A diesel tax pushed past Election Day, a fund that pays you back 5% at a time and a Fed that books a $233 billion loss as an asset In the space of one week, Washington, Wall Street and the Federal Reserve each handled bills they received the same way. They moved them — and they moved them toward you. The White House pushed a diesel tax past Election Day.
Blue Owl Capital , one of Wall Street’s biggest private lenders, told investors who want their money back that the exit stays 5% wide. And the Fed is carrying $233 billion in losses on its books as an asset. The polite word is “deferred.” At a bar, it’s called a tab.
Somebody drinks now and somebody else pays later — and the somebody else is holding your grocery receipt, your 401(k) statement and your mortgage bill. What's next for SpaceX as more shares enter the market and capex jumps Play video: What's next for SpaceX as more shares enter the market and capex jumps A cut makes a cost smaller. A deferral makes it later.
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On Oct. 5, at a campaign rally in Nebraska, President Trump signed an executive order that lets tax-free red-dyed farm diesel onto the highway. The 24.4-cent federal tax normally owed when that fuel hits the road is deferred through Dec. 31, and the IRS is to stop writing penalties. Red dye exists for one reason: It lets a man with a flashlight tell whether you paid the tax.
Now Washington has sent the man home. The order gives the Treasury five days to decide whether a qualifying event has occurred. Diesel topped $6 a gallon in September for the first time ever.
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