Money, Wealth & Power—A Daily Look at the Financial World
The new federal tax break for older Americans was billed as a simple way to help retirees keep more of their income. Instead, the $6,000 senior deduction has landed in the middle of a fierce debate over fairness, fiscal risk, and who really benefits. As the 2026 filing season approaches, many retirees are discovering that…
Tax filing season is arriving just as President Donald Trump’s second-year agenda begins to bite, and the headline promise of “relief” is colliding with a more complicated reality. Some households will see bigger refunds, but a mix of expiring health subsidies, shifting brackets and stealth levies is poised to hit family budgets from multiple directions….
The first big tax deadline of 2026 has come and gone, and for employers and payors who missed it, the Internal Revenue Service is already tallying penalties. The cutoff for sending key information returns tied to 2025 income has now passed, which means late filers are moving from grace period to damage control. I see…
Tax season 2026 is shaping up to be the strangest in years: refunds are projected to be bigger on average, yet the rules for who benefits, how fast money arrives, and what it really means for your budget are shifting underfoot. Many filers are expecting a simple windfall, but the real story is more complicated,…
With a partial shutdown colliding with filing season, the Internal Revenue Service is under pressure and taxpayers are understandably nervous about refunds. I want to focus on practical, concrete moves you can make right now so a Washington funding fight does not derail your money. These seven strategies reflect what the IRS itself and independent…
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…
For millions of households, the Trump administration’s latest tax overhaul turns a zero-dollar federal income tax bill from fantasy into a realistic target in 2026. The centerpiece is a new mix of deductions and credits that can wipe out tax liability entirely for some families, especially those in the middle of the income distribution. The…
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…
As tax season opens, the White House is touting what it calls the largest refund bonanza in U.S. history, even as Washington edges toward another funding crisis that could freeze the very agency responsible for sending those checks. President Donald Trump is celebrating bigger payouts as proof that his signature tax law is working for…
Homeowners in New York, California and New Jersey are finally seeing meaningful relief from a federal tax rule that has squeezed high property tax areas for years. A temporary expansion of the state and local tax deduction, paired with fresh IRS inflation adjustments, is poised to cut federal tax bills for many households that have…