A day after Raphael Warnock held onto his seat in Georgia’s Senate race, giving Democrats a 51-49 edge in the Senate, Democrats are hoping that momentum can quickly turn into a financial boost for par...
Tag: Legislative Branch
‘Voters are looking for help’: With control of Congress too early to call, here are 3 burning tax questions
A day after midterm elections, it remains uncertain whether either party will end up with Congressional control or whether it will be a divided Congress — and that has consequences for these tax quest...
That Sky-High I Bond Interest Rate Will Be Coming Down to Earth
Inflation-adjusted Series I savings bonds have been the most enticing place to park your cash this year—nearly 10% interest, backed by the U.S. government, the safest investment around. In a few weeks...
Senators introduce the next retirement savings proposal – the EARN Act
The EARN Act is the latest addition to the lineup of proposals legislators have put forth to bolster retirement savings. Senators Ron Wyden, a Democrat from Oregon, and Mike Crapo, a Republican from ...
Biden Planning Student-Loan Announcement Wednesday
White House officials are planning for President Biden to make an announcement on Wednesday about his proposal for dealing with student-loan debt, according to people familiar with the matter. The pre...
Inflation Reduction Act would send $80 billion to the IRS. Tax experts say it may not be enough to help the backlogged agency.
For roughly a year, Jonathan Baer watched a paper folder full of tax-related paperwork slowly grow as he chronicled his effort to claim his 2020 tax refund. The attempts included upwards of 40 phone c...
House passes Inflation Reduction Act: What Democrats’ bill does for climate, drug prices and taxes
Democrats’ Inflation Reduction Act passed the House of Representatives in a 220-207 vote on Friday after clearing the Senate last weekend, and with it, some big changes could be coming to key sectors ...
Stocks Could Keep Rising If the Fed Shows Restraint
Text size As the market rebounds, speculative stocks are stirring. For proof, consider Cathie Wood’s ARK Innovation ETF, up about 40% since mid-June. David Swanson/Reuters/Alamy What bear market? Stoc...
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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Intel Shows Limits of Chips Act
There is a rich irony to the notion that U.S. lawmakers rescued a giant subsidy package for the semiconductor industry just as the country’s largest chip maker proved the limits of such measures. On T...
Senate Climate Bill Is a Boon for Fossil Fuels
WASHINGTON—Senate Democrats are moving forward on the costliest and most ambitious effort ever by the U.S. to address climate change—powered in part by benefits for fossil fuels and the broader energy...
Senate Reconciliation Bill Would Close Carried Interest Loophole. What It Means for Private Equity.
Text size Sen. Joe Manchin wants to eliminate a provision giving favorable tax treatment to the private-equity industry. Alex Wong/Getty Images In a surprise, Senate Democrats reached a deal on a bill...
Here’s what’s in, and out, of Democrats’ $739 billion inflation-fighting package
WASHINGTON — What started as a $4 trillion effort during President Joe Biden’s first months in office to rebuild America’s public infrastructure and family support systems has ended up a much slimmer,...
Chip stocks rally despite an ominous forecast, as U.S. semiconductor funding bill advances in Senate
Chip stocks rallied to finish higher Wednesday after the Senate moved closer to greenlighting more than $50 billion in funds for U.S.-based chip manufacturing, even as one chip-equipment maker gave an...
Senate Votes on Chips Act Today. What It Means for Intel and Other Stocks.
Text size The Senate votes Tuesday on a bill that would authorize more than $50 billion in subsidies and tax credits for U.S. chip makers. Tim Herman/Intel Corporation Semiconductor stocks rose Tuesda...
Chip Investment Decisions Await Congressional Action on $52 Billion Funding Bill
Political wrangling in Congress over government funding for the semiconductor industry is leaving tens of billions of dollars of potential factory projects hanging in limbo and could dent the ambition...
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...
Senate Advances Bill to Raise Age for RMDs to 75
Text size Savers can wait longer to begin emptying retirement accounts under pending legislation. Eric Lee/Bloomberg The Senate Finance Committee advanced a bill on Wednesday that would raise the age ...
Big Changes to 401(k) Retirement Plans Get Closer With Senate Vote
Americans could wait longer to start emptying retirement accounts and face fewer restrictions on emergency withdrawals under a bill advanced unanimously Wednesday by the Senate Finance Committee. The...
Harvard expert warns of potential ‘harm’ to index investing, as Republican bill takes on ‘woke fund managers’
Senators and legal experts tussled Tuesday over the merits of a Republican bill that aims to reduce the voting power of the three index-investing giants — BlackRock, Vanguard and State Street. Republi...
Senators Plan Bipartisan Retirement Package as House Poised to Pass Secure 2.0
Retirement experts urged lawmakers Tuesday to take action to expand the availability of workplace savings plans and to level some of the barriers that have kept workers from putting more money away fo...
Lael Brainard Says Inflation Is ‘Too High.’ She’s Open to a Rate Hike in March.
Text size Lael Brainard Jim Watson/AFP/Getty Images Cutting down inflation will be the Federal Reserve’s most important task for the foreseeable future, Fed Gov. Lael Brainard said at her confirmation...
Don’t Expect the Stock Market to Rally, Even if GOP Wins Control of Congress
The outcome of the midterm elections on Nov. 8 could disappoint investors, regardless of which party they support. According to Wall Street lore, stocks usually perform strongly following the midterms...