With the upcoming presidential elections, former President Donald Trump and Vice President Kamala Harris have introduced their economic agendas, both of which involve significant tax changes that could potentially affect millions of Americans. Taxes are slated to be a key issue for the next president, especially as trillions in tax breaks established by Trump through
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Over 15 years have passed since the federal minimum wage was last increased, leaving it at a mere $7.25 per hour. While some states have chosen to set their own higher minimum wage rates, there are still 20 states where the wage remains at the federal level. This stagnation has sparked a debate on the
Vice President Kamala Harris recently introduced an economic plan that includes an expanded child tax credit offering up to $6,000 in total tax relief for families with newborn children. This plan seeks to reinstate the higher child tax credit that was implemented through the American Rescue Plan in 2021, providing a maximum credit of up
One of the biggest threats facing investors as they approach retirement is known as the “sequence of returns risk.” This risk, also referred to as sequence risk, occurs when poor investment returns are combined with withdrawals from retirement accounts, especially in the early years of retirement. This dangerous combination can lead to a gradual erosion
In today’s unpredictable economic climate, many investors are facing uncertainty about the future. While there are differing opinions on whether the U.S. is currently in a recession or heading towards a “soft landing,” one thing is clear – having an adequate amount of emergency savings is crucial. According to a recent survey, nearly 60% of
Former President Donald Trump has proposed eliminating taxes on Social Security benefits, arguing that seniors should not have to pay taxes on this income. While this idea may seem appealing on the surface, it has been criticized for its lack of a plan to offset the revenue that would be lost as a result. According
Former President Donald Trump and Vice President Kamala Harris have both expressed their desire to eliminate taxes on tips, a move that has garnered mixed reactions from policy experts. While Harris made her announcement at a rally in Las Vegas, Trump had previously shared a similar idea at a rally as well. The debate around
The Social Security Administration (SSA) is currently facing an unprecedented backlog of open cases, reaching a record-breaking high of 5.2 million pending actions as of February. This backlog has led to approximately $1.1 billion in projected improper payments to beneficiaries, according to a report from the SSA Office of the Inspector General (OIG). The average
The U.S. unemployment system has been under scrutiny, especially considering the renewed fears of a U.S. recession. Experts warn that the system is not fully equipped to handle another economic downturn, pointing towards the shortcomings that were exposed during the Covid-19 pandemic. According to Michele Evermore, a senior fellow at The Century Foundation, and other
The Biden administration’s new affordable repayment plan, known as SAVE, has faced numerous legal challenges that have put the program on hold for potentially months or even longer. The White House reports that approximately 8 million people are currently enrolled in SAVE, the Saving on a Valuable Education plan. This program has stirred controversy since