Money, Wealth & Power—A Daily Look at the Financial World
The IRS has officially announced the discontinuation of its Free Direct File tool, a decision that will impact taxpayers looking for free filing options in the upcoming tax season. This move comes after significant political and industry resistance, marking the end of a pilot program that allowed millions of Americans to file their taxes electronically…
President Donald Trump has proposed a bold new stimulus measure: $2,000 tariff dividend checks for Americans. This initiative, funded by tariff revenues, has sparked interest and debate following recent announcements and legislative discussions. Treasury Secretary Scott Bessent is actively involved in exploring the feasibility of this plan through the Treasury Department, while Republican Senator Josh…
The IRS has announced a significant increase in the standard deduction for 2026, setting it at $32,200 for joint filers. This adjustment aims to provide substantial tax relief to American families by reducing their taxable income. The increase is part of broader updates to federal income tax brackets, designed to account for inflation and ease…
The IRS has announced new capital gains tax brackets for 2026, increasing income thresholds across all rate categories due to inflation adjustments. This change allows more taxpayers to qualify for lower rates, including a 0% rate on long-term gains. Individuals and married couples filing jointly can now earn more before reaching the 15% or 20%…
President Donald Trump has pledged to deliver “at least $2,000” in tariff dividend payments to Americans, a promise he made on November 9, 2025. This initiative is framed as a benefit derived from proposed tariffs on imports, reminiscent of previous stimulus checks. However, the feasibility and delivery of such payments remain in question. Treasury secretary…
Treasury Secretary Scott Bessent has indicated that President Trump’s proposed $2,000 dividend for Americans might be realized through tax cuts rather than direct payments. This approach, tied to tariff revenues, reflects a strategic shift in delivering economic benefits to citizens. Bessent’s comments highlight the administration’s focus on leveraging existing tax measures to fulfill this promise,…
President Trump’s “big beautiful bill” is set to cut tax breaks effective in 2026, prompting tax advisors to urge top earners to front-load charitable donations before the deductions diminish. This development, reported on November 7, 2025, has created a sense of urgency among financial professionals who are now scrambling to adjust client strategies. Financial voices…
The IRS offers a significant opportunity for individuals to pass on substantial wealth without incurring federal estate taxes, thanks to a generous exemption threshold. In 2024, estates valued up to $13.61 million can be transferred tax-free, a provision that shields most Americans from federal estate taxes. This exemption, enhanced by the 2017 Tax Cuts and…
The bonus depreciation rule, a hallmark of Donald Trump’s tax policy, has become a lucrative tool for the ultra-wealthy, allowing them to deduct the full cost of luxury assets like private jets and yachts in the year of purchase. This mechanism effectively transforms high-end travel into substantial tax breaks, significantly reducing their overall tax liability….
A newly passed bill in Congress eliminates federal taxes on tips, overtime pay, and Social Security benefits, providing immediate relief to millions of American workers and retirees starting in the 2026 tax year. This legislation, signed into law on November 5, 2025, has been hailed as a ‘game changer’ for boosting take-home pay, though it…