The financial news that actually matters
Millions of homeowners who itemize their federal tax returns will see relief starting with tax year 2026: the cap on deducting state and local taxes, commonly known as the SALT cap, has risen to $40,400. The increase stems from the One Big Beautiful Bill Act, which became Public Law No. 119-21, and the IRS has…
American households are carrying more revolving debt than at any prior point on record, with the Federal Reserve’s consumer credit data showing outstanding balances have climbed to $1.25 trillion. The figure caps a steady rise that began after pandemic-era lows and lands at a moment when elevated interest rates make each dollar of carried debt…
Married couples whose combined wealth falls below $30 million will owe zero federal estate tax on transfers to the next generation starting in January 2026, after the IRS confirmed a per-person basic exclusion amount of $15,000,000 for estates of decedents dying that calendar year. That figure is up from $13,990,000 in 2025, and because federal…
Roughly 330,000 importers that collectively paid about $166 billion in tariffs on some 53 million shipments now face a split reality: half that money is already in the refund pipeline, and the other half hangs on a legal fight the administration wants to restart. Customs and Border Protection disclosed in a recent court filing that…
Millions of hourly workers across the United States can now subtract a portion of their overtime earnings from federal taxable income, a direct result of the One, Big, Beautiful Bill signed into law earlier this year. The new deduction, capped at $12,500 per individual or $25,000 for married couples filing jointly, applies only to overtime…
More than 243,000 American workers have received formal layoff warning notices so far in 2026, based on filings logged across state labor department databases. These notices, required by federal law before large-scale job cuts take effect, signal that tens of thousands of positions are set to disappear in the weeks ahead. The count draws from…
American car buyers are now financing new vehicles over longer periods than at any point in the recorded history of the federal data series. The average maturity on a new car loan at finance companies has reached 69 months, according to the Federal Reserve’s G.19 Terms of Credit release. That figure, nearly six years of…
Subprime auto borrowers who took out loans during the post-pandemic price surge have now spent close to four years owing more than their vehicles are worth, and federal data shows they account for a sharply outsized share of repossessions. The Federal Reserve, the Consumer Financial Protection Bureau, and the Senate Banking Committee have each flagged…
American drivers are paying more than 40% above last year’s prices to fill their tanks, a direct result of the largest oil-supply disruption in recorded history. U.S. retail gasoline averaged above $4 a gallon this spring, up sharply from the roughly $3.13 national average recorded in early June 2025. The cause is singular: military action…
Most American workers who received a raise this year that roughly matched inflation will not owe a higher marginal federal tax rate in 2026. The IRS published annual inflation adjustments covering more than 60 tax provisions, including every individual income-tax bracket and the standard deduction, for the 2026 tax year. The shift, pegged at approximately…