‘Electric Vehicles: The Good, the Bad, and the Ugly'
In the battle between electric vehicles and internal combustion engines, electric is winning—at least with the Federal and California state governments. Surely, the politicians carefully weighed the pros and cons, right? Bestselling author and media commentator Larry Elder is not so sure. He does the thorough analysis politicians avoid as the presenter, investigator, and on-camera host of 'Electric Vehicles: The Good, the Bad, and the Ugly,' directed by Mathias Magnason.
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Yahoo
24 minutes ago
- Yahoo
How to pay zero taxes in America on $100,000 of retirement income — and it has nothing to do with Trump's new bill
It may sound too good to be true, but a retired couple could generate six-figures in income and pay no federal income taxes. If you think this is only because of President Donald Trump's new bill, think again — even under earlier tax rules, a couple could structure their retirement income to owe $0 in federal taxes. The key lies in smart financial planning and a solid mix of income sources. Understanding how different types of income are taxed is essential to making this strategy work. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Taxes on Social Security Social Security benefits aren't taxed like ordinary income, and their taxability is determined using a 'provisional income' calculation by the IRS. For married couples filing jointly: Benefits aren't taxed if provisional income is less than $32,000. Between $32,000 and $44,000, up to 50% is taxable. Above $44,000, up to 85% can be taxed. If Social Security is your only source of income, you likely wouldn't owe taxes. Even with other income sources, you may avoid a tax liability depending on the type of income and how it affects your provisional income. Taxes on qualified dividends and long-term capital gains Income from long-term investments is taxed differently than regular employment income. For example, if you hold shares of a domestic company for more than a year, qualified dividends are taxed at the same preferential tax rates as long-term capital gains, even though they aren't technically considered capital gains. For the 2025 tax year, single filers with up to $48,350 in taxable income and married couples filing jointly with up to $96,700 may pay 0% federal tax on their long-term capital gains and qualified dividends, according to the IRS. Given that these thresholds are relatively high — and standard deductions reduce taxable income — a married couple could earn a substantial amount from long-term investments and still owe no capital gains taxes. Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Tax-free $100,000 To understand how a retired couple with a smart mix of income sources can pay no taxes on $100,000 in annual earnings, let's take the example of John and Jane. In 2025, they receive $62,400 in combined Social Security benefits and $10,000 in qualified dividends. They also withdrew $11,600 from their IRA and sold stocks from their brokerage account worth $16,000 — $8,000 of which is a long-term capital gain. Altogether, these sources generate $100,000 in total cash flow this year. However, after accounting for how provisional income is calculated and applying the standard deduction, their taxable income is just $17,580. Not all of this is taxed at ordinary income rates. Because their taxable income falls well below the $96,700 threshold for married couples filing jointly, their qualified dividends and long-term capital gains are taxed at the 0% long-term capital gains rate. This is how John and Jane have achieved a six-figure, tax-free lifestyle. However, this isn't the full story for the couple. Possible caveats To understand how John and Jane may have avoided federal income taxes in 2025, given their smart planning and clever mix of income sources, it's important to note that, in some states, they might still owe local state taxes on their income. Also, their strategy only works before age 73. After that, the IRS requires Required Minimum Distributions (RMDs) from their IRA accounts, which could push them into taxable income territory. Your personal situation might differ from this hypothetical couple's. If you file as a single individual, don't have significant capital gains, or have other income sources, your ability to generate $100,000 tax-free could be limited. Nevertheless, with smart planning — and perhaps some expert advice — you can minimize or even eliminate your taxes while maintaining a comfortable six-figure lifestyle in retirement. What to read next Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Here are 5 simple ways to grow rich with real estate if you don't want to play landlord. And you can even start with as little as $10 Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Fox News
an hour ago
- Fox News
Man in DC shot and killed hours after Trump federalizes city's police department
A man was shot and killed in Washington, D.C. on Monday, just hours after President Donald Trump announced a federal takeover of the city's police department. The victim was found in the 1200 block of 12th Street NW in Washington, D.C.'s Logan Circle neighborhood around 7 p.m., a Metropolitan Police Department spokesperson told Fox News Digital. "Upon arrival, officers located an adult male, unconscious and not breathing, suffering from multiple gunshot wounds. DC Fire and EMS responded and transported the victim to a local hospital, where despite all lifesaving efforts the victim was pronounced dead," the spokesperson added. "Homicide Detectives are investigating." On Monday, Trump said he would federalize the police department and place it under the authority of U.S. Attorney General Pam Bondi in an effort to address crime. He also said he was activating approximately 800 National Guard troops to "reestablish law, order and public safety" in the capital. Washington, D.C. Mayor Muriel Bowser called the move "unsettling and unprecedented." "While this action today is unsettling and unprecedented, I can't say that given some of the rhetoric of the past, that we're totally surprised," Bowser said during a news conference. "I can say to D.C. residents that we will continue to operate our government in a way that makes you proud." The District of Columbia Home Rule Act allows Trump to place the city's police department under federal control for up to 30 days. The Washington, D.C. City Council called the temporary takeover a "manufactured intrusion on local authority." "Violent crime in the District is at the lowest rates we've seen in 30 years. Federalizing the Metropolitan Police Department is unwarranted because there is no Federal emergency," the council said in a joint statement. "Further, the National Guard has no public safety training or knowledge of local laws. The Guard's role does not include investigating or solving crimes in the District. Calling out the National Guard is an unnecessary deployment with no real mission." Metropolitan Police Department data shows that while the homicide rate is falling, the last five years saw the greatest number of murders since 2008.
Yahoo
2 hours ago
- Yahoo
Trump has slashed 25% of the IRS workforce — and it will have ‘nationwide implications.' How it will impact your taxes
A federal report warns that American taxpayers face a messy tax season following President Trump's cuts to the IRS — with 25% of the agency's workforce already decimated. In a July report highlighting the extent of the cuts, the Treasury Inspector General for Tax Administration says these reductions have 'nationwide implications.' Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Not only are the IRS job cuts deep, they're occurring while the U.S. tax code undergoes a major overhaul. The One Big Beautiful Bill Act introduces new rules for taxpayers and corporations along with new responsibilities for the IRS. 'The confluence of low staffing levels and new policies is a messy mix,' Alex Muresianu, senior policy analyst at the Tax Foundation, told the Washington Times. 'I think that is a potential challenge in the coming tax season.' Here's why experts are worried about the challenges tax filers could face in 2026 and beyond. Less staff, more complexity Soon after Trump took power, his administration slashed the IRS workforce. Between February and May, the agency lost a quarter of its staff — 25,386 workers — through buyouts and layoffs, according to the report. The agency's Small Business/Self-Employed unit has now lost 35% of its staff and the Human Capital Office (HCO) has lost 28%. And that's just the beginning. Between now and 2027, the Trump administration aims to slash IRS funding in half, including 65% reduction in operational staff by 50% reduction in enforcement staff. Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. The Tax Law Center reports that will create an 'open season for high-end tax evasion.' Meanwhile, average taxpayers will be dealing with an understaffed and underfunded agency this tax season. Impact on your taxes Even at previous staffing and funding levels, the IRS struggled to respond to inquiries and process returns. The National Taxpayer Advocate, the ombudsman for the IRS, reports that the IRS only answered a third of the 38.6 million calls it received in the 2025 tax filing season. The same report forecasts more calls in 2026 due to tax code changes in the One Big Beautiful Bill. In other words, expect wait times if you need help from the IRS with your tax filing and longer processing times for tax credits or identity-theft cases that are still pending. The ongoing layoffs and budget cuts could also have a broader impact on the national economy, which taxpayers will have to reckon with in the long term. Impact on the economy The IRS is one of the few government agencies that delivers a positive return on investment. In 2023, the National Bureau of Economic Research reported that every dollar invested in tax audits of wealthy taxpayers resulted in $12 in additional tax revenue. The Center for Progress estimates the U.S. government will lose nearly $1 trillion ($909 billion) over 10 years. In other words, it could widen the government's already wide budget deficit. For businesses and consumers, a wider and more persistent deficit could mean more sovereign debt, potentially higher interest rates and more inflation in the years ahead, according to Yale's Budget Lab. What to read next Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Here are 5 simple ways to grow rich with real estate if you don't want to play landlord. And you can even start with as little as $10 Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
