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 aims to restore the higher child tax credit that was enacted through the American Rescue Plan in 2021, providing significant financial support to families
Personal
As investors approach retirement, it is crucial for them to be aware of the potential threat known as “sequence of returns risk.” This risk, also referred to as “sequence risk,” is a significant issue caused by poor investment returns combined with withdrawals, especially in the early years of retirement. This unfortunate combination can lead to
President Donald Trump recently proposed a bold idea for Social Security – ending taxes on benefit income. This proposal aims to ensure that seniors do not pay taxes on their Social Security benefits, allowing them to keep more of their monthly checks. While this may sound appealing at first, the plan has faced criticism for
In the midst of economic uncertainty, it is crucial for investors to have a solid emergency savings fund set aside. Despite conflicting opinions on the state of the economy, experts agree that having a financial safety net is essential to weathering any storm that may come your way. With the recent stock market volatility and
Former President Donald Trump and Vice President Kamala Harris have both expressed their desire to end taxes on tips, a move that has sparked a debate among policy experts. Harris recently voiced her support for tax-free tips at a rally in Las Vegas, echoing Trump’s similar sentiments at a previous event. Given that Nevada relies
The Social Security Administration is currently facing a significant backlog of open cases, leading to an estimated $1.1 billion in improper payments to beneficiaries. This issue has been identified in a recent report from the Social Security Administration’s Office of the Inspector General. The backlog of pending actions has reached a record high of 5.2
The recent resurgence of concerns about a potential U.S. recession has reignited debates surrounding the efficiency and effectiveness of unemployment insurance programs. Experts are warning that the existing system is ill-prepared to handle another economic downturn, citing various inadequacies that were exposed during the Covid-19 pandemic. This critical analysis delves into the shortcomings of the
The Biden administration’s new affordable repayment plan, known as SAVE, is currently facing a multitude of legal challenges that have put the program on hold. The plan, also known as the Saving on a Valuable Education plan, was introduced by the White House with the promise of being the most affordable student loan plan ever.
As Hurricane Debby wreaked havoc in the southeastern U.S., residents faced the grim reality of flooding and property damage. While many homeowners may have flood insurance, there are limitations to what is covered by these policies, particularly when it comes to personal property stored in basements. Flood insurance generally does not cover damage to personal
Former President Donald Trump has put forth a plan to eliminate taxes on Social Security benefits for seniors, claiming it would benefit those who are well-deserving. However, policy experts warn that this plan could have detrimental effects on the Social Security and Medicare trust funds. By repealing this tax, it could potentially increase the budget