Money, Wealth & Power—A Daily Look at the Financial World
The Florida House of Representatives moved quickly on a sweeping property tax relief proposal on February 19, 2026, passing HJR 203 by a vote of 80 to 30. The joint resolution, which proposes a constitutional amendment to phase out non-school ad valorem taxes on homestead properties, now heads to the Florida Senate for consideration. If…
North Dakota has signed into law a property tax relief package that wipes out tax bills entirely for roughly 50,000 households, and Colorado has announced its own bipartisan plan to cut property taxes and cap future increases. These moves are part of a broader state-level push to slash or eliminate property taxes, but the revenue…
The Florida House of Representatives voted 80-30 on February 19, 2026, to pass a joint resolution that would exempt homestead properties from certain non-school ad valorem (property) taxes, if it is ultimately approved by the Senate and voters. Designated CS/CS/HJR 203, the measure proposes a constitutional amendment to exempt homesteads from all non-school ad valorem…
Federal law draws a hard line for anyone paying cash for gold: when a dealer receives more than $10,000 in cash in a single transaction or a series of related payments, the dealer generally must file IRS Form 8300, reporting identifying information about the buyer. While the dollar threshold is fixed in law, with gold…
The IRS reported that the average tax refund for the 2025 tax year stands at $2,290 as of early February 2026, a 10.9% jump from the $2,065 average recorded at the same point last year. The increase arrives during a filing season shaped by new federal deductions and growing questions about whether the agency has…
Congress has blocked the District of Columbia from opting out of federal tax breaks on tips, overtime pay, and a senior standard deduction, forcing the city to conform to changes enacted under the One, Big, Beautiful Bill. The President signed H.J.Res. 142 into law, nullifying the D.C. Income and Franchise Tax Conformity Revision Temporary Amendment…
The White House said on January 26, 2026, that President Donald Trump’s Working Families Tax Cuts Act is delivering what it described as the largest tax refund season in U.S. history. The legislation, enacted as Public Law 119-21 on July 4, expanded the child tax credit, raised the standard deduction, and created new write-offs for…
Americans age 65 and older can now claim a brand-new tax deduction worth up to $6,000 per person, or $12,000 for married couples filing jointly, starting with their 2025 returns. Created by the One Big Beautiful Bill Act, signed into law on July 4, 2025, as Public Law 119-21, the Enhanced Deduction for Seniors is…
Millions of taxpayers who file early each year expecting a fast refund will hit a wall in 2026. Federal law requires the IRS to hold all refunds that include the Earned Income Tax Credit or the Additional Child Tax Credit until mid-February, and that freeze covers the entire refund amount, not just the credit portion….
The IRS now requires dealers to verify every electric vehicle’s eligibility for the $7,500 clean vehicle tax credit through a federal portal before closing a sale, creating a system where a single Vehicle Identification Number can make or break a deal. The requirement, tied to the New Clean Vehicle Credit under Section 30D of the…