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How to win Nevada

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THE END of America’s election season always coincides with Halloween. That can make for some deeply weird campaigning. Democrats in Las Vegas, Nevada, staged a “Project 2025 haunted house” by decorating their offices with skeletons, tombstones—and a video of January 6th 2021. A huge, fuzzy stuffed spider hangs in a web in one corner. “Look what a mess Trump has made”, a poster in front of it reads, “in his web of LIES!” A cardboard cutout of Kamala Harris (wearing a cape) stands watch over the coffee bar, where exhausted campaign staffers nurse their 6pm brews.

With just six electoral votes, Nevada is the least populous of the seven swing states. It has been the friendliest terrain for Democrats in recent elections. Every other swing state went for Donald Trump in 2016, but the last Republican presidential candidate to win in Nevada was George Bush in 2004. Yet the margin of victory for Democrats is always narrow. Joe Biden won the Silver State by just over two percentage points in 2020. As of November 2nd, The Economist’s presidential-forecast model suggests that Nevada is a toss-up. Democrats are losing ground nationally with Latino and working-class voters, who make up significant parts of Nevada’s electorate. But the party’s ground game in Nevada is strong, thanks in large part to the endurance of the political machine built by the late Harry Reid, a former majority leader in the Senate. Can Democrats eke out another win?

Because Nevada’s population is small and centralised, its political geography is easy to understand. There are three regions, electorally speaking, that matter in Nevada: Clark County, Washoe County and the rural parts of the state. Nearly three-quarters of Nevada’s 2.4m registered voters live in Clark County, which includes Las Vegas. These voters lean Democratic. Rural counties—with about 12% of voters—are heavily Republican. And Washoe County, which includes Reno, is swingy. Slightly more Republicans than Democrats live there, but the area has tended to back Democratic presidential candidates and senators in recent years.

In past elections Democrats have been able to run up the vote enough in Las Vegas and its suburbs to offset the Republican Party’s advantage in rural areas. But according to early-voting numbers, that large lead in Clark County has yet to materialise. In fact, Republican early turnout has surged. “Usually it’s been the Democrats who have [early voting] all to their own, and then the Republicans have had to try to play catch-up on election day,” says David Damore, a political-science professor at the University of Nevada, Las Vegas. “Now it’s a little bit reversed.”

Democrats are trying to stay zen. Campaign operatives suggest that mailed ballots, rather than in-person early voting, take longer to arrive and be processed. Their big lead in Clark County is coming, they argue, and the ground game doesn’t need tweaking. Not everyone is so diplomatic. “The Republicans are kicking our ass at the early voting,” exclaimed Dina Titus, a Democratic congresswoman, at a rally for Ms Harris in North Las Vegas on Halloween night. “We cannot let that happen.”

Three questions haunt the early-voting figures, and will determine whether Ms Harris or Mr Trump can claim victory in Nevada this year. The first is whether non-partisans will break for Democrats or Republicans. In 2020 the state began to automatically register Nevadans to vote when they apply for a driver’s licence. This swelled the voter rolls with non-partisans, the default choice. Unaffiliated voters jumped from a quarter of Nevada’s registered voters in 2020 to a third in 2024, and could swing the election for either candidate. Shelby Wiltz, who runs the co-ordinated campaign for Nevada Democrats, insists that the state party’s network and the Harris campaign were built to reach these voters, which skew younger than members of both major parties.

The second question is whether many Republicans will defect. In recent weeks Ms Harris’s campaign has been courting conservatives who cannot bring themselves to vote for Mr Trump. Vanessa Herbin, a 65-year-old Las Vegas resident, had never been to a political rally before arriving at Ms Harris’s gathering on Thursday evening. Supporters swayed to Maná, a Mexican rock band, and shivered in the cool desert night. Mrs Herbin has long voted for Democrats, but says her husband is a registered Republican who is also supporting the vice-president. That’s not the kind of thing that shows up in early-voting data.

Finally, it is unclear whether the Republicans voting early are new and low-propensity voters, who usually sit out elections but were inspired to go to the polls. Or if, at Mr Trump’s urging, Republicans are just voting early instead of on election day. Democrats have taken to calling this the “cannibalisation” of election-day votes. If the former is true, Ms Harris is in deep trouble and Jacky Rosen, a Democratic senator running for re-election, may have a closer race on her hands than polls suggest. If the latter proves to be correct, then the race will still be tight but Ms Harris could be saved by those slow postal votes in Clark County after all. Halloween may be over, but Nevadans are still in for a scare.

Economics

BOI Reporting and the impact of the recent Federal Injunction

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The Corporate Transparency Act (CTA) is a legislative measure designed to enhance financial transparency

The Corporate Transparency Act (CTA) is a legislative measure designed to enhance financial transparency and mitigate risks such as money laundering, terrorist financing, and other illicit financial activities. The CTA aims to close loopholes and create a fairer business environment by requiring certain entities to disclose their beneficial ownership information. However, recent legal developments have temporarily impacted compliance requirements, bringing attention to the act’s ongoing litigation and implementation.

Federal Court Decision and Its Implications

On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a preliminary injunction in the case of Texas Top Cop Shop, Inc., et al. v. Garland, et al. (No. 4:24-cv-00478). This injunction temporarily halts the enforcement of the CTA, specifically its beneficial ownership reporting requirements. Additionally, the court order stays all deadlines for compliance.

As a result, reporting companies are currently not obligated to submit beneficial ownership information (BOI) reports to the Financial Crimes Enforcement Network (FinCEN). During the injunction, these entities are also shielded from liability for non-compliance with CTA mandates.

Despite this pause, FinCEN has clarified that companies may still voluntarily submit their BOI reports. This voluntary reporting option remains available for businesses that wish to align with the CTA’s transparency goals.

Overview of the Corporate Transparency Act

The CTA mandates that certain entities provide information about their beneficial owners—individuals who own or control a business. The act is intended to increase transparency, enhance national security, and reduce the anonymity that can facilitate financial crimes.

While the CTA has garnered support for its objectives, it has also faced legal challenges questioning its constitutionality. Courts in different jurisdictions have issued varying rulings, with some upholding the law and others granting temporary injunctions. For example, district courts in Virginia and Oregon have ruled in favor of the Department of the Treasury, asserting the CTA’s alignment with constitutional principles.

Compliance During the Injunction

Currently, the federal injunction exempts businesses from mandatory BOI filing requirements nationwide. This temporary halt will remain in place until further developments, such as a decision by an appellate court or a reversal of the injunction.

In response to the ruling, the Department of Justice, representing the Department of the Treasury, has filed an appeal. While the case proceeds through the legal system, FinCEN has confirmed its compliance with the court order.

Looking Ahead

The legal proceedings surrounding the CTA highlight the evolving nature of financial regulation. As courts continue to deliberate, businesses should monitor updates to remain informed about their obligations. By staying informed and prepared, businesses can effectively manage their compliance responsibilities and contribute to efforts that promote financial integrity and transparency.

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Economics

After a chaotic scramble, Congress strikes a budget deal

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Donald Trump is the most powerful Republican politician in a generation, but the president-elect is still no match for the most nihilistic members of his own party. The budget chaos that unfolded on Capitol Hill as the Christmas break approached is only a preview of the difficult realities Mr Trump will face when he starts to govern next month.

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Economics

Why Congress is so dysfunctional

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Budgetary chaos is a sign that governing will be harder than Donald Trump might assume

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