Vice President Kamala Harris recently unveiled an economic plan that includes an expanded child tax credit worth up to $6,000 in total tax relief for families with newborn children. This proposal is aimed at restoring the higher child tax credit that was enacted through the American Rescue Plan in 2021. The 2021 credit provided a
Personal
As retirement nears, investors need to be aware of a potential threat known as the “sequence of returns risk.” This risk, also called “sequence risk,” arises when poor investment returns are coupled with withdrawals, particularly in the early years of retirement. The combination of these factors can gradually diminish a retiree’s nest egg over time.
Former President Donald Trump has recently proposed a bold idea for Social Security reform: ending taxes on benefit income. While this proposal may seem appealing to seniors who rely on these benefits, there are several critical issues that need to be addressed. Rep. John Larson, D-Conn., pointed out a significant flaw in Trump’s plan: the
As investors grapple with economic uncertainty, financial advisors are providing guidelines on the appropriate amount of cash that should be set aside for emergencies. Despite the second-quarter economic growth, a significant number of Americans still believe that the U.S. is in a recession. The opinions are divided, with some experts projecting a recession while others
Former President Donald Trump and Vice President Kamala Harris have both expressed their desire to end taxes on tips. Harris recently voiced her support for this idea at a rally in Las Vegas, following Trump’s earlier comments on the matter. This proposal is particularly important in states like Nevada, where the hospitality sector plays a
The Social Security Administration is currently facing a significant challenge due to a “record-breaking backlog” of open cases, which has led to approximately $1.1 billion in projected improper payments to beneficiaries. According to a recent report from the Social Security Administration Office of the Inspector General, the backlog of pending actions has reached an all-time
The recent fears of a U.S. recession have once again highlighted the vulnerabilities in the country’s unemployment system. Experts have expressed concerns that the system, which is crucial for providing temporary income support to laid-off workers, is not adequately prepared for another economic downturn. The flaws in the system were exposed during the Covid-19 pandemic,
The Biden administration’s ambitious student loan repayment plan, known as SAVE, has come under intense scrutiny and legal challenges, causing uncertainty for the roughly 8 million borrowers enrolled in the program. With its promise of lower monthly payments and quicker debt erasure, SAVE was hailed as the most affordable student loan plan ever introduced. However,
As Hurricane Debby made its way through the southeastern U.S., heavy rains and flash floods wreaked havoc in various states. With the storm now downgraded to a post-tropical system, the Mid-Atlantic and Northeast regions are at risk of being inundated as it moves up the coastline. Homeowners who anticipate such natural disasters may have taken
President Donald Trump has once again proposed the elimination of taxes on Social Security benefits for seniors. This proposal has caused a stir among policy experts who warn about the negative implications it could have on the Social Security and Medicare trust funds. During a recent interview on “Fox & Friends” and a press conference