On Thursday, the Social Security Administration (SSA) announced the cost-of-living adjustment (COLA) for Social Security payments based on inflation over the previous year. This has brought renewed attention to how the tax code treats Social Security benefits, which can be a confusing subject for taxpayers. Each year, SSA adjusts Social Security benefits for inflation, much like
Taxes
Babydog would like you to vote against Amendment 2. Or at least that’s what the English Bulldog’s owner, West Virginia Gov. Jim Justice (R), claims, and absent the emergence of a Dr. Doolittle on the Kanawha, who is there to gainsay him? The Republican governor’s opposition to the ballot measure pits him against Republicans in
Updated Sept. 12, 2022 At the end of August 2022, President Biden revealed that borrowers could get up to $10,000 of their federal student loans forgiven. If you received a Pell Grant, a federal grant designed to provide student aid to those from low-income households, you could have up to $20,000 of your federal student
The latest inflation report confirms that prices for just about everything continue to rise, with the Consumer Price Index (CPI) up 8.2 percent over the last year and many categories up even higher, including food (11.2 percent) and energy (19.8 percent). While not part of the CPI, another measure of inflation (call it the Taxpayer
Every year, millions of Americans pack up and move from one state to another, providing unique insights into what people value when deciding where to live, work, and raise a family. For many years, policymakers, journalists, and taxpayers have debated the role state tax policy plays in individuals’ and businesses’ location decisions. Annual data about
As energy prices continue to rise, more European countries have been looking at windfall profit taxes—a one-time tax levied on a company or industry when economic conditions result in large, unexpected profits—to fund relief measures for consumers. As early as March 8, the European Commission recommended in its REPowerEU communication that member states temporarily impose
On 30 September, the Council of the European Union agreed to impose an EU-wide windfall profits tax on fossil fuel companies to fund relief for households and businesses facing high energy prices (due primarily to Putin’s war on Ukraine). Given the dire economic environment for families and the urgency to transition away from Russian energy,
When NFL star wide receiver Tyreek Hill weighed offers from the New York Jets (who play in New Jersey) and the Miami Dolphins, no doubt there was a lot on his mind. But one consideration towered over the rest, at least according to Hill himself: signing with the Jets “was very close to happening,” but
Establishing good business credit is one of the most important things you can do as a new small business owner. But how do you get the ball rolling? Here are some tips that can help you build a good credit rating for your business. What is business credit? Let’s start off with the basics. Just
Key Findings Alaska’s heavy reliance on oil and gas taxes and investment income creates extreme revenue volatility and complicates revenue forecasts. Alternative revenue streams cannot easily displace existing sources. For example, to raise as much of its revenue from an income tax as the average state does, Alaska would need to have income tax burdens
By now, you’ve probably heard about the Inflation Reduction Act President Biden signed into law in mid-August. On the surface, it sounds like a good thing. Who wouldn’t want to reduce the sky-high inflation we’ve all been dealing with this year? But, as always, there’s a little more to it. Let’s go over the goals
Inflation operates much like a tax, a particularly egregious one that disproportionately falls on the poor and leads to a variety of economic problems, including, as we’re seeing, higher interest rates, slow economic growth, and reduced incomes. With inflation still running high, it is worth exploring who bears the cost of the surge in prices