Tonight, we’ll start with the key findings from former President Trump’s tax records. We’ll also look at the uproar surrounding the failed efforts to pass landmark marijuana banking legislation, the White House’s latest preview of its economic priorities for next year, and more.
But first, here’s how you can watch Zelensky’s speech before Congress.
Welcome to On The Money, your guide to everything that affects your bills, bank account, and bottom line. For CNNBreakingNews, we’re Aris Folley and Karl Evers-Hillstrom. Subscribe here or in the box below.
What we learned from the release of Trump’s tax record
The House of Representatives Main Tax Committee voted Tuesday evening to release former President Trump’s tax returns for the release of tax returns from former President Trump for the release of tax returns for six years as part of an investigation into the audit program of the president of the IRS.
Reports from the Ways and Means Committee on the IRS presidential audit program and the Joint Committee on Taxation (JCT) on the content of tax returns have already been published.
Here is what we know from their reports and the statements made by the legislator:
- The IRS has a mandatory audit program for incumbent presidents but did not audit Trump until more than two years after he took office, and Democrats want to know why.
- Trump was finally selected for audit by the IRS on April 3, 2019, the same day that Neal wrote a letter to then-IRS Commissioner Charles Rettig asking for Trump’s tax returns.
- Lawmakers also announced that Trump paid no taxes in 2020, $558,000 in 2019, $5.3 million in taxes in 2018 and nothing again in 2017.
Tobias Burns dives deep into this.
DUSK AND DARKNESS
Marijuana advocates were stunned after bank bill was torpedoed
Marijuana advocates and executives are in turmoil after opposition from Republican Senate Chairman Mitch McConnell (Ky.) led Congress to fail to pass a key cannabis banking bill, dealing a serious blow to the industry.
The $1.7 trillion spending bill includes all types of spending, but not the SAFE Banking Act, a bipartisan measure that would undo federal restrictions that make it difficult for legal cannabis companies to access financial services.
It is now facing an even steeper climb before it becomes law in the next Congress, as the Republicans take over the House of Representatives.
- The bill was rejected even though it passed the House of Representatives seven times and had enough Republican support to get 60 votes in the Senate.
- Advocates blame McConnell, but also Senate Majority Leader Charles Schumer (D-N.Y.), who withheld his support for the bill for years and never allowed a standalone vote on the bill.
- Countless smaller cannabis companies that were waiting for SAFE Banking to help them raise capital and avoid the cash model that attracts robberies could go out of business soon, industry officials warned.
Karl has the details here.
LOOK THE MUSIC IN THE EYE
FTX founder Bankman-Fried agrees to delivery
Former FTX CEO Sam Bankman-Fried said in a court in the Bahamas on Wednesday that he had agreed to be extradited to the US.
Bankman-Fried was arrested in the Bahamas last week after a US federal court in Manhattan indicted him on eight counts following the collapse of his cryptocurrency platform, including wire fraud, conspiracy to commit securities fraud and conspiracy to launder money.
- He is facing allegations relating primarily to his company’s alleged use of customer deposits at FTX to finance his own hedge fund Alameda Research.
- The Department of Justice has also alleged that Bankman-Fried violated federal campaign finance laws by making contributions to candidates who were reported on behalf of someone else.
Zach Schonfeld from CNNBreakingNews reports here.
White House gives a preview of 2023 economic priorities
President Biden’s economic advisers want to prioritize efforts to lower the cost of living and encourage people to return to work in the new year.
- Brian Deese, director of the White House National Economic Council, told the Wall Street Journal on Tuesday that the government was looking for areas where it could “reduce pricing pressure in the economy, cut costs for consumers, and increase the economy’s production potential.”
- Deese said the White House is considering reinforcing childcare benefits, which could help working parents and encourage labor force participation.
- “Providing quality and affordable childcare actually helps reduce the cost burden on families and gets more people to work,” said Deese.
Julia Shapero from CNNBreakingNews has more here.
Good to know
In the heightened respiratory viral season, parents are scrambling to find over-the-counter medicines, as some pharmacies have set limits on medicines to relieve pain and fever in children.
As the days get colder, the risk of a tripledemic — flu, RSV, and COVID-19 — for children only increases. Because of drug restrictions at local pharmacies like CVS and Walgreens, some parents are concerned that demand is so high that stores can’t restock their shelves fast enough.
We have something else in mind:
- White House Cyberzar Chris Inglis will reportedly step down as head of the National Cyber Director’s Office in the next few months.
That’s it for today. Thank you so much for reading. Check out CNNBreakingNews’ finance page for the latest news and coverage. I’ll see you tomorrow.