The Biden administration’s attempts at student loan forgiveness have faced significant legal challenges, with the Supreme Court striking down previous efforts. The latest income-driven repayment plan, known as SAVE, has also been partially suspended due to lawsuits from Republican-led states like Arkansas, Florida, and Missouri. Experts predict that any future sweeping debt forgiveness initiatives will
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Deflation has become a significant factor in the U.S. economy, with prices of consumer goods and services experiencing a decline in recent times. While inflation was a concern just two years ago, economists are now witnessing deflation across various categories, particularly in physical goods. One of the primary factors contributing to deflation is the normalization
The U.S. Department of the Treasury and the IRS have marked a significant achievement in collecting over $1 billion in tax debts from high-income individuals over the past year. This accomplishment is part of an initiative to target those making over $1 million annually with recognized tax debts exceeding $250,000. Treasury Secretary Janet Yellen emphasized
Medical debt in collections appearing on credit reports has decreased significantly over the past decade, according to new research by the Urban Institute. In 2013, 19.5% of Americans had medical debt in collections, while in 2023, that number dropped to just 5%. Efforts by major credit bureaus in 2022 and 2023 played a vital role
As the 2024 presidential election approaches, many investors are feeling anxious about the potential impact of the election on their finances. According to a survey conducted by Betterment, more than half of investors (57%) are nervous about the upcoming election, with 40% expecting to make changes to their investments based on the election outcome. This
President Joe Biden’s administration is considering forgiving the debt of millions of federal student loan borrowers, which could come into effect just weeks before the upcoming election against former president Donald Trump. The U.S. Department of Education revealed in the Spring 2024 Unified Agenda that the final rule on student loan relief would be published
Inflation may be slowing down, but the fact remains that prices continue to remain high across various sectors. While this news can be seen as positive for the expanding economy amidst a strong job market, the reality is that prices persist at elevated levels, posing affordability challenges for many Americans. According to Mark Hamrick, a
One popular strategy for reducing future taxes on retirement savings is through Roth individual retirement account (IRA) conversions. By transferring pretax or nondeductible IRA funds to a Roth IRA, individuals can enjoy tax-free growth on their investments. However, this strategy comes with an upfront tax hit, which can be managed using a Roth conversion ladder.
When it comes to planning for retirement, one of the key factors to consider is the impact of taxes on your savings. Whether you are in the middle of your career or getting ready to retire, understanding where you are investing your money and how those accounts will affect your taxes in the future is
Last week, as I was preparing to leave work, I realized that my wallet was missing from my backpack. Panic set in as I searched frantically for it, only to come up empty-handed. I contacted security and the bank to lock my cards, feeling defeated and vulnerable. As a finance intern at CNBC, I turned