Latest news with #federal
Yahoo
2 hours ago
- Business
- Yahoo
5 Money Moves the Middle Class Should Make as Elon Musk Steps Down From DOGE
Elon Musk is scaling back his involvement with the Department of Government Efficiency (DOGE) to refocus on his business ventures, which have taken a hit in recent months. Read Next: Find Out: While DOGE lacks formal agency status and congressional backing, Musk's reduced role may still signal a shift in political focus around federal cost-cutting. For middle-class Americans, this shift is worth watching, especially as new budget proposals, potential changes to the federal tax code and debates over entitlements take center stage. Here are five money moves the middle class should make as Musk steps down from his leadership role at DOGE. Even as Elon Musk scales back from DOGE, government spending cuts are moving forward — just not in the way many, including Musk, had hoped. President Donald Trump's 'One Big Beautiful Bill' cuts funding for key public programs like housing, education and food assistance, while boosting defense and infrastructure spending. For the middle class, that means less support from government programs and no meaningful tax relief. For example, according to the Tax Policy Center, middle-income households would receive an average tax cut of about $1,800, or about 2.4% of their after-tax income, under the bill. In contrast, households in the top 5% of earners would see their tax bill cut by an average of $21,000, or 4.3% of their after-tax income. Now is the time for households to review their household budget and plan for potential gaps. Households and individuals who rely on tax credits, student aid or healthcare subsidies should prepare for potential changes and explore ways to build financial resilience in case these safety nets are reduced or eliminated. Be Aware: Given the potential for policy shifts and economic volatility, it's prudent for middle-class households to bolster their emergency savings. Financial experts commonly recommend setting aside three to six months' worth of living expenses to navigate unforeseen challenges, such as unexpected expenses or income disruptions resulting from changes in federal programs or economic downturns. According to experts at Vanguard, 'If you spend $5,000 per month, your first emergency fund savings milestone should be $2,500 to cover spending shocks. For your longer-term goal of an emergency fund that will cover income shocks, aim to save $15,000 to $30,000 total.' DOGE's initiatives included attempts to reform entitlement programs. Although Musk has stepped back, discussions around modifying Social Security and Medicare continue. For example, according to an analysis by the Medicare Rights Center, an advocacy organization, earlier versions of Trump's bill included proposals that 'would strip health coverage from nearly nine million people with Medicaid and Affordable Care Act plans.' Healthcare advocates also said, 'CBO (Congressional Budget Office) projected that taken together, these proposals would cause 13.7 million people to become uninsured.' However, the final number of how many people could lose healthcare coverage hasn't yet been tallied. Middle-class Americans, especially those nearing retirement, should stay informed about potential changes and consider consulting financial planners to understand how adjustments might impact their retirement plans. Without Musk, DOGE layoffs could still have a significant impact on the economy. Cresset Capital market analysts found that 'the ultimate economic impact will depend on the final scale of workforce reductions, the ability of the private sector to absorb workers and whether government service disruptions affect broader economic activity.' With uncertainties surrounding federal policies, the same market analysts recommended 'maintaining a diversified portfolio and a long-term investment horizon.' Specifically, middle-class investors should also consider a diversified portfolio of assets, including stocks, bonds and other instruments, to protect against market volatility and policy-driven economic fluctuations. Understanding the implications of federal initiatives like DOGE is essential for middle-class Americans. By staying informed and consulting a financial advisor, individuals can better anticipate policy changes instead of reacting to the latest headlines. A well-informed perspective enables proactive decision-making and strengthens the ability to advocate for policies that reflect their financial interests and long-term goals. Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on More From GOBankingRates Mark Cuban Tells Americans To Stock Up on Consumables as Trump's Tariffs Hit -- Here's What To Buy 10 Unreliable SUVs To Stay Away From Buying This article originally appeared on 5 Money Moves the Middle Class Should Make as Elon Musk Steps Down From DOGE 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
7 hours ago
- Entertainment
- Yahoo
Could Trump pardon Diddy and end his trial?
Sean "Diddy" Combs is being tried in a New York courtroom for racketeering and sexual trafficking. Could that daily drama vanish instantly if President Donald Trump pardoned the embattled rapper? "Yes, it could," says Brian Kalt, law professor at Michigan State University College of Law, who focuses on legal issues and the presidency. According to Kalt, Trump — who appears to be in the middle of a pardoning spree — would be within his presidential rights to extend a preemptive pardon to fellow New Yorker Combs, who has been described by witnesses so far as violent and abusive. "These are federal charges (against Combs), so that's the main limit. The matter has be federal, it has to be criminal vs. civil, and related to something that's already been done," says Kalt. "But the person doesn't have to even be charged yet, or convicted. The Supreme Court has said preemptive pardons are OK." Trump weighed in on the possibility Friday, May 30, in the Oval Office. "Nobody's asked" about a pardon, the president said. "But I know people are thinking about it. I know they're thinking about it. I think some people have been very close to asking." Trump added, "I haven't spoken to him in years. He really liked me a lot." 'Nobody's asked': President Trump doesn't rule out pardoning Sean 'Diddy' Combs Typically, one of the last gestures from an outgoing president is a pardon. In President Joe Biden's final days in office, he famously pardoned his son, Hunter, convicted of federal gun felonies and federal tax charges. At the end of Trump's first term, he granted clemency to political allies such as Roger Stone, found guilty of obstructing a congressional investigation into Russian interference in the 2016 election and related offenses. But pardons can take place during a president's term, says Kalt. The right was established in Article II, Section 2, Clause 1 of the Constitution, which among other things gives the president "power to grant Reprieves and Pardons for Offenses against the United States, except in Cases of Impeachment." Kalt says the power to pardon is derived from the British monarch's historic right and stems from a recognition that criminal law was often too harsh, and it was important to have a safety valve. "The president was the best person to be that safety valve because of his political accountability," he says. But that's where things get murky, he adds, noting that Republican lawmakers "don't appear willing to hold the president accountable" for granting pardons, meaning they aren't costing him in terms of political capital. In contrast, President Gerald Ford's controversial pardoning of disgraced President Richard Nixon was perceived so negatively "that it probably cost Ford re-election in 1976," Kalt says. In just over 100 days since taking office, Trump has issued pardons to a broad range of personalities. They include Todd and Julie Chrisley, stars of the reality show "Chrisley Knows Best," who were convicted in 2022 of swindling $36 million from Atlanta banks and being tax evaders, and rapper NBA YoungBoy, who in 2024 was sentenced to two years in prison for weapons possession. He also pardoned former Illinois governor Rod Blagojevich, convicted of wire fraud and extortion, and Jan. 6 participant and "Bob's Burgers" actor Jay Johnston. The reason many presidents issue pardons at the end of their terms is precisely to avoid political fallout, says Kalt. In that sense, Trump's brash approach suggests he has no concerns about such ramifications. "I don't agree with these pardons on their merits, but the fact that he did them when he is politically accountable as opposed to slinking out the door does add some legitimacy to them in that sense," he says. "With pardons, you don't need Congress, you wave your magic wand and it happens. You can see the appeal for a president, particularly one like Trump." One can also see the appeal for those such as Combs, whose ordeal could end instantly should Trump's pardon "wand" wave his way. This article originally appeared on USA TODAY: Will Trump pardon Diddy? Trial could end, experts say
Yahoo
8 hours ago
- Entertainment
- Yahoo
Newly pardoned Todd Chrisley shares what life was life behind bars
Todd Chrisley's schedule in prison included daily workouts, reading and time spent deepening his faith. He was also able to regularly speak with his children and email his wife, Julie Chrisley. "I think I had nothing to do other than to read and work out," he said during a news conference days after President Donald Trump announced a pardon of both Chrisleys. "I worked out every morning at 10:45 a.m. until 12 p.m. with my buddies there, and I read, and my walk with Christ became deeper." Dressed in a light-blue collared sweater and white slacks, Todd Chrisley was accompanied by his lawyers and daughter Savannah, who led a tireless campaign to secure the pardons. "I haven't had the same effects that so many people leaving the prison system have had, so I'm grateful for that," Todd Chrisley said. "Maybe it's just all the residual Botox that never wore off." Julie Chrisley didn't attend, and was at home with another of their children, Todd Chrisley said. Todd Chrisley and Julie Chrisley had been in separate federal prison since January 2023. They were found guilty in 2022 of defrauding the IRS and committing tax evasion. Julie Chrisley was additionally convicted of obstruction of justice and wire fraud. 'Over the course of a decade, the defendants defrauded banks out of tens of millions of dollars while evading payment of their federal income taxes' U.S. Attorney Ryan K. Buchanan said in a statement November 2022, at the time they were sentenced. 'Their lengthy sentences reflect the magnitude of their criminal scheme and should serve as a warning to others tempted to exploit our nation's community banking system for unlawful personal gain.' The U.S. Attorney's Office, Northern District of Georgia, detailed the charges in a news release at the time: "The Todd and Julie Chrisley conspired to defraud community banks in the Atlanta area to obtain more than $36 million in personal loans. The Chrisleys, with the help of their former business partner, submitted false bank statements, audit reports, and personal financial statements to Georgia community banks to obtain the loans. The Chrisleys spent the money on luxury cars, designer clothes, real estate, and travel – and used new fraudulent loans to pay back old ones. After spending all the money, Todd Chrisley filed for bankruptcy and walked away from more than $20 million of these fraudulently obtained loans." Speaking at Day 2 at the Republican National Convention in 2024, Savannah Chrisley said a "two-faced justice system" targeted her parents for their "public profile and conservative beliefs." Julie Chrisley, 52, had been serving her seven-year prison sentence at the Federal Medical Center in Lexington, Kentucky. She was to also have three years' supervised release. Her most recent release date prior to the pardon was slated for January 2028. Todd Chrisley, 56, who'd initially received a 12-year sentence that was shortened to nine years by the time of his release, has been an inmate at FPC Pensacola. He was expected to be released April 7, 2032. Savannah Chrisley said the family will be returning to reality television but it's unclear if they will stay in the Nashville area. "Nashville will always have a special place in our heart," he said during the post-pardon news conference, "but we have other plans." This article originally appeared on Nashville Tennessean: Todd Chrisley said he maintained a fitness schedule while serving time
Yahoo
9 hours ago
- Entertainment
- Yahoo
Newly pardoned Todd Chrisley shares what life was life behind bars
Todd Chrisley's schedule in prison included daily workouts, reading and time spent deepening his faith. He was also able to regularly speak with his children and email his wife, Julie Chrisley. "I think I had nothing to do other than to read and work out," he said during a news conference days after President Donald Trump announced a pardon of both Chrisleys. "I worked out every morning at 10:45 a.m. until 12 p.m. with my buddies there, and I read, and my walk with Christ became deeper." Dressed in a light-blue collared sweater and white slacks, Todd Chrisley was accompanied by his lawyers and daughter Savannah, who led a tireless campaign to secure the pardons. "I haven't had the same effects that so many people leaving the prison system have had, so I'm grateful for that," Todd Chrisley said. "Maybe it's just all the residual Botox that never wore off." Julie Chrisley didn't attend, and was at home with another of their children, Todd Chrisley said. Todd Chrisley and Julie Chrisley had been in separate federal prison since January 2023. They were found guilty in 2022 of defrauding the IRS and committing tax evasion. Julie Chrisley was additionally convicted of obstruction of justice and wire fraud. 'Over the course of a decade, the defendants defrauded banks out of tens of millions of dollars while evading payment of their federal income taxes' U.S. Attorney Ryan K. Buchanan said in a statement November 2022, at the time they were sentenced. 'Their lengthy sentences reflect the magnitude of their criminal scheme and should serve as a warning to others tempted to exploit our nation's community banking system for unlawful personal gain.' The U.S. Attorney's Office, Northern District of Georgia, detailed the charges in a news release at the time: "The Todd and Julie Chrisley conspired to defraud community banks in the Atlanta area to obtain more than $36 million in personal loans. The Chrisleys, with the help of their former business partner, submitted false bank statements, audit reports, and personal financial statements to Georgia community banks to obtain the loans. The Chrisleys spent the money on luxury cars, designer clothes, real estate, and travel – and used new fraudulent loans to pay back old ones. After spending all the money, Todd Chrisley filed for bankruptcy and walked away from more than $20 million of these fraudulently obtained loans." Speaking at Day 2 at the Republican National Convention in 2024, Savannah Chrisley said a "two-faced justice system" targeted her parents for their "public profile and conservative beliefs." Julie Chrisley, 52, had been serving her seven-year prison sentence at the Federal Medical Center in Lexington, Kentucky. She was to also have three years' supervised release. Her most recent release date prior to the pardon was slated for January 2028. Todd Chrisley, 56, who'd initially received a 12-year sentence that was shortened to nine years by the time of his release, has been an inmate at FPC Pensacola. He was expected to be released April 7, 2032. Savannah Chrisley said the family will be returning to reality television but it's unclear if they will stay in the Nashville area. "Nashville will always have a special place in our heart," he said during the post-pardon news conference, "but we have other plans." This article originally appeared on Nashville Tennessean: Todd Chrisley said he maintained a fitness schedule while serving time
Washington Post
a day ago
- General
- Washington Post
What is a 'sanctuary jurisdiction' and how was the US list of them made?
The U.S. government's list of 'sanctuary jurisdictions' that includes hundreds of communities, both red and blue, is confounding critics. They have noticed the list included misspellings, communities with small immigrant populations, and those with strong support for cooperation with federal authorities. Jessica Vaughan is director of policy studies at the Center for Immigration Studies, which favors anti-sanctuary policies and started publishing a list of sanctuary jurisdictions 10 years ago. The center's list is different from the government's. Vaughan noted that the center discloses its methodology and frequently updates its list.
