News of the World

[kyonides]

IRS Halts Controversial New Rule Requiring Reporting of $600 Payments

The Internal Revenue Service (IRS) on Friday announced it would delay a rule that would have required tens of millions of Americans who received payments of at least $600 to report their earnings, following widespread confusion and angst about the new requirements.

Under the 2021 American Rescue Plan, anyone who earned $600 via platforms like PayPal, Etsy, Venmo, Airbnb, eBay, and others, would receive a 1099-K tax form from those services. Previously, those payment apps were required to send users the tax form if their gross income exceeded $20,000 or if they had 200 separate transactions in a calendar year.

But acting IRS Commissioner Doug O’Donnell told news outlets Friday that the rule triggered confusion and would be delayed by another year.
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The rule does not change what income is taxable, just what payment information the IRS will receive. Gig workers and sellers who use online platforms are required under the law to report and track their income.
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In a statement earlier this month, Scott accused the Treasury Department of launching “an outrageous violation of Americans’ privacy” and added the reporting rule is “stuff we see in communist China.” Sen. Ron Wyden (D-Ore.), the head of the Senate Finance Committee, sent a letter to Yellen urging the IRS to improve its communication about the pending rule change.

Japan Approves New Policy to Maximize Nuclear Energy Use

Japan’s government approved a new policy on Thursday to maximize nuclear energy use in a major turnaround after the country shut down most of its nuclear reactors in the aftermath of the 2011 Fukushima disaster.

The nuclear reactor guidelines were approved by an advisory panel, which is led by Prime Minister Fumio Kishida, Japan Times reported.

The guidelines will require the development of next-generation reactors and allow extending the lifespans of nuclear reactors beyond the current maximum of 60 years. It also allows replacing aging nuclear reactors with new ones to ensure a stable power supply.

The approval came a day after Japan’s nuclear watchdog, the Nuclear Regulation Authority, approved a draft review of nuclear reactor safety regulations. The new policy will still need to be put into law and approved by parliament.

Kishida said that he planned to get the Cabinet to approve the policy and submit the necessary bills to Parliament.

Japan Raises Military Spending to Record Levels as China Threat Looms

The budget includes 36.9 trillion yen ($277.6 billion) for social security and 6.8 trillion yen ($51 billion) for defense, a 26.3 percent increase from 5.4 trillion yen ($40.6 billion) in the current defense budget, Kyodo News reported.

The defense budget includes expenditures for the improvement and mass production of the Ground Self-Defense Force’s surface-to-ship guided missiles, which are expected to be a key component of Japan’s counterstrike capabilities.

Other items on Japan’s military spending list over the next five years include high-speed glide weapons, hypersonic missiles, surveillance drones, and U.S.-made Tomahawk missiles.

The budget also accounts for expenses related to hosting U.S. military bases, according to local reports.

The hikes came as Prime Minister Fumio Kishida pledged to increase defense spending to 2 percent of gross domestic product over the next five years to bolster Japan’s defense capabilities.

To fund spending for Japan’s military, the government planned to implement corporate, tobacco, and income tax hikes but stopped short of deciding when the measure would go into effect.

Japan seeks to have the ability to counterattack as it deals with regional security challenges from China, North Korea, and Russia. The government approved three key defense documents last week, including the National Security Strategy, which refers to China as Japan’s “greatest challenge.”
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Both countries agreed to “enhance trilateral defense cooperation and to invite Japan to integrate into our force posture initiatives in Australia,” [U.S. Defense Secretary Llyod] Austin said.

Arizona Judge Rules on Kari Lake’s Election Lawsuit

An Arizona judge ruled against Republican gubernatorial candidate Kari Lake’s election case, confirming the election of Katie Hobbs as Arizona governor-elect.

The court didn’t find any clear or convincing evidence that misconduct happened during the 2022 Arizona general election and confirmed Katie Hobbs’s election, Arizona Superior Court Judge Peter Thompson said in the ruling.

Thompson also ordered Hobbs’s side to file a statement of costs and motion for sanctions before Dec. 26.

Lake vowed to appeal the ruling.
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Hobbs, who is currently the secretary of state, certified the results of the gubernatorial election on Dec. 5, which show Lake lost the race to Hobbs by just over 17,000 votes.

Guys, does it even make sense that the very same candidate that allegedly won the gubernatorial elections certifies the results herself? I mean, this is a clear conflict of interests involved here. One of the problems with the US state and federal legislations is that it doesn't require candidates to quit their jobs if they're currently working for the government. Now we can see how that ends up working against the interests of voters and electoral transparency.