Student loan forgiveness is a contentious issue that elicits strong emotions about fairness, personal responsibility, and economic implications. For individuals like Arkansas Attorney General Tim Griffin, who took around 30 years to pay off a $100,000 student loan balance, the idea of debt forgiveness can be challenging to accept. Griffin, who advocates for repaying debts
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When assessing your retirement preparedness, one common practice is to compare your 401(k) balance with that of other savers. However, looking at people in your field may provide a more accurate comparison point than simply looking at your age group. Recent data from Fidelity reveals that the average 401(k) balance for investors on the firm’s
Gen Z is showing a promising trend when it comes to investing. According to the 2024 Schwab Modern Wealth survey, Gen Z adults have started investing and saving at the age of 19 on average. This is significantly earlier than previous generations, with baby boomers starting at an average age of 35 and millennials at
Paying taxes is a necessary part of being a responsible citizen, and for many individuals, this includes making quarterly estimated tax payments. The second-quarter estimated tax deadline for 2024 is coming up on June 17, and failure to make a payment could result in penalties from the IRS. While it is commonly believed that only
The housing market is currently facing a conundrum where more homeowners are listing their properties for sale, leading to a surge in new listings. According to a report by Zillow, new listings increased by 13% in May compared to a year ago. Despite this influx of new properties entering the market, potential buyers are not
As Congress faces a critical decision on expiring tax breaks worth trillions of dollars, the debate over imposing higher taxes on corporations and wealthy Americans has taken center stage. Proponents of these tax hikes argue that they are crucial in addressing income inequality and reducing the federal budget deficit. Joseph Stiglitz, a professor of economics
The recent announcement from the U.S. Treasury Department and Internal Revenue Service about issuing more than $1 billion in tax credits as an upfront cash incentive for buyers of electric vehicles has stirred a lot of interest and discussions. This move is seen as a significant step in promoting the adoption of electric vehicles across
When Supplemental Security Income (SSI) was first implemented 50 years ago, the maximum monthly benefit was $140 per individual. Fast forward to 2024, and the maximum monthly benefit has only increased to $943 for individuals, which is still well below the federal poverty level of $1,255 per month. The average monthly benefit for individuals remains
As the 2025 deadline for the expiration of the tax breaks enacted by former President Donald Trump via the Tax Cuts and Jobs Act of 2017 approaches, both President Joe Biden and Trump have promised to extend these tax breaks for the majority of Americans. These tax breaks include lower federal income brackets, higher standard
If you’re a U.S. citizen or resident alien living and working outside the country, the deadline for filing your 2023 taxes is quickly approaching. While the regular tax deadline was April 15th for most taxpayers, there is an automatic two-month extension to June 17th for expats. This extension applies to individuals who either live outside