Money, Wealth & Power—A Daily Look at the Financial World
The new federal break for older taxpayers is not a “retirement tax credit” at all, but a sizable extra deduction that trims taxable income for qualifying seniors. Instead of directly cutting your tax bill dollar for dollar, it lets you subtract up to $6,000 from the income the IRS can tax, on top of the…
Electric vehicles are starting to reshape the economics of American roads, not just the technology under the hood. As drivers buy less gasoline, the fuel taxes that have quietly funded highways for generations are eroding, leaving state budgets scrambling to keep pavement from crumbling. The race is now on to replace that money without slowing…
Millions of Americans who drive for work or recently financed a car are heading into tax season with a very different set of rules than they had just a year ago. The Internal Revenue Service has raised the standard mileage rate, tightened some reporting requirements, and started phasing in a new deduction for car loan…
President Donald Trump’s new tax and spending package is about to reshape how millions of households file their 2026 returns, and for some, it could legitimately bring their federal income tax bill down to zero. The law layers fresh deductions and credits on top of existing breaks, creating a path for low and moderate earners,…
The new Trump tax law, built around The One Big Beautiful Bill Act, is reshaping how Americans will be taxed in 2026 and making a zero federal income tax bill a realistic outcome for some households. The combination of higher standard deductions, expanded credits and targeted breaks means certain workers and families could legally owe…
California’s latest experiment in taxing the ultra rich has opened with a striking admission from its own top lawyer: the proposed “billionaire tax” could actually reduce the money flowing into state coffers. As supporters fan out to gather signatures for the 2026 ballot, the measure is already testing how far a high tax state can…
San Francisco has taken one of the most aggressive steps in the national reparations debate, approving a new fund that could eventually deliver up to $5 million per eligible Black resident. The measure, signed quietly by San Francisco Mayor Daniel Lurie, stops far short of cutting checks today, but it locks in a framework that…
Changes to how the U.S. mail is stamped are quietly rewriting the rules for anyone who relies on a postmark to prove they met a deadline. Instead of reflecting the day you hand a letter to the Postal Service, the official date on the envelope is shifting to when that piece of mail is processed…
The Trump administration’s decision to halt federal childcare payments to Minnesota has turned a technical fraud probe into a political and human flashpoint. What began as a conservative allegation of up to $100m in improper billing has now left parents, providers, and state officials scrambling to understand how long they can keep caring for children…
Federal tax rules do not leave much room for improvisation, and 2026 is packed with filing and payment cutoffs that can quietly trigger penalties if you miss them. The core date is the April deadline for 2025 returns, but quarterly estimated payments, business forms, and disaster extensions create a full calendar of obligations. I will…