In recent months, a troubling trend has emerged concerning credit card utilization among Americans, highlighting an alarming rise in debt levels. In 2024, credit card balances in the United States reached an unprecedented $1.17 trillion—a staggering milestone that raises flags across the financial landscape. This issue is not limited to lower-income households; even individuals with
Personal
President Donald Trump’s administration has once again brought attention to the controversial carried interest loophole, which has long been a centerpiece of tax reform discussions. This tax provision allows fund managers—particularly those in private equity, venture capital, and hedge funds—to pay lower taxes on a portion of their income. Specifically, earnings derived from carried interest
Pell Grants are a cornerstone of financial aid for many college students in the United States, particularly those from low-income households. As nearly 75% of undergraduates benefit from some form of financial assistance, the significance of these grants cannot be overstated. However, recent developments indicate a potentially alarming trend in Pell Grant funding that could
Recent concerns have emerged from a faction of U.S. senators regarding the involvement of Elon Musk’s cost-control initiative, the Department of Government Efficiency (DOGE), with the Department of Education (ED). This initiative allegedly gained access to highly confidential data related to federal student loans, posing potential risks to millions of borrowers. The involvement of DOGE
In the labyrinth of tax filing and refunds, many taxpayers—especially those in low- to moderate-income brackets—might be leaving substantial money on the table. They often mistakenly believe that not filing a tax return means missing out on potential credits worth hundreds or thousands of dollars. Understanding the intricacies of the Earned Income Tax Credit (EITC)
The economic landscape has evolved dramatically over the past century. With the recent imposition of tariffs by President Donald Trump, a resurgence of interest in tariffs as a possible alternative to the federal income tax has emerged. However, the actual feasibility of such a radical shift raises numerous questions. Key policy experts argue that attempting
In recent years, discussions about the future of the U.S. Department of Education have intensified, particularly during the Trump administration. As plans to potentially close the agency loom, the effects on the approximately 42 million federal student loan borrowers could be monumental. Understanding the ramifications of such significant policy shifts on education financing is essential
The recent decision by the U.S. government to impose tariffs on several key trade partners has drawn considerable attention among economists, policymakers, and consumers alike. The tariffs, which include a hefty 25% on imports from Canada and Mexico and a 10% levy on goods from China, come at a time when consumers are already struggling
As we enter 2025, retirees are slated to receive their Social Security benefit checks, which will reflect a modest 2.5% increase—marking the smallest cost-of-living adjustment (COLA) since 2021. According to the Social Security Administration (SSA), this change translates to an approximate $50 increase in monthly benefits for the average retiree. However, with a backdrop of
President Donald Trump’s discussions on tariffs have been a prominent feature of his administration’s trade strategy, with the most significant measures set to take effect on February 1. Tariffs on imports from Canada, China, and Mexico are expected to impose considerable strain on U.S. consumers and businesses alike. Economists widely agree that these measures, particularly