Money, Wealth & Power—A Daily Look at the Financial World
Billions of dollars that Congress already approved are no longer sitting safely under President Donald Trump’s thumb. After months of legal challenges, judges and state attorneys general have begun to pry open what had looked like a locked vault of frozen grants, education aid, and infrastructure money. The emerging pattern is not just a series…
For weeks, Americans have been told to expect an average $1,000 bump in their tax refunds, a windfall tied to President Trump’s One Big Beautiful Bill Act and pitched as proof that the new law is working. The political message is simple: bigger checks, happier voters, smoother path into the next election cycle. The reality…
Eight states have just pushed through sizable income tax cuts that will reshape paychecks and state budgets starting with the 2026 tax year. I focus here on the states that either lowered rates or set themselves on a path to eliminate the tax entirely, explaining what changed and why it matters. Together, these moves deepen…
Oregon lawmakers are racing to rewrite key parts of the state tax code, pitching a plan they say will deliver the largest break in state history for low and moderate earners while closing what they describe as costly loopholes for corporations and the wealthy. At the center is Senate Bill 1507, a proposal Democrats say…
President Donald Trump’s new auto tax break promises up to $10,000 a year in savings on car loan interest, a headline figure that sounds tailor made for stretched drivers. In reality, getting anywhere near that full benefit often requires a luxury-level purchase price and a carefully structured loan that many households will never touch. The…
President Donald Trump has promised that the 2026 filing season will deliver the biggest tax refunds in history, powered by his One Big Beautiful Bill and new breaks for workers. On paper, many households really are in line for larger checks because withholding stayed high even as the law cut taxes for 2025 income. In…
For older Americans trying to stretch Social Security and savings, the new “senior bonus” deduction is one of the most valuable changes in the tax code this season. It effectively lets qualifying taxpayers subtract an extra $6,000 from taxable income on top of already expanded standard deductions, potentially lifting total write offs into the mid…
Several of the most familiar write-offs in the federal code are being reshaped or erased as 2026 rules lock into place. The Internal Revenue Service is implementing a package of changes tied to the Tax Cuts and Jobs Act and the newer One Big Beautiful Bill framework, and some of the quietest shifts will hit…
President Donald Trump is promising a banner year for tax refunds, with his signature cuts poised to fatten checks for households that have already weathered years of inflation and higher borrowing costs. Yet the very agency that has to deliver those windfalls is heading into filing season with fewer workers, a growing backlog and a…
The Internal Revenue Service is quietly tightening the rules that decide how fast your refund hits your bank account. If anything about your return or your payment details looks off, the IRS can park your money for weeks until you prove who you are and where the refund should go. The one document that increasingly…