The global crypto market capitalization slipped 2% at $2.17 trillion, as per CoinGecko. The performance of other digital tokens also improved with cryptos like Solana, Polygon, Uniswap, Stellar, Cardano, XRP, Tether, Litecoin trading with gains over the last 24 hours. Meanwhile, Binance Coin was almost flat at $470. On the other hand, Dogecoin prices surged about 0.4% to $0.15 whereas Shiba Inu was up over 2% to $0.000031. All rights reserved.Ether, the coin linked to ethereum blockchain and the second largest cryptocurrency, also plummeted nearly 4% at $3,380, as per CoinDesk. ™ & © 2023 Cable News Network, Inc., a Warner Bros. That was a natural disaster coming out of nowhere, and the US could not have predicted it.” “Of course, there’s no way to predict it. Zandi added that the capital gains shortfall and tax payment deferrals were a “real surprise” to the US government and likely contributed to the default date getting moved earlier. “California is one of the biggest states, with a lot of wealthy people, and that’s really undermined tax revenues that are coming in,” he told CNN. Most recently, the IRS extended the deadline to pay taxes for California residents to October 16 due to severe winter storms, flooding and mudslides that occurred late last year and early this year.Ĭalifornia’s payments might have had an outsized effect on the federal government’s tax revenue shortage, said Mark Zandi, chief economist at Moody’s Analytics. Tornadoes, winter storms and mudslides pushed deadlines for millions of taxpayersĪnother factor that may have lowered the federal government’s tax income this year: unexpected natural disasters.Ĭounties in multiple states, including Tennessee, Alabama and Georgia, were granted a deferral on tax payments due to severe storms and other natural disasters.
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