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23 minutes ago
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Taxes will change under Trump's ‘big, beautiful bill' — and it's a huge deal for US retirees. Here's why
President Donald Trump's so-called 'big, beautiful bill' just became law and has unleashed far-reaching impacts that both supporters and critics are scrambling to unpack. 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) 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 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 The 940-page legislative document touches on everything from immigration to healthcare, but it's the modifications to the tax code that could be most noteworthy if you're over a certain age. Here's why these new rules are a big deal for American seniors across the income spectrum, and why the next four years are a crucial window for you to adjust your tax plans accordingly. Older Americans who rely on fixed incomes and are struggling with the cost-of-living crisis can expect some financial relief from this bill's new tax credits and deductions. Those aged 65 and above can now claim an additional tax deduction of $2,000 for single filers or $1,600 for each partner filing jointly. This deduction is on top of the standard deduction that is available to all taxpayers who don't itemize their tax filings. This seniors deduction is available even to those who itemize, unlike the standard deduction. To qualify, individual taxpayers who earn up to $75,000 or couples who earn a combined income up to $150,000 can claim the full bonus deduction. The amount of deduction is gradually phased out at higher income levels and is fully phased out for anyone earning over $175,000 individually or $250,000 jointly. Besides this bonus, many seniors could also benefit from other deductions included in the bill. Auto loan borrowers, for instance, can deduct up to $10,000 in car loan interest payments if they meet certain eligibility criteria, and the amount of state and local tax (SALT) payments people can deduct from their federal taxes has been raised from $10,000 to $40,000. Altogether, many seniors, especially those with auto loans or living in high-tax states, may see a lighter tax bill as a result of this new legislation. Read more: Americans are 'revenge saving' to survive — but millions only get a measly 1% on their savings. However, it is worth noting that several of these deductions have expiry dates. The SALT deduction is set to revert to $10,000 in 2030, while the auto loan interest deduction only applies to purchases in 2025, 2026, 2027 and 2028. As for the bonus deduction for Americans ages 65 and over? That measure expires in the 2028 tax year. In other words, many of these tax relief measures are attractive but limited and temporary. Seniors who can qualify may have a short window to take advantage of these temporary benefits. Meanwhile, the One Big Beautiful Bill Act (OBBBA) makes big and permanent cuts to the social safety net, retirement benefits and medical assistance that could impact many seniors in negative ways over the long term. The OBBBA includes funding cuts for some programs and tighter eligibility rules for others that could diminish the social safety net for many seniors. Federal funding for the Supplemental Nutrition Assistance Program (SNAP), also known as food stamps, is set to be slashed and offloaded to state and local governments in October, 2027. 'To manage these new costs, states may be forced to restrict eligibility, limit benefits or withdraw from the program entirely, which would make it more difficult for eligible individuals to access food assistance,' wrote AARP chief advocacy and engagement officer Nancy LeaMond wrote in a June 29 letter to Senate leaders. 'Currently, many individuals are limited to three months of SNAP benefits every three years unless they are working for 20 hours per week or qualify for an exemption,' noted CNBC. 'The new legislation will expand those requirements to individuals ages 55 through 64, parents of minor children ages 14 and up and veterans. It is unclear when those new rules go into effect.' Over 11 million Americans over the age of 50 relied on SNAP as of 2023. Meanwhile, the more than 9 million Medicaid recipients between the ages of 50 and 64 will face new work requirements to qualify for it as a result of this legislation, according to an AARP Public Policy Institute analysis. 'This big, beautiful bill — in terms of its impact on health care, on how physicians and hospitals are going to navigate the next few years — I think is the biggest immoral piece of health care legislation I've ever seen,' Arthur L. Caplan, PhD, a professor and founding head of the division of medical ethics at NYU Grossman School of Medicine, told Healio. 'Just unethical, indefensible and tragic.' These controversial measures could be why 53% of American adults strongly or somewhat oppose of Trump's budget, according to a YouGov/Economist survey. Nevertheless, since the bill has already passed, seniors have a short window of roughly four years to take advantage of temporary tax reliefs, credits and deductions to enhance their financial security independently. Older Americans cannot afford to waste the next four years by neglecting these changes. Every dollar saved over this period could offset the long-term impacts of reduced federal support for medical and food benefits. This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Here are the 6 levels of wealth for retirement-age Americans — are you near the top or bottom of the pyramid? 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? Money doesn't have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28 minutes ago
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Daily Wire's Michael Knowles Says JoJo Siwa Dating ‘Big Brother' Co-Star Proves LGBTQ+ Is ‘Fading': ‘No Longer a Lesbian!'
Turning Point USA's Student Action Summit kicked off on Friday, and while the roster of buzzy speakers included conservative media heavyweights like Tucker Carlson and Fox News' Laura Ingraham, it was Daily Wire's Michael Knowles who walked away with one of the more bizarre viral moments from the Tampa, Florida conference. In an elongated riff on the merits of traditional family values — merits that include the dissembling of LGBTQ+ rights, particularly for the transgender community — the 'Michael Knowles Show' host and Fox News regular argued that LGBTQ+ people are, in fact, 'fading.' Look no further than 22-year-old singer, dancer and actress JoJo Siwa, her said. More from TheWrap Daily Wire's Michael Knowles Says JoJo Siwa Dating 'Big Brother' Co-Star Proves LGBTQ+ Is 'Fading': 'No Longer a Lesbian!' | Video David Gergen, Political Commentator and Presidential Advisor for Reagan and Clinton, Dies at 83 Skydance in Early Talks to Acquire Bari Weiss' The Free Press | Report White House Mocks Congressman With AI-Altered Photo on Social Media 'Speaking of the LGBT, it is not just the T that is fading from the public square,' Knowles said in the clip circulating online Friday. 'After decades of nonstop lavender propaganda, Pride parades are getting canceled for lack of attendance. Lack of interest!' That first point was met with cheers of support from the audience, but the crowd really went wild for his next bit: 'JoJo Siwa is no longer a lesbian!' he exclaimed, visibly heartened by the enthusiastic applause. 'Nature is healing, that's great.' Knowles then pivoted to the sanctity of marriage and the importance of uplifting the so-called 'trad wife' mentality. 'Divorce rates are about the lowest they've been in 40 years. Young women are increasingly rejecting the corporate rat race, the widget factory — and to the horror of the feminists, they are aspiring to be wives,' Knowles continued. 'It's kind of funny … This radical change in ideology has actually caused us to come up with a new term: Do you know the term I'm talking about? 'Trad wife.' Do we have — look at all the aspiring trad wives, this is great!' Watch the moment from Day 1 of Turning Point USA's Student Action Summit below: Elsewhere in his speech, Knowles said that trying to 'redefine marriage' as anything other than being between a man and woman has left the country 'miserable.' 'We tried to redefine marriage, the fundamental political institution, the most basic human relationship. We tried to blow it up and turn it into something else. We even had the temerity to try and erase God,' he said. 'None of it has worked out very well. The reason it hasn't worked is not for lack of trying. The reason it hasn't worked is that we followed all of those ideas to their logical conclusions, and the conclusions made us miserable.' As far as his argument that Siwa is no longer a 'lesbian,' that's somewhat true — she no longer identifies as such. The former 'Dance Moms' star and pop singer previously came out as gay four years ago. But Siwa backtracked a bit in April and explained that she no longer identifies as a lesbian and prefers the label 'queer,' saying that she felt pressure to define her sexuality at a young age. In June, she went public with her current partner, former 'Love Island' contestant Chris Hughes, a man she met while appearing on 'Celebrity Big Brother.' Siwa's sexuality was previously a hot topic on her season of 'Celebrity Big Brother' earlier this year after her co-star Mickey Rourke was booted from the reality series in April for using derogatory, homophobic language toward the young entertainer. In the incendiary moment, Rourke asked Siwa if she dates men or women — after she answered that she's gay, Rourke said, 'If I stay longer than four days, you won't be gay anymore.' 'I can guarantee I will still be gay and I will still be in a very happy relationship,' Siwa answered. Rourke continued and told Siwa, 'I'll tie you up' and eventually used a homophobic slur. Rourke also said he was 'going to vote the lesbian out real quick' before yelling, 'I need a f–k' and pointing at Siwa. Rourke later apologized in the show's confessional room. 'I apologize. I don't have dishonorable intentions – I'm just talking smack,' he said. 'I wasn't taking it all so serious. I didn't mean it in any bad intentions and if I did, sorry.' The post Daily Wire's Michael Knowles Says JoJo Siwa Dating 'Big Brother' Co-Star Proves LGBTQ+ Is 'Fading': 'No Longer a Lesbian!' | Video appeared first on TheWrap.
Yahoo
31 minutes ago
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Las Vegas cops face 2% cut in take-home pay thanks to planned increase in retirement contributions, union says
Las Vegas police officers have decided not to go on strike after department employees were asked to consider work action in the face of a planned increase to their retirement contributions that union officials say would decrease their take-home pay. Instead, the Las Vegas Police Protective Association (PPA), the union representing officers, has entered talks with the department regarding pay increases, according to the Las Vegas Journal-Review. 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) 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 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 'Due to the fear of retaliation, rather than support for the officers by their immediate leadership, we made the decision to ask our members to continue to work and allow the PPA, through newly expanded contract negotiations, to fight and get the pay cut fixed so officers do not lose a single penny of pay,' Steve Grammas, the union's president, told the publication in a story published July 3. Here are the details behind the contribution changes, why it could mean a pay cut for officers and how it all came to this. In November, the state-run Public Employees' Retirement System (PERS) decided to increase the contribution rate for Nevada police and fire employees up from 50% of gross pay to 58.75%. Contributions are shared equally between employees and employers. Combined with a 2.6% cost-of-living pay increase also taking effect, Grammas told the Journal-Review that take-home pay for officers would decrease by around 2% starting July 18. The figures prompted the union to poll its members, asking them to consider actions that would result in work disruptions starting July 4. But, the union opted to negotiate. The PERS program gives participants guaranteed income for life after they retire. Ideally, contributions and investment earnings would cover pension payouts, but that hasn't been the case for decades, reports the Journal-Review. As of fiscal year 2024, the system was only around 75% funded with an unfunded liability of $20 billion. To address this shortfall, PERS has increased its contribution rates, and since local governments have to pitch in their half, that leaves them less money to boost take-home pay. Local broadcaster 8 News Now also reports a struggle to keep up with pay and retirement benefits has led to a staffing crunch, a situation that can further impact contributions. Read more: Americans are 'revenge saving' to survive — but millions only get a measly 1% on their savings. In a situation like this, where employees receive a haircut to their take-home pay through no fault of their own, there may be a few options available to try to deal with the issue, including: Transferring to a location where contributions aren't so high or looking for a job elsewhere that has better terms for employees Working overtime to make more money to make up for the pay decrease, or starting a side-gig Finding cuts to make in your budget, such as dining out less, cutting a streaming service or trimming other non-essential expenses If you work a union job, press leadership to negotiate better terms None of these options are ideal, but if you need to make up for lost income, they may be among the few choices workers have. This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Here are the 6 levels of wealth for retirement-age Americans — are you near the top or bottom of the pyramid? 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? Money doesn't have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
