Tariffs, Trade Spats and Big Cuts - CNN This Morning with Kasie Hunt - Podcast on CNN Audio
Tariffs, Trade Spats and Big Cuts CNN This Morning 47 mins
The president says his dramatic moves will make the economy soar, but a new CNN poll says most Americans aren't buying that. Plus, it's deadline day for federal agencies to tell DOGE what to cut. How will this impact veterans, the IRS, and maybe even Social Security. Also,w hy some public campgrounds, parks and trails could look dramatically different in the months ahead.
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CNN
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Aerial video shows Los Angeles protest
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Miami Herald
42 minutes ago
- Miami Herald
Dave Ramsey sends major message to Americans on IRAs, Roth IRAs
Americans preparing for retirement encounter various challenges, primarily centered on maintaining financial security and sustaining the lifestyle they envision after leaving the workforce. Key concerns involve estimating potential Social Security payments and evaluating how much they will be able to depend on their accumulated retirement funds. Dave Ramsey, bestselling personal finance author and radio host, offers important words for Americans on traditional IRAs, Roth IRAs and some key advice on ways to achieve a financially comfortable retirement. Don't miss the move: Subscribe to TheStreet's free daily newsletter Making sure retirement funds can adequately cover future expenses is a top priority for many Americans. With rising life expectancies and the uncertainty of financial markets, retirees must strategize how to extend their savings throughout their retirement years. To build financial security, individuals wisely invest in 401(k)s, IRAs, and similar accounts while factoring in tax considerations. Another significant concern is health care costs, which tend to increase as medical needs grow with age. Although Medicare helps alleviate some expenses, it does not cover everything, requiring retirees to account for out-of-pocket costs such as medications, long-term care, and some additional medical services. Related: Dave Ramsey warns Americans on Social Security The impact of rising inflation is a significant concern, as it reduces the purchasing power of fixed retirement incomes. Many retirees worry that inflation could hinder their ability to maintain their preferred lifestyle, especially those who depend heavily on Social Security benefits. While Social Security remains a crucial source of retirement income, relying on it entirely brings uncertainty. Questions surrounding its long-term viability, cost-of-living adjustments, and possible benefit reductions due to solvency concerns add to the financial stress many retirees face. Recognizing these challenges, Ramsey issues a caution regarding traditional IRAs and Roth IRAs, offering Americans guidance on setting financial priorities and navigating the complexities of retirement planning. Ramsey explains that both Roth IRAs and traditional IRAs are valuable tools for retirement savings, but the key distinction lies in how they are taxed. A Roth IRA is funded with after-tax dollars, allowing investments to grow tax-free. When retirement arrives, withdrawals from the Roth IRA remain tax-free, providing financial flexibility. In contrast, a traditional IRA is funded with pretax money, offering an immediate tax advantage. However, when funds are withdrawn during retirement, both the contributions and their accumulated growth are subject to taxation. "While a Roth IRA doesn't offer any current-year tax benefits like a traditional IRA, it gives you something even better: tax-free growth and tax-free withdrawals once you retire," Ramsey wrote. "Now, that's a sweet deal!" More on retirement: Dave Ramsey sounds alarm for Americans on Social SecurityScott Galloway warns Americans on 401(k), US economy threatShark Tank's Kevin O'Leary has message on Social Security, 401(k)s Another significant difference between these accounts is the income limits. A traditional IRA has no income restrictions, meaning individuals can contribute regardless of how much they earn annually. A Roth IRA, on the other hand, has specific eligibility requirements. In 2025, those filing as single or head of household can contribute the full amount if their gross income is below $150,000. For married couples filing jointly, the threshold is $246,000. Related: Dave Ramsey sends strong message to Americans on 401(k)s Once a person turns 59-and-a-half and has held their Roth IRA for at least five years, they are free to withdraw both contributions and earnings without facing taxes or penalties - an excellent advantage for retirees. However, if one's Roth IRA has been open for less than five years, any earnings they take out will be subject to taxes. In 2025, the Roth IRA contribution limit remains $7,000 for those under 50, translating to a monthly contribution of $583.33 when divided over 12 months. Individuals aged 50 and older can contribute up to $8,000, which allows for monthly contributions of $666.67. These limits require savers to plan smartly, ensuring steady growth in their retirement accounts while optimizing tax advantages, Ramsey explains. By making consistent contributions, individuals can build financial security for their future while taking advantage of tax-free growth. Related: Shark Tank's Kevin O'Leary makes bold prediction on U.S. economy The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
an hour ago
- Yahoo
Unpacking rumor that Trump is sending out $5K stimulus checks
According to a rumor that spread online in late May and early June 2025, U.S. President Donald Trump would be sending out $5,000 "stimulus" checks to Americans after his administration uncovered billions of dollars in "wasted money." The viral rumor likely stems from an investment firm CEO's proposal to send some taxpayers so-called "DOGE Dividend" checks. The original proposal for $5,000 checks was based on the assumption that DOGE would achieve $2 trillion in total savings, which is highly unlikely. Trump has previously floated the idea of a "DOGE Dividend," but there was no proof at the time of this writing that he would send $5,000 checks to Americans. Snopes reached out to the White House for clarity but has not received a response. In late May and early June 2025, a rumor on TikTok (archived) claimed that U.S. President Donald Trump was reportedly sending out $5,000 "stimulus" checks to Americans after his administration uncovered $50 billion in "wasted money." "Trump is going to be sending out five grand to everybody and this is because they uncovered $50 billion … of just wasted money," the TikTok video's narrator said. @todaynews919 #fyp #foryou #new #news ♬ original sound - todaynews919 The video's narrator later said the cost-cutting Department of Government Efficiency initiative allegedly proposed sending money it had "recovered" to the American people. The initiative, spearheaded by tech billionaire Elon Musk before his departure, works to slash government spending through layoffs and cuts to various federal programs. Though Trump has previously floated the idea of a "DOGE Dividend," there was no proof at the time of this writing that he would send $5,000 checks to Americans. Snopes reached out to the White House to ask if the president has any plans to send such checks and is awaiting a response. Since we were not able to definitively prove or disprove this rumor, we have not put a rating on this claim. The viral rumor likely stems from a proposal to send some taxpayers "DOGE Dividend" checks. Trump previously said he would consider such a plan, but his administration has not confirmed that it's sending any checks. The idea for DOGE Dividend checks was originally proposed by James Fishback, the founder and CEO of the investment firm Azoria Partners, in an X post (archived) shared on Feb. 18, 2025: Fishback's post also included a more in-depth proposal based on the assumption that DOGE would achieve $2 trillion in total savings. He suggested that the federal government take 20% of DOGE's presumed savings, or about $400 billion, and return it to approximately 79 million taxpaying households in the form of $5,000 tax refund checks called the DOGE Dividend. Under Fishback's plan, the government would send checks only to "households that will be net payers of federal income tax," meaning those that pay more money in taxes than they get back in tax credits or refunds. That means American households that do not owe federal income tax would not qualify for the proposed payments. In 2025, an estimated 40% of U.S. households will pay no federal individual income tax, according to the Urban-Brookings Tax Policy Center. Most of these households have lower incomes, with about 70% earning less than $75,000 and about 45% earning less than $40,000, the Tax Policy Center estimates. On the same day that Fishback shared his proposal for the $5,000 checks, Musk replied (archived), "Will check with the president." Trump quickly acknowledged the idea as he delivered remarks during a Saudi investors conference in Miami on Feb. 19, 2025. "There's even under consideration a new concept where we give 20% of the DOGE savings to American citizens and 20% goes to paying down debt, because the numbers are incredible, Elon," Trump said at the conference. A reporter also asked Trump about the plan as he flew back to Washington, D.C., aboard Air Force One that day. He said: I love it. A 20% dividend, so to speak, for the money that we're saving by going after the waste and fraud and abuse and all the other things that are happening, I think it's a great idea. The dividend checks would also give taxpayers "an incentive … to go out and report things to use when we can save money," Trump added. Several weeks later, Fishback spoke further about his proposal during a March 2025 podcast appearance. He said if DOGE didn't hit the $2 trillion in projected savings, the amount of money in the dividend checks should be adjusted. "This plan is not predestined to the $5,000 number. If the savings come in above or below that, the check will be reflected accordingly," Fishback said. "So again, if the savings are $1 trillion — which I think is awfully low — the check goes from $5,000 to $2,500." At a town hall in Wisconsin on March 30, 2025, Musk fielded questions about the proposal, ultimately putting the responsibility of approving tax refund checks on Congress and Trump. "It's somewhat up to the Congress and maybe the president … as to whether specific checks are cut," Musk said in response. A search of did not return any results for legislation proposing "DOGE Dividend" tax refund checks. Snopes also could not find any record of Trump sharing additional details about a plan for such checks since February 2025, and we are still awaiting a response from the White House. It's still unclear how much money DOGE might ultimately save. Musk said in October 2024 that he expected to cut "at least $2 trillion" but he later lowered that estimate to $1 trillion. However, both of those estimates were "wildly unrealistic," PolitiFact reported in June 2025. As of June 6, 2025, DOGE's online "wall of receipts" touted an estimated $180 billion in cuts, but analyses by PolitiFact (here and here) and The New York Times found that the online ledger was riddled with errors. X. Accessed 6 June 2025. "Who Will Pay No Federal Individual Income Tax in 2025?" Tax Policy Center, 4 June 2025, Accessed 6 June 2025. X. Accessed 6 June 2025. Palm Beach Post. "Full Donald Trump Speech at Miami FII Investment Summit Hosted by Saudi Public Investment Fund." YouTube, 19 Feb. 2025, Accessed 6 June 2025. 2025, Accessed 6 June 2025. David Lin. "Will You Get a $5,000 Check? "Doge Dividend" Explained | James Fishback." YouTube, 12 Mar. 2025, Accessed 6 June 2025. FOX 9 Minneapolis-St. Paul. "LIVE | Elon Musk Holds Town Hall in Wisconsin." YouTube, 30 Mar. 2025, Accessed 6 June 2025. "Legislative Search Results." 2025, Accessed 6 June 2025. WFAA. "Elon Musk Full Speech at Trump Rally in Madison Square Garden (Oct. 27, 2024)." YouTube, 27 Oct. 2024, Accessed 15 Nov. 2024. X. Accessed 6 June 2025. Clarke, Amelia. "Yes, Musk Said He'd Ask Trump about $5K Checks for US Taxpayers Funded by DOGE Savings." Snopes, 21 Feb. 2025, Czopek, Madison, and Amy Sherman. "Trump and Musk Public Bickering Raises More DOGE Uncertainty." @Politifact, 5 June 2025, Accessed 6 June 2025. DOGE. "DOGE: Department of Government Efficiency." DOGE: Department of Government Efficiency, 2025, Accessed 6 June 2025. McCullough, Caleb. "Where Do DOGE's Reported Savings Come From?" @Politifact, 21 Feb. 2025, Fahrenthold, David A, and Jeremy Singer-Vine. "DOGE Is Far Short of Its Goal, and Still Overstating Its Progress." The New York Times, 13 Apr. 2025, Accessed 6 June 2025.
