Money, Wealth & Power—A Daily Look at the Financial World
Senate Republicans are facing a rare and public break with President Donald Trump over his demand to more than triple the size of direct relief payments in the latest pandemic aid package. The clash over $2,000 checks has exposed deeper tensions inside the party about spending, political loyalty, and how to respond to economic pain…
President Donald Trump is preparing to back a two-year extension of Affordable Care Act premium tax credits, a move that would temporarily shore up the law’s core subsidies even as his administration continues to criticize “Obamacare.” The plan would keep financial help flowing to millions of people who buy coverage on the individual market, while…
The Supreme Court’s decision to speed up its review of President Trump’s tariff powers is not just a procedural tweak, it is a high stakes moment that could reshape prices, trade and even federal finances in a matter of months. At issue is whether the White House stretched an emergency law too far when it…
For the first time, every household that files a federal return will soon be able to claim a meaningful tax break for giving to charity, even if they never touch Schedule A. The new universal deduction, worth up to $2,000 per return, turns small and midsize donations into a line item that can actually move…
Whether an extra round of federal relief hits bank accounts before the holidays will depend less on wishful thinking and more on how quickly Washington can move from talking points to signed legislation. The political debate over new direct payments is already colliding with the hard limits of how fast the government can legally approve,…
President Donald Trump has promised $2,000 relief checks funded by tariffs, pitching the idea as a simple way to put cash in every American’s pocket. The reality is far messier, with political resistance, budget math and basic program design all pointing to a future in which millions of people never see a dime. As the…
The era of casual crypto tax reporting in the United States is ending as the IRS moves to treat digital assets more like traditional securities and less like a niche side bet. Beginning with 2025 filings, taxpayers who trade, hold, or spend tokens will face tougher disclosure rules, closer scrutiny, and fewer gray areas about…
The Internal Revenue Service is preparing to lean on artificial intelligence to keep taxpayer services running even as its human workforce shrinks. The agency plans to roll out Salesforce-built AI agents to handle routine questions and case updates, positioning the technology as a way to maintain service levels after staff cuts and a wave of…
Food prices have become the most visible pressure point in the cost-of-living squeeze, and low income families feel it first and hardest. As president Donald Trump moves to roll back tariffs on a wide range of imported foods, the central question is whether cheaper trade at the border can meaningfully ease grocery inflation that has…
The IRS has quietly set the rules that will shape how much of your 2026 income ends up in Washington, and the changes are more modest than many taxpayers might expect. Brackets are inching higher, key thresholds are shifting, and some temporary breaks are on track to disappear, creating a mix of small wins and…