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Fatima Hussein

Fatima Hussein

The Diplomat

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Donald Trump looks to entice the alt-finance crowd. His campaign will now accept crypto assets

Former President Trump is looking to position himself as a crypto-friendly candidate.

22.05.2024 20

Fortune

Fatima Hussein

Chinese-backed crypto firm must sell Wyoming land plot and get rid of equipment possibly capable of 'espionage activities,' says President Biden

The government directed the sale of the property within 120 days, and that within 90 days the company remove all structures and equipment on the site.

14.05.2024 40

Fortune

Fatima Hussein

America’s booming economy pushes back Medicare, Social Security ‘go-broke dates’ to the mid-2030s

Social Security Administration Commissioner Martin O'Malley called the report “a measure of good news."

07.05.2024 70

Fortune

Fatima Hussein

Janet Yellen tackles democracy’s importance for economic growth, saying authoritarian rhetoric is ‘deeply flawed’

Yellen acknowledged that democracy “doesn’t seem like typical terrain for a treasury secretary,” but it's critical to building and sustaining a...

03.05.2024 60

Fortune

Fatima Hussein

IRS scrambles to reverse dire statistics on plunging audits for millionaires, soaring reviews for Black Americans

A January 2023 study found that IRS data-driven algorithms selected Black taxpayers for auditing at up to 4.7 times the rate of non-Black taxpayers.

03.05.2024 30

Fortune

Fatima Hussein

Commercial tax-prep companies lost out on $5 billion in fees thanks to IRS' direct file, government says

Some 140,000 taxpayers filed taxes for free via a pilot program.

27.04.2024 20

Fortune

Fatima Hussein

Baby boomers are fearful of soaring costs for food and housing

A third of older adults with credit card debt carry a balance of more than $10,000 and 12% have a balance of $20,000 or more.

25.04.2024 8

Fortune

Fatima Hussein

Treasury secretary Yellen calls Iran's actions 'malign and destabilizing'

Rising tensions between Iran and Israel and what escalation could spell for the global economy are on the International Monetary Fund's agenda.

17.04.2024 40

Fortune

Fatima Hussein

Americans are getting $123 more on average in tax refunds this year

According to the latest IRS statistics, the average income tax refund so far this season is $3,011.

15.04.2024 30

Fortune

Fatima Hussein

IRS wants Americans to know the improvements it's made with billions in new funding

The Inflation Reduction Act initially included $80 billion for the IRS.

15.04.2024 20

Fortune

Fatima Hussein

Secretive government committee could get more investigation power as authorities scrutinize TikTok and U.S. Steel deal

The Committee on Foreign Investment in the United States probes corporate deals for national security concerns.

12.04.2024 10

Fortune

Fatima Hussein

IMF has gloomy outlook for world economy: ‘Without a course correction, we are indeed heading for ‘the Tepid Twenties”

It will be a "sluggish and disappointing decade,” IMF managing director Kristalina Georgieva said while announcing her economic projection and...

11.04.2024 30

Fortune

Fatima Hussein

Janet Yellen’s food tour in China sets social media ablaze, one year after she accidentally ate a psychedelic mushroom

A top Weibo post praised Yellen's chopsticks skills but added, “as a U.S. official, Yellen needs to know more about China than just food."

08.04.2024 30

Fortune

Fatima Hussein

Treasury Secretary Janet Yellen pushes China to address manufacturing overcapacity that can flood world with ‘artificially cheap Chinese products’

She also said in Beijing they had “difficult conversations” about national security, including American concerns that Chinese companies are...

08.04.2024 10

Fortune

Fatima Hussein

Yellen presses China on its ‘potential to flood our markets with exports’

“I think the Chinese realize how concerned we are about the implications of their industrial strategy for the United States,” Yellen told...

06.04.2024 9

Fortune

Fatima Hussein

Treasury Secretary Janet Yellen calls on China to offer a level playing field for U.S. workers and firms as she arrives for trade visit

Yellen called on China to address manufacturing overcapacity that she said could cause global economic dislocation.

05.04.2024 9

Fortune

Fatima Hussein

Janet Yellen lands in China for 5 days of meetings after Xi and Biden have ‘candid and constructive’ phone call

Biden and Xi's call was meant to demonstrate a return to regular leader-to-leader dialogue and encompassed Taiwan, AI and security issues.

04.04.2024 20

Fortune

Fatima Hussein

Janet Yellen says China’s giant EV push ‘distorts global prices’ and hurts workers around the world

On Tuesday, China filed a WTO complaint against the U.S. over EV subsidies. The EU launched a probe into Chinese subsides last year.

27.03.2024 30

Fortune

Fatima Hussein

IRS says it has 940,000 unclaimed tax refunds from 2020 that are about to expire. Here’s how to find if one is yours

The average median refund is $932 for 2020.

26.03.2024 10

Fortune

Fatima Hussein

IRS boss says efforts to crack down on high-wealth tax cheats are starting to bite

Danny Werfel is promising taxpayers better service this year as he works to repair the agency's image as an outdated and maligned tax collector.

20.03.2024 50

Fortune

Fatima Hussein

Landmark law designed to force shell companies disclose their owners ruled unconstitutional by Alabama judge

The laundering Corporate Transparency Act is unconstitutional on the grounds that Congress exceeded its powers, the judge ruled.

05.03.2024 4

Fortune

Fatima Hussein

IRS is going after 125,000 Americans who earn more than $400,000 but don't file tax returns: 'This isn’t a small group of people we’re talking about'

The IRS in recent months has announced a slew of new campaigns aimed at targeting high-wealth individuals who misuse the tax system or fail to pay...

01.03.2024 20

Fortune

Fatima Hussein

Yellen wants to seize Russia's frozen $300 billion and spend it on Ukraine as soon as possible

“It is necessary and urgent for our coalition to find a way to unlock the value of these immobilized assets to support Ukraine’s continued...

28.02.2024 10

Fortune

Fatima Hussein

IRS plans to target executives who use their businesses’ private jets for personal trips and then write them off as tax deductions

There are more than 10,000 corporate jets in the US., according to the IRS, valued at tens of millions of dollars and many can be fully deducted.

22.02.2024 8

Fortune

Fatima Hussein

After Jerome Powell warns of 'unsustainable' $34 trillion national debt 'growing faster than the economy,' CBO projects record 116% of GDP by 2034

Publicly held debt increasing from 99% to 116% of GDP, as the CBO predicts, would be the highest level ever recorded.

08.02.2024 20

Fortune

Fatima Hussein

The wealthy are dodging $600 billion in taxes every year. Joe Biden and Janet Yellen are fighting with the GOP to collect just a fraction of that

Treasury and the IRS say tax revenues will rise up to $561 billion by 2034 on increased enforcement, but the GOP is cutting the funding soon.

07.02.2024 10

Fortune

Fatima Hussein

Falling inflation and a growing economy aren’t convincing worried voters: ‘I feel like there’s a recession and I’m living it’

Biden is telling voters that the numbers point to a brighter future, while Trump says the gains are merely the fumes of his time in office.

07.02.2024 10

Fortune

Fatima Hussein

IRS says it will collect $560 billion more from rich tax cheats thanks to Inflation Reduction Act

The tax gap — which is the difference between taxes owed and taxes paid — has grown to more than $600 billion annually, according to the IRS.

07.02.2024 20

Fortune

Fatima Hussein

Biden expected to get UAW endorsement, source says

It will happen when he addresses the union's political convention, according to a person familiar with the discussions.

24.01.2024 6

Fortune

Fatima Hussein

UAE shipping firm hit with U.S. sanctions for violating $60 price cap for Russian crude oil

"Today’s actions once again demonstrate that anyone who violates the price cap will face the consequences,” said Treasury Deputy Secretary Wally...

19.01.2024 30

Fortune

Fatima Hussein

Zelensky urges Davos to take $300 billion of Russian Central Bank money and help Ukraine war effort: 'Putin loves money above all'

Officials are debating the legality of using the many billions of frozen Russian cash in western accounts.

18.01.2024 5

Fortune

Fatima Hussein

Treasury Secretary Yellen pushes back against Republican criticism—U.S. economic growth ‘vindicates’ Biden’s pandemic stimulus spending

As President Joe Biden seeks reelection, he is trying to convince voters who are gloomy about the economy that inflation is under control and the...

17.01.2024 10

Fortune

Fatima Hussein

IRS touts its work on delinquent millionaires, saying it bagged an extra $360 million in overdue taxes thanks to Joe Biden's Inflation Reduction Act

The announcement comes as the IRS braces for a more severe round of funding cuts.

12.01.2024 20

Fortune

Fatima Hussein

Janet Yellen's quest to expose 'dirty money' gets 100,000 firms to sign up to shell company database

Yellen visited Treasury's Financial Crimes Enforcement Network to discuss the launch of the database with the new year.

09.01.2024 10

Fortune

Fatima Hussein

National debt reaches a new record of $34 trillion—or about $100,000 for every person in the U.S.

The national debt does not appear to be a weight on the U.S. economy right now, as investors are willing to lend the federal government money.

03.01.2024 20

Fortune

Fatima Hussein

Many people who owe back taxes can now pay up without penalty after IRS waives its usual fees

Agency leadership says the pause in automated reminders during the pandemic is a reason behind the decision to forgive the failure-to-pay penalties.

20.12.2023 30

Fortune

Fatima Hussein

Inflation will fall to nearly 2% next year but unemployment will surge, Congressional Budget Office predicts

The report predicts weaker growth, lower unemployment, and higher interest rates in 2024 and 2025.

15.12.2023 6

Fortune

Fatima Hussein

Treasury Secretary Janet Yellen says Trump’s China tariffs left America ‘vulnerable and more isolated’ in rare rebuke of GOP front-runner

“It damaged our global standing and meant significant missed economic opportunities for American firms and workers," Yellen said.

14.12.2023 5

Fortune

Fatima Hussein

IRS won’t be cracking down on your Venmo and other payment app sales just yet

IRS officials say one reason for the delay is taxpayer confusion over what sorts of transaction are reportable.

22.11.2023 10

Fortune

Fatima Hussein

Putin just got caught red-handed using UAE firms to carry oil above the $60 price cap—and new sanctions are coming

Also announced was a set of sanctions on Balkans figures including Bosnian politicians, accused gangsters from Montenegro and executives in North...

16.11.2023 10

Fortune

Fatima Hussein

Janet Yellen meets with her Chinese counterpart in San Francisco with a Xi-Biden meeting expected next week

The White House doesn't expect the face-to-face meeting to result in major changes to U.S./China relations, says a person familiar with the planning.

09.11.2023 9

Fortune

Fatima Hussein

Treasury Secretary Janet Yellen says IRS plan to let taxpayers submit tax documents digitally is months ahead of schedule

The IRS has endured decades of underfunding and been overloaded with paper documents that prevented the agency from processing tax forms at a faster...

07.11.2023 9

Fortune

Fatima Hussein

The World Bank sees oil dropping to $81 a barrel next year—or exploding to $157 in the worst-case scenario from the Israel-Hamas war

Warning of "uncharted waters," The World Bank's chief economist Indermit Gill says the global economy could face "a dual energy shock for the first...

30.10.2023 3

Fortune

Fatima Hussein

Israel-Hamas war could lead to economic chaos in Egypt, Lebanon and Jordan, experts warn

If the chaos went unchecked, it could spread across a region that is vital for global oil supplies — with reverberations around the globe.

26.10.2023 3

Fortune

Fatima Hussein

Thousands of taxpayers will be invited to test a new online tax filing system aimed at bringing the IRS into the 21st century

The IRS faces intense blowback from private tax preparation companies that have made billions from charging people to use their software.

17.10.2023 4

Fortune

Fatima Hussein

A 61-year-old who's been saving for retirement since 18 sees a problem—Social Security isn't going up nearly as fast as inflation

Still, says Karla Abbott, “The increases will be helpful, certainly to those of us who are still doing the math on retirement."

11.10.2023 7

Fortune

Fatima Hussein

Biden administration announces sweeping legal actions against Chinese fentanyl chemical producers

They include charges against eight Chinese companies accused of advertising, manufacturing and distributing precursor chemicals for synthetic opioids...

04.10.2023 7

Fortune

Fatima Hussein

Janet Yellen reveals a China/U.S. working group to ease tensions and 'promote a healthy economic competition'

The working groups will “establish a durable channel of communication between the world’s two largest economies," the Treasury Secretary said.

22.09.2023 7

Fortune

Fatima Hussein

The IRS—with A.I. help—is going after 1,600 ultra-rich Americans it says owe at least $250,000 each in back taxes

IRS Commissioner Daniel Werfel says A.I. tools are playing a big role in identifying wealthy tax dodgers.

08.09.2023 2

Fortune

Fatima Hussein

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