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☆ Biden declares 'unanimity' after Republicans boo idea of Social Security cuts
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

"Instead of making the wealthy pay their fair share, some Republicans want Medicare and Social Security to sunset," the president said. Sitting behind Biden, McCarthy shook his head as Biden raised the idea. Multiple House Republicans, including hardliners Marjorie Taylor Greene and Byron Donalds booed. Biden even urged protesting Republicans to contact his office, saying he would "give you a copy of the proposal." "So, folks, as we all apparently agree, Social Security and Medicare is off the books now.

☆ State of the Union takeaways: Biden comes out swinging in a raucous, combative speech despite pleas for bipartisanship
▼ + stars: | 2023-02-08 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +6 min

The speech marks Biden's first address to the new Republican-controlled House. Before diving into the list of bipartisan accomplishments, though, Biden began by congratulating House Speaker Kevin McCarthy and Senate Majority Leader Mitch McConnell. In a symbolic appeal to bipartisanship, First Lady Jill Biden wore purple — the color that results from combining blue and red. Meanwhile, former President Donald Trump shared his thoughts about Biden's speech on his social media platform, Truth Social. In addition to attacking Republicans on Social Security and Medicare cuts, Biden opened up several other lines of attack.

☆ Biden played the State of the Union perfectly, but the raucous GOP proved he's dealing with a whole new kind of opposition
▼ + stars: | 2023-02-08 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +6 min

Tuesday's State of the Union address was an at times raucous affair. Tuesday night showed that this is no longer your father's State of the Union address. Parts of Biden's second State of the Union resembled the United Kingdom's raucous "Prime Minister's Questions" sessions that C-SPAN nerds delight in. The State of the Union is not supposed to resemble the real-time grilling of a world leader though. To be clear, opposition party members have long trolled the president during the State of the Union.

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☆ One Small Step for Social Security
▼ + stars: | 2023-02-01 | by ( Andrew G. Biggs | ) www.wsj.com time to read: 1 min

Social Security remains the largest federal spending program. As the new Republican House majority looks to rein in the budget, Social Security reforms could be on the table. Though vital to addressing the national debt, getting a comprehensive reform package—or any major entitlement reform—through Congress will be tough. Instead, lawmakers might consider a simple but meaningful start: capping the maximum retirement benefit. A cap would put a dent in Social Security’s 75-year funding gap of more than $20 trillion and send a message that government benefits to high-income retirees can’t be unlimited.

☆ Gen Z doesn't think anyone can keep them safe online, and one of their biggest concerns is photos getting leaked
▼ + stars: | 2023-01-31 | by ( Amanda Goh | ) www.businessinsider.com time to read: +2 min

Gen Z has little faith that anyone can keep them safe online, according to a Dell Technologies study. 18% of respondents said they trust the government to protect their data, while 17% trust private sector companies. Gen Z's main cyber threat concern relates to having their personal data or photos shared. The findings indicate that Gen Z doesn't trust any entity, public or private, to keep their data safe online. Having their personal data or photos shared without permission.

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I waited until April to file last year, but I'm going to be more proactive with my taxes this year. Personal Info Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Taxable income $ 0 Effective tax rate 0 % Estimated federal taxes $ 0 Federal taxes withheld $ 0How I filed my taxesThere's a lot of ways to do your taxes. TaxSlayer filed my federal and my state taxes for me, but didn't file my city taxes. Editor's Rating 4.6/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 3.7/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Learn more On Tax Slayer's website Learn more On Liberty Tax's website Learn more On H&R Block's websiteGetting my refundAfter a couple weeks, my refund came in the mail.

No matter how much Kevin McCarthy swears that won’t involve cuts to Social Security or Medicare, it’s almost impossible to imagine they aren’t on the table. If Congress cuts spending to balance the budget as some Republicans have suggested, it could mean big cuts to very popular programs like Social Security and Medicare. Bret: Other than trying to find ways to slow the rate of spending growth, I can’t imagine there would be cuts to either program. They’re popular with Republican voters, too, after all. For some reason, Social Security payroll taxation stops at about $160,000.

☆ U.S. Senate Republicans put Biden on notice over debt ceiling
▼ + stars: | 2023-01-27 | by ( David Morgan | ) www.reuters.com time to read: +3 min

A debt ceiling increase would require support from nine Republicans, 48 Democrats and three independents who caucus with Democrats to meet the Senate's 60-vote filibuster rule for most legislation. The one-page letter surfaced a day after Biden characterized Republicans as a party of "chaos and catastrophe" while criticizing their refusal to approve a debt ceiling increase without spending cuts. The White House, which has repeatedly voiced opposition to debt ceiling negotiations, was not immediately available for comment. On Tuesday, Senate Republican leader Mitch McConnell said any solution to the debt ceiling debate would have to come from talks between Biden and House of Representatives Speaker Kevin McCarthy. It was not clear whether the Senate Republicans notified McCarthy about their letter ahead of time.

WASHINGTON — Republicans, newly empowered with a House majority, are demanding spending cuts as a price for lifting the debt ceiling and averting a catastrophic default on U.S. debt. Republicans are divided over whether Medicare and Social Security spending should be on the chopping block. Jose Luis Magana / APLuna said she wants to do it without tax increases or Social Security or Medicare cuts. The White House has vowed that Biden won’t grant concessions on the debt limit and that paying the country’s bills is non-negotiable. But I think we’ve got to also honor our commitment to Americans when it comes to Social Security and Medicare,” Garcia continued.

☆ Explainer: Shutdown? Default? Washington's risky new debt ceiling standoff
▼ + stars: | 2023-01-24 | by ( Andy Sullivan | ) www.reuters.com time to read: +5 min

According to the Congressional Budget Office, the 2018-2019 shutdown reduced economic activity by about $11 billion while it was underway, but much of that lost growth was recovered when government activity resumed. WHAT IS THE DEBT CEILING? This year could see a repeat of 2011, as Republicans who control the House of Representatives say they will not raise the debt ceiling unless Democratic President Joe Biden agrees to limit spending. WHAT HAPPENS IF THE DEBT CEILING IS NOT RAISED? Sources: Congressional Budget Office (CBO), Government Accountability Office, Congressional Research Service, Office of Management and Budget, Social Security AdministrationReporting by Andy Sullivan; Editing by Scott Malone and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

☆ Here’s what will happen to the economy as the debt ceiling drama deepens
▼ + stars: | 2023-01-22 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

Minneapolis CNN —After the United States hit its debt ceiling on Thursday, the Treasury Department is now undertaking “extraordinary measures” to keep paying the government’s bills. And Americans — many people — would lose their jobs and certainly their borrowing costs would rise.”Dire warnings of debt ceiling trouble aren’t new. “2011 was the first time in a long time that we came close to a debt ceiling breach,” he said. “I think you would be hard pressed to say [the debt ceiling debacle] was a positive thing,” he said. Considering the potential consequences in the United States and abroad, Sheiner believes the debt ceiling will be lifted or suspended — eventually.

☆ Meet a 52-year-old who has struggled to repay their $480,000 in student debt on income-driven plans and has pushed off retirement: 'This is an albatross around my neck for the rest of my life'
▼ + stars: | 2023-01-22 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

Angel, a 52-year-old student-loan borrower, has $480,000 in student debt. Their debt has surged due to payments on income-driven repayment plans and ballooning interest. Biden announced reforms to those repayment plans, but it's unclear how they will be implemented. "And I know that that's a concern for a lot of people I know with student loans." "If education is really about us being better contributors to society, then why are they charging interest on the student loans?"

☆ Higher Social Security cost-of-living adjustments may affect your taxes. Here's how to plan
▼ + stars: | 2023-01-20 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Social Security recipients are just starting to see the record 8.7% cost-of-living adjustment in their monthly checks. Last year's 5.9% cost-of-living adjustment was like getting a 6% wage bump in 2022, according to Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League. A recent survey by The Senior Citizens League found 57% of older taxpayers worry more of their Social Security benefits will be taxed due to last year's 5.9% cost-of-living adjustment. More from Personal Finance:What the U.S. debt ceiling could mean for Social Security and MedicareApproaching 62? However, beneficiaries would be wise to get a jump on their tax planning for next year to mitigate the effects of the 8.7% cost-of-living adjustment.

☆ U.S. Nears Debt Ceiling, Begins Extraordinary Measures to Avoid Default
▼ + stars: | 2023-01-19 | by ( Andrew Duehren | ) www.wsj.com time to read: 1 min

The Treasury Department began taking special measures to keep paying the government’s bills on Thursday as the U.S. bumped up against its borrowing limit, kicking off a potentially lengthy and difficult debate in Congress over raising the debt ceiling. With the federal government constrained by the roughly $31.4 trillion debt limit, the Treasury Department began deploying so-called extraordinary measures. Those accounting maneuvers, which include suspending investments for certain government accounts, will allow the Treasury to keep paying obligations to bondholders, Social Security recipients and others until at least early June, the department said last week.

☆ Treasury to Begin Extraordinary Measures to Pay Bills Amid Debt-Ceiling Debate
▼ + stars: | 2023-01-19 | by ( Andrew Duehren | ) www.wsj.com time to read: 1 min

The Treasury Department is set to begin taking special measures to keep paying the government’s bills on Thursday as the divided Congress braces for a potentially lengthy and difficult debate over raising the debt ceiling. With the federal government about to run up against the debt limit, which Congress set at roughly $31.4 trillion in 2021, the Treasury Department has said it expects to start deploying so-called extraordinary measures. Those accounting maneuvers, which include suspending investments for certain government accounts, will allow the Treasury to keep paying obligations to bondholders, Social Security recipients and others until at least early June, the department said last week.

☆ Social Security cost-of-living adjustments have fallen short of inflation by $1,054 since the start of pandemic
▼ + stars: | 2023-01-12 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

That's as this year's 8.7% COLA kicks in for more than 65 million Social Security beneficiaries this month. That new data indicates Social Security beneficiaries will recover $38.70 after months of grappling with record high inflation, according to a new report from The Senior Citizens League. Average Social Security benefits fell short of inflation by about $1,054 from the start of the pandemic through 2022, according to a new analysis from the non-partisan senior group. That excludes Medicare Part B premiums, which are typically deducted directly from Social Security benefit checks. The predicament has made it more important for retirees to carefully plan for all income streams, not just Social Security.

The budget - endorsed by Prime Minister Fumio Kishida's cabinet on Friday - features record military and welfare spending as it confronts regional security challenges from an ever-assertive China and an unpredictable North Korea. Reuters GraphicsRECORD MILITARY, WELFARE SPENDINGThe need for more military spending comes at a time of intensifying economic challenges as the Ukraine war, soaring inflation and rising rates worldwide push the global economy to the brink of recession. For fiscal 2023, the defence spending will rise to 6.8 trillion yen, up 1.4 trillion yen from this year. The government also set aside 3.4 trillion yen to help finance its five-year defence build-up plan. On the brighter side, tax revenue is estimated at a record 69.4 trillion yen thanks in part to recovery in corporate profits, allowing the government to reduce new bond sales by 1.3 trillion yen to 35.6 trillion yen.

☆ Average Social Security retirement benefit fell short by 46% in 2022. Here are the costs that went up the most
▼ + stars: | 2022-12-20 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Sollina Images | Tetra Images | Getty ImagesAmid record high inflation, stretching Social Security benefit checks became more difficult in 2022. Even as a 5.9% cost-of-living adjustment went into effect in January, the record high annual benefit increase still fell short, according to new research from The Senior Citizens League. The average retiree benefit fell short by an average of $42.35 per month, or 46%, the research found. The 5.9% annual increase for 2022 was the highest bump to benefits in 40 years when it was announced in October 2021. "Even the simplest of foods are harder for people to afford," said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League.

Anyone with a TreasuryDirect account can gift savings bonds as long as the person to whom they're gifting the bonds also has a TreasuryDirect account, according to Alexander Voigt, founder and CEO at Daytradingz.com. I savings bonds, on the other hand, have 6.89% interest rates if you buy them within the same dates as the EE savings bonds. How to gift bonds to charityYou aren't limited to individuals when it comes to gifting bonds. "The buyer of the gift savings bond sees the bonds generally issued to the 'Gift Box' in their TreasuryDirect account within one business day," Voigt says. For instance, each year the US government lets you purchase a maximum of $10,000 in electronic EE savings bonds, $10,000 in I bonds, and $5,000 in paper I bonds.

Dovly Uplift provides credit monitoring and monthly TransUnion credit reports and credit scores. Visa offers free credit repair for cardholders through Dovly UpliftOn Tuesday, smart credit repair company Dovly announced an agreement with Visa. The agreement will provide Visa cardholders with Uplift, a smart credit repair service created by Dovly for Visa cardholders, free of charge. In broad strokes, credit monitoring describes the process of checking your credit reports consistently to see if there are any errors or inaccuracies on your credit reports. While consumers can currently see their credit reports every week through the end of 2023, when that period ends, the Fair Credit Reporting Act only affords consumers three credit reports each year.

The Daniel Anderl Judicial Security and Privacy Act, named for the son of a federal judge who was fatally shot in 2020, was attached to the annual must-pass defense policy bill that the Senate endorsed 83-11. The defense bill passed the U.S. House of Representatives last week and now heads to President Joe Biden for his signature. The judicial security measure, which the federal judiciary backed, had long languished in Congress before its supporters were able to tack it on to the National Defense Authorization Act. The measure remained in the 4,000-plus page defense bill despite criticism from public interest groups who say it could chill free speech and undermine efforts to scrutinize judges' conflicts of interest. Sponsors of the bill, including Senator Bob Menendez, a New Jersey Democrat, say it is narrowly tailored to protect judges.

☆ Up to 254,000 Medicare beneficiaries are getting new ID cards due to data breach at subcontractor. What they need to know
▼ + stars: | 2022-12-16 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

Up to 254,000 Medicare beneficiaries' personal information may have been compromised in an online ransomware attack at a government subcontractor, officials warned this week. Letters are being sent to the beneficiaries who were impacted by the potential data breach, said the Centers for Medicare & Medicaid Services. Those affected — who represent less than 0.4% of Medicare's 64.5 million beneficiaries — will also receive a replacement Medicare card with a new identification number in the next few weeks. "The safeguarding and security of beneficiary information is of the utmost importance to this agency," CMS Administrator Chiquita Brooks-LaSure said in the announcement. The personal information that could have been compromised include name, address, date of birth, phone number, Social Security number, Medicare beneficiary identifier, banking information (including routing and account numbers) and Medicare entitlement, enrollment and premium information.

The first Social Security checks and bank deposits featuring the largest cost-of-living-adjustment in 40 years will start arriving in January. Social Security recipients will have benefited from timing, as well. So, anyone with a birthdate in this initial range can expect the first payment to land Jan. 11, according to the Social Security Administration. Except for SSI payments, Social Security benefits remain taxable and tax brackets are also changing as a result of inflation. A Social Security recipient filing as an individual with total earnings — including anything received outside Social Security — between $25,000 and $34,000 may have to pay income tax on up to 50% of their Social Security benefits.

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