Money, Wealth & Power—A Daily Look at the Financial World
The Joint Committee on Taxation estimates that a new senior bonus deduction will deliver $93 billion in additional tax relief for seniors over the next four years, offering eligible filers a chance to reduce their 2025 tax bills significantly. This $6,000 deduction per qualifying individual became law when President Biden signed Public Law 119-21 on…
The Internal Revenue Service warns that two of the most valuable tax breaks for working families can also be the ones most likely to slow a refund. When taxpayers claim the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), strict timing rules and identity checks can hold up money for weeks….
Congress has long held the power to review and block laws passed by Washington, D.C.’s elected leaders, even when those laws deal with local matters like taxes or criminal justice. That authority comes from the District of Columbia Home Rule Act, which created limited self-government in the 1970s while keeping Congress in ultimate control. The…
Florida’s fight over property taxes has moved from quiet committee rooms to the center of a high-stakes clash between lawmakers and Governor Ron DeSantis. At issue is whether the state should strip away most local property taxes on primary homes and how far to go in reshaping who pays for local government. With DeSantis already…
The Internal Revenue Service processes millions of refunds every year, and each one represents a taxpayer who loaned money to the government without earning interest. Fixing IRS overpayments and adjusting tax withholding is less about chasing a bigger refund and more about putting that money to work in your own budget. Withholding is a year‑long…
In Columbus, Ohio, a new push to cut property taxes is zeroing in on the local levies that appear on almost every homeowner’s bill. A fresh proposal in the Ohio House would stack new state-funded discounts on top of what voters already approved, offering relief without dismantling the property tax system. Layered onto several recent…
Tax season has opened with a mix of optimism and worry. Americans are being told to expect the biggest tax refunds ever, with average checks projected at about $3,800 for tax year 2025 and roughly $1,000 higher than in a typical year. At the same time, millions of people are being warned that they could…
For weeks, Americans have been told to expect an average $1,000 bump in their tax refunds, a windfall tied to President Trump’s One Big Beautiful Bill Act and pitched as proof that the new law is working. The political message is simple: bigger checks, happier voters, smoother path into the next election cycle. The reality…
Kansas lawmakers are weighing a sweeping tax shift that would scrap traditional property taxes and replace them with a new surcharge on most retail purchases. The proposal, framed as relief for homeowners and farmers squeezed by rising valuations, would gradually erase one of the state’s most entrenched revenue streams and lean instead on what Kansans…
Eight states have just pushed through sizable income tax cuts that will reshape paychecks and state budgets starting with the 2026 tax year. I focus here on the states that either lowered rates or set themselves on a path to eliminate the tax entirely, explaining what changed and why it matters. Together, these moves deepen…