Money, Wealth & Power—A Daily Look at the Financial World
As the 2026 midterm elections approach, there is growing speculation that more grocery items might soon be exempt from tariffs imposed under President Trump’s administration. This potential policy shift aims to alleviate the affordability crisis exacerbated by these tariffs, which have significantly driven up prices. Farmers have been vocal in their opposition, describing the tariffs…
In Florida, retirees are increasingly finding themselves at a crossroads as rising property taxes and other financial pressures mount. The state has become a focal point in a broader trend where states are targeting wealthy homeowners with new levies, leading to significant backlash. This situation is compounded by skyrocketing ACA premiums and other escalating costs,…
Gold’s blistering rally has turned stashes of coins, bars, and gold-backed ETFs into sizable windfalls, but cashing out now can trigger a bigger tax bill than many investors expect. As prices push to record territory and portfolios show double‑digit gains, I’m finding that the real challenge is no longer just timing the market—it’s understanding how…
The IRS’s introduction of a new $600 threshold for Form 1099-K reporting on third-party payment platforms like Venmo, Cash App, and PayPal has stirred significant discussion. This change, initially set to affect how individuals file taxes for 2024 transactions, aimed to capture more income from digital payments. However, the $600 reporting threshold was ultimately scrapped,…
As cigarette taxes continue to rise across the United States, a significant shift is occurring in the tobacco market. Smokers are increasingly turning to black market sources to avoid the high costs associated with legal purchases, resulting in a substantial loss of revenue for state governments. A 2024 analysis highlights that cigarette smuggling is depriving…
Withdrawing $10,000 or more in cash from a bank account is not just a simple transaction; it triggers mandatory reporting to the federal government. This requirement is part of U.S. financial regulations designed to monitor large transactions for potential illicit activity. When such a withdrawal occurs, banks are obligated to file a Currency Transaction Report…
Senators and advocates are sounding the alarm about a potential “tax bomb” that could impact student loan borrowers in 2026. This looming tax change threatens to turn forgiven debt into taxable income, potentially imposing a financial burden of over $10,000 on those who have relied on relief programs. Senator Elizabeth Warren has highlighted the risk…
California’s recent push for a 5% “Billionaire Tax” has sparked a heated debate about whether the ultra-wealthy will choose to comply with the new tax or relocate to avoid it. This proposal comes amid ongoing discussions about wealth inequality, particularly in light of how tax policies, such as Donald Trump’s 2019 tax cuts, have historically…
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 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…