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Fox News
7 hours ago
- Business
- Fox News
Key blue state Republican says Senate's local tax write-off offer is a 'good deal'
A key New York Republican said he's pleased with a tax provision in the Senate's version of President Donald Trump's "big, beautiful bill" after weeks of tense back-and-forth over the matter. "I think it's a very good deal. We were able to keep the House language intact," Rep. Mike Lawler, R-N.Y., told Fox News Digital, adding that he was pleased "we were able to solve" differences on tax deductions for certain pass-through businesses, which are companies smaller than corporations whose taxes are "passed through" the business owner's personal returns. "I think at the end of the day, it's a [four-times] increase on [state and local tax (SALT) deduction caps]. And despite the Senate's best efforts to whittle down the language, we were able to keep it." Lawler is one of several blue state Republicans who threatened to sink the bill if it did not sufficiently raise SALT deduction caps. SALT deductions are aimed at providing relief for people living in high-cost-of-living areas, primarily in big cities and their suburbs. There was no limit on SALT deductions until Trump's 2017 Tax Cuts and Jobs Act (TCJA), which capped that federal tax benefit at $10,000 for both single filers and married couples. The House's bill raised that cap to $40,000 for 10 years, with households making up to $500,000 eligible for the full deduction. Senate Republicans, who released their text of the bill just before midnight on Friday night, reduced the benefit window to five years instead of 10. After that, the maximum deduction would revert to $10,000 for the next five years. "Yes, the time was shortened, but at the end of the day, people are going to immediately be able to deduct them to $40,000, which is a massive win," Lawler told Fox News Digital. "Democrats promised to fix this when they had complete control in '21 and '22 and failed to deliver. We're delivering on it. So you know to me this is a big win for New York. It's a big win for taxpayers all across the country." Blue state Republicans, primarily those in New York and California, have pushed hard in favor of lifting that cap. They've painted it as an existential political issue in their districts, where Republican victories were critical to the GOP winning and keeping its House majority. They've also argued that their states sending more money back to the federal government effectively subsidizes lower-tax states that do not bring in as much revenue. But Republicans in more GOP-leaning states have dismissed SALT deductions as a reward for high-tax Democratic states to continue their own policies. "SALT deductions allow blue states to export their political mistakes (electing high-tax, crazy socialists), Americans shouldn't subsidize," Rep. Chip Roy, R-Texas, wrote on X. Lawler would not say if his support for the deal meant he would vote for the final bill – noting there were other provisions he had to read through in the 940-page legislation. But he said he believed most of his Republican colleagues in the SALT Caucus would be supportive of the compromise. "I think there's broad consensus among most of us about how important this is, and what a significant win it is," Lawler said. Rep. Nicole Malliotakis, R-N.Y., the only member of the SALT Caucus who sits on the tax-writing House Ways & Means Committee, told Fox News Digital of the deal on Friday, "I can live with this but, quite frankly, the $30,000 over 10 years that I negotiated out of Ways & Means would've protected my constituents for a longer period of time." "But alas, this is a group exercise and there are a lot of cooks in the kitchen," she said. Not everyone is on board, however. Rep. Nick LaLota, R-N.Y., signaled to Fox News Digital that he is rejecting the deal. "While I support the president's broader agenda, it would be hypocritical for me to back the same unfair $10k SALT cap I've spent years criticizing. A permanent $40k deduction cap with income thresholds of $225k for single filers and $450k for joint filers would earn my vote," he said in a written statement. Rep. Young Kim, R-Calif., did not comment on the SALT deal itself but more broadly said her support for the bill is contingent on how decisions on SALT deduction caps, Medicaid measures, and small business taxes play out. A source familiar with her thinking told Fox News Digital she would vote against the bill back in the House if the Senate's more severe Medicaid cuts remained in place. The Senate is aiming to begin considering the legislation on the floor late afternoon on Saturday, though the final vote could come in the early hours of Sunday, if not later. The bill could also change between now and then, with various Republican lawmakers still expressing their concern. Fox News Digital reached out to SALT Caucus co-chair Andrew Garbarino, R-N.Y., and Rep. Tom Kean, R-N.J. for comment.
Yahoo
15 hours ago
- Business
- Yahoo
I'm a stay-at-home. Do I take a part-time job to spend more time with my kids — or get a job for six figures?
I've been thinking about the kind of life I want, why I want it, and the finances needed to get there. We live in a high-cost-of-living area and have to stay since my husband's work is here. Our children are in elementary school and finally settling in, but I wouldn't mind moving somewhere else for better schooling and programs for kids with ADHD and speech issues. Growing up, my parents drilled it into me to work hard, which I really appreciate. But it came with a heaping side of shame that if I didn't 'achieve my full potential' and make millions of dollars and be on the cover of Forbes magazine, I would be a disappointment to them. At the same time, they were not supportive when I went into the workforce. When I got my first promotion, they scoffed at the paltry increase. I've been working since I was 14; sometimes in the family business, sometimes with side gigs. If I had saved even a quarter of what I've earned and put it into a Roth IRA, I'd have a decent nest egg when I reach my 50s. I find it very odd that for parents who want me to be my best, they didn't educate me about personal finance, but just kept pushing me to get more schooling and work more hours at the family business. I guess it was easier to keep me under control that way. My brother stole $100K from my mom to buy bitcoin. Do I convince her to sue him? Most American weddings are a lot more extravagant than the nuptials of Amazon's Jeff Bezos 'He doesn't seem to care': My secretive father, 81, added my name to a bank account. What about my mom? S&P 500 scores record high for first time in 4 months. What could push stocks higher from here? JPMorgan has a new way of forecasting the stock market — and there's a surprising finding Now, I've been a stay-at-home mom for the last decade. It's one of the hardest jobs because the work is constant, there are no holidays or sick days, there are no colleagues or intellectual stimulation, and my parents are still scoffing at my life choices when they were the ones to push me to get married and have kids. I did find a man I love and who loves me and I'm so grateful for our two beautiful, healthy kids, but I still hear the criticisms, expectations and disappointments inside my head. Again, I find it odd that my parents would push me to get married and have kids without a plan for getting back to work. Don't miss: My wife and I have $7,000 in pensions, $140,000 in cash, plus Social Security. Can we afford to retire? What now? Do I take a low-paying part-time job that allows me the freedom and flexibility to be there for my kids? Or do I put them in after-school programs that are a bit of a madhouse so that I can work a full-time job? Do I take courses and earn certificates and go for a six-figure position in the tech field? Or do I work at my kids' school or in a municipal office? My husband makes a good living, which allows me to stay home and take care of the kids. We make a good team. But I'm aware that if something happens to either of us, our family/kids would be in trouble. So that is a good reason for me to at least try to make six figures. Is it possible to have a decent life making $40,000 a year in my 50s and 60s? Part of me wants to get a master's degree in library science online and apply to work at local libraries. I'm not crazy about paying for a master's at this time, only to end up with a job that pays at most $35 an hour. So I may only go that route if there are scholarships or such. So much of my head has been filled with thoughts of needing to be the best, the brightest, the wealthiest, and I've just come to the realization that that's not where true happiness lies. But I'm also aware that I've been sheltered and did not have to live on $40,000 a year. What is the minimum needed to have a decent retirement? A fully paid off house, $1 million dollars spread out across 401(k), taxable brokerage, (Roth) IRAs and perhaps a part-time job with health benefits? I feel awful that we have nothing set aside for our kids' college funds, but I am thinking that I could work at a college that provides tuition benefits to direct family members. Is this a possibility? Just to make this scenario extra fun, my parents have tried offering me monetary gifts with conditions that would make me feel like I would be again under their control. I wonder if I'm being naive and stupid not to accept some of these gifts. Stay-at-home Mom Related: My job is offering me a payout. Should I take a $61,000 lump sum or $355 a month for life? The last thing I want to do is give you homework, but I'm going to give you homework. The first thing you can do is get a giant piece of paper and write all the things your parents did to disappoint you, annoy you, thwart you, undermine you, frustrate you and generally make you feel less than. Then buy a giant red marker and write in big letters over all of those complaints: 'THEY DID THE BEST THEY COULD AT THE TIME.' And then burn it. They want to help you now. Maybe it's a form of amends, or perhaps they believe they were good parents. They did what they did. They said what they said. They are who they are. They wanted to help you, but they didn't have all the skills. There was no workbook, as you know, and what's done is done. The second thing you can do is know that everyone has regrets, particularly financial ones, and it's easy to have the decision-making skills of Mary Barra or Warren Buffett when you're looking back with hindsight. When you're done forgiving your parents for raising you, forgive yourself for all the twists and turns you wish you'd done differently. If it helps, get out a separate sheet of paper and write all the good decisions you've made in one column, with your regrets in another column, and do the same thing again. Take out that red pen and write: 'I DID THE BEST I COULD AT THE TIME.' And burn it. Life is pretty good. You've gotten this far. If you're unsure about whether to go back to work full-time or part-time, ease back into it. If it suits you, good. If you get the urge to go back and join the rat race full-time with an eye on a six-figure salary in a job that gives you a renewed sense of purpose, fantastic. If it also helps you save more for retirement and put money aside for your children's college education in tax-advantaged 529 plans, great. Perhaps it would allow you and your husband to pay off your mortgage earlier than planned. But there's no right/wrong answer. Nobody will write, 'I wish I spent more time at the office' on their gravestone. Don't miss: 'I'm 68 and my 401(k) has dwindled to $82,000': My husband committed financial infidelity and has $50,000 in credit-card debt. What now? Here's the headline: It's OK to take the foot off the pedal when your children get a little older and you have more time to yourself. You've been working a 24/7 job raising your kids. Research shows that women take more time off from their careers than men and their lifetime income suffers as a result, as does their ability to rejoin the workforce at a similar level of seniority. Life, society and the workplace, as they're currently structured, are not fair or equal. But you have a husband who works full time and earns a good living, so see a financial therapist or a psychologist and talk through your plans. You don't have to put even more pressure on yourself. If your gut tells you that a master's in library science does not have the kind of reward that makes it worthwhile, don't do it. But yes, it's possible to have a comfortable life and retirement if you earn $40,000 a year. Millions of Americans do it, despite letters to this column from couples with millions of dollars who worry about retirement. Studies repeatedly warn Americans that they need $1 million or more, but the truth is you need enough to ensure that your expenses don't exceed your income, have at least two years of a cash cushion for unexpected events, including medical complications — and long-term-care insurance doesn't hurt. What's missing from my answer is women's voices, so here are a few thoughts on your letter about returning to work from the Moneyist Facebook Group. 'You'll be providing a good role model for the kids, too. Since family life is a job in itself, don't let the new job be too demanding, just pleasantly challenging,' one woman writes. 'Start by taking a few classes at a local community college to get some idea of what you might like to pursue,' another adds. A former teacher says: 'Although teaching wasn't at the top of the pay scale, by 63 I was retired and debt-free with enough to live well and do a little traveling.' The past is another country. The future is a travel agent's window. Give yourself a break today. Related: We're living in 'end times' when you can't retire on $1 million Most American weddings are a lot more extravagant than the nuptials of Amazon's Jeff Bezos My husband will inherit $180K. I think we should invest the money. He wants to pay off his $168K mortgage. Who's right? I'm 51, earn $129K and have $165K in my 401(k). Can I afford to retire when my husband, 59, draws Social Security at 62? What drove stock market's record-breaking week? Don't overlook growing rate-cut expectations. My job is offering me a payout. Should I take a $61,000 lump sum or $355 a month for life? There's an important market indicator that suggests investors remain wary. It's good news for stocks. Coinbase's stock is up over 40% this month as Wall Street projects amazing profit growth 20 banks expected to increase their dividends the most following the Fed's stress tests
Yahoo
08-06-2025
- Business
- Yahoo
If You Live in One of the Richest States, Here's the Salary You Need To Take Home $100K
Americans who reside in states with a high cost of living often tend to be employed in high-paying roles to offset lifestyle expenses. If you want to take home $100,000 after taxes from a six-figure salary, you'd need to earn $130,999 on the low end in America's richest states — and as much as $146,521 in one surprising East Coast state. See More: Check Out: To determine the 10 richest states, GOBankingRates referred to existing research on how much the top 1% pay in taxes. A separate GOBankingRates study about the salary needed to take home $100,000 in each state was then utilized to determine each state's amount. In alphabetical order, this is how much salary is necessary to take home $100,000 in the 10 richest states. Salary needed for $100K: $144,879 Tax burden: 31.0% Find Out: For You: Salary needed for $100K: $139,008 Tax burden: 28.1% Be Aware: Salary needed for $100K: $141,600 Tax burden: 29.4% Salary needed for $100K: $144,939 Tax burden: 31.0% Salary needed for $100K: $146,521 Tax burden: 31.8% Explore Next: Salary needed for $100K: $140,643 Tax burden: 28.9% Salary needed for $100K: $130,999 Tax burden: 23.7% Salary needed for $100K: $140,929 Tax burden: 29.1% Trending Now: Salary needed for $100K: $139,681 Tax burden: 28.4% Salary needed for $100K: $130,999 Tax burden: 23.7% Methodology: To generate the income for what it takes to bring home a $100,000 salary by state, GOBankingRates surveyed income taxes at both the federal and state level (including FICA). Income tax estimates were created by using an in-house calculator for a person who was filing their taxes as a single person and using the standard deduction (with 2024 tax brackets). Once the three income taxes were calculated as an annual amount, GOBankingRates found each state's (4) total annual income taxes paid and (5) total income tax burden. All data was collected on and is up to date as of March 12, 2025. More From GOBankingRates The 10 Most Reliable SUVs of 2025 This article originally appeared on If You Live in One of the Richest States, Here's the Salary You Need To Take Home $100K 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
