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Not even the warm summer months can provide a respite from taxes, as Senate Democrats move ahead with their $3.5 trillion spending package—to be paid for, presumably, with higher taxes on the rich and corporations. On the flip side, the deal would also include expanded tax breaks for kids and green energy. Read on for more on the child tax credit that rolled out on Thursday with $15 billion in payments, plus inflation updates, annuity tips and all that other fun stuff.
Taxes Don’t Take A Vacation
Still confused about the new Advanced Child Tax Credit that launched Thursday? Here’s some last minute advice. As some progressives continue to push for wealth taxes (as well as higher income taxes on the rich), the drawn out litigation between the IRS and Michael Jackson’s estate show how they could be an administrative nightmare. With back-to-school shopping on the horizon, stretch your dollar further with state sales tax holidays.
The Doge Days Of Summer
Just one day after British billionaire Richard Branson briefly jetted off to outer space, his rocket company Virgin Galactic filed to sell $500 million in stock. Grayscale’s new crypto-heavy digital large-cap fund is now registered with the SEC, and it has a path to convert into an exchange-traded fund. In a rare return to Twitter yesterday, dogecoin’s cofounder blasted cryptocurrencies as “inherently right-wing, hyper-capitalistic technology.”
Inflation Settling In
After insisting for months that recent inflation was “transitory,” Fed Chair Jerome Powell has finally changed his tune. The job market is red hot these days, but a new poll found that nearly one third of unemployment benefit recipients turned down job offers during the pandemic.
Novel graphic: Help Wanted Everywhere
The Medicare Question
Annuities aren’t exactly cheap, but it’s still possible to get your money’s worth. Last month, the FDA approved a controversial and expensive new drug to treat people with Alzheimer’s disease, but will Medicare pay for it? From contributor John Wasik, here’s an argument for leaving your home to your children. Plus, learn why a guardianship could be a necessary solution for adult children with impaired aging parents.
Student Loan Shockwaves
Bitcoin rewards banking products (like a credit card that earns you 1.5% bitcoin back on all purchases) are making it easier to invest in the volatile cryptocurrency. Student loan repayments are set to resume in October, so make sure you are prepared with the answers to 10 common questions about the resumption. Lastly, a major student loan servicer just announced plans to exit the business. If you are one of the 8.5 million customers affected, here are 7 steps you can take to protect your finances right now.