Get ready for another round of unwelcome news from Gov. Hochul as she reveals her plans for 2025 in her State of the State address. With a history of ignoring public concerns, Hochul is likely to propose more spending on popular initiatives like youth mental health and free school meals, even for families who can afford it. But what New Yorkers really want — like add...
You won't believe who's helping to keep Social Security running: undocumented immigrants. In 2022 alone, they contributed a whopping $25. 7 billion in taxes to the program, according to a study by a tax research group. The kicker? They can't collect benefits without legal status, so their money supports benefits for Americans. With President-elect Trump promising mas...
Imagine winning the Mega Millions jackpot of $1. 15 billion. Sounds amazing, right? But let's talk about what you'd really take home. The federal government takes a chunk for taxes, and depending on where you live, the state might too. Only eight states don't tax lottery winnings: California, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyo...
In a tight vote, the Chicago City Council has given the green light to Mayor Brandon Johnson's 2025 budget, skipping any property tax increase. The final tally was 27 to 23, after heated discussions. Johnson originally proposed hiking taxes, but strong opposition pushed him to rethink his plan. The approved budget dodges a tax hike by reshuffling debts and trimming j...
In 2021, Taiwan introduced changes to its assisted reproduction subsidy scheme, specifically for in vitro fertilization (IVF). But what's the real impact on the country's economy? Let's dive in. The main idea is to estimate the public economic gains from these subsidy changes. It's all about the money the government could gain in the long run, thanks to the children ...
The Supreme Court has agreed to take on a big case about religion and taxes. The question is whether places like Catholic Charities should be exempt from state unemployment taxes because of their religious ties. Catholic Charities says it should be exempt, but Wisconsin's highest court disagrees. They say Catholic Charities doesn't do enough traditional religious stu...
As the clock strikes midnight on January 1, 2025, the incoming Trump administration is set to shake up the economic landscape. Inflation, which has been gradually decreasing, is still a major concern. The Federal Reserve has begun cutting interest rates, but the question remains: will inflation stick around? The Trump team has big plans for taxes, promising to extend...
Bitcoin is hitting new highs, but crypto investors should keep an eye on something else: taxes. Starting in 2026, brokers will report crypto sales on Form 1099-DA, listing gross proceeds from 2025. By 2027, they'll include your original purchase price, known as the "basis. " This price is crucial because without proof, the IRS might assume it's zero, boosting your ga...
Britain's new Labour government is set to increase taxes on 'sin' items like alcohol, cigarettes, and gambling in its upcoming budget. This move is expected to bring in billions of pounds. These industries are often targeted because they're unpopular and won't have many defenders. However, experts warn that taxing these sectors too much could lead to illegal black ma...
Imagine a place where people come together to talk about taxes, but end up discussing spending instead. That's what happened at a recent hearing in Waukegan, Illinois. The Waukegan Community Unit School District 60 wanted to raise its property tax levy by almost 5% for the next school year. Sounds like a lot, right? Well, the district's money person, Gwen Polk, said ...