Money, Wealth & Power—A Daily Look at the Financial World
Mayor Zohran Mamdani is urging Albany to raise taxes on high-income New Yorkers and large corporations, arguing that additional revenue should be on the table as state lawmakers consider the city’s fiscal needs. Speaking after the 2026 Joint Legislative Budget Hearing, he said he supports increasing taxes on New Yorkers earning $1 million or more…
A single filer earning $250,000 a year currently hands over a significant share of that income to the federal government before spending a dime. If federal income taxes were eliminated entirely, as has been floated in political discussions, that same earner would see a dramatic jump in take-home pay. But the math behind replacing nearly…
One-time tax rebate checks could soon start arriving in Wisconsin mailboxes if lawmakers approve a plan to tap a projected state budget surplus. The proposal has exposed tensions inside the GOP while also prompting direct negotiations between Gov. Tony Evers and Assembly Speaker Robin Vos over how much to send back and how much to…
Treasury Secretary Scott Bessent has been telling television viewers that the “average tax refund” is up 22 percent, a headline-friendly figure that grabbed attention in a CNBC appearance. The IRS’s own early-season dataset tells a more modest story so far, with the average refund up 10.9 percent as of February 6, 2026, to $2,290 and…
The tax bill that Republicans pushed through the House arrived with a simple promise: bigger refunds and new Trump-branded savings accounts for families, starting in 2026. Treasury officials have talked up “bigger refunds in 2026” and a flagship “Trump Accounts” program as proof that working parents will come out ahead. Buried fine print in the…
Average IRS refunds are running lower so far this filing season, and the drop is catching many households off guard. The smaller checks reflect a mix of new law changes and paycheck withholding tweaks that are hitting some groups harder than others. The people most likely to see their refund shrink are those whose withholding…
Your 2026 tax refund will land in the middle of big shifts, from President Donald Tr tax changes to new IRS refund rules. Feb reporting warns that when You Got a Raise or Star at work, your refund can shrink even if your finances feel stronger overall. I will walk through seven specific reasons your…
Congress has long held the power to review and block laws passed by Washington, D.C.’s elected leaders, even when those laws deal with local matters like taxes or criminal justice. That authority comes from the District of Columbia Home Rule Act, which created limited self-government in the 1970s while keeping Congress in ultimate control. The…
Florida’s fight over property taxes has moved from quiet committee rooms to the center of a high-stakes clash between lawmakers and Governor Ron DeSantis. At issue is whether the state should strip away most local property taxes on primary homes and how far to go in reshaping who pays for local government. With DeSantis already…
In Columbus, Ohio, a new push to cut property taxes is zeroing in on the local levies that appear on almost every homeowner’s bill. A fresh proposal in the Ohio House would stack new state-funded discounts on top of what voters already approved, offering relief without dismantling the property tax system. Layered onto several recent…