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Newsweek
an hour ago
- Newsweek
This Small Town Is Seeking a 225% Property Tax Increase
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Homeowners in the small town of Wellington, Utah, could soon be facing much larger property tax bills as city authorities are seeking a more than 225 percent increase after years of stalling rates. A looming decision on the property tax hike was postponed on Wednesday by the Wellington City Council after an hourslong public hearing on the same day revealed the depth of residents' concerns over the potential financial burden they could shoulder from a hike. It is a burden that has gotten heavier for millions of Americans across the country in recent years, as property tax bills have raised in step with home values following the pandemic homebuying frenzy. Nationwide, according to a report by Redfin, property taxes rose by nearly 30 percent between 2019 and 2024, reaching a monthly median of $250. 'A Pretty Harsh Thing To Swallow' Under the proposal made by Wellington authorities, the property tax on a $256,000 residence would increase from $216.41 to $704.00, which is $487.59 per year. The tax on a $256,000 business would increase from $393.47 to $1,280.00, which is $886.53 per year. During the public hearing on Wednesday, Wellington Mayor Jack Clark told a room packed with residents critical of introducing such a steep increase that the hike was necessary. "This is a pretty harsh thing to swallow," Clark said, as reported by Castle Country Radio. The revenues generated by higher property taxes, he said, will be used for public safety, road repairs, utilities, and other operations essential to keep the city running." Newsweek reached out to the mayor's office via email. A low-angle shot of house construction in Utah. A low-angle shot of house construction in Utah. Getty Images The tax hike, if implemented, would bring the city's revenues up to $1,646,775—which would still leave a gap of $26,550 when compared to Wellington's total expenses, which amount to $1,673,325 according to the city. Without the tax hike, the city would face a shortfall of $400,000. "This is about preserving the city we have and preserving the future," Clark said. The Highest Increase in the State—but Not the Only One The 225.3 percent property tax hike requested by Wellington authorities was the highest sought by in the entire state of Utah for 2026, according to data shared by the Utah Taxpayers Association, an advocacy group calling for lower taxes and sound tax policy in the state. "Wellington is a victim of its previous elected officials not being willing to make the hard decisions," a spokesperson for the Utah Taxpayers Association told Newsweek. "While the mayor explained in his comments [on Wednesday] that those before him could have done more to prevent such a dramatic increase, he's now left having to figure out how to get the city in a good spot, financially speaking." But Wellington was not the only small town in the state that pursued double-digit increases. Uintah City was seeking a property tax increase of 100 percent; Gunnison City of 78.89 percent; Eureka City of 72.21 percent; Howell City of 65.86 percent; and Willard City of 45.51 percent. Some of these cities still have to hold truth-in-taxation hearings during which residents have a chance to comment on the proposal's to hike their property taxes. During such a meeting on Wednesday, Wellington residents expressed their concerns over such a massive increase being suddenly implemented. "I'm heartbroken because I thought this would be a forever house," resident Erin Hansen said during the meeting, as reported by Castle Country Radio. "But the reality is these taxes are going to be more than my mortgage. I can't afford to live here." City authorities say the proposed hike is so high because Wellington has not increased property taxes since 2017. But residents think that officials should not try to make up for lost time in one large hike. "I'm imploring you guys to make some of those overdue needs overdue some more," resident Bill Barnes said. According to the Utah Taxpayers Association, the state system is setup up "such that elected officials cannot ignore property taxes. They need to make hard decisions and work hard with their constituents to educate and inform them as to why an increase is needed." The group applauds the current elected officials for "having the courage to get Wellington back in the black in its finances but caution them to not forget about property taxes in 5-7 years when it will likely be time to make another adjustment." What Happens Next While the decision to postpone a potential approval of the hike was something of a victory for local residents, city officials could still decide to green light the 225 percent increase later in the year. Wellington City Council has until October to make a decision over the hike.
Newsweek
an hour ago
- Newsweek
Americans Fear End of Social Security as They Know It
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Seven in 10 Americans worry that Social Security won't be there for them when they retire, according to new survey from the Transamerica Center for Retirement Studies (TCRS). TCRS is a division of Transamerica Institute (TI), a nonprofit, private operating foundation, and conducts one of the largest and longest-running annual retirement surveys of its kind. For generations, Social Security, which celebrated its 90th anniversary on August 14, has formed the bedrock of retirement income for tens of millions of Americans, and also pays out benefits to disabled people and survivors of deceased workers. However, despite its enduring popularity and importance, it faces a looming insolvency crisis that lawmakers have less than 10 years to solve. The survey from TCRS, which polled 10,009 adults above the age of 18 between September 11 and October 17, 2024, found that among non-retirees, 71 percent agreed with the statement: "I am concerned that when I am ready to retire, Social Security will not be there for me." Almost nine in 10 Americans (87 percent) have one or more greatest retirement fears, ranging from health to financial. The top two greatest fears are declining health that would require long-term care (39 percent) followed by Social Security being reduced or ceasing to exist in the future (37 percent). According to the latest report from the Social Security Trustees, the program's two trust funds—the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) funds—are projected to reach insolvency by 2034. At that point, benefits would be funded solely through incoming payroll taxes, triggering an automatic cut of around 21 percent unless Congress takes action. While several options have been tabled by lawmakers to fix the issue, such as The Fair Share Act and raising the retirement age, no meaningful progress has been made. Doug Carey, founder of WealthTrace and a chartered financial planner, told Newsweek that the main driver of fears around Social Security's longevity is this political inaction. "I believe it's the political climate and the lack of action over many administrations," he said. "Most politicians do not want to touch benefits since they believe it will only hurt their reputation and reelection chances now. That is why this keeps getting pushed into the future until it simply has to be addressed." Stock image/file photo: An elderly woman holding an empty wallet. Stock image/file photo: An elderly woman holding an empty wallet. GETTY The study also revealed Americans are concerned about seeing their personal savings through their post-working years. Sixty-three percent of Americans said they either believe they won't save enough to meet their needs by the time they retire or, if already retired, they failed to save enough—28 percent "strongly agree" and 35 percent "somewhat agree" with that statement. And for nearly a third of Americans—32 percent—Social Security is expected to be their primary source of retirement income. That compares with 29 percent who expect to rely primarily on retirement accounts, 12 percent on other savings and investments, and 11 percent on continued work. Only 9 percent see a company-funded pension as their main income source. The survey also showed that reliance on Social Security is even greater among retired women with six in 10 women retirees (59 percent) indicating it is their primary source of income, compared with 47 percent of men retirees. For those not yet retired, 29 percent of women and 22 percent of men said Social Security was their expected primary source of retirement income. Carey added that many Americans are already adjusting their retirement plans based on the assumption of reduced benefits. "What many people are doing is simply assuming their benefits will be cut by anywhere from 25 percent to 50 percent. They can then plan accordingly by retiring later, saving more, or changing their planned spending in retirement," he said. Some, Carey noted, choose to claim benefits early at age 62 to "lock in" payments, believing they are less likely to be reduced once started. Jackson Ruggiero, co-founder of told Newsweek that the poll's findings are unsurprising. "The program is facing real financial challenges, but just as importantly, people don't trust Congress to fix it in time," he said. "Because of this uncertainty, many people are changing how they plan for retirement. Younger workers especially are focusing more on personal savings through 401(k)s and IRAs, and some are assuming they'll get little or nothing from Social Security. That's understandable, but also a bit extreme." Looking forward, Ruggiero advised a balanced approach for those concerned about their retirement savings and the future of Social Security. "Plan like your benefits might be reduced, not gone. Save what you can now, take advantage of employer retirement plans, and if possible, delay taking Social Security to get a bigger monthly check," he said. Both experts agreed on one point—Congress is moving too slowly to fix the looming insolvency dilemma. "They are doing nothing, and I predict they won't do anything until the year where it's clear Social Security benefits will have to be cut. Currently that is 2033," Carey warned. This is not the first time Social Security has faced a funding cliff. In the early 1980s, the trust funds were similarly close to depletion. Lawmakers responded with reforms that included faster payroll tax increases, a gradual rise in the retirement age, and taxation of some Social Security benefits. "Social Security has served as the cornerstone of retirement income since its establishment nine decades ago. It provides millions of older Americans with guaranteed income, so that they can retire with greater financial security," Catherine Collinson, CEO and president of Transamerica Institute, said. "With the estimated depletion of the Social Security trust funds looming large, now is the time for policymakers to identify reforms that can help ensure the program's sustainability for the next 90 years."
Business Insider
an hour ago
- Business Insider
I landed my dream job without even applying for it. Here's how I did it and my advice for other job seekers.
Alicia Strata, 38, is a marketing creator and integrator at Alabama World Travel, a luxury travel agency based in Montgomery, Alabama. In July, Business Insider wrote about how Strata and seven other Americans who graduated in the Great Recession navigated early career challenges — and what Gen Z college grads can learn from them. The following has been edited for length and clarity. I've tried to launch my career during a hiring slowdown twice — first out of college, and again last year after 10 years at home raising my children. The second time was worse — it took me over a year to get hired. But my journey ended with me landing my dream job. Joining Teach for America taught me resilience I graduated from Columbia College Chicago in May 2010, when the Great Recession had pushed the unemployment rate to nearly 10%. I had a marketing communications degree and hoped to land a role at an advertising agency. But the job market was tough, so I decided to pivot. Teaching was completely out of my area of study, but I was looking for something that felt both purposeful and possible in a shrinking job market. Teach for America offered that: a paycheck, a mission, and structure during chaos. The summer after graduation, I moved to South Dakota to begin my placement as a 4th-grade teacher. My placement was on a Native American reservation inSouth Dakota, where the closest Walmart was two hours away. Some of the kids were dealing with serious challenges at home, and it was hard to make them care about learning their multiplication tables. I had to get creative and develop real resilience. I also learned to get over my ego. If you want to find out what your insecurities are, go into a classroom of middle schoolers. Although TFA didn't directly further my marketing career, it helped me develop personally and as a leader. It gave me life experience and helped me build the resilience and adaptability I needed in future job searches. We want to hear from job seekers and people who recently landed a job. If you're open to sharing your story, please fill out one or more of the linked Google Forms. I became a stay-at-home mom when my kids were born After finishing the program in 2012, I spent a year working at an international school in South Korea, where my then-boyfriend lived. We got engaged and moved to Chicago, and I found a full-time graphic design job. But after getting married in 2013, I unexpectedly got pregnant right away. I worked through the pregnancy but left my job and became a stay-at-home mom after my child was born. I now have three kids, between the ages of six and 10. From 2015 to 2020, I did some remote, part-time marketing work for a digital advertising company, but it was very minimal — and definitely not something that looked exciting on a résumé. The gig ended in early 2020, shortly before the pandemic-induced recession, after the company was sold abruptly. I had just had my third kid and was struggling to juggle everything, so I felt it was, in some ways, good timing. Taking a part-time seasonal job and then being let go was a hit to my ego In 2021, we moved to Montgomery, Alabama, and about a year later, I found myself in a kind of sink-or-swim moment when my marriage ended. Overnight, I was navigating single parenthood, a sparse résumé, and the urgent need to rebuild my career from the ground up. At the beginning of my renewed job search, I was hopeful. I got the kids to school, started on all the online job boards, and didn't wrap up until eight hours later when it was time to pick up the kids. However, the results were extremely discouraging. I was applying constantly, managing full-time parenting, and facing rejection after rejection. In 2023, I landed a part-time seasonal job at Hobby Lobby. That hurt my ego, but I needed to get some momentum, particularly because the job market was starting to take a turn for the worse. There were plans for me to stay on after the season ended, but in early 2024, they ended up letting me go. The idea that I couldn't even keep a part-time retail job was hard to stomach, but I tried to stay resilient, pick myself back up, and start applying again. I found my dream job when I wasn't looking for it In February 2024, I applied for a job as an administrative assistant at an accounting firm, even though I couldn't be less interested in accounting. I didn't get the job, but the third-party recruiter the company worked with said there was a part-time office support job at a luxury travel agency that he thought might be a good fit for me. I was skeptical, but agreed to the interview. The morning of the interview, I sent a group text to some of my close friends, saying, "I'll let you know how the interview goes. Don't want it, so the odds are in my favor of getting it" — just being tongue-in-cheek. But when I walked into the office, it had a really good vibe. Everybody was quietly plugging away at their desks, and everyone I met was just so warm. The interviewer started by asking me basic questions, but they kept asking about marketing, which I found a little confusing since I was interviewing for the office support role. Halfway through the interview, they slid a piece of paper across the table. It was a job description for a marketing creator and integrator role — exactly the kind of job I'd hoped to find since graduating from college, but hadn't been able to secure. I literally looked around and thought, Is somebody filming this right now? Am I being pranked? It turned out, they'd been looking for a marketing person and felt I sounded like a great fit. I burst out laughing because I couldn't believe it. It was amazing to walk into the interview not even wanting the role, and walk out thinking it could be my dream career. My advice for others struggling with the job search process I started working at the company in March 2024. My initial instincts about the company have proven correct — my co-workers have become like a second family, and the working environment is great. Later on, I happened to meet the woman who had gotten the admin assistant job I didn't get at the accounting firm. She was another single mom with four boys who had been on the verge of losing her home when she landed the job. You don't often get to see what's on the other side of a job rejection; that full-circle moment has really stuck with me. My biggest advice for people struggling to find work — whether you're a recent college graduate or have been in the workforce for decades — is to be open to different opportunities and stay engaged in the process. If you're going to do something, do it wholeheartedly. While I wasn't interested in the job I thought I was interviewing for, I gave myself fully to the interview. Even if it wasn't the right role, something better at the company could've opened up later. If you don't have your foot in the door anywhere, you can't move up from anywhere.
