Money, Wealth & Power—A Daily Look at the Financial World
President Donald Trump has proposed a “no tax on tips” policy that could effectively end the common restaurant practice of adding large-group service fees to bills, potentially reshaping how gratuities are handled in the service industry. This initiative aims to boost take-home pay for tipped workers by exempting tips from federal income taxes. As of…
A newly passed bill in Michigan eliminates state taxes on tips, overtime pay, and Social Security benefits, marking a significant relief for workers and retirees in the state. Dubbed a “game changer” by supporters, the legislation counters misconceptions that it originates from President Trump, instead stemming from state-level efforts to boost economic incentives. This move,…
The Mega Millions drawing on November 7 did not produce a jackpot winner, causing the prize to climb to $900 million for the next drawing. This escalation highlights the growing allure of the lottery, with winners facing significant tax deductions that could reduce their take-home amount substantially. For context on these implications, analyses show how…
Businesses across the U.S. have absorbed an estimated $30 billion in monthly tariff costs to protect consumers and buyers from price hikes, a strategy that has held firm amid escalating trade tensions. However, recent economic pressures are forcing companies to reconsider this approach, signaling that shoppers could soon face direct increases in everyday goods. This…
New Yorkers are beginning to receive inflation relief payments aimed at offsetting rising costs, but the IRS has indicated these checks may be subject to federal income tax as miscellaneous income. This development raises questions about similar taxation on President-elect Donald Trump’s proposed tariff checks, which could provide rebates to Americans from revenue generated by…
The United States has quietly rolled back tariffs on certain products that cannot be grown, mined, or naturally produced domestically, signaling a potential shift in trade policy under the current administration. This move, reported on November 6, 2025, has been interpreted by observers as President Donald Trump “lowkey” folding on his aggressive trade stance. The…
The US government may soon face the daunting task of refunding nearly $90 billion in tariffs collected during Donald Trump’s presidency. This potential outcome hinges on a Supreme Court decision that could declare these tariffs illegal. The case, which challenges the executive’s trade authority, underscores a significant shift in how tariffs are perceived, moving away…
In Las Vegas, service workers are voicing their dissatisfaction with President Donald Trump’s ‘no tax on tips’ promise, which they argue has not provided the financial relief they anticipated. Despite the promise of alleviating tax burdens on gratuities, experts have criticized the law as ‘misleading’ due to its limited scope and the persistent economic pressures…
Zohran Mamdani, a New York State Assembly member and candidate for New York City mayor, has introduced a “millionaire tax” aimed at high earners to bolster city services amid ongoing budgetary issues. This proposal raises concerns about whether such a tax on individuals earning over $1 million annually might drive the wealthy out of New…
The Supreme Court recently engaged in a critical examination of the legality of President Trump’s tariffs, a cornerstone of his economic policy. During the November 5, 2025, hearing, justices expressed skepticism about the tariffs’ legal standing, raising concerns about their potential impact on federal revenue. This case not only questions the constitutional limits of executive…