Vice President Kamala Harris has recently outlined her economic agenda, which includes higher taxes on wealthy Americans and corporations. One of the key components of her plan is the endorsement of the tax increases proposed by President Joe Biden in his fiscal year 2025 budget. This includes a 25% minimum tax on total income, which
Personal
As more and more Americans aged 55 to 64 rely on Marketplace health insurance, it is crucial to understand the potential tax implications that can arise for younger retirees. The boosted tax breaks and lower monthly premiums available through Marketplace coverage have been a significant benefit for many individuals. However, without proper planning, retirees may
When cracks begin to show in the labor market, the impact is often felt most strongly by young adults. Recent reports from the Federal Reserve Bank of St. Louis have highlighted a concerning trend – about 16% of 18- to 24-year-olds are neither employed nor enrolled in high school or college, leading to them being
The recent research from the Bank of America indicates that travel spending among American households is exceeding pre-pandemic levels, with a particular emphasis on international trips. This trend is fueled by a growing interest in vacationing abroad, as mentioned by Taylor Bowley and Joe Wadford, economists at the Bank of America Institute. According to their
As the Federal Reserve considers cutting interest rates, there is a split in expert opinions regarding the future of the U.S. economy. Some forecast a potential recession while others hope for a soft landing. The implications of these potential scenarios are especially critical for individuals at or near retirement age. A sudden downturn could significantly
As the season of fall foliage and pumpkin spice lattes approaches, the job market may also be turning over a new leaf. Career experts suggest that a “September surge,” where more job postings become available after Labor Day, is tied to the end of a summer slowdown. In the words of Cara Heilmann, president of
Employers have increasingly adopted automated retirement savings programs, such as auto-enrollment and auto-escalation, to encourage workers to save more for their future. These policies were initially believed to have a significant positive impact on employees’ retirement savings. However, new research suggests that the actual benefits may not be as substantial as previously thought. Factors like
Retirees who have been struggling with the high costs of prescription drugs can breathe a sigh of relief starting in 2025. New changes to Medicare Part D prescription drug coverage will bring about significant improvements for millions of participants, resulting in substantial cost savings and increased access to necessary medications. New Out-of-Pocket Cap In January
Despite the widespread knowledge of asset allocation among investors, the concept of tax allocation is often overlooked, resulting in significant financial losses. Advisors emphasize the importance of strategically locating assets in different types of accounts to minimize taxes and maximize after-tax returns for wealthier individuals. Asset location becomes especially crucial for investors in the 24%
The U.S. Department of Education has unveiled new details regarding the release of the 2025-26 Free Application for Federal Student Aid (FAFSA). This initiative aims to address the challenges faced during the previous college aid application cycle. The upcoming FAFSA will be accessible to select groups of students through beta tests starting on October 1,