Supreme Court rejects work-from-home tax challenge - June 30, 2021

Uber became the latest tech company to tell employees it will roll out a hybrid return-to-work model this fall. The company is asking employees to be in the office 50% of the time and is also allowing the option for workers at its global office to apply to become fully remote. Other tech companies, like Facebook and Twitter, have also made permanent remote work a significant part of their reopening strategy. The U.S. Supreme Court rejected a New Hampshire challenge to Massachusetts’ practice of taxing people who once worked in that state but started telecommuting from elsewhere during the pandemic. Had it gone forward, the case could have determined the fate of similar, permanent tax laws in various other states. U.S. consumer confidence soared in June as Americans became more upbeat about the economy and job market and economists predict consumer spending will continue to support economic growth in the short term. The White House remains confident that the recent price gains will fade, but central bankers remain divided over how to think about and respond to emerging risks. Heat waves that rolled across the Pacific Northwest this week impacted the region’s economy as some restaurants closed to protect kitchen staff, public transit was disrupted and one utility company instituted rolling blackouts as surging electricity demands strained power grids. Power and gas prices climbed across the U.S. earlier in the week and natural gas futures rose. In more than two-thirds of U.S. cities, apartments under construction are larger on average than those built over the previous five years as more people look for additional space while spending more time working from home. Real estate executives suggest the trend will continue as the health crisis puts a new premium on space.