The inflation rate for food prices has slowed down in recent months, according to government data. However, this slowdown does not mean that consumers are not feeling the impact of high grocery costs. In the past few years, 80% of Americans have noticed a significant increase in the price of groceries, with prices rising by
Personal
The U.S. Department of the Treasury and the IRS have recently revealed a plan aimed at closing a significant tax loophole used by large, complex partnerships. This move is expected to generate more than $50 billion in tax revenue over the next decade. The focus of the plan is on combating “related party basis shifting,”
The recent decision by the Federal Reserve to leave interest rates unchanged has signaled that there may be only one rate cut expected before the end of the year. This means that individuals carrying credit card balances will not see much relief in terms of sky-high interest charges. With the average credit card rate nearing
The world of car payments has undergone significant changes in recent years. With a combination of high prices and interest rates, the average monthly auto loan payment has surged to $760, according to Moody’s Analytics. This marks a substantial increase from the $535 average payment in May 2019. Moreover, a staggering 17% of car owners
The issue of student loan forgiveness has become increasingly contentious in recent years. The Biden administration’s proposal to cancel student debt has sparked heated debates across the country. Individuals like Arkansas Attorney General Tim Griffin, who took over 30 years to pay off his $100,000 student loan balance, question the fairness of debt cancellation. On
When it comes to managing your finances, it is crucial to stay on top of your tax obligations. The second-quarter estimated tax deadline for 2024 is June 17, and failure to send a payment could result in penalties imposed by the IRS. This deadline is particularly important for individuals who have income sources without withholdings,
When assessing your retirement readiness, it is common to compare your 401(k) balance to others to gauge progress. Recent data from Fidelity reveals that the average 401(k) balance among investors on the platform was $125,900 in the first quarter. However, breaking down this data by age group may not provide an accurate comparison. Instead, looking
Gen Z is proving to be ahead of the curve when it comes to investing. According to the 2024 Schwab Modern Wealth survey, Gen Z adults are starting to invest and save at an average age of 19. This is a stark difference from baby boomers, who typically began investing at the age of 35,
The real estate market is experiencing a surge in new listings, with a 13% increase from a year ago as reported by Zillow. However, this influx of properties is not translating into quick sales due to escalating prices and interest rates. Senior economist at Zillow, Orphe Divounguy, points out that while there is an uptick
In a recent Senate Budget Committee hearing, lawmakers and experts discussed various Democratic proposals for increasing taxes on corporations and wealthy Americans. The proponents of these plans argue that higher taxes are necessary to address income inequality and reduce the federal budget deficit. Joseph Stiglitz, a professor of economics at Columbia University, emphasized that higher