The Tax Cuts and Jobs Act of 2017, passed under the administration of former President Donald Trump, implemented sweeping changes to the individual income tax code, resulting in lower income taxes for the majority of Americans. However, with the scheduled sunset of these tax breaks in 2025, the future of individual tax rates and deductions
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The U.S. Department of Education recently announced the new interest rates on federal student loans, and the news was not favorable for parents. Direct PLUS loans for parents will come with a 9.08% interest rate for the 2024-2025 academic year, which is the highest rate in over 30 years. This increase, noted by higher education
Inflation is currently a concern for policymakers in the US, but there are certain sectors in the economy where deflation is the prevailing trend. Deflation refers to a scenario where prices are decreasing for consumers, as opposed to inflation which measures the rate at which costs are increasing for goods and services. In the wake
The U.S. Department of Education has announced an extension for borrowers to meet a crucial student loan forgiveness deadline. Borrowers who request a loan consolidation by June 30 will have the opportunity to combine their federal student loans into a new federal loan, potentially leading to the sooner cancellation of their debt. This extension gives
In a recent turn of events, shares of AMC Entertainment and GameStop have once again experienced a surge, fueled by a new wave of “meme stock” rally driven by social media. The resurgence of this trend can be attributed to a social media account called “Roaring Kitty,” which made its first post in three years,
Recent reports indicate that the job market for new college graduates is facing a slight decrease in hiring rates compared to the previous year. Employers are planning to hire approximately 5.8% fewer graduates from the Class of 2023, as stated by the National Association of Colleges and Employers. This decline is particularly noticeable in industries
The current economic situation in the United States has left many individuals feeling the pinch of rising prices. With inflation on the rise, 65% of U.S. adults surveyed by CNBC/SurveyMonkey expressed that inflation is the main driver of their financial stress. Living paycheck to paycheck has become a common occurrence, with nearly half of those
Access to higher education is a critical factor in economic mobility and social equity. While some states have taken proactive steps to improve access, Connecticut stands out for its innovative initiatives to create pathways to college and reduce the burden of student debt. However, the state has struggled with one of the largest wealth gaps
President Joe Biden’s top economic advisor, Lael Brainard, recently discussed the country’s looming debate over the expiration of several tax breaks enacted by former President Donald Trump in 2017. These tax breaks, including lower federal income tax brackets, a higher standard deduction, and doubled estate and gift tax exemptions, are set to expire after 2025
When considering a Roth individual retirement account (IRA) conversion, experts suggest that timing is crucial in order to maximize tax savings. Roth conversions involve transferring pretax or nondeductible IRA funds to a Roth IRA, allowing for tax-free growth in the future. While there are upfront taxes to be paid on the converted balance, converting early