The Biden administration’s plans for sweeping student loan forgiveness hit a roadblock when a Republican-led challenge managed to temporarily block the relief. U.S. District Judge Randal Hall issued a temporary restraining order against President Joe Biden’s second attempt to cancel student debt, responding to a lawsuit brought by seven Republican-led states. These states argued that
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When it comes to the IRS, certain elements of your tax return can potentially draw attention, even if you are not in the high-income bracket. Experts caution that regardless of your yearly earnings, there are some red flags for IRS audits that you should be aware of. One of the major red flags that can
Vice President Kamala Harris has recently proposed a new tax policy that would increase the capital gains tax rate for top earners in the United States. Under her plan, households making more than $1 million annually would face a 28% tax on long-term capital gains, which is an increase from the current rate of 20%.
In today’s digital age, coupons have evolved far beyond the days of flipping through Sunday circulars. With the rise of online codes, browser extensions, and money-saving apps, consumers now have more ways than ever to find significant discounts at any time. A recent study by SimplyCodes revealed that Friday is the optimal day for consumers
Vice President Kamala Harris has laid out her economic agenda, proposing higher taxes on wealthy Americans and corporations as part of her plan. This includes endorsing the tax increases put forth by President Joe Biden, which include a 25% minimum tax on total income over $100 million, which is referred to as the billionaire minimum
When it comes to retirement planning, many younger retirees turn to Marketplace health insurance as a cost-effective solution before becoming eligible for Medicare at age 65. The Marketplace offers lower monthly premiums, thanks to boosted tax breaks extended through 2025. As of open enrollment 2024, over 5.1 million Americans aged 55 to 64 had Marketplace
When cracks begin to appear in the labor market, it is often young adults who bear the brunt of the impact. A recent report by the Federal Reserve Bank of St. Louis highlighted the alarming statistic that approximately 16% of 18- to 24-year-olds are neither employed nor enrolled in high school or college. These young
Recent research from the Bank of America Institute shows that travel spending among American households has exceeded pre-pandemic levels, with a particular focus on international trips. Travel momentum seems to be heavily influenced by vacationing abroad, as noted by economists Taylor Bowley and Joe Wadford. Despite a slight decline in travel spending from 2023, it
With the Federal Reserve considering cutting interest rates, the U.S. economy is facing uncertainty according to experts. The possibility of a recession has caused concern among investors, especially those nearing retirement. As retirement savings and financial stability become paramount, it’s crucial for individuals to have a solid contingency plan in place. As retirement approaches, the
Employers have been increasingly implementing automated features in 401(k) plans to help boost employees’ retirement savings. However, new research suggests that the benefits of these automated savings strategies may not be as significant as previously believed. Factors such as job turnover and cashing out 401(k) balances when leaving a job can significantly reduce the long-term