Money, Wealth & Power—A Daily Look at the Financial World
New tax laws under President Trump could allow millions of Americans to pay $0 in federal income tax for their 2025 bill. These changes, encapsulated in the Trump Tax Bill 2025, introduce new deductions, tax cuts, and significant Medicaid adjustments. These developments aim to reshape federal tax obligations for many households, offering specific groups the…
The Mega Millions jackpot has surged to an impressive $650 million, capturing the attention of hopeful participants nationwide. However, the reality of winning such a substantial prize involves navigating a complex web of taxes that significantly reduce the final amount a winner takes home. This article delves into the tax implications of the Mega Millions…
Amazon has agreed to a $2.5 billion settlement with the Federal Trade Commission (FTC) following allegations that it misled Prime subscribers through deceptive practices. This settlement, announced on September 25, 2025, aims to compensate affected U.S. Prime users who encountered difficulties in canceling their memberships due to what the FTC described as “dark patterns.” These…
Rumors suggesting that the IRS will distribute $2,000 stimulus checks to everyone in October 2025 have rapidly spread online. These claims, largely fueled by social media and unverified assertions about tariff rebates, promise direct deposits reminiscent of pandemic-era relief. Despite their popularity, these rumors lack any official confirmation. Recent reports from October 21, 2025, highlight…
Recent changes in student loan reporting are causing significant credit score drops for borrowers, with some experiencing reductions of up to 200 points. As past-due payments from the pandemic era resume being factored into credit reports, these updates, implemented after federal forbearance ended, are highlighting missed payments that were previously paused. Borrowers now face urgent…
The IRS has unveiled new tax brackets for 2026, introducing significant changes that could provide a larger tax break for parents. Central to these changes is the potential expansion of the child tax credit, offering families a chance to optimize their financial planning now to benefit from these adjustments. By understanding the proposed enhancements and…
The IRS has quietly altered regulations affecting how inheritances passed to children are taxed, potentially leading to higher tax burdens on assets left in irrevocable trusts. This shift, which could shrink the net value of inheritances received by heirs, stems from updates that reclassify certain trust distributions for tax purposes, impacting estate planning strategies nationwide….
In 2026, the 0% long-term capital gains tax rate will apply to single filers with taxable income up to $48,475 and married couples filing jointly up to $96,950. These thresholds reflect inflation adjustments to the pre-2017 Tax Cuts and Jobs Act brackets, following its expiration at the end of 2025. These limits determine how much…
The IRS has unveiled its updated 2026 tax brackets and standard deductions, featuring an additional standard deduction for taxpayers aged 65 and older. This adjustment, designed to counteract inflation, aims to provide targeted relief for seniors facing rising living costs. Despite a partial government shutdown, the IRS ensured continuity in tax planning for the upcoming…
As President-elect Donald Trump prepares to take office in 2025, his proposed policies could reshape retirement savings by altering tax treatments for 401(k)s and IRAs. These changes may potentially increase tax burdens on withdrawals for millions of retirees. Hourly workers, who often struggle with inconsistent income, may find their retirement funds particularly vulnerable to these…