Money, Wealth & Power—A Daily Look at the Financial World
For older Americans trying to stretch Social Security and savings, the new “senior bonus” deduction is one of the most valuable changes in the tax code this season. It effectively lets qualifying taxpayers subtract an extra $6,000 from taxable income on top of already expanded standard deductions, potentially lifting total write offs into the mid…
Several of the most familiar write-offs in the federal code are being reshaped or erased as 2026 rules lock into place. The Internal Revenue Service is implementing a package of changes tied to the Tax Cuts and Jobs Act and the newer One Big Beautiful Bill framework, and some of the quietest shifts will hit…
President Donald Trump is promising a banner year for tax refunds, with his signature cuts poised to fatten checks for households that have already weathered years of inflation and higher borrowing costs. Yet the very agency that has to deliver those windfalls is heading into filing season with fewer workers, a growing backlog and a…
The Internal Revenue Service is quietly tightening the rules that decide how fast your refund hits your bank account. If anything about your return or your payment details looks off, the IRS can park your money for weeks until you prove who you are and where the refund should go. The one document that increasingly…
For families trying to help with tuition, housing or wealth transfers, 2026 is a pivotal year for tax‑free generosity. The Internal Revenue Service has locked in higher thresholds that let you move meaningful money without triggering a gift tax bill, provided you stay within a few key limits. Understanding how those limits work together is…
The federal tax calendar, usually one of the few fixed points in American life, is suddenly in play again. Treasury Secretary Scott Bessent has signaled that he is open to pushing back this year’s filing deadline, raising the prospect that Tax Day could slide for the second time in a decade. For households trying to…
The new senior tax break has been sold as a simple, generous way to shield retirees from the IRS, with a headline promise of an extra $6,000 off taxable income. In practice, that bonus shrinks quickly once you factor in income limits, existing deductions, and the temporary nature of the law. The result is a…
President Donald Trump’s $10 billion legal clash with the Internal Revenue Service has already turned a technical tax dispute into a political brawl. Now a Democratic lawmaker is escalating the fight with a provocative proposal to strip Trump of any personal windfall if he prevails, effectively daring Congress to decide whether a sitting president can…
Illinois Democrats in the Senate are no longer soft-pedaling their revenue agenda. When one member said bluntly that “we in Illinois need to tax,” it crystallized a broader strategy: lean into new levies on wealth, corporations, and targeted sectors rather than retreat in the face of predictable backlash. The fight now is over who pays,…
California’s latest fight over how to pay for roads has erupted into a full‑blown backlash, with drivers accusing Democrats of plotting a per‑mile tax that would drain their wallets. The anger is real, even as state officials insist there is no new mileage fee on the books and that the current push is limited to…