Money, Wealth & Power—A Daily Look at the Financial World
A single ticket sold in Georgia has captured the $980 million Mega Millions jackpot from the drawing held on Friday, November 14, 2025. This marks a significant win as it is the first time the jackpot has been claimed after it climbed without winners in the previous drawing on November 8, 2025. The announcement, confirmed…
A federal judge has indefinitely prohibited President Trump from reducing federal funding to the University of California, following threats related to the university’s policies on a transgender athlete. This ruling, issued on November 14, 2025, prevents immediate financial cuts that could have severely impacted the university’s operations across its campuses. The decision reflects earlier judicial…
As cigarette taxes continue to rise across the United States, a significant shift is occurring in the tobacco market. Smokers are increasingly turning to black market sources to avoid the high costs associated with legal purchases, resulting in a substantial loss of revenue for state governments. A 2024 analysis highlights that cigarette smuggling is depriving…
Withdrawing $10,000 or more in cash from a bank account is not just a simple transaction; it triggers mandatory reporting to the federal government. This requirement is part of U.S. financial regulations designed to monitor large transactions for potential illicit activity. When such a withdrawal occurs, banks are obligated to file a Currency Transaction Report…
Federal employees affected by the recent government shutdown are set to receive their back pay soon, as mandated by federal law. The Office of Personnel Management has already outlined the procedures for distributing retroactive compensation to over 2 million workers across various agencies, including the Departments of Defense and Homeland Security. This process is expected…
The IRS has announced significant tax changes for 2026, driven by inflation adjustments that could impact millions of taxpayers. These updates are designed to accommodate rising costs and may alter how individuals file their taxes this year and next. By expanding income ranges and increasing standard deductions, the IRS aims to provide relief and prevent…
New tax laws under President Donald Trump could allow millions of Americans to pay no federal income tax for 2025. These changes, part of the Trump 2025 Tax Bill, aim to eliminate tax liabilities through expanded deductions and credits. This shift could significantly impact federal revenue collection, particularly benefiting lower- and middle-income households who meet…
The recent government shutdown has concluded, bringing relief to hundreds of thousands of federal employees who are now eagerly awaiting back pay for the wages missed during the furlough period. Under longstanding federal law, all affected employees, whether furloughed or working without pay, are entitled to full retroactive compensation once operations resume. This assurance comes…
President Donald Trump has announced a proposal to distribute $2,000 checks to Americans, a move that could potentially impact up to 150 million people. This announcement comes on the heels of the IRS’s recent actions to provide up to $1,400 in rebates to a million taxpayers, highlighting ongoing efforts to provide economic relief. As discussions…
The recent enactment of an Emergency Tax Bill in Washington D.C. has led to the abrupt cessation of several key tax relief measures, including the $6,000 senior deduction and tax breaks on tips and overtime pay. These changes, driven by urgent fiscal needs, mark a significant shift in local tax policy. As a result, many…