PHILADELPHIA (AP) — As political gridlock puts the government at risk of defaulting, President Joe Biden on Thursday made an opening bid with a budget plan that would cut deficits by $2.9 trillion over the next decade — a proposal that Republicans already intend to reject.
Watch Biden’s remarks in the player above.
It’s part of a broader attempt by the president to call out House Republicans who are demanding severe cuts to spending in return for lifting the government’s legal borrowing limit. Read More...
A partner who receives a guaranteed payment reports the amount as ordinary income on his or her tax return. Since guaranteed payments are not treated as distributions, there is no effect on the recipient partner’s capital account or tax basis in the partnership interest.Click to see full answer. Besides, do partners have to take guaranteed payments?If a partner or LLC member receives a guaranteed payment, the IRS doesn’t require that withholding is taken from the guaranteed payment. Read More...
The Feb. 21 front-page article “Magnet school’s policies survive” noted that “the percentage of Asian American students dropped from around 70 percent to 50 percent” at the Thomas Jefferson School for Science and Technology. The Coalition for TJ favored this deeply problematic before-and-after data comparison in its attempt to limit opportunities for underrepresented groups. This misleading statistic masks how Asian Americans benefited undernew admissions protocols adopted in late 2020. Asian American students were the only racial group that received significantly more offers than their percentage of the applicant pool in 2021. Read More...