AP Business Roundup at 12:55 pm EDT | News


The GOP campaigns against the IRS and promises to cut its funding

WASHINGTON (AP) — The IRS’s pleas for more funding from Congress finally paid off this summer. That’s when Democrats included an $80 billion increase for the agency in their landmark health care and climate bill. But, as Republican candidates across the country are making clear, the IRS funding battle has only just begun. They are making attacks on a bigger IRS a central part of their midterm campaign for voters, warning in often misleading ads that Democratic legislation will fund an army of auditors to harass middle-class taxpayers. If Republicans win a majority in the House, passing a bill to repeal new IRS funding will be their first legislative act.

GOP caucus sues Google over spam filters

SAN FRANCISCO (AP) — The Republican National Committee has filed a lawsuit against tech giant Google, alleging the company has been suppressing its email solicitations ahead of the November midterm elections. The lawsuit filed in California late Friday accuses Gmail of “discriminating” against the RNC by unfairly sending the group’s emails to users’ spam folders. They complain that it is hurting both their fundraising and their efforts to promote voting in crucial states. Google denies the allegation, saying the company does not filter emails based on political affiliation. A spokesperson says Gmail’s spam filters “reflect user actions.”

Anti-inflation protests across Europe threaten political turmoil

LONDON (AP) — Across Europe, skyrocketing inflation is behind a wave of protests and strikes that underscore growing discontent with skyrocketing costs of living and threaten to spark political turmoil. With British Prime Minister Liz Truss forced to resign less than two months after her economic plans threw financial markets into chaos and further damaged an ailing economy, the risk to political leaders became clearer as the people demand action. A risk consultancy says the fallout from Russia’s invasion of Ukraine has greatly increased the risk of civil unrest in Europe. The war has led to higher energy bills and food prices.

Social media platforms brace for midterm chaos

Social media platforms like Facebook, TikTok and Twitter say they are taking steps to prevent the spread of misinformation about voting and elections ahead of next month’s midterm elections. However, a look at some of the most popular platforms shows that unsubstantiated claims about voter fraud continue to flourish. Misleading claims about the 2020 election, mail-in ballots, or vote counting have been linked to increased polarization and decreased trust in American democracy. Disinformation researchers say platforms need to do more to promote trustworthy sources of information while also reducing the spread of unsubstantiated and misleading claims about the upcoming election.

Deficit numbers set up conflicting views of Biden and the GOP

This fiscal year’s budget deficit was cut in half from last year, but the red ink spiked on a monthly basis in September. That’s largely due to President Joe Biden’s plans to forgive student debt, as three decades’ worth of costs were compressed into a single month. Budget figures released Friday by the Treasury Department reveal conflicting views about what it means to be financially responsible. Biden can rightly claim that the budget deficit for fiscal year 2022 slumped by $1.4 trillion from the previous year. But critics can use the same report to say that education loan forgiveness increased the federal debt by about $400 billion, as the government recorded total spending.

Six dead in plane crash off Costa Rica

SAN JOSÉ, Costa Rica (AP) — Six people, including a German tycoon, are feared dead after a small plane crashed in the Caribbean off the coast of Costa Rica. All five passengers are believed to be German citizens. Costa Rican authorities say parts of the twin-engine turboprop plane were found in the water on Saturday, a day after the flight went missing. A flight plan filed for the small charter plane listed Rainer Schaller as a passenger. A man with the same name runs well-known fitness chains and gyms. Costa Rica’s deputy security minister says no bodies have yet been located.

IRS raises contribution limits for retirement savings plans

Americans will be able to contribute more of their money to 401(k)s and similar retirement savings plans next year. The IRS said Friday that savers with 401(K)s and similar plans will be able to contribute up to $22,500 next year. That’s more than $20,500 this year. People age 50 and older, who have the option to make additional “catch-up” contributions to 401(k) and similar plans, will be able to contribute up to $30,000 in 2023. The IRS also raised annual contribution limits for retirement individual. arrangements, or IRAs, for $500 to $6,500. The changes make it easier for retirement savers to set aside more of their income to build savings.

Stocks close higher on Wall Street, posting weekly gains

Stocks closed higher on Wall Street, posting sizable weekly gains for the major indices. The benchmark S&P 500 index rose 2.4% on Friday, while the Dow Jones Industrial Average and the Nasdaq also gained ground. Social media companies were broadly lower after Snapchat’s parent company issued a weak outlook and the Washington Post reported that Elon Musk plans to cut about three-quarters of Twitter’s payroll after he buys the company. The yield on the two-year Treasury note fell to 4.49% on hopes the Federal Reserve might consider slowing its future rate hikes after making another big hike next month.

Report: TikTok Is Bad At Removing US Election Misinformation Ads

TikTok’s algorithms are so good at finding videos to keep people glued to their phone screens for hours on end. But a new report has uncovered something they’re not so good at: spotting ads that contain blatant misinformation about the US election. That’s despite TikTok last year banning all political ads from its platform in 2019. The report released Friday by the nonprofit organization Global Witness raises new concerns about the popular video-sharing app’s ability to detect electoral falsehoods at a time when a growing number of young people use it not only to entertain themselves, but also to find information.

Social Media Stocks Fall Amid Musk and Snap News

Shares of social media companies have plunged after a series of news in the sector that worried investors, including a report that Elon Musk could cut almost 75% of Twitter’s workforce and the dovish outlook of the Snap’s fourth quarter. Musk has told potential investors in his Twitter purchase that he plans to cut nearly 75% of Twitter’s employee base of 7,500 workers, leaving the company with a skeleton crew. That’s according to a Thursday report from The Washington Post.

Copyright 2022 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


Please enter your comment!
Please enter your name here

Share post:


More like this