The recent Supreme Court ruling in the Moore v. United States case has raised concerns about the feasibility of implementing wealth tax proposals in the United States. While there is a growing interest among lawmakers to tax the ultra-rich, the blocking of the challenge to the “mandatory repatriation tax” by the Supreme Court has added
Personal
It is not uncommon for people to find themselves dealing with summer travel expenses long after the season has ended. According to a recent survey by Bankrate, 36% of Americans admitted that they plan to take on debt in order to fund their summer vacations. The survey revealed that the payment methods for summer travel
As we look ahead to the future of health insurance premiums, there is a looming threat that premiums could increase significantly after 2025 if Congress does not take action. The premium tax credit currently plays a key role in making health insurance purchased via the federal marketplace more affordable. Participants have the option to use
The upcoming presidential debate between President Joe Biden and former President Donald Trump is expected to shed light on their respective stances on tax policies. Experts believe that this debate could provide insights into the future of tax breaks introduced under the Tax Cuts and Jobs Act of 2017 (TCJA). Several key provisions of the
As Cody Gude eagerly awaited the reduction of his student loan payment from $200 to $100 under the Saving on a Valuable Education (SAVE) plan, news broke that major parts of this plan were put on pause. This decision, prompted by temporary injunctions from federal judges in Kansas and Missouri, has left millions of student
In today’s world, a looming retirement savings crisis is becoming more apparent. Many individuals with 401(k) plans and other retirement balances are falling short of what they will need to sustain themselves during retirement. However, there is a glimmer of hope for some individuals known as “super savers.” These super savers are going above and
As you approach retirement with a substantial 401(k) or IRA balance, experts advise creating a plan to navigate potential tax implications. With the recent legislation of Secure 2.0, the age for required minimum distributions (RMDs) has been increased to 73, starting in 2023. These RMDs, linked to pre-tax retirement accounts, can push retirees into higher
The recent surge in inflation rates in 2022 has had a significant impact on retirees and near-retirees, forcing many individuals to reconsider their retirement plans. According to a survey conducted by Prudential Financial, a large number of 65-year-olds have postponed their retirement due to inflation, with 43% stating that they have had to delay their
The ongoing issues surrounding the new Free Application for Federal Student Aid (FAFSA) have had a detrimental impact on high school seniors and their families. Reports indicate that as of June 14, only 45% of high school graduates have successfully completed the FAFSA, a significant drop from the previous year’s 52%. This means that over
401(k) savings rates have reached historic levels as plan designs have evolved to make it easier for workers to save money for retirement. According to Vanguard’s yearly analysis, the average combined savings rate in 2023 was estimated to be 11.7%, matching the record high from the previous year. Similarly, a Fidelity report found a combined