Category: Personal Finance

Social welfare to be spared in tax cuts

US President Donald Trump’s first budget proposal will spare big social welfare programmes such as Social Security and Medicare from any cuts, Treasury Secretary Steven Mnuchin says. Mnuchin said on Sunday that Trump would also use a major policy speech to a joint session of Congress on Tuesday night to preview some elements of his sweeping plans to cut taxes for the middle class, simplify the tax system and make American companies more globally competitive with lower rates and changes to encourage US manufacturing.

Trump budget won’t cut welfare, Medicare

US President Donald Trump’s first budget proposal will not seek cuts in Social Security, Medicare and other entitlement federal benefits programs, US Treasury Secretary Steven Mnuchin says. Mnuchin was asked on Fox News Channel’s Sunday Morning Futures program whether the Trump administration needed cuts in those areas.

Here’s who would lose money under Trump’s proposed tax plan

Most people would save money under the tax overhaul proposed by President Donald Trump, according to an analysis of the plan by the Tax Policy Center . Using the analysis, Business Insider broke down the financial implications of Trump’s most recent tax plan – he has teased the release of an updated plan in the coming weeks – for a variety of tax filers.

Trump Moving To Delay Rule That Protects Workers From Bad Financial Advice

The exterior of the New York Stock Exchange on Feb. 10. A lobbying battle is being waged over a rule requiring financial advisers to act in their clients’ best interest in retirement planning. Over the past two weeks, the Trump administration has taken steps to delay and perhaps scuttle a new rule designed to save American workers billions of dollars they currently pay in excessive fees in their retirement accounts.

Take these steps if you haven’t gotten your W-2

You’re ready to file your taxes – except for one thing: You’re still awaiting an IRS Form W-2 from an employer. Each January, companies issue W-2s to inform workers, and Uncle Sam, of the amount of money the worker made during the previous year and how much in income, Social Security and Medicare taxes was withheld.

The Perplexing Psychology Of Saving For Health Care

Spending your own money on health care might mean that you’ll be more frugal with it. That’s the theory behind health savings accounts, a decades-old GOP concept that’s sparking renewed interest on Capitol Hill as Republican lawmakers look for ways to replace the Affordable Care Act.

Dhanayshar blanked

Despite an appeal by Independent Senator Dhanayshar Mahabir in the Senate yesterday, he failed to get the required support for his motion to start the process for certain Senators “without portfolio” to benefit from a pension in the future. When the vote was taken, Government, Opposition and even Independent Senator Ian Roach – who sits next to Mahabir – did not support the motion.

Excellent advice for the path forward

You may have missed the insert in the newspaper Feb. 5 and thrown it out with the ads. I almost tossed it myself, but fortunately took a second look at “Crossroads for America: Challenges and opportunities in renewing our republic.”

Retirees might need to file taxes in certain situations

DEAR SAVVY SENIOR: What are the IRS income tax filing requirements for retirees this tax season? My income dropped way down when I retired last year in 2016, so I’m wondering if I need to even file a tax return this year. DEAR NEW: There are several factors that affect whether you need to file a federal income tax return this year, including how much you earned last year , the source of that income, as well as your age and filing status.

AARP lays down marker on Medicare

Throughout his presidential campaign, Donald Trump repeatedly vowed to protect Medicare because so many older Americans depend on the federal program to help cover their health-care costs. One of the most influential senior lobbying groups wants to remind Trump of his promise.

You can make a difference

If you want to see our country rolled back to 1950, stay home, do nothing and complain. But if you want to make sure our country makes progress, speak up, fight, sign petitions, donate or call Congress.

The new retirement: work until you drop

Not so long ago, you might work to 65 and collect a gold watch then enjoy grandkids, a bit of travel and a healthy superannuation. But that model has been decaying for years, driven by the new realities of a longer life expectancy, a desire not to be forced out of the workforce when still healthy and the need to pay for an enjoyable 20 or 30 years after the age of retirement.

Public loses with Ryan’s plans

… for those with other sources of earnings, i.e. IRA income. No increases in revenue, only cuts in benefits. Ryan and Health and Human Services Secretary Tom Price intend to do away with traditional Medicare and replace it with a voucher program. …

Bad behavior all around

… repeal or block masses of regulations, and then defeated Democratic amendments to keep those that protect children’s health from air pollution and lead in water, safety of miners, nuclear power plant safety, insurance coverage for persons with …

China-U.S. M&A: It’s a one-way street

While politicians, courts and the media scrutinize every detail in the fight over immigration, another, less-discussed migration is underway: the migration of ownership of American businesses overseas — many to cash-rich China. In recent years, the Chinese have regarded America as one big yard sale, snatching up distressed companies and anything else that gives the world’s second-largest economy a leg up on U.S. technology at bargain-basement prices.

Haven’t Gotten Your W-2? Take These Steps

You’re ready to file your taxes – except for one thing: You’re still awaiting an IRS Form W-2 from an employer. Each January, companies issue W-2s to inform workers, and Uncle Sam, of the amount of money the worker made during the previous year and how much in income, Social Security and Medicare taxes was withheld.

The Five Most Affordable Retirement Havens of 2017?InternationalLiving.com

The majority of recent studies on retirement show that most Americans are not adequately prepared for it: They haven’t saved enough, they’ll likely outlive their nest egg, and so they are instructed to work longer, spend less, and lower their expectations for their retirement lifestyle. With the future of Social Security and Medicare uncertain under the new administration in Washington, Baby Boomers have reason to be worried about what their ?golden years” might look like.