In an attempt to appeal to moderates, House Democrats have proposed a package of tax increases that would raise the top rate on capital gains from 20% to 25%, instead of the 39.6% that Biden proposed.
Two Democrats joined all Republicans on the panel in opposing the measure, which is designed to expand workplace retirement savings and would impose a tax on businesses that don't set up plans.
Under the legislation, which could become part of the $3.5 trillion budget bill working its way through Congress, employers that don't offer a retirement plan would have to establish an auto-IRA or 401(k) for their workers.
The 2021 Trustees Report shows the trust funds will run dry in 2034 as a result of the economic fallout from the pandemic.
David Foster found his niche when he realized how difficult it was to make sure his donations were having the desired impact.
The long-delayed report, which is due every year no later than April 1, is expected this week and should highlight the pandemic's impact on program funding.
The woman, who's twice divorced and widowed, can select the biggest of the benefits available.
Many RIA sellers who were already contemplating an exit in the near- to mid-term are likely to see the handwriting on the wall and scramble to complete their sales before the tax increase takes effect.
J.P. Morgan Asset Management, EBRI say retirees' spending rises when Social Security and required minimum distributions begin.
But Sen. Chris Van Hollen, D-Md., says it's too soon to tell whether his proposals will be adopted in the $3.5 trillion budget bill working its way through Congress.
Higher benefits resulting from a cost-of-living adjustment could be offset by bigger Medicare premiums and larger tax bills.
Lawmakers could decide to limit like-kind property exchanges as a way to pay for Biden administration spending priorities.
Lawmakers will wrestle with tax relief and increases for the wealthy as they put together a $3.5 trillion budget bill. SALT relief targets the $10,000 limit on the deduction for state and local taxes implemented under the 2017 tax reform.
Those 62 and older profit from cost-of-living adjustments even if they're not yet collecting benefits.
The income calculation for Medicare and Social Security includes tax-exempt interest on municipal bonds.
The pandemic has created concerns about retirement security among millennials and Gen Xers.
The bill, which was written by Senate Finance Chairman Ron Wyden, D-Ore., would limit the benefit to individuals earning less than $400,000 a year.
Given their limited savings, current low interest rates and the ongoing rise in prices and out-of-pocket health care costs, most boomers need a financial lifeline.
Continued inflationary pressures could result in the largest cost-of-living increase in benefits since 1983.
The IRS has clearly communicated that cryptocurrency assets are taxed when they are traded, but this is news to many of the investors who own cryptocurrencies.
