Cancellation of Student Loan Debt is still an option for Biden Administration
With the new moratorium on student loans being pushed through August, the Biden administration has said that the cancellation of student loan debt by executive action is “still on the table,” according to White House press secretary Jen Psaki. The Biden administration has faced questions about the student loan debt crisis since taking office over a year ago. The moratorium on payments for student loans has been extended six times since the Covid-19 pandemic began over two yea
What is a Trust and Why should you want one?
A trust is an arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary. Trusts are typically used to minimize estate taxes and can offer other benefits as part of an estate plan. Trusts usually allow your estate to avoid probate, which allows the beneficiaries to gain access to the trust’s assets much more quickly than if they were transferred via a will. The major distinction between trusts is whether they are revocable or irrevocable.
Biden’s Plan to Tax the Super Wealthy Unlikely to Gain Traction
President Biden recently proposed a “Billionaire Minimum Income Tax” minimum 20% tax rate that would target U.S. households worth more than $100 million. This would tax both income and unrealized capital gains. When most people think of capital gains they think of stocks or investments, but that is just a small part of what would be taxed under this proposal. Your house, paintings, vehicles, basically any type of asset you own that appreciates value would be taxed even if y
Federal Reserve Nominees Inch Closer Towards Confirmation
As of April 8, 2022, four Federal Reserve nominations from the Biden Administration have yet to be confirmed. Jerome Powell, Lael Brainard, Lisa Cook, and Philip Jefferson, have all been waiting for quite some time to be confirmed after their nominations. Jerome Powell is the current chair of the Federal Reserve and has been nominated to serve a second term as the Federal Reserve chairman. Mr. Powell has served on the Federal Reserve since 2012 when he was nominated to the
Judge Ketanji Brown Jackson Confirmed as the First Black Woman to the U.S. Supreme Court
The Senate on April 7, 2022, voted 53-47 in confirmation of Judge Ketanji Brown Jackson to the Supreme Court. Judge Jackson is a native of Washington D.C. and at 51 will be the second-youngest justice just ahead of Justice Amy Coney Barrett. Jackson graduated from Harvard Law School, cum laude, in 1996 where she was the supervising editor of the Harvard Law Review. Judge Jackson then went on to clerk for Associate Justice Stephen G. Breyer, whom she is replacing on the Unit
Gas Tax Holiday? Some States Proposing Suspension of Gas Tax for Remainder of 2022.
Everyone is feeling the burden of rising costs that have grown exponentially since 2020. The average cost of groceries has risen 7.9%. The average energy bill is 25.6% higher than in February of 2021. Fuel costs seem to jump 50 cents whenever I step on my dog’s chew toy, which admittedly has been more frequent as of late. Some states have recently been pushing for some help at the fuel pump by suspending state gas taxes for some part or the remainder of 2022. California,
Filing your taxes at the last minute? You’re not alone.
According to Fidelity National Financial, almost a third of all Americans file their taxes at the last minute. Reasons for this include people not believing they will get a refund anyway, or that filing taxes is too stressful and complicated. As of now, the deadline to file taxes is still April 18, 2022. Many people might be hoping that the IRS will throw a last-minute hail Mary like they did last year when they extended the deadline, but experts caution that thinking. If