president Melanie Lauridsen said: 'These poll results clearly show that Americans are in need of additional and more immediate relief from the federal government during these challenging times.' Congress has passed a bipartisan law with unanimous support, which is now pending presidential approval. This legislation is intended to address the need for more relief mechanisms following state disaster declarations, potentially offering a framework for those impacted by natural disasters. Lauridsen added: 'This new law is a win for taxpayers nationwide. The timeliness of tax filing and payment relief following a disaster, especially when disasters strike close to filing deadlines, can give taxpayers one less thing to worry about as they begin the process of rebuilding.' "AICPA survey shows US tax relief need post-natural disasters " was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio