Money, Wealth & Power—A Daily Look at the Financial World
Millions of American taxpayers are discovering that this filing season comes with a punishing twist: smaller refunds, surprise balances due, and long waits for money they already counted on. Instead of the usual early-year cash cushion, many households are confronting unexpected bills and penalties just as high prices continue to squeeze budgets. Behind that shock…
Early tax filers are collecting noticeably larger refund checks this season. Through the first week of February 2026, the average IRS refund climbed to $2,290, up 10.9% from $2,065 at the same point a year earlier. The jump reflects both new tax code provisions taking effect for the 2025 tax year and the typical early-season…
A proposed federal regulation published on December 23, 2025, could change how the government intercepts stimulus-style payments, tax refunds, and other federal disbursements to collect outstanding debts. The rule arrives as roughly 1 million taxpayers await special Recovery Rebate Credit payments of up to $1,400, and as speculation grows around a possible $2,000 “tariff dividend”…
The IRS began accepting tax year 2025 returns in January, and for millions of families, the refund math looks noticeably different this year. New provisions under the One, Big, Beautiful Bill Act of 2025 have raised standard deduction levels and adjusted child tax credit parameters, prompting a wave of speculation that some refund checks could…
The IRS released its 2026 tax bracket adjustments with little fanfare, but the numbers reflect more than routine inflation indexing. The changes trace back to a specific piece of legislation that alters how tax parameters are set, creating a split outcome: some filers stand to keep more of their income, while others face a heavier…
The new SALT deduction rules signed into law by President Trump hand most filers a higher cap on state and local tax write-offs, but households earning between $500,000 and $600,000 face a sharp and punishing phase-down that could erase the benefit entirely. This income band sits in a policy dead zone: too high to claim…
The Internal Revenue Service is warning tax filers that phone lines will likely see a sharp spike in call volume during the week of February 16, 2026, a period the agency considers one of the busiest stretches of every filing season. For millions of Americans trying to check refund status or resolve account questions, that…
The One, Big, Beautiful Bill Act is already reshaping how millions of American workers think about their tax bills. Under its new deductions for tips and overtime pay, some households could see their federal income tax drop to zero when they file 2025 returns next year. The real question is not just who qualifies on…
One-time tax rebate checks could soon start arriving in Wisconsin mailboxes if lawmakers approve a plan to tap a projected state budget surplus. The proposal has exposed tensions inside the GOP while also prompting direct negotiations between Gov. Tony Evers and Assembly Speaker Robin Vos over how much to send back and how much to…
Picture a nurse in Texas sending part of every paycheck to parents in Mexico, or a student in New York helping family in the Philippines. Starting in 2026, a new 1 percent federal tax on many cash-funded remittances will skim money off those transfers before they ever leave the United States. That change will matter…