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Families Can Make a Tax-Free Rollover From 529 Plans to Roth Individual Retirement Accounts StartingDec 23, 2022 - 12:08:29 PST
Lawmakers say new rules would rescue funds from tax penalties and promote more college savings. Others think the measure amounts to a tax break for wealthy.
The 401(k) and IRA Changes to Consider After Congress Revised Many Retirement Laws: WSJDec 23, 2022 - 12:06:59 PST
Americans will need to rethink how they save after Congress passed a series of new retirement laws.
The push to require crypto brokers to report their customers’ gains to the IRS is aimed at clamping down on crypto investors’ tax avoidance.
he Internal Revenue Service on Friday gave millions of Americans a one-year reprieve on new tax-reporting requirements, delaying implementation of a law that requires e-commerce platforms such as eBay, Etsy and Airbnb to give the tax agency information on users with more than $600 in revenue.
As a historic cold front blankets the continental US - because global warming of course - locking down hundreds of millions, and paralyzing the economy and infrastructure...
However, the economic headwinds of the past 12 months have severely buffeted their confidence and spending power. Inflation in particular is eating away at consumers’ paychecks and putting them well behind on their financial goals.
This morning’s mixed data highlight the divergence between still-climbing costs for services, like housing (although it now appears that the Fed is now realizing that the CPI index is 1 year delayed), and falling goods - both durable and non-durable - prices.
Condemnations of consumerism are nearly ubiquitous in modern media and popular culture. Anyone who has seen "A Charlie Brown Christmas," produced in 1965, knows the drill.
Would you like to pay a carbon tax every time that you turn your heater on? What about every time that you fill up your vehicle with gasoline? Incredibly, this will soon be what life is like in Europe.
Dec 23, 2022 - 08:15:01 PST
A classic good news, bad news story. The good news? US new home sales rose 5.8% in November, better that the expected -5.1%, The bad news? On a year-over-year basis, US new home sales FELL Sales of…
Last week, CNN featured a story called "Men are dropping out of the workforce. Here's why" The article went on to tell us virtually nothing at all about why so many men are leaving the workforce.
That means rate hikes will continue until March 2023 and possibly May, even in the face of declining growth and falling inflation. The Fed may pivot by June, but it will be too late.
Dec 23, 2022 - 07:34:24 PST
There’s inflation in the air. The US Core PCE deflator slowed to 4.7% YoY in November. But it is still over 2x The Fed’s inflation target. The lower core PCE growth of 4.7% YoY results …
How Strung-Out Are Households with their Debt Service & Financial Obligations as the Miracle of Free-Money Fades?Dec 23, 2022 - 07:27:53 PST
Looks like households have lots of fuel left to throw on inflation, if they’re in the mood.
It’s not going to get better for the housing market. Despite an 80 basis point decline in 30-yr fixed rate conforming mortgages (20% down, minimum 740 FICO), the mortgage purchase apps index declined 0.1%..
Dec 23, 2022 - 07:17:28 PST
Vladimir Putin has given a speech to his military chiefs on Wednesday and he outlined that the “Satan II” hypersonic nuclear weapon which is capable of striking the US, will be ready for deployment soon.
Dec 23, 2022 - 07:07:19 PST
Senator Lindsey Graham (R-SC) has repeated a call for Russian President Vladimir Putin to be assassinated, saying that the only way the war in Ukraine could end is if Russia “breaks” and someone “takes Putin out.” “How does this war end? When Russia breaks, and they take Putin out. Anything short of that, the war’s …
Russia Says ‘Quite Old’ U.S. Patriot Missiles in Ukraine Won’t Stand in Its WayDec 23, 2022 - 07:03:06 PST
Ukraine's President Volodymyr Zelenskyy visited Washington and the Biden administration announced another taxpayer $1.85 billion in military aid for Ukraine.
Japan is set to unveil on Friday a record $864 billion budget for the next fiscal year from April, pushed up by increased military spending and higher social security costs for a fast-ageing population, according to a final draft reviewed by Reuters.
Twas the last trading day before Christmas and all through the market, not a trader was twitching... until today's PCE print hits... The Fed's favorite inflation indicator - Core PCE Deflator - printed slightly hotter than expected in November +4.7% YoY vs +4.6% exp (MoM was in-line at +0.2% after an upward revision for October)...