Vice President Kamala Harris has recently proposed higher taxes on wealthy Americans and corporations, aligning her economic agenda with that of President Joe Biden. This includes a 25% minimum tax on total income, which would also target unrealized gains exceeding $100 million. However, experts are skeptical about the feasibility of this plan gaining traction. Wealth
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Marketplace health insurance has become a crucial option for many younger retirees in the United States who are not yet eligible for Medicare. With lower monthly premiums available through the end of 2025, thanks to boosted tax breaks, more and more retirees between the ages of 55 to 64 are turning to this form of
The current labor market in the United States is experiencing a significant downturn, especially impacting young adults between the ages of 18 to 24. A recent report by the Federal Reserve Bank of St. Louis revealed that about 16% of young adults in this age group are not employed and not enrolled in high school
The latest research from Bank of America indicates that travel spending among American households is exceeding pre-pandemic levels, largely due to a growing interest in international trips. Economists Taylor Bowley and Joe Wadford note that vacationing abroad is a significant factor in the current trend, with spending up by 10.6% per household compared to 2019.
With the Federal Reserve considering interest rate cuts, there is a growing sense of uncertainty among experts regarding the future of the U.S. economy. This ambiguity poses a significant challenge, especially for individuals who are nearing retirement or are already retired. The potential for a recession or market decline raises concerns about the impact on
The concept of automated 401(k) plans has been widely embraced by employers in recent years. However, new research reveals that the positive impact of these initiatives may not be as significant as previously assumed. A study published by the National Bureau of Economic Research highlights overlooked factors that diminish the long-term effectiveness of policies like
As the season of fall foliage and pumpkin spice lattes approaches, the job market may also be turning over a new leaf. Career experts have noticed a trend known as the “September surge,” where more job postings become available after Labor Day. This surge is attributed to the end of a summer slowdown when job
Retirees who are concerned about the rising costs of prescription drugs have a glimmer of hope on the horizon. Starting in 2025, Medicare drug plan enrollees will have their annual out-of-pocket drug costs capped at $2,000. This change is expected to bring significant relief to participants in Medicare drug coverage, also known as Medicare Part
Many investors are aware of asset allocation, where they balance stocks and bonds to manage investment risk and return. However, another crucial aspect that is often overlooked is asset location. This strategy focuses on minimizing taxes to enhance after-tax returns, particularly for wealthier investors. Asset location is especially beneficial for investors in the 24% federal
The U.S. Department of Education recently announced additional details about the rollout of the new Free Application for Federal Student Aid (FAFSA) for the upcoming academic year, aiming to address the issues that plagued the previous college aid application cycle. The 2025-2026 FAFSA will undergo a phased rollout, starting with beta testing for limited student