As the clock ticks towards the expiration of critical tax provisions set in motion by the Tax Cuts and Jobs Act (TCJA) of 2017, lawmakers face a high-stakes decision-making process that could alter the financial landscape for millions of American families and small businesses. With the temporary benefits of the TCJA slated to vanish post-2025,
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With the upcoming election looming just around the corner, investors may find themselves inundated with various tax policy proposals that could significantly impact their financial decisions. These proposals, put forth by both Democratic candidate Vice President Kamala Harris and Republican former President Donald Trump, can often evoke strong emotions and trigger impulsive reactions. It is
As the upcoming election gains momentum, investors are closely monitoring the potential impact of proposed capital gains tax changes. Democratic presidential nominee Vice President Kamala Harris recently put forward a plan to implement a 28% tax on long-term capital gains for individuals earning more than $1 million annually, which is an increase from the current
In the age of social media influencers showcasing elaborate dorm room designs, the concept of dorm insurance has gained momentum. As college students invest in their living spaces, parents are left wondering if their insurance coverage is adequate. However, before jumping into purchasing dorm insurance, it is crucial to analyze the specific needs of the
In a recent development, the Biden administration’s plans for sweeping student loan forgiveness have faced a setback. Despite promising emails sent to millions of federal student loan borrowers earlier this summer, a Republican-led challenge has temporarily blocked the implementation of the debt relief. U.S. District Judge Randal Hall issued a temporary restraining order against President
The IRS is currently in the process of developing plans to prevent increased audits on taxpayers making less than $400,000. However, tax experts warn that certain aspects of your tax return can still attract scrutiny, regardless of your income level. The Treasury Inspector General for Tax Administration (TIGTA) recently reported that the IRS has made
Vice President Kamala Harris has recently proposed an increase in the capital gains tax rate, specifically targeting high earners with annual incomes exceeding $1 million. This proposal has sparked a debate among financial advisors and experts, who are discussing the potential implications of such a policy change. While Harris’ plan is aligned with President Joe
In this era of digital shopping, consumers are constantly looking for ways to save money. With the rise of online codes, browser extensions, and money-saving apps, there are now more opportunities than ever to find significant discounts. However, the effectiveness of these deals can still vary depending on the day of the week. A recent
Vice President Kamala Harris has put forward a plan to raise taxes on wealthy Americans and corporations, aligning with President Joe Biden’s budget proposal for fiscal year 2025. The proposal includes a 25% minimum tax on total income, targeting individuals with assets exceeding $100 million, known as the billionaire minimum tax. While Harris believes that
Many younger retirees in America rely on Marketplace health insurance, especially since they are not eligible for Medicare before the age of 65. In light of this, boosted tax breaks have been offered to reduce monthly premiums until the end of 2025. This has resulted in an increase in the number of Americans aged 55