A New Front Opens in the Battle of the Fed
There's no rest in the battle over monetary policy. It's now being fought both on familiar territory — with carefully chosen words in the Federal Open Market Committee's minutes — and in startling new terrain, as the federal housing regulator digs up alleged evidence of mortgage fraud by a Biden-appointed governor and calls for her resignation.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Wall Street Journal
a minute ago
- Wall Street Journal
These New Parents Give Us an Unvarnished Look at How They Spend Their Money
This week, we're bringing you stories about what it costs to raise a child in 2025, and how families are making it work. What happens to your spending when you have a child? We recently spoke with new parents from across the country to hear how it went for them.
Forbes
a minute ago
- Forbes
Social Security Under The New 'Big Beautiful' Tax Provision
What The Big Beautiful Bill Means For Social Security Taxes A new tax law—the so-called 'Big Beautiful Bill'—is creating plenty of chatter among retirees, especially around what some are calling 'tax-free Social Security.' The phrase has raised expectations, but it's a bit misleading. Starting in 2025, there's no complete elimination of taxes on Social Security benefits. Instead, the law introduces a targeted tax deduction for eligible seniors. While the deduction could offer meaningful tax relief, it comes with specific income limits, a set expiration date, and broader implications for Social Security's long-term funding. Eligibility Requirements For The 2025 Social Security Deduction The deduction is available beginning in the 2025 tax year and applies to taxpayers who meet two main criteria: If these conditions are met, taxpayers can claim: How The Deduction Phases Out Based On Income The deduction amount begins to phase out as income rises above the threshold for the full benefit: The phase-out works like this: For every dollar above the full deduction threshold, the deduction is reduced by 6 cents until it disappears at the upper income limit. Example: A single filer, age 67, with a MAGI of $125,000 is $50,000 above the $75,000 threshold. The deduction is reduced by: $50,000 × 0.06 = $3,000. Instead of the full $6,000 deduction, they receive $3,000 for the year. Standard Or Itemized—Who Can Benefit? This deduction applies whether taxpayers itemize deductions or take the standard deduction. That flexibility makes it accessible to a wide range of retirees, regardless of filing strategy. Why This Deduction Ends After 2028 The provision is temporary. Unless Congress acts to extend it, the Social Security deduction will expire after 2028. At that time, tax rules for Social Security will revert to pre‑2025 law. This sunset date means that retirees may want to consider their income timing. Drawing strategically from different income sources—such as retirement accounts—during this window could help maximize the deduction. The Impact On The Social Security Trust Fund While the deduction offers short-term tax relief, it slightly reduces the amount of tax revenue flowing into the Social Security trust fund. That's significant because the trust fund already faces financial strain. Projections show it could be depleted by 2034 if no policy changes are made. Depletion doesn't mean Social Security stops—it would still pay benefits from ongoing payroll taxes. But without intervention, benefits could be reduced by about 20%. This makes Social Security's long-term sustainability a likely focus in future policy debates. Key Takeaways For Retirees And Future Planning Bottom Line The 'Big Beautiful' tax bill offers a targeted Social Security deduction that could help millions of retirees reduce their tax burden over the next few years. But it's not the broad 'tax-free' change some expected. Understanding the eligibility rules, phase-out ranges, and expiration date will be key for retirees looking to make the most of this temporary opportunity. While this deduction may provide meaningful short-term savings, Social Security's long-term funding challenges will continue to shape the conversation in the years ahead.
Fox News
a minute ago
- Fox News
Gavin Newsom has the 'final say' in Menendez brothers' possible release, attorney says
Criminal defense attorney David Gelman joins 'Fox & Friends First' to discuss why he believes the Menendez brothers could ultimately be released and his reaction to Bryan Kohberger's new prison request.
