Money, Wealth & Power—A Daily Look at the Financial World
President Donald Trump’s latest tax overhaul is poised to shrink the pool of money flowing from the wealthiest Americans to charities by billions of dollars, just as nonprofits are still adjusting to earlier changes in the code. The plan leans on a new incentive for smaller donors, but the math is stark: a multibillion dollar…
The U.S. Treasury has opened a high-stakes inquiry into whether Minnesota tax dollars were siphoned off through welfare fraud and routed toward the terrorist group Al-Shabaab, turning a long-running state scandal into a national security story. At the center of that escalation is Treasury Secretary Scott Bessent, who has ordered a federal review of allegations…
Long-term capital gains tax rules sit at the center of many investment decisions, from when to sell a rental property to how to rebalance a 401(k) rollover. For 2025 and 2026, the basic rate structure is stable, but the way those brackets interact with income, holding periods, and surtaxes will shape how much of an…
Tariffs are suddenly being sold as a budget fix, with projections that a record haul could shave trillions of dollars off future federal deficits. The math on paper looks tempting, but the real question is how much of that revenue would come from foreign producers and how much would quietly be pulled from American households…
Tariff revenue was supposed to be a straightforward windfall, yet the money arriving at the U.S. Treasury has repeatedly fallen short of early projections. Looking closely at the 2019 data, I see three concrete reasons why the tariff cash is missing expectations, each rooted in how import volumes, supply chains, and exemptions diverged from the…
Holiday shopping is colliding with a new wave of tariffs that could add more than 40 billion dollars to what Americans pay for gifts, decorations, and everyday essentials. Instead of showing up as a single line item, those costs are likely to seep into prices across store aisles, from electronics and toys to clothing and…
Tariffs are no longer just a trade policy tool, they have quietly become one of Washington’s fastest growing revenue streams. As collections hit new highs and the White House leans into even broader import taxes, the federal government is testing whether a more protectionist stance can meaningfully shrink long‑term deficits without triggering a broader economic…
Wealthy families are staring at a shrinking window to move fortunes out of their taxable estates before generous federal breaks expire after 2025. Advisors are pressing clients to act now, arguing that waiting for Congress to clarify the rules could mean forfeiting millions of dollars in potential tax savings. The core message is blunt: the…
Powerball’s headline jackpots are designed to dazzle, but the number that really matters is what lands in a winner’s bank account after the IRS and state revenue departments take their share. A $740 million advertised prize sounds life changing, yet the actual payout can shrink dramatically once federal withholding, top tax brackets, and local rules…
Basement boxes full of old bank statements and tax files look like clutter, but they can also be a legal and financial safety net. Before anyone drags those cartons to the curb, it helps to know which records accountants say are safe to shred and which could still matter for the IRS, your mortgage lender,…