NATIONAL ECONOMY
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New VA program to help more than 40,000 veterans stay in their homes
The program is an attempt to prevent foreclosure actions against former military members still experiencing financial hardship post-pandemic.
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Biden’s 2025 budget prioritizes lowering costs for families, taxing the rich
The president’s budget includes proposals to lower childcare costs, create a paid family leave program, lower drug costs, and strengthen Social Security and Medicare—all by raising taxes on the wealthy and corporations.
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Biden takes aim at high costs during State of the Union speech
Biden called on Congress to pass a mortgage relief credit that would give first-time homebuyers an annual tax credit of up to $5,000 a year for two years. He also endorsed legislation to build and renovate roughly 2 million homes and vowed to crack down on “big landlords who break antitrust laws by price-fixing and…
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Biden proposes new actions to address housing shortages and high costs
The actions announced last week will promote fairer rental markets, boost the supply of affordable housing and manufactured homes, and help families who are struggling to make ends meet.
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Biden caps credit card late fees at $8
More than 45 million Americans who are charged late fees on credit cards each year will save an average of $220 annually under the new rule.
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Biden demands grocery stores and food brands end ‘price gouging’ and ‘shrinkflation’
Grocery prices have risen by more than 20% since the beginning of the pandemic and in Michigan, grocery prices rose 3.5% from Nov. 2022 to Nov. 2023. In response, President Biden is demanding grocery chains and food brands lower their prices and stop ripping families off.
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Biden policy to help IRS collect up to $851 billion in back taxes from ultra-wealthy
Using funds provided by the Inflation Reduction Act, the IRS has already collected more than $520 million from 1,600 millionaires who had unpaid tax bills of more than $250,000. The IRS could collect as much as $851 billion in additional tax revenue over the next decade.
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Big Detroit auto show abandons September date and will move back to its roots in January
Detroit’s big auto show is returning to January after an ill-fated two-year move to warmer September in an effort to create more outdoor experiences and draw more consumers.
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Biden invests $5 billion to support rural communities, including in Michigan
Nearly $4 million will be used to upgrade the internet service of 56 people in Chippewa County. The Tribe of Chippewa Indians will also participate in the Federal Communications Commission’s (FCC) Lifeline and Affordable Connectivity Program in order to get improved internet access as well.
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Explainer: Michigan’s minimum wage is going up next year. But will it ever actually hit $15?
Michiganders earning the minimum wage will see a small raise next year, but a lawsuit pending in the Michigan Supreme Court could let voters push the rate even higher.
