GOLDFIELD, Iowa—As climate-change concerns grow, ethanol plants like the one in this town of 630 surrounded by 10-foot-tall corn stalks are eager to join new pipeline networks that aim to carry carbon...
Tag: government budget
Got Hidden Income? The IRS May Get More Money to Find You
If Congress passes the Inflation Reduction Act, Americans should expect more IRS audits—especially on filers making more than $400,000 a year. The surprise agreement between Sens. Chuck Schumer (D., N...
‘We expect it to be removed’: Democrats’ push to close ‘carried interest loophole’ in jeopardy as Sinema seeks to block effort
Sen. Kyrsten Sinema has signaled her opposition to closing a controversial tax loophole that allows carried interest to be taxed as capital gains instead of income, according to multiple reports. As a...
Cost of Democrats’ Corporate-Tax Increase Skews to Wealthy, Reaches Middle Class
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Raymond James’ Darren Coleman: How I Serve Cross-Border U.S.-Canada Clients
Americans mulling a move to Canada might think the financial transition would be a piece of cake. After all, both countries are democracies with advanced banking systems. What could go wrong? Actually...
IRS Gives Wealthy Families More Time to Shelter Assets from Estate Tax
The federal government is giving widows and widowers more time to deal with the intricacies of the estate tax after a spouse dies. When one spouse dies, their partner often inherits all or part of the...
Bank of Mexico Minutes Show Board Open to More 0.75-Point Rate Increases
MEXICO CITY—Bank of Mexico governors all agreed to raise the reference interest rate by three-quarters of a percentage point last month to rein in inflation, and most are willing to consider further i...
The IRS audited ex-FBI director James Comey and former deputy Andrew McCabe. What are the odds?
In recent years, the Internal Revenue Service has been processing around 150 million to over 160 million tax returns annually, doing the work with a shrinking staff and an inflation-adjusted budget th...
How inflation affects 2023 tax brackets: You may get an unexpected ‘tax cut’
As you probably know, the federal income tax rate brackets, and many other federal tax parameters, are indexed for inflation using a factor based on the monthly average of changes in the chained Consu...
Opinion: Stocks could drop 50%, Nouriel Roubini argues. Things will get much worse before they get better.
NEW YORK (Project Syndicate)—The global financial and economic outlook for the year ahead has soured rapidly in recent months, with policy makers, investors, and households now asking how much they sh...
3 big problems with Congress’ new retirement reforms
A new set of reforms to America’s retirement tax and savings plans passed a key hurdle in Congress last week. Variously known as the SECURE Act 2.0, the EARN Act and the RISE & SHINE Act, the meas...
Biden Proposes Gas Tax Suspension. That’s Not Why Oil Prices Are Falling.
Text size Crude prices fall as the Biden administration takes more steps to try to lower gasoline prices. Mario Tama/Getty Images Oil prices were falling Wednesday as President Joe Biden prepared to a...
Reality TV stars Todd and Julie Chrisley found guilty on fraud, tax-evasion charges
ATLANTA — Todd and Julie Chrisley, stars of the reality television show “Chrisley Knows Best,” were found guilty Tuesday in Atlanta on federal charges including bank fraud and tax evasion. The Chrisle...
Biden open to canceling $10,000 in student loans per borrower — what that means for your budget, credit score and tax bill
If $10,000 vanishes from your student debt, you may want to celebrate. This is a question millions of student loan holders may be facing soon if President Joe Biden proceeds with a controversial plan ...
Opinion: This plan to tax the ultrarich is much simpler and better than Biden’s idea
President Joe Biden and Senate Finance Committee Chair Ron Wyden (D-OR) have proposed different ways to tax unrealized capital gains every year. Their shared goal is understandable, with trillions of ...
How do higher mortgage rates help shrink inflation? Here’s an explainer.
The Federal Reserve yanked a short-term interest rate higher this week, making it more expensive to borrow money to buy a home or fix it up. The central bank raised the federal funds rate last week by...
How high can the Fed hike interest rates before a recession hits? This chart suggests a low threshold.
The days when the Federal Reserve could raise its benchmark interest rate significantly above 5% without sparking a recession may be a thing of the past, according to Wells Fargo Investment Institute....
Saudi Royals Are Selling Homes, Yachts and Art as Crown Prince Cuts Income
RIYADH, Saudi Arabia—Saudi princes have sold more than $600 million worth of real estate, yachts and artwork in the U.S. and Europe since the kingdom’s de facto ruler tightened the purse strings of th...
‘The issues with the IRS are still present and very real’: Millions of Americans are racing to file their tax returns, and filing extensions
Tax Day came and went earlier this week, so if your upcoming weekend plans are just chilling after the last-minute tax time bustle, you might have company. April 18 marked the deadline in most states ...
‘I’m already feeling guilty’: My uncle is leaving me a large inheritance, but excluding my siblings. Should I gift them money every year, or set up a trust?
Dear Quentin, I am soon to inherit a sizable sum of money from an uncle with whom no one in my family still speaks; I’m the only one who has stayed in contact with him. While it seems a bit grotesque ...
You Made $700 From an Online Side Hustle. Now the IRS Will Know.
Now that your 2021 taxes are done—or at least under way—it’s time to focus on a key tax change for 2022 affecting millions of Americans making money through platforms like eBay , Etsy , Airbnb , Venmo...
How to Handle the Taxes on the AT&T Spinoff of Warner Bros.
Text size The Warner Bros. Studios in Burbank, Calif. AT&T shareholders have received a 0.242 share of Warner Bros. Discovery for each AT&T share. Photographer: Bing Guan/Bloomberg Bing Guan/B...
Here’s Another Reason to Do a Roth IRA Conversion. Your Heirs Will Thank You.
Dreamstime Text size If you’re planning to leave a tax-deferred account to your children, you may be able to save them a lot of money by doing Roth conversions while you’re alive. Suppose you have a ...
Three things to take care of when you retire—your future self will thank you for it
After a working lifetime of alarm clocks and meetings, you might be looking forward to a lot more unstructured time once you retire. But taking care of one more to-do list early on can set you up for ...
Opinion: The cloud boom is coming back to earth, and that could be scary for tech stocks
Cloud computing is widely viewed as a recession-resistant business, but the theory has not really been tested since cloud-service providers have not experienced a major economic downturn since becomin...