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WASHINGTON, D.C. – President-elect Joe Biden introduced his picks for several of his most senior economic advisers at a press event on Tuesday afternoon.The group includes liberal economists and policy specialists who established their credentials during the previous two Democratic administrations. Biden is placing a premium on diversity in his selection of Cabinet nominees and key advisers.For treasury secretary, Biden has nominated former Fed chair Janet Yellen. She would be the first woman to lead the Treasury Department in its 231 years of existence. She would also be the first person to serve as treasury secretary, chair of the Federal Reserve, and chair of the Council of Economic Advisers.In introducing Yellen, Biden called her the most qualified person for the job,citing her work at the Fed following the economic recession of the late '00s.In referencing the hit Broadway play "Hamilton," which centers around the life of the first Secretary of Treasury, Alexander Hamilton, Biden joked that Lin Manual-Miranda would eventually need to write a musical based on Yellen's life.Biden has also tapped Neera Tanden to head the Office of Management and Budget. Tanden would be the first woman of color and the first South Asian woman to lead the agency that oversees the federal budget. She currently serves as President and CEO of the Center for American Progress, an organization dedicated to advancing policies that increase opportunity for Americans.Additionally, Biden has chosen Wally Adeyemo as his deputy treasury secretary. He previously served the in the Obama-Biden administration as deputy director of the National Economic Council and deputy national security advisor. He currently serves as president of the Obama Foundation.Adeyemo would be the first African-American to serve in the role.Biden has picked Ceclica Rouse as chair of the Council of Economic Advisers. She’s a former member of the Obama-Biden council and currently serves as Dean of the Princeton School of Public and International Affairs. If confirmed, she will become just the first African American and just the fourth woman to lead the CEA in the 74 years of its existence.Jared Bernstein has been chosen as a member of the Council of Economic Advisers. He previously served as Biden’s chief economist in the first years of the Obama-Biden administration.And Heather Boushey will also become a member of the Council of Economic Advisers. She’s a longtime economic counselor to Biden and currently serves as President and CEO of the Washington Center for Equitable Growth, a nonprofit research and grantmaking organization she cofounded in 2013.Biden released this statement about his economic picks: 2704

We're about a month from thanksgiving and Dr. Anthony Fauci is warning that we may need to change our plans with COVID-19 cases increasing.His three adult daughters aren't coming home because they're worried about exposing their dad, who's 79 years old.Dr. Syra Madad has been a leader in the response to the coronavirus in New York. She says nationwide we are in the third peak of the virus but still in the first wave. It's the first wave, because cases never went down enough to reach the baseline.“I think everybody, including myself, we are all tired of COVID-19,” said Madad. “We're all tired of constantly socially distancing, wearing a mask, but this is our new normal. This is our reality, and this is what we have to do to not only protect ourselves, but our family, our loved ones and our community.”She says it is possible to see family or friends safely for the holidays, but you have to plan ahead. First, she recommends quarantining for 14 days before you see them.“Testing does not give you a free pass in terms of, OK I’ve tested negative, that means I don't have to quarantine for 14 days. That means I can safely merge my social bubble. That is absolutely not the case,” said Madad.She also says you need to consider if anyone you are visiting is high risk and do your homework about the area you are traveling to. How many cases have there been in a week to two-week period? Also, look at hospital capacity.And you should consider additional precautions once you arrive.“Even if you've merged your social bubble and you've done that 14-day quarantine period, it's just always best to try to limit the risk in terms of contracting and spreading COVID-19, just in case and so things to do on top of that is try to have these activities outdoor as much as possible,” said Madad.The national Home Safe for the Holidays initiative recently launched by the U.S. Public Interest Research Group is calling for more testing.It says governors need to ensure test results are coming back in 48 hours or less to prevent small incidents from becoming outbreaks.Madad says looking at how much testing is being done in the area you're considering traveling to is important in making your decision. 2210

WASHINGTON (AP) — President Donald Trump’s older sister, a former federal judge, is heard sharply criticizing her brother in a series of newly released recordings.At one point, Maryanne Trump Barry is heard saying the president “has no principles.”Barry was secretly recorded by her niece, Mary Trump, who has released a book denouncing the president.Mary Trump said Saturday she made the recordings in 2018 and 2019. The Washington Post was the first to report on them.At times, Barry speaks critically of what she says is her brother's tweeting, lack of preparation and lying."The g*****n tweet and the lying,” she can be heard saying. “Oh, my God, I’m talking too freely, but you know. The change of stories, the lack of preparation, the lying, the- holy sh*t."Barry also is heard claiming that Trump paid somebody to take the SAT college entrance exam for him."I mean, I didn’t get him in, but I know he didn’t get into college. And he- And he went to Fordham for one year and then he got into University of Pennsylvania. Because he had somebody take his—take the exams."Barry said she hasn’t asked her brother for a favor since 1981, when she was being considered for the federal court."Donald's out for Donald, period. When he said, he started to say something to me, ‘boy look at what I've done for you.’ And I said, ‘you have done nothing.’ Deliberately I have never asked him for a favor since 1981 when I was highly considered to go on the federal court, on my own merits."In a statement, the president says, “Every day it’s something else, who cares." 1570

WASHINGTON (AP) — The Trump administration has laid down rules aimed at preventing residents in high-tax states from avoiding a new cap on widely popular state and local tax deductions. The action over the new Republican tax law pits the government against high-tax, heavily Democratic states in an election-year showdown.The Treasury Department's rules released Thursday target moves by states like New York, New Jersey and California — where residents could see substantial increases in their federal tax bills next spring because of the ,000 cap on state and local deductions. Experts say the issue likely will have to be resolved by the federal courts.Four states — Connecticut, Maryland, New Jersey and New York — already have sued the federal government over the deduction cap, asserting it's aimed at hurting a group of Democratic states and tramples on their constitutional budget-making authority.A dozen states have taken or are considering measures to get around the cap. Most of the workarounds take advantage of federal deductions for charitable contributions — which aren't capped — in place of the old deductions for paying state and local income taxes. So people's state and local taxes exceeding ,000, which can't be deducted, are turned into deductible charitable donations.The new rules' "dollar-for-dollar" limit also applies to many other states that already have charitable funds offering tax breaks, senior Treasury officials said. Those states include solidly Republican ones and others with relatively low taxes. In those programs, donors to schools, hospitals or land conservation programs can get their state taxes reduced in return — plus a charitable deduction on their federal tax returns.The limit means taxpayers only can deduct as a charitable contribution the portion of their donation for which they don't also get a state tax credit.But some experts said the Treasury rules seem to be designed to protect those existing charitable programs in some states. An exception to the "dollar-for-dollar" requirement "plainly appears to be designed to protect certain ... pre-existing state regimes," said Daniel Rosen, a tax lawyer at Baker McKenzie who is a former IRS official.Treasury said it expects that only about 1 percent of all U.S. taxpayers would see a reduction of their tax credits for donations to private-school voucher fund. Several states — Alabama, Arizona, Georgia, Montana and South Carolina — allow taxpayers who donate to private-school funds to get a 100 percent credit against their state taxes, according to data compiled by the Institute on Taxation and Economic Policy.___HOW DO THE LIMITS WORK UNDER THE NEW RULES?Dollar-for-dollar: When a taxpayer receives a benefit in return for donating to charity, the taxpayer should only be able to deduct the net value of the donation as a charitable contribution, Treasury says.An example: You donate ,000 to a charity in a state that offers a 70 percent tax credit, so 0 in this case. You would only be able to claim a 0 charitable deduction on your federal return.There is an exception. If the state tax credits don't exceed 15 percent of the amount donated, so up to a 0 state tax credit on a ,000 donation, the taxpayer could claim the full amount as a charitable deduction.___WHY IS THIS IMPORTANT?Taxpayers could have less incentive to donate without getting a deduction or having the deduction reduced.All states rely on property and income taxes to fund an array of services such as education, health care and public safety. Advocates for restoring the full state and local deductions say that the reduced property tax deduction brings a decrease in the value of taxpayers' homes, possibly spurring residents of high-tax states to move elsewhere and crimping funding for local programs.___WHAT'S HAPPENING IN THE HIGH-TAX STATES?Measures designed to work around the ,000 cap have been adopted in Connecticut, New Jersey, New York and Oregon, and introduced or explored publicly by officials in California, Illinois, Maryland, Nebraska, Rhode Island, Virginia, Washington and the District of Columbia.New York Gov. Andrew Cuomo, a Democrat, has called the state-local deduction cap an "assault" on New York by Trump and Republican lawmakers in Washington.In some key "blue" states:—Connecticut has a new law establishing a state charitable fund; donors can get tax credits in exchange for giving.—In New Jersey, where high local property taxes are the major issue, the state is allowing local schools and governments to use the charitable workaround. But so far, no towns have notified authorities that they've set up funds to receive contributions — because state regulators haven't issued the necessary rules, experts say.—New York is offering three options: One like Connecticut's, one like New Jersey's and another to let employers pay payroll taxes for employees, who would receive credits to cancel out the income taxes they would have paid otherwise.—In Maryland, about 500,000 residents — over 18 percent of state taxpayers — will together lose .5 billion in state and local deductions, according to state estimates.___Mulvihill reported from Cherry Hill, New Jersey. Associated Press writer Michael Catalini in Trenton, New Jersey, contributed to this report. 5305

WASHINGTON (AP) — The Justice Department says Purdue Pharma, the company that makes OxyContin, will plead guilty to three federal criminal charges as part of a settlement of more than billion. OxyContin is the powerful prescription painkiller that experts say helped touch off an opioid epidemic. The charges include conspiracy to defraud the United States and violating federal anti-kickback laws. The deal doesn't release any of the company’s executives or owners from criminal liability, and a criminal investigation is ongoing. One state attorney general says the deal fails to hold accountable members of the wealthy Sackler family who own the company. Family members say they had “ethically and lawfully,” while also expressing “deep compassion” for those addicted to opioids. 793