For the second straight month, the Federal Reserve has raised its benchmark interest rate by .75%. This is the fourth rate hike since March and more are predicted in the coming months. What does this mean for consumers? This hike means the borrowing cost for buying a car, a home, credit cards, and more increases making the same transactions more expensive than if they were done last month. The Federal Reserve is hoping that by making borrowing money more expensive it will pus

On June 22, 2022, the Senate Finance Committee voted unanimously to advance the Enhance American Retirement Now (EARN) Act. This bill is aimed at making it easier for Americans to save for retirement as it is estimated that between 40 and 60% of Americans either have no retirement or have not saved enough. The bill has more than 70 proposals after months of collaboration with every member of the committee. Included in the bill are proposals for; Individual Retirement accoun

From having the second-highest Corporate Net Income (CNI) tax rate in the country at 9.99%, Pennsylvania will soon have the sixth-lowest by 2031. Beginning January 1, 2023, the new CNI will be 8.99% and will lower by half a percent annually until it reaches 4.99% in 2031. State Senator Pat Browne stated that “Pennsylvania’s overall business tax climate will soon be the most competitive among our northeastern states and the most competitive in the nation.” In that same tax co

Every year the Trustees of the Social Security and Medicare trust funds issue a report on the current and projected financial status of the two programs. Using a mid-level set of assumptions, the Trustees are predicting that the costs of these programs will outpace the growth of gross domestic product (GDP) by the mid-2030s because of a rapidly aging population. The two most commonly associated funds overseen by the Trustees are the Old-Age and Survivors Insurance (OASI) Tru