Money, Wealth & Power—A Daily Look at the Financial World
Gavin Newsom built his political rise with the help of some of the richest people in California, and now those fortunes are at the center of a fierce fight over whether the state should tax extreme wealth to pay for health care. The proposed levy on billionaires has exposed a sharp divide inside the Democratic…
Federal investigators have quietly launched a criminal probe into Minnesota Governor Tim Walz and Minneapolis Mayor Jacob Frey, focusing on whether state and local leaders illegally interfered with immigration enforcement operations. According to a person familiar with the matter, the inquiry centers on an alleged effort by Minnesota Democrats to impede federal agents during a…
President Donald Trump has again shifted expectations for his long‑promised $2,000 stimulus payments, telling Americans that any nationwide checks are now unlikely to arrive until late 2026 at the earliest. The money, framed as a “tariff dividend” funded by higher import duties, remains an idea rather than a guaranteed benefit, with no legislation passed and…
Federal tax rules on relocation flipped in the last decade, and many people are still planning moves as if the old write offs were intact. Today, the core question is not just whether moving expenses are deductible, but which narrow groups still qualify, what counts as a legitimate cost, and when employer reimbursements create surprise…
For many Americans, the hardest part of tax season is not the math, it is figuring out whether they are even required to file. The rules hinge on income, filing status, age, and a handful of special situations that can trigger a return even when earnings are low. I want to walk through how to…
President Donald Trump has ordered a sweeping halt to some of the harshest collection tools used against borrowers who have fallen into default on federal student loans. The administration is freezing wage garnishment, tax refund seizures, and other involuntary collections, giving millions of struggling borrowers a temporary reprieve as the government rethinks how it pursues…
Calls to “tax billionaires out of existence” have surged as frustration with extreme wealth grows, but the math behind that slogan is far less revolutionary than it sounds. Even if the United States confiscated the fortunes of its richest residents in a single sweep, the proceeds would not keep the federal government running for a…
California’s latest fight over taxing the ultra rich has turned into a political whiplash moment for Gov. Gavin Newsom. After years of aligning himself with progressive ambitions to tap extreme wealth, he is now warning that a proposed billionaire levy could backfire on the state’s economy just as Silicon Valley leaders mount an aggressive revolt….
For households squeezed by higher prices at the supermarket, the promise of tax relief that effectively pays for months of food is not an abstraction, it is a line item in the family budget. The latest round of Trump-backed tax changes is being sold on the idea that roughly $4,000 in savings could offset about…
The long running fight over how to police digital assets in the United States has lurched back to life, with Senate Democrats racing to salvage a sweeping crypto market structure bill and schedule fresh talks with industry leaders on Friday. After days of public infighting, canceled votes and market jitters, Washington is trying to prove…