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
Personal
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
President Joe Biden is aiming to implement a student loan forgiveness plan before the upcoming November presidential election. However, the administration is currently sifting through an overwhelming amount of public comments on the proposal, which were published in the Federal Register. With over 34,000 comments already submitted and more expected before the 30-day public comment
As the baby boomer generation ages, there is a significant amount of wealth that is set to be passed down to the next generation. However, recent reports have highlighted a growing disconnect between how much millennials and Generation Z expect to inherit and what their aging parents actually plan on leaving them. While 68% of
The Social Security Administration’s trust funds, which are crucial for paying out benefits, are now projected to run out in 2035, which is one year later than previously estimated. This improvement can be credited to more individuals contributing to the program due to a strong economy, low unemployment rates, and higher job and wage growth.
Growing up on a New Jersey farm, sisters Rebekah Alstede Modery and Sarah Alstede had an early introduction to the agricultural world. With dreams of continuing their family legacy, both sisters pursued higher education to equip themselves with the knowledge and skills necessary to take on leadership roles at Alstede Farms. Despite the traditionally male-dominated
In today’s competitive job market, equity compensation has emerged as a key workplace benefit for employees. According to a recent survey by Morgan Stanley, 72% of companies now offer some form of equity compensation to certain employees, up from 65% in the previous year. This type of benefit not only motivates employees but also helps
The Public Service Loan Forgiveness program, a popular initiative signed into law by President George W. Bush in 2007, has recently undergone a partial processing pause that began on May 1st and is expected to last until July. This suspension comes as the Biden administration works towards revamping the federal student loan program, aiming to
The U.S. Department of Education recently announced that Mohela, a federal student loan servicer, will be transferring some student loan borrowers to different servicers. This change will affect more than 1 million borrowers as part of a shift in loan management. The Education Department has contracts with various companies to service federal student loans, including
The recent decision by the Federal Reserve to leave interest rates unchanged has created a complex situation for consumers. While this move may provide some stability in the short term, it also means that the relief from high borrowing costs is not on the immediate horizon. This article delves into the repercussions of the Fed’s