For five years, most Americans have seen lower income-tax rates and tapped a bigger standard deduction, but without congressional action before the end of 2025, the rules could still revert to levels ...
Tag: Domestic Politics
Biden targets crypto, real estate and oil industries, as he unveils his budget
President Joe Biden on Thursday called for ending tax subsidies for cryptocurrency investors, the real estate industry and the oil and gas sector, as he formally rolled out his proposed budget for the...
‘I don’t have any other debt’: I have $40,000 in student loans, but saved $70,000 due to deferred payments. I live in the Bay Area. What should I do with this money?
I am a single 35 year-old with $40,000 remaining in federal student loans. In early 2020, I was super lucky to land a great new job that significantly increased my income. This was the middle of the p...
‘I’m holding my breath’: What will happen if the Supreme Court blocks Biden’s student-loan forgiveness plan?
As the Supreme Court debates President Joe Biden’s student-loan forgiveness plan, Americans’ consumer debt continues to rise — and more of it is past due. For Shanna Hayes, 34, who was recently laid o...
Al Gore’s Firm Sells Alibaba Stock, TSMC, and Shopify. It Bought TI.
Generation Investment Management, chaired by former Vice President Al Gore, recently made big changes in its portfolio, reshuffling its holdings in the semiconductor business as its money managers cit...
A Debt-Ceiling Fight Could Raise U.S. Borrowing Costs and Worsen Budget Deficits
Illustration by Chris Cash Text size About the authors: Arvind Krishnamurthy is the John S. Osterweis professor of finance at the Stanford Graduate School of Business. Hanno Lustig is the school’s Miz...
The Way Americans Retire Has Changed Forever. Saving a Nest Egg Isn’t Enough.
About the author: Martin Neil Baily is a senior fellow at the Brookings Institution. He was Chairman of the Council of Economic Advisers under President Clinton. He is the co-author, with Benjamin H. ...
‘A complete nut’: Fox News hosts didn’t believe 2020 election fraud claims
WILMINGTON, Del. — Hosts at Fox News had serious concerns about allegations of voter fraud in the 2020 presidential election being made by guests who were allies of former President Donald Trump, acco...
Biden’s IRS Nominee: Agency Will Increase Audits of Wealthy Taxpayers
President Joe Biden’s nominee to lead the Internal Revenue Service pledged to increase scrutiny of certain wealthy taxpayers at his confirmation hearing Wednesday before the U.S. Senate Committee on F...
The IRS Has New Tax Rules for State Payments. What They Could Mean for You.
The Internal Revenue Service on Friday gave the green light to taxpayers in 21 states who had been waiting for the agency to clarify the taxability of certain state payments before filing their federa...
Debt-Ceiling Crisis: What Could Happen, According to History
The White House and Congress are locked in a standoff, once again, over whether to raise the debt ceiling—the legislative limit on the total amount of money the federal government is authorized to bor...
Trump and lawyer Habba fined $1 million over ‘frivolous’ suit against Hillary Clinton
NEW YORK (AP) — A Florida judge sanctioned former President Donald Trump and one of his attorneys, ordering them to pay nearly $1 million for filing what he said was a bogus lawsuit against Trump’s 20...
Yellen Says U.S. Expected to Hit Debt Limit Next Thursday
Treasury Secretary Janet Yellen told U.S. lawmakers the federal government was projected to reach its debt limit next Thursday, marking a starting point for what is likely to be a long and tense battl...
The Stock Market Is on a Tear. Don’t Ignore the Debt Ceiling.
It’s always fun until the bill comes due—and the bill always comes due. In fact, it’s coming due right about now. On Friday, Treasury Secretary Janet Yellen warned Congress that the U.S. would hit its...
Opinion: Opinion: The debt ceiling is a farce, not a crisis
AUSTIN, Texas (Project Syndicate)—In his bid to become speaker of the U.S. House of Representatives, Kevin McCarthy apparently agreed to a demand, voiced by Republican Congressman Ralph Norman of Sout...
Brazil’s New President Sends Stocks Tumbling. Bonds Could Be a Buy.
Investors brimmed with optimism when Luiz Inácio Lula da Silva was elected Brazil’s president on Oct. 30, returning to power after two prior terms in 2003 to 2011. It didn’t last. The iShares MSCI Bra...
Opinion: Crypto insurance is nearly nonexistent, so you’ll have to rely on common sense
If only your bitcoin could catch on fire — literally — then it might have a chance of being covered by insurance. For property, fire is a straightforward hazard. But it’s probably the one big thing th...
Opinion: Opinion: Trump’s low tax payments are what happens with a too-complex tax code
People tend to have one of two reactions to the revelation that former President Donald Trump paid little to no taxes in recent years: He’s either an amoral tax cheat or he’s smart. To me, it reveals ...
Democrats release six years of Trump’s tax returns, and CPAs have questions: ‘The personal tax return is just the tip of the iceberg.’
The nonpartisan committee’s findings also raised several red flags related to the filings, namely Trump’s carryover losses, loans to his children that may or may not also be considered taxable gifts, ...
Warren Buffett jumps into local politics to fight Omaha streetcar project
OMAHA, Neb. — Billionaire investor Warren Buffett broke with his practice of staying out of local politics to urge his hometown of Omaha to abandon its planned streetcar project because he says it’s t...
Donald Trump paid $0 in taxes in 2020. He’s not alone: 60% of households paid no federal income tax that year, but for very different reasons.
It’s not that unusual. Former President Donald Trump and his wife, Melania, paid $0 in income taxes for 2020, according to a report released late Tuesday by the congressional Joint Committee on Taxati...
The White House embraced debt forgiveness in 2022. Here’s what student-loan borrowers can expect in 2023.
This was the year the White House embraced the idea of mass student-loan forgiveness, but 2023 will likely be the year when borrowers will find out whether the policy will actually impact their wallet...
Workers and retirees are getting some year-end goodies from Washington
America’s workers and retirees are getting some nice year-end gifts from Washington. As part of a bigger bill to keep the government running, Congress has passed, and President Biden has signed, somet...
Opinion: Ford’s pact with Chinese EV battery maker is a sucker punch to American taxpayers
Virginia Governor Glenn Youngkin made national headlines recently when he rejected a Ford Motor F, +1.30% factory in a struggling part of the state, owning to Ford’s partnership with Contemporary Ampe...