Vice President Kamala Harris recently announced an economic plan that includes an expanded child tax credit of up to $6,000 for families with newborn children. This proposal aims to build on the child tax credit enacted through the American Rescue Plan in 2021, which provided tax relief of up to $3,600 per child. Harris’ plan
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As retirement approaches, investors are often warned about a looming threat known as the “sequence of returns risk.” This risk, also called “sequence risk,” stems from poor investment returns paired with withdrawals, especially in the early years of retirement. The detrimental impact of this combination can lead to a significant reduction in your retirement nest
In today’s volatile economic landscape, it is crucial for individuals to have a sufficient amount of emergency savings set aside. Despite recent second-quarter economic growth, many Americans are under the false impression that the United States is currently in a recession. A June survey conducted by Affirm revealed that nearly 60% of adults believe this
Former President Donald Trump has recently proposed eliminating taxes on Social Security benefits, arguing that seniors should not have to pay taxes on this income. While this idea may initially seem appealing to beneficiaries, it fails to address the crucial issue of how to compensate for the revenue loss that would result from such a
Former President Donald Trump and Vice President Kamala Harris have both expressed their desire to eliminate taxes on tips, particularly for service and hospitality workers. While this proposal has garnered some bipartisan support in Congress, it has also raised concerns among policy experts. One of the major criticisms of this idea is the question of
The Social Security Administration (SSA) is currently facing an unprecedented backlog of open cases, leading to significant concerns over improper payments to beneficiaries. A recent report from the SSA Office of the Inspector General highlighted that the backlog of pending actions has soared to an all-time high of 5.2 million as of February. This surge
The recent resurgence of concerns about a possible U.S. recession has brought attention to the fragility of the unemployment insurance system. Experts warn that the system, which supports workers in times of job loss, is not adequately equipped to handle another economic downturn similar to what was experienced during the Covid-19 pandemic. According to Michele
The Biden administration’s SAVE plan, which aimed to provide affordable repayment options for student loan borrowers, is currently facing significant delays due to a series of legal challenges. The program, officially known as the Saving on a Valuable Education plan, has been put on hold indefinitely while the White House navigates these legal hurdles. With