Money, Wealth & Power—A Daily Look at the Financial World
President Donald Trump’s new $10 billion lawsuit against the Internal Revenue Service and the Treasury Department is framed as a historic bid to hold Washington accountable for a massive breach of taxpayer privacy. The case centers on a former IRS contractor who admitted leaking Trump’s tax information, along with data from some of the wealthiest…
President Donald Trump has repeatedly floated the idea of eliminating the federal income tax and replacing it with tariffs or other levies, raising a high-stakes question for states that depend heavily on Washington. If the income tax, which currently delivers $2.18 trillion in federal revenue, disappeared without a fully reliable substitute, the shock would ripple…
Tax season is officially underway, and for Americans in their mid‑60s and beyond, one new rule stands out: an extra deduction of up to $6,000 that can sharply cut what they owe. The so‑called “senior bonus” is layered on top of existing breaks for older filers, but it only helps if you know you qualify…
Millions of households are being told to brace for a tax season jolt, but for once it is the kind that could pad their bank accounts instead of draining them. The Treasury secretary is signaling that typical workers may see unusually large refunds, in some cases up to $2,000 per household, as new tax rules…
Rising dental costs can turn a routine cleaning or an emergency root canal into a serious hit to your budget. The tax code does offer some relief, but only if you understand when dental bills count as medical expenses, how the thresholds work, and exactly how to claim them on your return. I will walk…
President Donald Trump has opened a new front in his long running war with the federal bureaucracy, filing a $10 billion lawsuit that accuses the Internal Revenue Service and the Treasury Department of presiding over one of the most damaging breaches of taxpayer confidentiality in modern history. The complaint, brought alongside his two eldest sons…
Oregon regulators have ordered a high-cost lender to return hundreds of thousands of dollars to residents after finding the company charged interest rates that violated state law. The case forces a rare look under the hood of a business model that thrives on borrowers’ financial distress and tests how far the state is willing to…
The new 1% U.S. remittance tax is already nibbling at the cash many families send abroad, turning routine transfers into a little more of a luxury. The good news is that the law is full of carve-outs, and with a few changes in how you pay, you can often avoid the charge entirely. I will…
Millions of Americans were told they would not be punished for falling behind on their taxes during the pandemic, only to discover later that a technical failure inside the Internal Revenue Service quietly cut them out of that relief. Instead of automatic penalty forgiveness, some taxpayers saw unexpected bills, smaller refunds, or no refund at…
President Donald Trump has opened a new front in his long war with the tax authorities, filing a $10 billion lawsuit that accuses the federal government of failing at the most basic promise of the tax system: keeping personal returns secret. The complaint, lodged in Miami federal court, targets the Internal Revenue Service and the…