Latest news with #TaxBill
Yahoo
04-08-2025
- Business
- Yahoo
Doing a Roth conversion in 2025? Here's how to use Trump's new $6K senior deduction to slash your taxes — but be careful
If you were planning a Roth conversion maneuver this year, the newly-introduced One Big Beautiful Bill (OBBB) doesn't directly impact the strategy. However, it does have an indirect impact that could make this popular maneuver more or less attractive, depending on your age and income. Here's a closer look at how this sweeping new tax bill could change your approach to a Roth conversion this year. Don't miss 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 I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) 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 New senior deduction For seniors across the country, perhaps the most noteworthy aspect of the new bill is the additional deduction for this demographic. Taxpayers who are 65 or older can now claim an additional $6,000 as a tax deduction above their standard deduction, effectively reducing their tax liability. This senior deduction is per filer, so a couple filing together can get up to $12,000 in additional deductions because of the new tax act. Not only does this save money, it could also give you additional room to deploy a Roth conversion. Since the maneuver involves moving money from a traditional IRA to a Roth IRA, you must pay taxes on the money during conversion. With the new seniors deduction, you have a wider tax-free window to boost the amount of money you convert. Effectively, the seniors deduction makes a Roth conversion more attractive. However, there are limitations on the deduction that could make this move less attractive for some depending on their income and time horizons. Income thresholds and time limits The seniors deduction is attractive, but it's not permanent and it's not for everyone. The full deduction is only applicable for those who earn $75,000 or less individually or $150,000 or less as a couple. Beyond those thresholds, the deduction amount is gradually phased out. The deduction is fully phased out at $175,000 for individuals and $250,000 for couples. If you're attempting a Roth conversion, any cash converted between accounts is regarded as regular income and could potentially push your adjusted gross income (AGI) over these thresholds. If you earn a relatively high income and are looking to convert a large amount, you could even eliminate the senior deduction completely, missing out on valuable tax savings. For example, say a married couple earns $140,000. They may be eyeing a $20,000 Roth conversion. But that move would push their AGI to $160,000, placing them beyond the $150,000 threshold and phasing out part or all of their $12,000 senior deduction. Read more: Nervous about the stock market in 2025? Find out how you can That means the effective cost of converting to a Roth could be higher than expected — not only because of the added taxable income, but also because you'd lose a valuable deduction in the process. One way to preserve some of the deduction is to spread out your Roth conversion over multiple years. So instead of converting $20,000 this year, you can convert $7,000 every year for the next three years. However, the senior deduction is only available for tax years 2025 through 2028, which means you have a limited window to maximize tax savings while converting to a Roth account. The bottom line For many seniors, the new deduction is a welcome tax break. For some, it could even make the Roth conversion more attractive. However, the true impact on your tax bill will depend on your age, financial situation and income. If you're considering this maneuver in 2025 or beyond, reach out to a financial adviser to help you create a robust plan that maximizes your savings over the long term. What to read next Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 simple ways to grow rich with real estate if you don't want to play landlord. And you can even start with as little as $10 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? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Se produjo un error al recuperar la información Inicia sesión para acceder a tu portafolio Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información
Time of India
10-07-2025
- Politics
- Time of India
Supreme Court blocks Florida Immigration Law: What it means and will the state keep fighting it?
The Supreme Court of the United States has declined Florida 's request to enforce a controversial immigration law that would have made it a crime for individuals residing in the United States without legal status to enter the state. The decision, issued on Wednesday, marks a significant judicial setback for the Republican-led state government, even as it continues to pursue an appeal in the lower courts. Law's Enforcement Halted as Legal Dispute Proceeds The apex court's unsigned order provided no explanation for the decision and recorded no dissenting opinions, thereby allowing a previous injunction to remain in place. This maintains the ruling by U.S. District Judge Kathleen Williams, who in April had temporarily barred the implementation of the legislation, citing concerns over federal authority in immigration matters. The law, signed in February by Florida Governor Ron DeSantis , forms part of the state's broader crackdown on illegal immigration, a stance aligned with former President Donald Trump's national policy agenda. Under the new measure, individuals without legal immigration status who enter Florida could face misdemeanor charges. However, legal experts and immigrant rights groups have argued that immigration is a matter for the federal government, not individual states, as mentioned in a report by AP. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Simple Morning Habit for a Flatter Belly After 50! Lulutox Undo Also Read | Trump's approval rating: Did the Tax Bill improve the President's popularity ahead of midterms? Poll results inside Federalism at the Forefront The crux of the legal argument hinges on the balance of power between state and federal jurisdictions. Plaintiffs in the case, represented by immigrant advocacy organizations and two unnamed undocumented immigrants , maintain that the Florida statute violates the Supremacy Clause of the Constitution, which reserves immigration enforcement as a federal responsibility. Live Events The American Civil Liberties Union ( ACLU ), which has spearheaded the legal challenge, cited the landmark 2012 ruling in Arizona v. United States , in which the Supreme Court held that immigration laws and enforcement are primarily federal responsibilities. Bacardi Jackson, executive director of the ACLU of Florida, welcomed Wednesday's decision. 'This ruling affirms what the Constitution demands — that immigration enforcement is a federal matter and that no one should be stripped of their liberty without due process,' she said in a statement. State's Legal Maneuvers and Controversy Florida Attorney General James Uthmeier , who has been leading the state's defense of the law, had petitioned both the 11th U.S. Circuit Court of Appeals and the Supreme Court to allow the measure to be enforced during the appeal process. However, the 11th Circuit also declined to lift the injunction and has scheduled an expedited hearing for October. Notably, Uthmeier was held in civil contempt in June by Judge Williams for allegedly directing law enforcement to continue enforcing the law in defiance of the court's injunction. Undeterred by the Supreme Court's refusal, Uthmeier's office confirmed that Florida will continue to pursue its appeal. A spokesperson remarked, 'Florida's sovereignty cannot be left up to the whims of the next presidential administration. This law is crucial to the state's future, and we remain committed to seeing it upheld.' Political and Legal Implications Governor Ron DeSantis, a vocal supporter of hardline immigration measures, had championed the legislation as part of his broader agenda to address what he and fellow conservatives call the federal government's "failure" on border enforcement. The law's language mirrors certain provisions of federal immigration statutes, including penalties for reentry after deportation. Supporters, including figures aligned with the Trump campaign, argue that the Florida immigration law "complements federal law" and is necessary to mitigate the social and economic burdens of undocumented immigration on state resources. However, critics contend that state-level immigration enforcement risks undermining constitutional protections and opens the door to racial profiling and overreach. Legal scholars also warn that such legislation could create legal inconsistencies and jeopardize cooperative relationships between state and federal authorities. Broader Legislative Agenda and 'Alligator Alcatraz' Attorney General Uthmeier has also been linked to a new initiative for a state-run immigration detention center, dubbed 'Alligator Alcatraz.' The proposed facility, however, is already facing legal challenges from environmental advocacy groups, further complicating the state's immigration agenda. Will Florida Persist? Despite judicial headwinds, the state of Florida appears committed to defending the controversial immigration law. The outcome of the appeal in the 11th Circuit will be crucial in determining whether the state's authority to criminalize unauthorized reentry stands. While the Supreme Court's latest ruling may appear as a temporary victory for immigration advocates, the broader legal fight over state-level immigration enforcement is far from over. FAQs What was Florida's immigration law trying to do? The law, signed by Governor Ron DeSantis in February, sought to criminalize the act of entering Florida by anyone residing in the U.S. without legal immigration status. It aimed to charge such individuals with a misdemeanor offense. Why was the law blocked from being enforced? U.S. District Judge Kathleen Williams issued a preliminary injunction in April, citing concerns that immigration enforcement is a federal—not state—responsibility under the Supremacy Clause of the U.S. Constitution.
Yahoo
05-07-2025
- Business
- Yahoo
Jobs report, tax bill latest, tariff deadline nears: 3 Things
US stocks are responding well to the June jobs report, which came in stronger than expected. House Republicans cleared a major hurdle in passing President Trump's amended tax bill. Investors wait for more US trade deals ahead of Trump's tariff pause, which expires on July 9. To watch more expert insights and analysis on the latest market action, check out more Morning Brief here. Welcome to Yahoo! Finance's flagship show, The Morning Brief. I'm Julie Hyman, and let's get to the three things you need to know today. First up, US stock futures are pushing higher this morning, following the June jobs report, which showed 147,000 jobs were added in the month of June. That is above economists' forecasts, although some of the underlying details there might not be as strong as they were at first glance. The bond market's selling off, uh, following the strong jobs print as traders push out bets for rate cuts from the Federal Reserve. The action's also playing out in the FX market with the dollar strengthening. Plus, a final vote could come this morning on Donald Trump's massive tax and spending package. House Republicans overcame a critical procedural hurdle overnight, holding a key vote open for hours as Trump and allies worked to win over opponents. And investors are counting down to the White House trade deadline. That's after the US announced it reached a deal with Vietnam. The US also lifted export license requirements for chip design software sales in China, the latest sign that the trade accord reached in London is indeed being implemented. That news sent shares of Synopsis and Cadence Designs higher. 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
05-07-2025
- Business
- Yahoo
US Economy 'Holding Up Relatively Well,' IG Australia Says
IG Australia's Tony Sycamore says "the US economy seems to be holding up relatively well" and that the House passing the tax bill removes "some uncertainty with regards to the debt ceiling." Sycamore also shares his views on US equities, gold prices, Bitcoin and the Australian dollar.
New York Post
04-07-2025
- Politics
- New York Post
Political commenator says US is the ‘bad guy on world stage,' should face international sanctions
Far-left political commentator Elie Mystal told 'The Joy Reid Show' on Wednesday that the U.S. should be treated like a rogue state by the international community. 'Our country needs to be sanctioned. We are the bad guys on the world stage. We are a menace to not only free people everywhere, but we are a menace to peaceful people everywhere at this point, and I'm not even going to say that we've only been a menace for the past three or four months,' Mystal told Joy Reid. Mystal cited President Donald Trump's airstrikes against Iran's nuclear program facilities in June, claiming the U.S. 'should be sanctioned and rebuked' for such 'illegal unnecessary bombings in Iran.' 'When does the international community decide that enough is enough? I know we're rich. I know we've got a lot of money. I know that people want to buy things from our country because we're rich or want to sell things to our country because we're rich, but at some point the international community has to stand up to us, because we are a bad guy on the world stage, right, and so we should be sanctioned,' he added. 6 Mystal cited President Donald Trump's airstrikes against Iran's nuclear program facilities in June. The Joy Reid Show 6 US President Donald Trump speaks about Iran, Supreme Court, Tariffs and Tax Bill deadline. Lenin Nolly/SOPA Images/Shutterstock Trump's strikes against Iran's nuclear facilities struck a blow to the rogue state's nuclear program. Shortly after the strikes, Trump declared Israel and Iran had agreed to a ceasefire after missile exchanges, claiming the '12-day war' would end. Trump is also working on a ceasefire deal to end the war in Gaza between Israel and Hamas. Political commentator Elie Mystal told 'The Joy Reid Show' on Wednesday that the United States needs to be 'sanctioned' by other countries. 6 Illustration of US strikes in Iran, showing B-2 bombers dropping bombs on Fordow and submarines firing Tomahawk missiles. Rob Jejenich / NY Post Design 6 B-2 Spirit stealth bomber releasing a GBU-57 Massive Ordnance Penetrator bomb. US Air Force 6 Satellite image of craters at the Fordo enrichment facility in Iran. AP Despite recent events in the Middle East, Mystal maintains that the United States needs to be treated like a 'rogue state.' 'We have to be stopped through the same kind of means that we have that our country and others have used to rebuke North Korea or China or name a rogue state,' he said. 'We are the rogue state and other countries need to start treating us like that.' 6 Despite recent events in the Middle East, Mystal maintains that the United States needs to be treated like a 'rogue state.' AP Mystal did not immediately respond to Fox News Digital's request for comment.
