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NYC Mayor Bill DeBlasio on Tuesday signed an executive order than strengthened and expanded the city's living wage law, said the Wall Street Journal. The new order requires commercial tenants at projects receiving more than $1 million in city funding to pay their workers a minimum of $13.13 an hour without benefits, or $11.50 with benefits, said the Journal, a measure that is estimated to affect 18,000 jobs over the next five years, versus 1,200 under the current law.
An Oklahoma federal court has ruled that the IRS cannot extend tax subsidies to people buying insurance off federal health exchanges, adding to the already brewing legal Rashamon over this key portion of the Affordable Care Act, according to the Washington Post. So far, a number of courts have weighed in on the matter with mixed results. Earlier, the U.S. Court of Appeals for the D.C.
Data from Vettery, a recruit firm, has shown that Wall Street remains primarily the domain of white men, said CNN Money. The firm said that, of new hires this year, two-thirds of bankers were white, while 78 percent were male, said CNN. The data represents just over 1,700 hires to more than 30 investment banks, gathered from publicly-available sources such as regulatory filings, social media profiles and website postings, said CNN.
Not all tax fraud has to be a complicated Rube Goldberg machine of shady deductions and fictional dependents. But there's a reason it often is: if your plan is to simply say you made $99 million in income, from which you attempt to claim $94 million in refunds, then you're probably going to get caught, which is exactly what happened to a woman from Georgia who was recently arrested, according to the New York Daily News.
The Treasury Inspector General for Tax Administration released a report that criticised the IRS's internal procedures for collecting money from delinquent taxpayers residing in foreign countries, saying that deficient management oversight has impeded its ability to enforce tax law outside U.S. borders.
The standard work week went from six days to five in the early 20th century, in part due to labor activism and in part due to changing industry standards--now that we're in the early 21st century, is it time to cut things back further and make the three-day weekend standard? An article in the Harvard Business Review considers some of the benefits that could come with doing so.
Banking is getting more expensive, according to an article in CNBC. The average out-of-network ATM fee has risen 5 percent over the past year, to $4.35 a transaction, while overdraft fees have risen to a $32.74 average, the 16th consecutive record high. The changes are in response to regulations that were passed in the wake of the 2007 financial crisis, among which were limits on when banks are allowed to charge fees in the first place, as well as limits to fees they can charge merchants for card purchase processing, said CNBC.
No one likes excuses, but if we're going to be honest with ourselves, we all tend to make them sometimes. But what's the difference between a good excuse and a bad one? An article in the Wall Street Journal said that there are certain excuses that, provided they are not overused, people are more willing to accept than others.
Moody's Investors Service warned that the gap between what public pensions actually have and what they owe has tripled in the past decade to at least $2 trillion, according to Reuters. The agency, according to Reuters, measured the unfunded liabilities for the 25 biggest public retirement systems between 2004 and 2012 and found that the total future shortfall is more than half the size of the $3.7 trillion municipal bond market.