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February 19, 2020
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Government taxation and revenue

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Financial transaction tax could hit average Americans

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CNBC – For more and to sign up click here Democratic presidential candidate Sen. Bernie Sanders (I-Vt.) speaks during a campaign event on February 17, 2020 in Richmond, California. (Photo by Justin Sullivan/Getty Images) Justin Sullivan When Sen. Bernie Sanders, I-Vt., proposed legislation last year to tax stock trades, he......
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Mike Bloomberg’s proposed Wall Street transaction tax explained

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CNBC – For more and to sign up click here Presidential hopeful Michael Bloomberg on Tuesday announced sweeping reforms to the way Wall Street does business. Among his proposals is a 0.1% tax on all financial transactions, meaning that the federal government would exact a duty on all transactions, including......
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5 tax tips that could save you thousands of dollars in 2020

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CNBC – For more and to sign up click here Even though it’s still early to file your taxes, the sooner you crunch the numbers on your return, the better off you could be. The IRS issued more than 111.8 million refunds for the 2018 tax year, with taxpayers receiving......
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How much money you’ll have in retirement with a $50,000 salary

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CNBC – For more and to sign up click here If you’re like most Americans, you don’t know how much money you will need to retire comfortably. Sadly, 56% of Americans say they aren’t sure how much they’ll need in savings to make it through retirement, according to Northwestern Mutual’s 2019......
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White House considering tax incentive for more Americans to buy stocks

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CNBC – For more and to sign up click here WASHINGTON — As part of a forthcoming package of proposed tax cuts, the White House is considering ways to incentivize U.S. households to invest in the stock market, according to four senior administration officials familiar with the discussions. The proposal,......
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How new laws could turn taxpayers into inadvertent tax cheats

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CNBC – For more and to sign up click here Another area where taxpayers can get into trouble involves dependents. The new tax law cracked down on parents who shelter investment income from taxes by putting it into their children’s names. Now, a child’s unearned income above certain levels may......
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What a $50,000 salary, savings and Social Security means for retirees

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CNBC – For more and to sign up click here A lot of retirement planning revolves around how much money you should be saving now. But what if you want to know how much you can spend per month after you retire? In this case, there are two puzzle pieces......
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Grab these last-minute opportunities to save on your 2019 taxes

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Tax season has just started, but you can still find opportunities to cut your 2019 taxes if you know where to look. The IRS started accepting tax returns on Jan.27, kicking off the long march to April 15 — the deadline for taxpayers to pay last year’s liabilities. Even if......
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How much you need to save to earn $60,000 a year in interest

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CNBC – For more and to sign up click here About 1 out of every 7 people will live past 95. And if they plan to retire in their 60s, that leaves a huge variable of how many years of retirement they will need to fund. An “interest only” retirement......
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Here’s when your tax return could spark interest from the IRS

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CNBC – For more and to sign up click here Just because the IRS is auditing fewer tax returns, don’t assume you can dupe the taxman. With much of the agency’s systems automated to spot certain discrepancies, and some parts of tax returns typically generating more scrutiny than others, the......
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These plans aim to help student loan borrowers. What can go wrong

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CNBC – For more and to sign up click here With more and more student loan borrowers falling behind, it’s clear many people need a way to make their monthly bills more manageable. Enter income-driven repayment plans, which some 8 million borrowers are enrolled in. In theory, the plans are......
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Bernie Sanders’ wealth tax would fall $1 trillion shy

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CNBC – For more and to sign up click here A new study from the University of Pennsylvania’s Wharton School finds that Sen. Bernie Sanders’ proposed wealth tax on the richest Americans will generate $1 trillion to $1.5 trillion less than what the campaign claims. The results, if accurate, could......
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World’s billionaires richer than a combined 4.6 billion people

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CNBC – For more and to sign up click here Thomas Trutschel | Photothek | Getty Images The world’s 2,153 billionaires have more wealth between them than a combined 4.6 billion people, new research has claimed. In a study published Monday, international charity Oxfam called on governments to implement policies......
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How to get a bigger tax refund from the IRS in 2021

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CNBC – For more and to sign up click here It’s about to get a little easier for you to figure out how to break even or get a bigger tax refund from Uncle Sam. The IRS kicked off the new year with a revamp of its tax withholding estimator......
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If you hit the $220 million Powerball jackpot, this is your tax bill

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The 24% that gets withheld for federal taxes is just the beginning of what the winner would owe to the IRS — and, likely, state coffers, as well. Source link: Click here for more...
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Retirement savings, Social Security and Medicare: These are the changes coming in 2020

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A new year also means new retirement rules. From new savings limits to Social Security cost-of-living adjustments and higher Medicare premiums, these are the changes you need to know. Source link: Click here for more...
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Why now might be a good time to save in a Roth 401(k) or Roth IRA

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Roth accounts may make sense for a larger number of Americans due to low historical income-tax rates and the U.S. budget deficit, which some experts believe will necessitate the government raising tax rates in the future. Source link: Click here for more...

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