Elon Musk Jeff Bezos Bernard Arnault Michael Bloomberg New York Usa city New York city Cincinnati president prevention Department Forbes reports Elon Musk Jeff Bezos Bernard Arnault Michael Bloomberg New York Usa city New York city Cincinnati

These billionaires are worth more than the US Treasury has in cash, report says

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Bernard Arnault, Elon Musk, and Jeff Bezos are pictured in file images. (Credit: NICHOLAS KAMM/AFP, Taylor Hill, Samir Hussein/WireImage via Getty Images) As U.S.

lawmakers work to pass the debt ceiling and budget deal negotiated in recent weeks to lift the nation’s borrowing limit and prevent a default, cash levels in the U.S.

Treasury continue to drop.Data posted on the department’s website shows that its cash balance fell to $38.8 billion at the close of business on May 25, which is down from the $316 billion in operating cash that the department had at the start of the month.

The U.S. Treasury maintains its cash in an account at the Federal Reserve Bank of New York.President Biden said the debt ceiling deal made with Speaker McCarthy (R-CA) is ready to move to Congress.

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States weigh charging by the mile as fuel taxes plummet
Gas taxes have been used for more than a century for the purpose.The problem that has developed is those taxes are generating less each year due to inflation, fuel efficiency and the rise of electric cars. States are experimenting with various ideas that could eventually replace those taxes.One proposal that seems to be gaining in popularity would be to charge drivers by the mile instead of the gallon. Other ideas that have been presented include taxing electricity from public vehicle charging stations.Another is to tack charges onto door-to-door package deliveries. States are now weighing whether to start making the programs mandatory.In 2015, Oregon began a pilot program charging motorists by the distance their vehicle travels rather than the gas it guzzles.To participate, drivers plug a device into their vehicle and create an account to capture mileage data.The federal government is about to pilot its own program, funded by $125 million from President Biden's infrastructure measure that he signed in November 2021.So far, only three states, Oregon, Utah and Virginia are generating revenue from road usage charges.Hawaii will join them next.Last year, Colorado began adding a 27-cent tax to home deliveries from Amazon and other online retailers to help fund transportation projects.Other states have been testing electronic toll systems.Electric car sales in the U.S. rose from just 0.1% of total car sales in 2011 to 4.6% in 2021, according to the U.S.
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