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UPI
2 days ago
- Business
- UPI
Education Department pauses Social Security garnishments for defaulted student loans
The Department of Education paused a plan to garnish Social Security benefits of people who have defaulted on their student loans. File Photo by Ken Cedeno/UPI | License Photo June 3 (UPI) -- The U.S. Department of Education paused a plan to garnish Social Security checks to repay defaulted student loans. Spokesperson Ellen Keast said Monday that the Department "has not offset any social security benefits since restarting collections on May 5, and has put a pause on any future social security offsets." The Hill, CNBC and Newsweek reported. "In the coming weeks, the Department will begin proactive outreach to recipients about affordable loan repayment options and help them back into good standing," Keast said. "The Trump Administration is committed to protecting Social Security recipients who often times rely on a fixed income." The Education Department announced in April that its Office of Federal Student Aid would resume collections of defaulted federal student loans on May 5, with such actions being on hold since March 2020. The stoppage of collections was orchestrated under the Biden administration. Borrowers who owed were to receive emails from the FSA to make them aware and to instruct them to contact the agency's Default Resolution Group to first make a monthly payment, then either enroll in an income-driven repayment plan or sign up for loan rehabilitation. Notices that informed of administrative wage garnishment were to arrive later in the summer at an unannounced date. The student loan portfolio is reportedly worth $1.6 trillion, and the federal government can seize borrowers' paychecks, tax refunds or Social Security retirement and disability benefits to collect on student loans. Social Security recipients could have as much as 15% of their checks taken to pay their defaulted student loans. The Consumer Financial Protection Bureau reported in January that around 452,000 federal student loan borrowers aged 62 and older are currently in default and most likely have begun to collect Social Security benefits.
Japan Today
3 days ago
- Business
- Japan Today
U.S. asks Australia to increase defense spending to 3.5% of GDP
FILE PHOTO: U.S. Defense Secretary Pete Hegseth delivers remarks at the annual National Memorial Day Observance in the Memorial Amphitheater at Arlington National Cemetery in Arlington, Virginia, U.S., May 26, 2025. REUTERS/Ken Cedeno/File Photo U.S. Defense Secretary Pete Hegseth asked Australia to increase its defense spending to 3.5% of gross domestic product during a meeting with Australian Defense Minister Richard Marles, the Pentagon said on Sunday. The defense chiefs also discussed security issues including accelerating U.S. defense capabilities in Australia, advancing defense industrial base cooperation and creating supply chain resilience, the Defense Department said in a statement. "On defense spending, Secretary Hegseth conveyed that Australia should increase its defense spending to 3.5 percent of its GDP as soon as possible," the statement said. The ministers' meeting on Friday on the sidelines of the Shangri-La Dialogue, Asia's premier security forum, is only the second between the security allies since U.S. President Donald Trump took office in January. Marles said after the meeting they did not discuss a specific percentage of GDP to raise Australian defense spending. © Thomson Reuters 2025.
Straits Times
4 days ago
- Business
- Straits Times
US asks Australia to increase defense spending to 3.5% of GDP
FILE PHOTO: U.S. Defense Secretary Pete Hegseth delivers remarks at the annual National Memorial Day Observance in the Memorial Amphitheater at Arlington National Cemetery in Arlington, Virginia, U.S., May 26, 2025. REUTERS/Ken Cedeno/File Photo US asks Australia to increase defense spending to 3.5% of GDP WASHINGTON - U.S. Defense Secretary Pete Hegseth asked Australia to increase its defense spending to 3.5% of gross domestic product during a meeting with Australian Defense Minister Richard Marles, the Pentagon said on Sunday. The defense chiefs also discussed security issues including accelerating U.S. defense capabilities in Australia, advancing defense industrial base cooperation and creating supply chain resilience, the Defense Department said in a statement. "On defense spending, Secretary Hegseth conveyed that Australia should increase its defense spending to 3.5 percent of its GDP as soon as possible," the statement said. The ministers' meeting on Friday on the sidelines of the Shangri-La Dialogue, Asia's premier security forum, is only the second between the security allies since U.S. President Donald Trump took office in January. Marles said after the meeting they did not discuss a specific percentage of GDP to raise Australian defense spending. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Newsweek
21-05-2025
- Business
- Newsweek
California Residents Most Impacted by Montana's Property Tax Change
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. Californians who own properties in Montana stand to shoulder a heavier tax burden as a result of a new bill which will increase property taxes on second homes in the state, while offering relief to primary residence's owners and long-term rentals. Why It Matters The mass influx of wealthy Californians buying property in nearby states during the pandemic boom, including in Arizona and Colorado, has been pointed at as one of the main reasons behind the massive surge in home prices in these markets. In Montana, the median sale price of a home was $529,000 last month, according to Redfin data, up nearly 58 percent from April 2020, when it was a much more modest $303,900. A significant part of this surge was driven by out-of-state buyers, especially from coastal areas like California, who bought second homes in scenic parts of the state. In 2021, second-home purchases accounted for up to 20 percent of all home sales statewide, data show. New homes sit waiting to be moved to a new location just north of Culbertson, Montana, on September 19, 2013. New homes sit waiting to be moved to a new location just north of Culbertson, Montana, on September 19, 2013. Ken Cedeno/Corbis via Getty Images While Californians collectively own the equivalent of more than 5 percent of Montana's taxable real estate market—for a total of over $9.5 billion in Montana residential property—they are currently responsible for only 3.54 percent of the state's property tax revenue, reported. Montana residents, on the other hand, own around 77 percent of the state's taxable residential real estate, but pay 84 percent of total property taxes. The new bill is likely to correct this mismatch, forcing owners of second homes in the state to pay higher taxes. What To Know Earlier this month, Montana lawmakers passed a two-bill package which significantly cut property taxes for homeowners on their primary residences, shifting the burden on owners of second homes in the state. The bills had the strong backing of Republican Governor Greg Gianforte, who has made it a point to deliver property tax relief to Montanans struggling with the rising cost of homeownership. State Representative Llew Jones, a Republican of Conrad who developed the Gianforte-backed package, said that the legislation will translate to significant property tax cuts for owner-occupied homes and long-term rentals, with a home valued at $360,000 paying an average $719 less in taxes next year. While supporters say that the bills will bring back balance to the Montana property tax system, critics are concerned that the measures will hit business properties and resident-owned second homes who are already struggling with higher costs. The package already includes lower rates for lower-value commercial properties to help protect small businesses in the state. With the new changes, the tax rate for primary residences and long-term rentals valued at or below the state's median home price (which is around $340,000) will drop to 0.76 percent. Primary residences and long-term rentals worth more will be taxed 0.76 percent of their full value on the first $340,000 and up to 1.9 percent on any value over four times the median. All residential properties that are not considered primary residences or long-term rentals—second homes and short-term rentals like Airbnb, for example—will face higher property taxes this year. For Californians who own second homes in Montana, this could mean much higher property tax bills. Their properties, under the new legislation, will be taxed at a flat 1.9 percent on their full value. What People Are Saying Governor Greg Gianforte wrote on X, formerly Twitter, in late April after the approval of the package: "In the last election, Montanans spoke loud and clear: property taxes are too high and must be reined in. I'd like to thank the hardworking members of the Montana State Legislature who voted for meaningful and permanent property tax relief this session." Montana Republican Senator Greg Hertz said of the two-bill package in a statement to "We did finally pass House Bill 231, and it works in conjunction with Senate Bill 542. I did not support either one of those. I don't believe what we've done with property taxes is a fix. It's merely a shift from having one taxpayer pay more to provide relief to another taxpayer." Montana Democratic Representative Mark Thane told "I think people will be very pleased to see again, in year one, a significant reduction on their property tax bill and a $400 rebate on top of that." He added: "I think in year two, if you're an individual that owns a second home, part of the rate reduction that will be experienced by those Montanans that have a single home for primary residence is funded by the higher tax rates that you'll find on second homes, but the vast majority of Montana will see significant property tax relief for their residential properties." Manish Bhatt, senior policy analyst at the Tax Foundation, told "Tax shifts are not tax reform. They're just moving the pot of money that you're taking from one pocket to the other." He added a warning, saying luxury neighborhoods might end up benefiting the most from these changes, seeing revenues for local governments increase while they might fall in less wealthy areas: "What ends up happening here is, as property values surge, it could be a real windfall for local governments. But shifting the burden from certain classes of property to others could have a real distortionary effect in the market." What Happens Next Montana's groundbreaking measure is likely to offer significant relief to full-time residents, but comes with some risk—including weakening demand in the state's second-home market. The package's full impact on the state will only become clear in the long term. Are you a Californian who owns a second home in Montana? We'd like to hear from you. Contact
Straits Times
21-05-2025
- Politics
- Straits Times
Donald Trump Jr on running for president: "that calling is there"
Donald Trump Jr. attends the annual White House Easter Egg Roll event, on the South Lawn of the White House in Washington, D.C., U.S., April 21, 2025. REUTERS/Ken Cedeno/File Photo DOHA - U.S. President Donald Trump's eldest son Donald Trump Jr said in Qatar on Wednesday that he could maybe run for president one day, adding "that calling is there." "So the answer is I don't know, maybe one day. You know, that calling is there. I'll always be very active in terms of being a vocal proponent of these things. I think my father has truly changed the Republican Party," he said, speaking at the Qatar Economic Forum. When asked by the panel moderator if he would run and "pick up the reins" after his father leaves office, his initial reaction was: "Here we go. Well... oh boy," to faint applause from the audience, adding, "it's an honour to be asked and an honour to see that some people are okay with it." Speaking alongside 1789 Capital founder Omeed Malik, Trump, 47, joked that the people clapping were "the couple of people we know". REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
