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The IRS clarified on Friday that companies will be obligated not to take Social Security taxes from paychecks starting next week running through the end of the year.Nearly all Americans are taxed 6.2% per check to go toward Social Security. For now, barring any action from Congress, most Americans will see larger paychecks through the end of the year. The guidance is based on an executive order signed earlier this month by President Trump in hopes of stimulating the economy.Related: What a payroll tax deferral may mean for your paycheck and taxesThe Social Security tax deferment is applicable to workers who make up to ,000 on a bi-weekly basis. Those making more than ,000 every two weeks will continue to have their Social Security taxes withheld from checks.The deferment is not an actual tax cut, and because the deferment was done via executive order rather than an act of Congress, the taxes will need paid back by April 30, 2021.The White House has said they would like to see the elimination of the Social Security payroll tax be made permanent in an effort to lower the tax burden. Opponents say that eliminating the tax on Americans would make Social Security insolvent.Stephen Goss, the chief actuary for the Social Security Administration, told the US Senate this week that a hypothetical bill that would make the tax deferment permanent would cause Social Security to no longer be able to make payments to beneficiaries by the middle of 2023.For employees making ,000 a year, the elimination of Social Security taxes would result in an extra per paycheck every two weeks. Assuming the employee has eight paychecks left in 2020, that would result in 2 in taxes deferred in 2020, which would be repaid in 2021. For employees making ,000 per year, those figures would be doubled. 1821
The number of US citizens seeking refuge in Canada skyrocketed last year.Exactly 2,550 Americans applied for asylum in Canada in 2017, according to data from Immigration, Refugees and Citizenship Canada. That's more than a sixfold increase from the 395 Americans who applied in 2016.It's believed that the hard-line immigration policies of President Donald Trump have fueled the increase in the number of Americans fleeing to Canada.The United States supplied the third-highest number of asylum-seekers to Canada in 2017, topped by Haiti (7,785 applicants) at No. 1 and Nigeria (6,005 applicants) at No. 2.There's a large number of asylum-seekers this year as well, with 1,215 Americans requesting refuge in Canada through the end of August.Canadian officials said that while Canada remains an open, welcoming country, crossing into it is not "a ticket for permanent residence.""Coming to Canada, asking for asylum in Canada is not a guarantee for permanent residence in Canada," Louis Dumas, a spokesman for the immigration ministry, said last year. 1063

The Los Angeles Dodgers will play in the World Series for the second year in a row after defeating the Milwaukee Brewers 5-1 Saturday night in the seventh and deciding game of the National League Championship Series. The Dodgers will play the American League champion Boston Red Sox in the World Series, which begins Tuesday.Milwaukee took a 1-0 lead in the bottom of the first inning when star hitter Christian Yelich tagged a 1-0 pitch from Los Angeles starter Walker Buehler for a home run.But the Dodgers' Cody Bellinger answered in the top of the second with a two-run blast after bunt hit by Manny Machado off Brewers starter Jhoulys Chacin. That gave Los Angeles a 2-1 lead.Chacin only pitched two innings and reliever Josh Hader, who had 12 regular-season saves, pitched three strong innings, giving up just one hit and no runs, to keep the Brewers in the game. He struck out four of the 10 batters he faced. 924
The homestretch of the 2020 presidential campaign culminates on Tuesday as President Donald Trump and former Vice President Joe Biden meet for the first of three presidential debates.Tuesday’s debate will air live on this network at 9 p.m. ET from Cleveland.Here is what you need to know about Tuesday's showdown.The candidatesDemocratic Party nominee Biden and Republican nominee Trump were the only two candidates invited to Tuesday’s debate based on polling. In order to be invited, a candidate must poll at 15 percent or above in a series of national polls to qualify.An aggregate of national polls by Real Clear Politics has Biden leading the popular vote by a 50-43 margin. But as Hillary Clinton learned in 2016, winning the popular vote does not mean victory.The moderatorFox News’ Chris Wallace will moderate a presidential debate for the second straight election cycle. Wallace was widely praised for his moderation of the 2016 debate between Clinton and Trump.While Fox News is considered by many to be right-leaning, Wallace is called one of the networks more independent anchors. Before joining Fox News, he was a reporter for ABC News, and the Washington Bureau Chief of NBC News.While Wallace did not moderate a Democratic Party debate, he is quite familiar with Trump. During the summer, Wallace held wide-ranging interview with Trump, which took Trump to task for the federal government’s response to the coronavirus.While this is the first time Wallace has moderated a debate involving Biden, he has moderated a debate involving Trump four prior times.Wallace moderated three GOP debates for Fox News during the 2016 primary season. During one of the debates, Wallace chided Marco Rubio and Trump stating, “Gentlemen, you’re going to have to do better than this.”The formatThe debate will be broken into six, 15-minute segments.Those segments include:The Trump and Biden RecordThe Supreme CourtCOVID-19The EconomyRace and Violence in our CitiesThe Integrity of the ElectionWhile the exact times candidates will be allowed to speak have not been released, during the last debate Wallace moderated, candidates had two minutes to answer each question, with remaining time to go into a deeper discussion on the topicPrepping for the debateWhile Trump has kept a busy public schedule in the week leading up to the debate, Biden has cut back on appearances to focus on debate prep.Trump had wanted the first debate to be held earlier as voters in a small number of states have started casting ballots.Unrest in US citiesOne of the six topics listed is on race and violence in US cities. The topic will be discussed just days after a Kentucky grand jury announced that two officers who shot and killed Breonna Taylor in Kentucky would not be charged.The issue of race and unrest has been one the two candidates are deeply divided on. While both candidates have said they oppose defunding police departments, Trump has frequently mischaracterized Biden’s position on policing, claiming that Biden supports defunding police departments.Meanwhile, Biden has frequently accused Trump of inciting violence and that Trump’s rhetoric has increased tensions.The Supreme CourtIn 2016, it was a certainty the next president would have to fill at least one Supreme Court vacancy. As Trump is about to likely fill his third open seat on the court, what happens in 2021 and beyond is unclear.Democrats have suggested that they would push to expand the size of the Supreme Court if they control the Senate and White House. Biden has not said whether he would go allow with that plan.Assuming Trump’s third nominee is confirmed, the Supreme Court will give conservatives a distinct advantage.The oldest member of the Supreme Court, 82-year-old Stephen Breyer, is a Clinton appointee. The next oldest justice, George H.W. Bush appointee Clarence Thomas, is a whole decade younger.CoronavirusLikely no issue has shaped the 2020 election more than the coronavirus. With more than 200,000 coronavirus-related fatalities, an unemployment rate that has doubled since March, and the US deficit jumping to near-record levels, the virus has impacted everyday life for virtually all Americans.How the country responds to the virus between now and Inauguration Day could change, however. Will a vaccine be ready by then? Will Americans trust that the vaccine is safe and effective? And what if a vaccine takes longer than expected and/or is not effective as hoped? 4457
The Iran nuclear deal may be doomed, at least if you believe the global oil market.Oil prices have surged?partly because of mounting expectations that President Trump will kill the 2015 agreement, which allowed Iran to export more crude. Trump must decide by May 12 whether to re-impose sanctions on the OPEC nation.Brent crude, the global benchmark, briefly soared above a barrel on Monday after Israel leveled new nuclear allegations against Iran.Bringing back sanctions on Iran could knock out as much as 1 million barrels per day of crude supply, dealing a blow to increasingly fragile energy markets."There will be a significant disruption," said Michael Wittner, global head of oil research at Societe Generale."The market is assuming that oil sanctions will snap back onto Iran," he said.Trump said on Monday that Israeli Prime Minister Benjamin Netanyahu's speech on Iran helps show he's "100% right" about the Iranian nuclear agreement, which was signed by former President Barack Obama."We'll see what happens," Trump said about his decision on the Iran deal. "I'm not telling you what I'm doing, but a lot of people think they know."The oil market certainly thinks it knows. The price of Brent crude has soared 7% this year, and the US benchmark has soared 8% to nearly a barrel for the first time since late 2014. Oil prices have been lifted by concerns about the fate of the Iran deal as well as strong demand and supply cuts by OPEC and Russia."The Iranian nuclear deal is dead in the water and a Trump torpedo is fast approaching," Stephen Brennock, oil analyst at brokerage firm PVM Oil Associates, wrote to clients late last week.Under the deal, Iran agreed to limits on its nuclear activities, including bans on enrichment at key facilities. In exchange, sanctions were lifted in early 2016, freeing Iran to quickly boost its oil production by about 1 million barrels per day. Iran found eager customers for its crude in Europe, Japan, India and South Korea.It's "now looking increasingly likely" that Trump will not renew the waiver on Iranian sanctions by May 12, according to energy research firm FGE. 2153
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