Money, Wealth & Power—A Daily Look at the Financial World
For households squeezed by higher prices at the supermarket, the promise of tax relief that effectively pays for months of food is not an abstraction, it is a line item in the family budget. The latest round of Trump-backed tax changes is being sold on the idea that roughly $4,000 in savings could offset about…
The long running fight over how to police digital assets in the United States has lurched back to life, with Senate Democrats racing to salvage a sweeping crypto market structure bill and schedule fresh talks with industry leaders on Friday. After days of public infighting, canceled votes and market jitters, Washington is trying to prove…
For older Americans, the 2025 filing season will quietly introduce one of the most generous federal tax perks in years. A new “senior bonus” deduction can trim taxable income by thousands of dollars, and for many retirees that will translate into refunds that are $1,000 or more higher than they would have been under prior…
The Internal Revenue Service has started to spell out how the new tax law will reshape deductions over the next two filing seasons, and the numbers are big enough to change how millions of households file. The standard deduction is climbing, targeted write offs are being rewritten, and a new framework from the One Big…
The Yuri Arcurs Collection/Freepik Mortgage interest gets most of the attention at tax time, but your house hides other ways to cut what you owe. By focusing on how you actually use and improve your home, you can unlock targeted deductions and credits that have nothing to do with your loan balance. I will walk…
The criminal investigation into Federal Reserve Chair Jerome Powell has opened a rare public rift inside Donald Trump’s economic team, with Treasury Secretary Scott Bessent privately warning the president that the Justice Department’s move would create a political and market “mess.” The clash exposes how a probe aimed at the central bank’s leader is colliding…
California’s richest residents are staring at a ballot proposal that would do something the state has never tried before, a one time levy on their net worth that supporters say could reshape public finances and critics warn could upend the state’s economic model. The plan, aimed squarely at billionaires, has already prompted some of the…
Federal Reserve Chair Jerome Powell has confirmed that he is the target of a criminal investigation by President Don Trump’s Justice Department, a stunning escalation in an already fraught relationship between the White House and the central bank. Powell has framed the probe as an attack on the Fed’s independence and insisted he will not…
President Donald Trump’s 2026 alcohol tariffs are about to collide with America’s drinking habits, and the impact will not be evenly spread across the bar menu. Imported bottles, from Champagne to Mexican beer, are poised for the sharpest jumps, while some domestic producers may quietly benefit from the new price gap. I want to map…
Retirees are staring at a rare piece of good news in the tax code: a targeted senior deduction that could effectively put about $450 back in their pockets starting with the 2026 filing season. The change is part of President Trump’s broader tax agenda and is structured to trim federal tax bills for older Americans…