Federal tax brackets are projected to rise 3.2% next year, allowing Americans to earn more before their income is taxed at higher rates, according to new estimates from Bloomberg Tax. The IRS adjusts its tax brackets each year for inflation, a step that can provide some financial relief to people whose income is taxed at…
A hotter-than-expected inflation report has sharply raised the likelihood that the Federal Reserve will increase interest rates in September, which would mark its first rate hike since 2023. The Consumer Price Index rose at an annual rate of 3.4% in August, in line with July’s reading but higher than the 3.3% economists were forecasting. One-third…
Stubbornly hot inflation in August could push up the 2027 cost-of-living adjustment for Social Security recipients, according to a new estimate from the AARP. The 2027 COLA is now projected at 3.6%, based on the August Consumer Price Index figures released on Wednesday, according to the advocacy group. AARP had forecast a 3.5% increase a month…
Pennsylvania Rep. Rob Bresnahan is promoting a bill to give data center-wary municipalities greater control over whether the facilities can be built, a message featured in a new television ad the Republican congressman is running in the Scranton and Wilkes-Barre area. But in the past, Bresnahan has taken an overtly friendly stance toward data centers,…
A key inflation reading tomorrow could determine whether the Federal Reserve issues its first interest rate hike in more than three years. The August Consumer Price Index report, scheduled for release at 8:30 a.m. ET on Friday, is the last major inflation snapshot Fed officials will receive before announcing their next interest rate decision on…
President Trump’s vow to send $5,000 to every U.S. adult if the Republican Party keeps control of Congress in the midterm elections would drive up the federal deficit, reignite inflation and alarm investors, according to economists. After Mr. Trump raised the idea of such a dividend on Wednesday night at the Republican National Committee’s midterm…
Goldman Sachs is warning that heightened attacks in the Persian Gulf and Red Sea could push global oil prices above $120 a barrel, which would add to the surging fuel costs Americans have faced during the Iran war. The investment bank’s forecast implies a roughly 20% increase in the cost of Brent crude, the international…
Mortgage rates have confounded house hunters this year by steadily ticking higher. That trend is likely to continue, according to economists, with some predicting rates will climb back above 7%. “We’re effectively there,” Mark Zandi, chief economist at Moody’s Analytics, told CBS News. “And rates could easily go over.” The average rate for a 30-year…
America’s ranks of retirement fund millionaires are surging, with the number of 401(k) accounts managed by Fidelity Investments holding at least $1 million surging to a record 769,000 in the second quarter. The number of 401(k) millionaires jumped 19% between the first and second quarters, lifted by a bullish stock market and by record average…
Index investing pioneer David Booth has a simple message for people navigating volatile financial markets: Stay calm and keep investing. Booth, a billionaire several times over whose Dimensional Fund Advisors manages $1 trillion, expands on that advice in a new book, “Stay Calm: Learn to Embrace Uncertainty in Investing and Life,” scheduled for publication on Sept….
