Money, Wealth & Power—A Daily Look at the Financial World
The bonus depreciation rule, a hallmark of Donald Trump’s tax policy, has become a lucrative tool for the ultra-wealthy, allowing them to deduct the full cost of luxury assets like private jets and yachts in the year of purchase. This mechanism effectively transforms high-end travel into substantial tax breaks, significantly reducing their overall tax liability….
A newly passed bill in Congress eliminates federal taxes on tips, overtime pay, and Social Security benefits, providing immediate relief to millions of American workers and retirees starting in the 2026 tax year. This legislation, signed into law on November 5, 2025, has been hailed as a ‘game changer’ for boosting take-home pay, though it…
President Donald Trump has proposed a “no tax on tips” policy that could effectively end the common restaurant practice of adding large-group service fees to bills, potentially reshaping how gratuities are handled in the service industry. This initiative aims to boost take-home pay for tipped workers by exempting tips from federal income taxes. As of…
A newly passed bill in Michigan eliminates state taxes on tips, overtime pay, and Social Security benefits, marking a significant relief for workers and retirees in the state. Dubbed a “game changer” by supporters, the legislation counters misconceptions that it originates from President Trump, instead stemming from state-level efforts to boost economic incentives. This move,…
The Mega Millions drawing on November 7 did not produce a jackpot winner, causing the prize to climb to $900 million for the next drawing. This escalation highlights the growing allure of the lottery, with winners facing significant tax deductions that could reduce their take-home amount substantially. For context on these implications, analyses show how…
Businesses across the U.S. have absorbed an estimated $30 billion in monthly tariff costs to protect consumers and buyers from price hikes, a strategy that has held firm amid escalating trade tensions. However, recent economic pressures are forcing companies to reconsider this approach, signaling that shoppers could soon face direct increases in everyday goods. This…
New Yorkers are beginning to receive inflation relief payments aimed at offsetting rising costs, but the IRS has indicated these checks may be subject to federal income tax as miscellaneous income. This development raises questions about similar taxation on President-elect Donald Trump’s proposed tariff checks, which could provide rebates to Americans from revenue generated by…
The United States has quietly rolled back tariffs on certain products that cannot be grown, mined, or naturally produced domestically, signaling a potential shift in trade policy under the current administration. This move, reported on November 6, 2025, has been interpreted by observers as President Donald Trump “lowkey” folding on his aggressive trade stance. The…
The US government may soon face the daunting task of refunding nearly $90 billion in tariffs collected during Donald Trump’s presidency. This potential outcome hinges on a Supreme Court decision that could declare these tariffs illegal. The case, which challenges the executive’s trade authority, underscores a significant shift in how tariffs are perceived, moving away…
In Las Vegas, service workers are voicing their dissatisfaction with President Donald Trump’s ‘no tax on tips’ promise, which they argue has not provided the financial relief they anticipated. Despite the promise of alleviating tax burdens on gratuities, experts have criticized the law as ‘misleading’ due to its limited scope and the persistent economic pressures…