The state and local tax (SALT) deduction has ignited fierce debates among lawmakers, particularly as the looming 2025 taxation landscape approaches. Enacted as part of the Tax Cuts and Jobs Act (TCJA) in 2017, the current $10,000 SALT cap has become a focal point of contention, especially for residents of higher-tax states like California, New
Personal
In an alarming move, the Social Security Administration (SSA) has decided to implement a draconian 100% withholding rate on benefits for individuals who have been overpaid. This announcement, made last week, starkly contrasts with the more sympathetic 10% withholding rate that had been in place for just a year, offering some relief to beneficiaries grappling
In an audacious attempt to reshape America’s student loan landscape, President Donald Trump has introduced a controversial executive order that threatens long-established pathways to student loan forgiveness for public servants. By targeting those who work in sectors associated with “illegal immigration” and similar stigmatized areas, this move represents not just a bureaucratic policy change, but
As reported by the Federal Reserve, the current consumer debt in America has reached a staggering $5 trillion, a concerning figure that hints at underlying economic tensions. Although there has been a slight decrease of 0.6% compared to last year, the rising consumer hangover from credit card balances is alarming, with revolving debt soaring by
Recent proposals put forth by House Republicans signal a potential crisis for millions of Americans reliant on Medicaid, the program providing essential medical services for individuals with limited financial means. The Congressional Budget Office (CBO) has warned that the GOP’s ambitious budget goals, amounting to an unprecedented $880 billion in cuts, hinge significantly on reducing
When it comes to retirement planning, many investors fall victim to the seductive allure of pre-tax contributions, believing these vehicles—like the 401(k) and traditional IRA—offer the best path to wealth accumulation. Yes, you lower your taxable income for the year you contribute, giving you the immediate gratification of a reduced tax bill. However, this often
At the crux of the Social Security debate lies an egregious inequity: the cap on earnings subject to payroll taxes. For workers making up to $176,100, the 6.2% Social Security payroll tax hits hard, only to suddenly vanish for high earners—those who easily clear the million-dollar mark annually. This cap allows the wealthiest citizens, like
As the number of multimillionaires climbs to staggering heights—over 2.3 million individuals boasting net assets north of $10 million—the United States continues to dominate this elite club, marking a profound divide in wealth distribution. According to Knight Frank’s latest Wealth Report, while the global population of high-net-worth individuals saw a 4.4% increase, North America’s numbers
The latest round of cuts to the Department of Education’s workforce is a harrowing blow for federal student loan borrowers seeking help in a system already drowning in issues. When the administration cuts down on staff responsible for handling complaints, the consequences are felt most profoundly by those already struggling with astronomical levels of debt.
In a bewildering turn of events, President Donald Trump recently proclaimed a mission to “make America affordable again,” while simultaneously imposing a series of steep tariffs on imports from Canada and Mexico. This glaring contradiction raises eyebrows and invites skepticism. How can one truly advocate for affordability while instigating a policy guaranteed to heighten consumer