Lawmakers have been increasingly interested in taxing the ultra-rich, but a recent Supreme Court ruling could pose a threat to future wealth tax proposals. In the case of Moore v. United States, a challenge to the “mandatory repatriation tax,” which is a one-time levy on certain foreign investments enacted in 2017, was blocked by the
Personal
Many Americans find themselves grappling with the financial aftermath of summer travel long after the season has ended. It was found that a significant 36% of individuals are willing to accumulate debt in order to fund their summer adventures, according to a survey conducted by Bankrate. The methods of payment for summer travel expenses varied
The federal marketplace provides health insurance plans that are more affordable for participants through the premium tax credit. However, there is concern that premiums could see a significant increase after 2025 if Congress does not take action. The temporary enhancement of the credit through the American Rescue Plan Act, which covered plans in 2021 and
As President Joe Biden and former President Donald Trump gear up for the first presidential debate of the 2024 general election, the focus is likely to be on tax policy. Specifically, experts point out that one key issue that may come under scrutiny is the Republicans’ expiring tax breaks which were put into effect through
As the news broke that major parts of the Saving on a Valuable Education, or SAVE, plan were put on pause due to two federal judges issuing preliminary injunctions, borrowers like Cody Gude felt a wave of disappointment and confusion. Gude, a resident of Tampa, Florida, was eagerly awaiting a drop in his student loan
In today’s society, a retirement savings crisis is looming, with many individuals facing the harsh reality of not having enough funds to support themselves during their retirement years. However, there is a silver lining in the form of “super savers” – individuals who are diligently setting aside more than 10% of their salaries towards their
As individuals approach retirement with substantial pre-tax retirement account balances, it is crucial to have a solid plan in place to mitigate potential tax burdens in the future. Financial experts emphasize the need for proactive tax planning to avoid what is often referred to as a “tax time bomb” that can impact retirees when required
The ongoing issues with the Free Application for Federal Student Aid (FAFSA) have created significant obstacles for high school seniors and their families. According to recent data from the National College Attainment Network, only 45% of high school graduates have completed the FAFSA as of June 14th, a decrease from 52% the previous year. The
The recent surge in inflation has left many retirees and near-retirees feeling the financial strain. According to a new study by Prudential Financial, 43% of 65-year-olds have postponed their retirement plans due to inflation, while one third of 55-year-olds are considering pushing off their retirement dates. These findings highlight the significant impact that rising prices
The average 401(k) savings rate, including both employee deferrals and company contributions, has reached historic levels in recent years. Reports from Vanguard and Fidelity for 2023 and early 2024 show record-high combined savings rates of 11.7% and 14.2% respectively. These numbers emphasize the importance of setting money aside for retirement, with Vanguard recommending saving between