Photo by olia danilevich The senior bonus is one of the new tax breaks in the One Big Beautiful Bill Act that became law on July 4. It’s not tax-free Social Security benefits that Donald J. Trump promised. But the $6,000 maximum tax break, or $12,000 for married jointly filing couples where each spouse is age 65 or older, will provide some tax relief to the country’s senior citizens. The new tax break is available to taxpayers regardless of whether they itemize or claim the standard deduction. The tax bonus also is age-related, not tied to the federal retirement benefits.... Read more →
State/Local
If you’re reading this post, it probably means that you haven’t started your long July 4th holiday yet. Sorry. I share your delayed break frustration. Millions of Americans, however, are on the road or have already arrived at their Independence Day destination. Increased July 4 travel: AAA expects 72.2 million people will travel at least 50 miles or more from home over the Fourth of July holiday period, which it defines as from Saturday, June 28, to Sunday, July 6. That forecast is an increase of 1.7 million travelers compared to last year. The calendar is a major factor. “With... Read more →
Update, Friday, July 4, 2025: Donald Trump signed the One Big Beautiful Bill Act into law at a White House ceremony on his preferred July 4 holiday date. Update, Thursday, July 3, 2025: House Republican leaders overcame nominal defiance by some of the party's members and pushed the One Big Beautiful Bill Act through this afternoon, meeting the July 4 deadline set by the White House. Will U.S. Representatives be able to celebrate July 4th at home? UPDATE, July 3, 2025: Yes. It depends on how quickly they can resolve the differences between the One Big Beautiful Bill (OBBB) tax... Read more →
The one big tax and domestic policy bill continues its legislative ping pong, with the latest volley being from the Senate. That chamber's version has gone back to the House for approval. Or not. (Image by djimenezhdez from Pixabay) The Senate approved the Trump administration's massive tax and domestic agenda bill today. Now the House must vote on it again, this time to sign off on the Senate changes to the original One Big Beautiful Bill (OBBB) Act. There's a chance the House could reject the bill. After all, the agreed-to bill wasn't that popular in the Senate. It just... Read more →
Admit it. You never get anything done this month until after July’s fireworks. That’s especially true this year, with July 4 falling on Friday. Many of us are taking extra-long holiday breaks. Enjoy your Independence Day celebrations. And be safe, both in traveling to share the holiday with family friends and in the actual igniting of displays. But once the last mini bombs have burst in the air, leaving only the bottle rocket's red glare, it’s time to get to work. That includes taking a midyear tax checkup. A review now, with half a tax year left, can help you... Read more →
Fall colors and reflection on a beaver pond in Lamoille Canyon, Ruby Mountains District, Humboldt-Toiyabe National Forest, Nevada. (Forest Service photo by Susan Elliott) The cost of the One Big Beautiful Bill working its way through Congress has been problematic from the start. That’s why Republican lawmakers who've written, and rewritten, the measure are continually looking for, shall we say, creative ways to come up with money for its many, many provisions. Or to finagle the calculations. One proposal inserted in the bill would have required the Bureau of Land Management (BLM) and the U.S. Forest Service (USFS) to sell... Read more →
U.S. Senators are working this weekend (really!) on their version of the One Big Beautiful Bill (OBBB) of tax laws and assorted Trump administration domestic policy preferences. The weekend session is because Donald J. Trump wants the final bill — which must go back to the House after it clears the Senate — by July 4. The sweeping federal legislation will affect all Americans, for ill or good. But there’s another, earlier July date of tax significance. July 1 is the start of the fiscal year for most states, and that means plenty of state tax changes take effect at... Read more →
More than 22 million U.S. workers lost their jobs during the early stages of the COVID-19 pandemic. Crooks took advantage of their misfortune to file fraudulent unemployment insurance claims. COVID-19 has to be one of the most persistent illnesses ever, from both medical and financial perspectives. While federal health agencies debate COVID vaccine recommendations and warnings, Uncle Sam’s law enforcement officers, including those with the Internal Revenue Service’s Criminal Investigation unit, continue their efforts to prosecute those who abused coronavirus relief programs. On June 24, officials notched another win when David Godin was sentenced by a federal judge in Baltimore... Read more →
The official holidays sometimes affect taxes, since the Internal Revenue Service, like all federal offices, closes on these days. Photo by Thomas Wilson Celebrations are planned, and some already underway, across the United States to commemorate Juneteenth. This newest U.S. federal holiday marks June 19, 1865, the day when the last enslaved people in the United States finally got official notification in Galveston, Texas, that they were free, two and a half years after President Abraham Lincoln signed the Emancipation Proclamation. Former President Joe Biden joined other dignitaries in Galveston to observe the day. Biden’s participation is not surprising, since... Read more →
Photo by Mike van Schoonderwalt Leaders of the Republican-controlled Congress are finding that pushing through one comprehensive tax (and more) bill is not that easy, even with the support of the presidential bully pulpit. The House version, christened the One Big Beautiful Bill (OBBB) in keeping with Donald J. Trump’s not-so-subtle suggestion, narrowly passed the House on May 22. Yesterday, June 16, Senate tax writers released their version, which makes substantial changes to several key House provisions. The differing bills already are sparking intra-party fighting. And depending on what’s in the final version, the Republican party also could have a... Read more →
Senate side of the U.S. Capitol (Scrumshus - Own work, Public Domain) Are you ready for more tax fighting on Capitol Hill? Apparently the Republican-led Senate Finance Committee is. The panel this afternoon released its changes to the House-passed One Big Beautiful Bill (OBBB). As expected, tax writers in the upper chamber made lots of changes. Here’s a look at some key differences. Child Tax Credit: If Congress doesn’t act, the Tax Cuts and Jobs Act (TCJA) provision that bumped the popular Child Tax Credit (CTC) from $1,000 to $2,000 per qualifying child will expire on Dec. 31, cutting the... Read more →
If the White House goes through with its plan to phase out the current federal disaster relief program, states will have to cover more costs of storm damages, like those in Keaton Beach, Florida, when Hurricane Helene made landfall there on Sept. 25, 2024. (Photo: Florida National Guard) Forecasters from both the federally-funded National Hurricane Center and private weather services predicted the 2025 hurricane season would be active. That might well happen since the tropical season that started June 1 runs through Nov. 30. But so far, we’re off to a quiet start. Fewer than forecast storms always are welcome.... Read more →
She’s not happy with the salad, but at least she’s got a nutritious food choice. That could change if the current tax bill and its revisions to the federal Supplemental Nutrition Assistance Program (SNAP) is enacted. (Image by Tung Lam from Pixabay) Most tax eyes have been on Washington, D.C., as the House-approved One Big Beautiful Bill (OBBB) now awaits action in the Senate. Whatever form the final bill takes, it likely will affect states, negatively in many cases as they lose federal aid. One area where states are bracing for tougher times is food assistance programs. The left-leaning Center... Read more →
Image by Stefan Coders from Pixabay Since the U.S. Supreme Court’s 2018 ruling that opened states’ doors to legalized sports betting, gambling has become an accepted part of major league sports. All the United States’ professional athletic leagues have embraced partnerships with sports betting companies and casinos. This year, Major League Baseball (MLB) cleared the way for deceased players who had been permanently banned, including some who gambled on their sport’s games, to potentially get into the Baseball Hall of Fame. Even the National Collegiate Athletic Association (NCAA), the governing body of student athletes and sporting events, reportedly is considering... Read more →
Some of my fellow Texans every Memorial Day weekend head to appliance stores instead of the beach. They are taking advantage of the Lone Star State’s annual Energy Star Sales Tax Holiday. It runs from the long holiday’s Saturday through Memorial Day Monday, exempting certain energy saving products from the state’s 6.25 percent sales tax, as well as the added 2 percent most cities also tack on to purchases. But this might be the last such sales tax holiday for Texans and shoppers in three other states. Energy Star tax breaks also are the hook for sales tax holidays in... Read more →
House Speaker Rep. Mike Johnson (R-Louisiana) on the phone as he and staff walk through the U.S. Capitol’s Statuary Hall. (Credit: Mike Johnson Facebook) The Republicans’ consolidated measure to enact Donald J. Trump’s tax, immigration, energy, and more policies eked through the House early this morning. The original Ways and Means Committee version of the legislation, dubbed the One Big Beautiful Bill (OBBB) per Trump’s not so subtle suggestion, was tweaked just enough this week to pass by a 215 to 214 vote. Only two GOP members, Rep. Warren Davidson of Ohio and Thomas Massie of Kentucky, defected. The pair... Read more →
Republicans on the House Budget Committee are meeting with their members today to try to come up with changes to the tax portion of the one big beautiful bill (OBBB) that they want to pass to further the White House’s fiscal and immigration goals. Conservative GOP members tanked the tax plan on Friday, complaining that it added to the federal deficit. Fiscal conservatives are holding out for deeper spending cuts or more reductions to tax benefits for low-income households. Meanwhile, another group of Representatives, this one bipartisan by led by Republicans who represent districts with high housing costs, could cause... Read more →
Sure, income taxes are infuriating, but if you ask homeowners what tax they hate most, it’s a good bet that their annual property tax bill tops the list. These real estate taxes are issued by county or parish officials across the United States. And the recipients of property taxes are found in all political parties. That's why a group of Republicans whose congressional districts are full of frustrated suburban homeowners are, right now, standing up against their party's leaders when it comes to the one big beautiful budget and tax bill sought by the White House. They say they won't... Read more →
Photo by Nataliya Vaitkevich The House Ways and Means Committee this afternoon released its second run at the tax portion of the one, big, beautiful reconciliation bill demanded by the White House. This latest collection of tax provisions, released in advance of the proposal’s committee markup tomorrow (Tuesday, May 13), fills in a lot of the tax holes that were apparent in the tax-writing panel’s first version, presented on May 9. Political tax promises: Today’s measure includes many of the Trump administration’s populist policy priorities. That includes campaign promises to exempt gratuities and overtime pay from taxation. The bill also... Read more →
Mother’s Day is Sunday, May 11. Have you bought your mom a present yet? Don't panic. You still have time. And don't stress over finding the perfect gift. In most cases, it’s true that all Mom wants is just to see her children. But if you do want to take some token of thanks for all that your mother has done and sacrificed for you, chances are it will be flowers. Billions spent on Mom: The National Retail Federation’s (NRF’s) annual Mother’s Day survey, conducted in conjunction with Prosper Insights & Analytics, found that, once again, the most popular gift... Read more →