US Election
Election security remains a contentious issue, as illustrated by incidents in Colorado and Pennsylvania. In Mesa County, Colorado, at least 12 mail-in ballots were reportedly stolen, forged, and submitted, with three counted despite the fraud. This incident raises concerns about the security of mail-in voting, although Colorado’s signature verification process identified the discrepancies. Secretary of State Jena Griswold emphasized the integrity of the state’s election processes, despite the challenges. In Lancaster County, Pennsylvania, officials uncovered fraudulent voter registration applications linked to paid canvassing efforts. The investigation revealed false addresses and mismatched identification, prompting further scrutiny. The Department of State commended local officials for their vigilance, as the county manages a high volume of early voters and mail ballot requests ahead of the Nov. 5 election.
Economy
In the banking sector, the FDIC’s seizure of the First National Bank of Lindsay due to allegedly deceptive records highlights ongoing concerns about financial stability. The absence of reserve requirements since 2020 has allowed banks to lend extensively without holding equivalent reserves, leading to questions about the FDIC’s ability to protect depositors in a crisis. The expiration of the bank term funding program and Warren Buffett’s sale of Bank of America stock are viewed by some as indicators of potential instability. As banks face challenges with commercial real estate loans and declining property values, there may be a wave of consolidations and failures. The sector is expected to undergo transformation, influenced by digital banking and AI advancements, which could result in job cuts and shifts in real estate use.
The U.S. government’s proposal to tax unrealized capital gains as part of the Fiscal Year 2025 Budget represents a potential change in revenue collection strategies. This tax would require individuals and businesses to pay taxes on the increased value of unsold assets, such as financial holdings and intellectual property. Some analysts suggest the proposal could lead to changes in investment behavior, possibly discouraging long-term investments and innovation. The complexity of valuing privately owned businesses might require an expansion of the IRS’s powers, including enhanced appraisal capabilities and increased compliance costs. While the tax is presented as a means to reduce government debt, critics argue it could result in capital flight and tax avoidance, raising concerns about its broader economic impact.
Sources
Taxing the Untouched: Unrealized Gains Proposal Sparks Economic Debate
At its core, requiring taxes to be paid on unsold financial assets, ownership stakes, fixed investments, intellectual property, collectibles, and other forms of wealth would act as an economic earthquake, disrupting the capital markets that undergird innovation.
Source | Submitted by Shplad
Banking on the Brink: FDIC Seizes Oklahoma Bank Amid Looming Industry Shake-Up
There’s just no way it doesn’t happen.
Source | Submitted by Hladini
Colorado Ballot Theft Raises Eyebrows: Fraudulent Votes Slip Through Despite Security Measures
At Least A Dozen Colorado Ballots Stolen And Mailed In, Officials Say
Source | Submitted by AaronMcKeon
Lancaster County Probes Voter Registration Fraud Linked to Canvassing Efforts
“It appears to be an organized effort,” Adams said, noting that the investigation is ongoing.
Source | Submitted by AaronMcKeon
by mike-from-jersey 
