New IRS fact sheet: Disaster relief impacts to retirement plans and IRAs
The IRS released a new Fact Sheet on the impact of SECURE 2.0 provision that provides ongoing disaster relief for certain loans and distributions in federally declared major disasters. Before SECURE 2.0, there was no disaster relief that allowed these loans and distributions for all major disasters.
The FAQs help individuals, employers, retirement plan and Individual Retirement Arrangement service providers with general tax information and details about:
Taxation and reporting of qualified disaster recovery distributions
Repayment of qualified distributions taken for the purpose of purchasing or constructing a principal residence in a qualified disaster area
"Most of the funding, $621 million, will go toward 36 projects aimed at bolstering the resilience of existing infrastructure through things like improving draining, moving roadways, and lifting up bridges.
An additional $119 million will go toward protecting, strengthening, or removing at-risk coastal infrastructure like highways."
"The boom in clean energy projects is astounding. Since the passage of the IRA in 2022, incentives provided by the law helped drive $332 billion in new investments in #CleanEnergy and transportation technologies. Almost all of that was private investments, as opposed to government spending, spurred on by an estimated $48 billion in federal tax credits.
While much of the #IRA is working as intended, the American public is largely unaware of the story."
Looks like the idea is to outsource #ClimateFinance to entities which can't easily be strangled by the next administration. A pseudo capital injection to produce 150 G$ in grants and loans.
#Biden burning the #GOP legislators who voted against the #IRA and then bragged to their constituents about the money flowing into their districts because it passed. #politics#USPol#SOTU
Today in Labor History March 1, 1981: Provisional Irish Republican Army member Bobby Sands began his hunger strike at HM Prison Maze. He was in prison for his role in the Balmoral Furniture Company bombing in 1976. During the hunger strike, he was elected to parliament. 10 prisoners died from starvation during the strike, including Sands. 100,000 people attended his funeral.
He's a poster child example of the climate science denialism community.
NARUC paid for him to give a speech at their D.C. conference. It is a national association representing state public service commissioners who regulate public utility services.
He compared Sierra Club & Mike Bloomberg, and E-NGOs to Osama Bin Laden for their mission to close coal plants.
The US-based thin film solar manufacturer, First Solar's plans to produce 14GW of modules in the US in 2026 would add ~$5B to the value of the US economy & $10.2B in economic output, plus support $2.8B in labor income.
Der Streit um das #Wachstumschancengesetz offenbart den Zustand der deutschen Politik: Kleinkariertes Gezerre um einen Minimalkonsens, dem man sich zum Schluss aus parteitaktischen Motiven verweigert. Kein Mut zum großen Wurf, der dringend nötig wäre.
Nur zum Vergleich: Der Inflation Reduction Act (#IRA), das Konjunktur- und Investitionsprogramm der USA umfasst 1 Billion Dollar – 1.000 Milliarden! Hierzulande kann man sich nicht einmal auf 3 Milliarden einigen.
The concern should not be the rising price tag of the #InflationReductionAct, but that so few American voters have heard about the Act.
"Within a year of its passage, the #IRA led to $282 billion of new investment and created some 175,000 #jobs, Goldman Sachs researchers found. They also estimated that it will drive $3 trillion worth of investments over the next decade."
"An estimated 90,000 Kenyans were slaughtered in the Kikuyu uprising while just over a thousand were hanged on a portable gibbet. Some 160,000 were detained in internment camps where torture was routine.
"One of Britain’s victims was US President Barack Obama’s paternal grandfather, Hussein Onyango Obama, who was arrested in 1949, and tortured by having pins inserted under his fingernails."
Kitson brought to Belfast his experiences in Kenya, fighting the Kikuyu Land and Freedom Army (exotically dubbed the “Mau Mau” by the British) in the early 1950s where he honed a practice of using “turned” or “converted” rebels into “counter-gangs”.
@STAT's John Wilkerson was in the room for the first oral arguments in a drugmaker's suit alleging that Medicare's drug price negotiation violates its rights.
Today in Labor History January 21, 1919: Members of the Irish Volunteers ambushed Royal Irish Constabulary (RIC) officers in the Soloheadbeg ambush. The RIC were escorting a consignment of gelignite explosives at Soloheadbeg, County Tipperary. The IRA killed two RIC officers in the ambush and seized all their weapons and the explosives. Gelignite was invented in 1875, by Alfred Nobel, that infamous proponent of peace. For more on Nobel’s ignoble history, you can read my article, “The Merchant of Death” https://marshalllawwriter.com/the-merchant-of-death/
Nature Climate Change Perspective just out: Key questions and some answers from social science research on how to turn the three major US climate & energy laws into the kind of transformative success stories the world so badly needs.
"The stakes are high. The success of these new laws could catalyse virtuous cycles in the energy transition; their failure could breed cynicism about major government spending on climate change."
Climate hardening transportation infrastructure is a good investment of tax money -- AND can be made a lot less expensive if it is paired with a re-think of land use policies, e.g. Do we want sprawl or dense walkable neighbourhoods? Do we want long commutes or 15 minute cities? Can we move freight by rail not in individual trucks? It's all related.
“Since its passage, the #IIJA has announced $400 billion in funding for more than 40,000 projects across the country, including nearly 8,000 bridge projects, 25 passenger #rail projects, 190 airport terminal projects, 445 port and waterway projects, 1,200 drinking and wastewater projects, and over 60 projects dedicated to improving the resilience and reliability of the energy #grid.”
Biden Wants to Make This Big Change to #IRA Rollovers
“President #Biden spoke… on what the White House has called a crackdown on “junk fees” in retirement planning. Such fees chip away at account balances over time, leading to lifetime savings that are up to 20% less than if advisors were held to the highest standards.”
#Braverman: "I do not believe these marches are merely a cry for help for #Gaza. They're an assertion of primacy by Islamists, of the kind we are more used to seeing in Northern #Ireland."
#Sunak failed to force the Met to ban a pro #Palestine ceasefire march, so his attack dog Cruella reacted, prompting the #FarRight to tell its supporters to protest against the march.
Why is it wrong to call for peace on Armistice Day? 💢 🤔
And this was done with the full support of the #British.
Even at the height of the troubles, few on the #UK mainland gave a toss about #NI. It was just urban warfare in another country which kept appearing on our screens & only affected the UK when the #IRA struck.
It was ultra Loyalists & the ruling elite who yearned for a return to empire who drove the troubles forward.
#Ireland will be united again. It's just a matter of when, not if. 🇮🇪 🙏🏾
"The League of Conservation Voters (LCV) environmental group is tracking what it calls the “hypocrisy” of the Republican members who have repeatedly sought to bask in the #climate investment unleashed by the #IRA despite having voted unanimously against it.
Despite this, and the enthusiasm from GOP members for the boon it provides to clean energy jobs, the Republican leadership of the House has made repeated attempts to dismantle key provisions of the IRA."