Billionaire Peter Thiel, PayPal co-founder and chairman of Palantir Technologies, during a news conference in Tokyo, Japan, on Nov. 18, 2019. Kiyoshi Ota/Bloomberg via Getty Images Billionaire Peter Thiel and others with huge retirement account balances are in lawmakers’ crosshairs. House Democrats unveiled a tax package on Monday that would force distributions from one’s nest
Personal finance
Rukiya Zaman, 7, received a $100 in a scholarship 529 college savings plan as part of a New York City pilot program aimed at closing the wealth gap. Her parents have since started saving in their own account. CNBC Rukiya Zaman, who is a 7-year-old, dreams of becoming a NASA astronaut. The second grader, who
U.S. Senate Finance Committee Chairman Ron Wyden, D-Ore., questions IRS Commissioner Charles P. Rettig at a June 8, 2021 Senate Finance Committee hearing. Tom Williams | Pool | Reuters Senate Finance Committee Chairman Ron Wyden, D-Ore., has floated a new levy on exchange-traded funds to help pay for the Democrats’ $3.5 trillion budget package. Exchange-traded
Mint Images – Tim Robbins As Democratic lawmakers on Capitol Hill work to bring their new reconciliation bill across the finish line, a proposal to keep the expanded child tax credit could be changed. A more generous child tax credit was authorized earlier this year by President Joe Biden and Congress to help give families
A man smokes with the electronic tobacco heater IQOS (I quit ordinary smoking) of the tobacco company Philip Morris. Sebastian Kahnert | picture alliance | Getty Images House Democrats have proposed a tax hike on tobacco and nicotine products to help fund their $3.5 trillion spending plan. The measure may increase current levies on cigarettes,
Unofficially known as “Big Sky Country,” Montana attracted more vaccinated than unvaccinated Americans last month. Mike Kemp | In Pictures Ltd. | Corbis Historical | Getty Images Lawmakers on Capitol Hill may pass a measure to curb abuses by taxpayers using a particular tax deduction for land preservation. The bill, named the Charitable Conservation Easement
Sturti | Getty Images Women are more worried than men when it comes to saving enough for retirement. The coronavirus pandemic hasn’t helped. Some 60% of women said they were concerned they wouldn’t be able to achieve a financially secure retirement, according to a February 2021 survey from the National Institute on Retirement Security. That’s
SDI Productions | E+ | Getty Images About 78% of Hispanic families received stimulus payments over the last year and a half, compared with 96% of white respondents, according to a recent study conducted by Ipsos and a group of social policy organizations including the National Women’s Law Center. There was also a gap in
Drew Angerer | Getty Images News | Getty Images Households earning $1 million or more would see their taxes rise by almost 11%, on average, in 2023 due to reforms proposed by House Democrats, according to Joint Committee on Taxation estimates published Tuesday. They’d pay an extra $96,000 that year, and their average tax rate
People wait in line at a food distribution site in the South Bronx on March 10, 2021 in New York. Spencer Platt | Getty Images News | Getty Images Poverty declined in 2020 by one measure following large amounts of federal aid enacted due to the coronavirus pandemic, including stimulus checks and enhanced unemployment benefits.
Rep. Richard Neal, D-MA, chairman of the House Ways and Means Committee, and Rep. Kevin Brady, R-TX, the ranking member, during a Committee hearing on May 24, 2017 in Washington. Drew Angerer | Getty Images News | Getty Images House Democrats on Monday proposed raising the top tax rate on capital gains to 28.8%, one
House Ways and Means Committee ChairmanRep. Richard Neal, D-Mass., (left) and ranking member Kevin Brady, R-Texas. Chip Somodevilla | Getty Images News | Getty Images House Democrats on Monday revealed a package of tax hikes on corporations and the rich without President Joseph Biden‘s proposed levy on inherited property at death, according to an outline
BartekSzewczyk | iStock | Getty Images With attention in Congress on infrastructure and a new budget, discussions about student loan cancellation seem to be on the shelf. And despite the pressure some Democrats have put on President Joseph Biden to wipe out the debt through executive action, he has expressed mostly hesitancy about doing so.
A tourist boat passes cowboy statues along Oklahoma City’s Bricktown Canal. Western heritage is a big draw in Oklahoma’s capital. Oklahoma City Convention and Visitors Bureau Ready to head out on vacation after the long pandemic-era drought — but not looking to go broke in the process? Online airport parking platform ParkSleepFly has ranked the
Travel + Leisure Club is a new subscription travel booking and concierge service. Travel + Leisure Group/Travel + Leisure Co. From private-jet clubs to theme park memberships, subscription services are increasingly the way to go when it comes to vacations and other leisure trips. For example, Internet sites Tripadvisor and Scott’s Cheap Flights — both
Chloe Wohlforth, pictured with her father Martin, who died in the terrorist attacks on the World Trade Center on Sept. 11, 2001, said she still feels his presence in her life today. Courtesy: Chloe Wohlforth For Chloe Wohlforth, Sept. 11, 2001 started out like an ordinary day. That began to change as she was sitting
Money and mental health are connected. Financial problems can make you stressed, anxious or depressed, and those feelings, in turn, can have a big impact on your finances. In fact, anxious or stressed adults are more likely to engage in costly financial behaviors, including withdrawing cash from retirement accounts and borrowing from high-cost financial services
Drew Angerer | Getty Images News | Getty Images Democrats may scuttle tactics used by the rich to pass wealth to heirs with little to no tax, part of a broader plan to raise money for an expansion of the U.S. safety net. Specifically, the party is considering disallowing some complex trust-planning techniques used by
Getty Images Many Americans know the benefit of retirement savings, yet few realize there’s a special incentive to set aside money for their golden years: the saver’s credit. The saver’s credit, formerly known as the retirement savings contributions credit, offers low- and moderate-income filers a write-off at tax time. Currently, savers may claim up to
Signage outside the Internal Revenue Service (IRS) headquarters in Washington, D.C. Bloomberg | Bloomberg | Getty Images The top 1% of Americans may be dodging as much as $163 billion in annual taxes, according to a report from the U.S. Department of the Treasury. This estimate widens the so-called tax gap — the shortfall between