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
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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
The southeastern U.S. states recently experienced heavy rains and flash floods due to Hurricane Debby. While homeowners may have flood insurance to protect their property, many are unaware of the limitations that come with it. Flood insurance usually does not cover personal property or items stored in basements, leaving policyholders frustrated and surprised. In the
Former President Donald Trump’s proposal to eliminate taxes on Social Security benefits for seniors might seem beneficial on the surface, but policy experts are warning that it could have severe consequences for the future of Social Security and Medicare trust funds. By repealing the tax, it is estimated that the federal budget deficit could increase
Recent reports from the Federal Reserve Bank of New York and TransUnion have revealed a concerning trend in the United States – credit card debt is on the rise. Americans collectively owe a staggering $1.14 trillion on their credit cards, with the average consumer carrying a balance of $6,329, marking a 4.8% increase year over
Retirees are finding it increasingly difficult to make ends meet as they struggle to afford basic necessities. The issue of exempting Social Security from income taxes has gained bipartisan support across the political spectrum. This has become a point of contention in the 2024 election, with Former President Donald Trump proposing a federal policy and
The latest data on unemployment rates for the month of July has revealed a concerning trend that has caught the attention of many economists. The Bureau of Labor Statistics has identified a group of workers known as marginally attached workers. These individuals are willing and available to work, but have not actively searched for a
Vice President Kamala Harris’ financial decisions are currently receiving attention as she embarks on a campaign for the presidency of the United States. Financial experts have analyzed her recent tax filings and concluded that while her financial approach during her vice presidency years was simple, it may have resulted in missed opportunities for tax savings