The debate surrounding the federal deduction for state and local taxes (SALT) continues to simmer, particularly as we look toward the 2025 tax negotiations. The Tax Cuts and Jobs Act (TCJA) enacted in 2017 introduced a $10,000 cap on this deduction, significantly curtailing benefits for residents in high-tax states such as New York, California, and
Personal
The Social Security Administration (SSA) has made a significant and contentious policy shift regarding the handling of overpayments. Starting March 27, beneficiaries who receive excess payments may find their entire benefits withheld at a staggering 100% rate. Previously, a more forgiving 10% default withholding rate was in place to accommodate individuals who were struggling to
President Donald Trump’s recent executive order to limit the eligibility of the Public Service Loan Forgiveness (PSLF) program is a disheartening move that reflects a deeper ideological divide regarding public service and community-oriented professions. By decree, Trump has barred borrowers who work with organizations that deal with issues like illegal immigration or child trafficking from
As of January, the Federal Reserve’s G.19 report revealed a staggering total of $5 trillion in outstanding consumer debt. While this figure represents a minor uptick from the previous month, it marks a 0.6% decline year-over-year. The nuances behind these numbers are fascinating; specifically, revolving debt—which mainly consists of credit card balances—spiked by 8.2% compared
Medicaid, originally designed to ensure healthcare access for low-income individuals, is grappling with new challenges that have significant implications for millions of Americans. The Congressional Budget Office (CBO) recently indicated that if House Republicans wish to achieve their budgetary objectives, cuts to Medicaid will have to be part of the equation. This prospect has sparked
When it comes to retirement savings, the allure of pre-tax 401(k) plans and traditional IRAs can be irresistible. They seem like a straightforward solution for reducing taxable income every year. However, what many investors fail to recognize is the ticking tax time bomb that comes with these accounts. Once you reach retirement age, the withdrawals
For workers, particularly those in high-income brackets, Social Security payroll taxes represent an unavoidable facet of their compensation structure. As established, there exists a taxable maximum, which for the year 2025 will be set at $176,100. This means that once an earner surpasses this threshold, they effectively stop contributing to the Social Security fund for
The recent cuts at the Department of Education under President Trump are sending shockwaves through the landscape of federal student loans. When the dedicated personnel tasked with addressing borrower complaints are let go, the ramifications extend well beyond mere statistics; they ripple through the financial stability of millions of borrowers who find themselves increasingly isolated
In 2024, the United States has solidified its position as the epicenter of wealth accumulation, with a staggering 40% of the world’s super-rich residing within its borders. This is not merely a statistic; it’s an indicator of stark economic divides that grow more pronounced each year. According to Knight Frank’s recent Wealth Report, high-net-worth individuals
Donald Trump’s recent claims to “make America affordable again” appear as little more than a misguided and ill-conceived political slogan rather than a blueprint for genuine reform. As he touted his tariffs on goods from Canada, Mexico, and China—a move purported to invigorate American manufacturing—he brazenly acknowledged that these taxes will likely lead to “disturbances”
The recent revelation that Massachusetts Institute of Technology (MIT) has overtaken Harvard University as the most sought-after institution among college applicants is reflective of a significant shift within the American educational landscape. Often venerated as the pinnacle of academic achievement, Harvard has faced severe backlash and controversy, including incidents of antisemitism and administrative missteps that