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☆ TurboTax has lobbied against a free tax filing system for decades. Its head says the US' path toward one is 'unquestionably a conflict of interest.'
▼ + stars: | 2023-01-18 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +5 min

The Inflation Reduction Act passed last summer allots funds to explore a free federal tax filing service. The head of TurboTax's parent company says that a government-run tax filing service would be unethical. Intuit, a global financial technology platform, owns TurboTax, one of the leading paid tax filing services. In the US, tax filing services like TurboTax and H&R Block spend millions of dollars lobbying against free tax filing services. Commercial providers such as TurboTax and Tax Act offer their own free services for those earning under a certain amount.

☆ Household wealth optimism collapses, global survey shows
▼ + stars: | 2023-01-16 | by ( Mark John | ) www.reuters.com time to read: +3 min

Jan 16 (Reuters) - Barely two in five people believe their families will be better off in the future, according to a regular global survey that also identified growing levels of distrust in institutions among low-income households. It further confirmed how societies have been divided by the impacts of the pandemic and inflation. Higher-income households still broadly trust institutions such as government, business, media and NGOs. Globally, only 40% agreed with the statement "my family and I will be better off in five years" compared to 50% a year before, with advanced economies most downbeat: the United States (36%), Britain (23%), Germany (15%) and Japan (9%). While Edelman's longstanding Trust Index registered an average 63% trust level in key institutions among high-income U.S. respondents, that figure fell to just 40% among low-income groups.

☆ The zero-fare public transit movement is picking up momentum
▼ + stars: | 2023-01-14 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +7 min

In late 2019, Kansas City, Missouri, became the first major U.S. city to approve a fare-free public transit system. The public transit crisisKansas City's bus system, called RideKC. Alexandria and Richmond in Virginia have successfully integrated fare-free transit into their annual budgets. Source: Kansas City Area Transportation AuthorityIn Kansas City, zero-fare transit has become a hallmark of life. The zero-fare bus started in December 2019 as a pilot program.

☆ Italy's household gas prices rose almost 65% in 2022
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

MILAN, Jan 3 (Reuters) - The price paid by an average Italian household for its gas supply rose by 64.8% in 2022 versus the previous year, national energy authority ARERA said on Tuesday, underlining the impact of the war in Ukraine on family finances. ARERA, which sets regulated gas prices for Italian consumers, also said the price for December rose 23.3% from the previous month, reflecting high prices in early December before a dip later in the month. An average family would have spent around 1,866 euros ($1,968.63) on gas last year, it estimated. ARERA late last year started setting regulated gas prices on a monthly rather than quarterly basis due to market uncertainty related to gas supplies on the back of the war in Ukraine. European Union countries agreed in December to cap gas prices to try to limit further rises on the market, which hit record levels in Europe after Russia's invasion of Ukraine led to the disruption of supplies.

☆ A long-term illness crisis is threatening the UK economy
▼ + stars: | 2022-12-28 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

Leon Neal/Getty ImagesLONDON — Along with sky-high inflation and energy costs, a Brexit-related trade tailspin and a recession in progress, the U.K. economy is being hammered by record numbers of workers reporting long-term sickness. Unlike other major economies, recent U.K. data shows no sign that these lost workers are returning to the labor market, even as inflation and energy costs exert huge pressure on household finances. The U.K. avoided mass job losses during the Covid-19 pandemic as the government's furlough program subsidized businesses to retain workers. "The U.K. was particularly vulnerable because of austerity — NHS waiting lists were rising sharply, and performance/satisfaction was falling sharply, well before the pandemic," Portes said. However, the report noted that this isn't a recent phenomenon, and the waiting list has been growing rapidly since 2012.watch now

☆ These Hollywood celebs and an NFL Hall of Famer want you to electrify your home to help solve the climate crisis
▼ + stars: | 2022-12-28 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +6 min

GoodLeap is the largest financier of residential solar loans in the US, with 28% of the market. The former NFL tight end and Pro Football Hall of Famer told Insider he often reflected on whether, in life's final moments, he'd be proud of his choices. Gonzalez, who's also invested in plant-based-food companies like Beyond Meat, told Insider the climate crisis was the most important issue of his — and his children's — lifetime. GoodLeap is the top provider of residential solar loans, with a 28% share of the market. "Part of my work has always been making sure folks who typically are unconsidered are considered," DeBerry told Insider.

☆ Hit by climate change, farmers in Cambodia are risking everything on microfinance loans
▼ + stars: | 2022-12-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +8 min

The loans are also seeing farmers put assets including their land up as collateral, even when the loans are high-interest and have short repayment windows. Taylor Weidman | Bloomberg | Getty ImagesNGOs estimate around 167,000 Cambodians have sold their land to pay microfinance loans over the last five years. A 2016 book published by the World Bank argued microfinance loans had reduced poverty and increased incomes in Bangladesh, and banking giant HSBC still promotes its funding of microfinance in the country. But the World Bank, an early and longstanding advocate of microfinance, has also been warning for years of risks including overindebtedness and the growing commercialization of the industry. In the capital Phnom Penh, she added, she commonly meets people working seven days a week to pay off spiraling MFI loans.

☆ A couple that went from having 'terrible credit' and working restaurant shifts built a multi-million dollar real estate portfolio that earns $30,000 a month in revenue. They explain how anyone can sta
▼ + stars: | 2022-12-26 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +9 min

Here is their four-step guide to investing in real estate. Get your personal finances in orderThe first and most important step to take before investing in real estate is to establish a solid financial foundation, the couple emphasized. You're not going to learn everything you need to learn about real estate in a five second TikTok video. Real estate investor Natia SeegarsThe more time you invest in educating yourself about real estate, the more likely you are to succeed, they emphasized. "You're not going to learn everything you need to learn about real estate in a five second TikTok video," said Natia.

Economists are sounding the alarm bells about a likely recession in 2023.Insider spoke to five personal finance experts to get their tips on preparing for a downturn. Insider spoke to five personal finance experts to uncover the key steps to help you bulletproof your finances ahead of a rocky new year. "Drop-shipping" — acting as an intermediary between a supplier and customers – affiliate marketing, and earning advertising income from websites are some ways you can build passive income streams. Olamide Majekodunmi, founder of All Things Money, a financial education blog for millennials, said it's important not to sink too many up-front costs into passive income streams in the hope they'll bear fruit. And Chen said it still takes lots of work to get to a point where you can enjoy passive income.

☆ Millions Poised to Move Off Medicaid After Omnibus Bill Passage
▼ + stars: | 2022-12-25 | by ( Stephanie Armour | ) www.wsj.com time to read: 1 min

The Department of Health and Human Services is providing outreach and guidance to assist states with Medicaid’s eligibility redeterminations. WASHINGTON—Millions of people are poised to lose Medicaid coverage after the recently enacted omnibus spending bill changed the healthcare program’s enrollment rules, and congressional Democrats and the Biden administration are working to steer eligible people to other types of coverage. The coverage losses are expected because states that received extra Medicaid funding under a 2020 Covid-19 relief bill had to agree to pause beneficiaries’ eligibility verifications. The continuous enrollment in the state-federal program for the low income and disabled was set to end when the health emergency is over, likely sometime in 2023.

☆ Hope Global Forum rallies business leaders for financial literacy, wealth equity
▼ + stars: | 2022-12-21 | by ( Frank Holland | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHope Global Forum rallies business leaders for financial literacy, wealth equityFrank Holland discusses the importance of financial literacy at the Hope Global Forum with the CEO of Walmart, faith leader Bishop T.D. Jakes, financial influencers Earn Your Leisure and the founder of Operation Hope, John Hope Bryant. The event is focused on 'silver rights,' a term Bryant coined for the economic empowerment of minority and low income communities.

☆ Japan Nov consumer inflation likely to hit fresh four-decade high - Reuters poll
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Dec 16 (Reuters) - Japan's nationwide consumer price inflation likely hit a fresh 40-year high in November, as firms increasingly passed on high energy, food and raw material costs to households, a Reuters poll showed. November's nationwide core consumer price index (CPI), which excludes volatile fresh food prices but includes energy, will likely show a rise of 3.7% from a year earlier, according to the poll. That would be above the prior month's annual rise of 3.6% and would mark the biggest jump since the 4.0% seen in December 1981. The government will release the CPI data at 2330 GMT on Dec. 22. Reporting by Daniel Leussink; Editing by Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

☆ States with more abortion restrictions have higher maternal and infant mortality, report finds
▼ + stars: | 2022-12-14 | by ( Doha Madani | Doha Madani Is A Senior Breaking News Reporter For Nbc News. Pronouns | She Her. | ) www.nbcnews.com time to read: +4 min

New research released Wednesday adds to a growing body of evidence showing a link between more restrictive abortion policies and higher rates of maternal and infant mortality. According to the report, states that heavily restricted abortion access in 2020 had maternal death rates that were 62% higher than they were in states where abortion was more easily accessible. "Then, on top of all that, you're adding this variation in abortion services, reproductive health services, by states," Zephyrin said. Their report isn't the only one that has documented a correlation between abortion restrictions and higher maternal and infant mortality. And then you have these further restrictions on reproductive health care," Zephyrin said.

☆ 'The worst is yet to come': the curse of high inflation
▼ + stars: | 2022-12-08 | by ( Mark John | ) www.reuters.com time to read: +4 min

While wealthier consumers can rely on savings built up during pandemic lockdowns, others struggle to make ends meet and a growing number rely on food banks. Workers have taken strike action in sectors from healthcare to aviation to demand that wages keep pace with inflation. But if things are tough in industrialised economies, rocketing food prices are worsening poverty and suffering in poorer countries, from Haiti to Sudan and Lebanon to Sri Lanka. The world's central banks have embarked on steep interest rate hikes to cool demand and tame inflation. From U.S. Federal Reserve chief Jerome Powell to the European Central Bank's Christine Lagarde, there is growing talk that rate-hike medicine may taste bitter.

☆ Inflation in 2023: experts predict ‘worst is yet to come’ as recession looms
▼ + stars: | 2022-12-08 | by ( Mark John | ) www.reuters.com time to read: +4 min

Participants who were offered cash incentives for either pounds lost or for completing certain activities were more likely to lose weight compared with those who were simply offered tools, such as diet books, fitness trackers and access to a weight loss program, the study found. On average, participants in the goal-directed group earned $440.44, as compared to $303.56 in the outcome-based group. “Even if less weight is lost, adopting lifelong physical activity or better eating habits may be more important,” she said. Kushner, who was not involved with the new study, agreed that low-income people face extra challenges when it comes to weight loss. What’s not clear, however, is how the strategy of offering cash for weight loss could be implemented in a real-world setting, outside of academia.

"Queer Eye" host Tan France says he noticed four key money differences between Brits and Americans. France writes, "On the whole, if you have money in America, you buy stuff. Circling back to American car culture, France said he couldn't understand why Americans take out loans to buy fancy new cars, especially when their older models still work. Before joining the cast of "Queer Eye," France was a businessman looking for independent health insurance. France writes, "It's the best con, but it's perfectly legal."

☆ Debt woes and zero-Covid: China's cities are running out of cash to pay huge bills
▼ + stars: | 2022-12-02 | by ( Laura He | ) edition.cnn.com time to read: +9 min

They spent 11.8 trillion yuan ($1.65 trillion) more than they raised in revenue between January and October, borrowing heavily to do so, according to data from China’s Ministry of Finance. Andy Wong/AP‘Widest in history’For nearly three years, local governments have borne the brunt of enforcing pandemic controls. The weak fiscal position of local governments has been a drag on the country’s overall financial standing. Kevin Frayer/Getty ImagesLow income, high costsWhy are local governments in this parlous state? In May, Beijing told local governments that they had to bear the costs for regular Covid testing in their regions.

☆ ‘Living in despair and hopelessness’: A lack of affordable housing can put people’s health at risk
▼ + stars: | 2022-11-30 | by ( Renuka Rayasam Fred Clasen-Kelly Kaiser Health News | Renuka Rayasam | Fred Clasen-Kelly | ) edition.cnn.com time to read: +11 min

She suspected the gray and brown splotches spreading through the apartment were mold and had caused her son’s illness. A nationwide affordable housing crisis has wreaked havoc on the lives of low-income families, like Joseph’s, who are close to the brink. Housing instability — such as having trouble paying rent, living in crowded conditions, or moving frequently — can have negative consequences on health, according to the federal Office of Disease Prevention and Health Promotion. And there is no county in the country where a minimum-wage worker could afford a two-bedroom rental home, according to an August report from the National Low Income Housing Coalition. A few months after leaving the apartment, Joseph and her two children moved in with her sister in Orlando, Florida, with their remaining possessions — a car and some clothes.

☆ UK to launch new billion-pound home insulation programme
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 28 (Reuters) - Britain's government intends to make 1 billion pounds ($1.2 billion) of public funding available for home insulation projects from early next year, widening access to assistance that was previously only available to poorer households. Government subsidies for household energy bills are already forecast to cost 25 billion pounds this financial year and 13 billion pounds in 2023/24. Business and energy secretary Grant Shapps said the insulation programme would help make Britain less reliant on imported energy. Existing insulation subsidies are targeted towards people in social housing or who are on low incomes. The 1 billion pounds of funding comes from a 12.6 billion pound energy efficiency budget to cover the years up to 2028, which Hunt expanded in a fiscal statement on Nov. 17.

☆ Malaysia PM Anwar eyes targeted subsidies for low-income groups
▼ + stars: | 2022-11-27 | by ( ) www.reuters.com time to read: +2 min

KUALA LUMPUR, Nov 27 (Reuters) - Malaysia is reviewing its government subsidies programme, aiming to direct money toward low-income groups, Prime Minister Anwar Ibrahim said on Sunday, prioritising the rising cost of living as he takes office at a time of slowing growth. Government agencies have two weeks to review the implications of narrowing the subsidies, he told a news conference. Malaysia offers subsidies to all citizens, with fuel and cooking oil accounting for the biggest expense. Malaysia is estimated to spend a record 77.7 billion ringgit ($17.4 billion) this year on subsidies. Anwar said on Friday he would have a smaller cabinet than those of previous administrations.

Enrico Letta said his centre-left Democratic Party would organise street protests on Dec. 17, while former Prime Minister Giuseppe Conte, leader of the left-leaning 5-Star Movement, called the cuts to the citizens' wage "inhuman." The budget allocates over 21 billion euros next year in tax breaks and bonuses to help firms and households pay electricity and gas bills. This comes on top of some 75 billion euros of similar measures approved this year. The curbs on the citizens' wage, which the rightist coalition says discourages people from seeking work, is particularly contentious. Meloni, who has always opposed the citizens' wage, insisted it was wrong "to put people who can work on the same level as those that can't."

☆ ‘The stakes are high.’ Why there’s a push for Congress to renew the expanded child tax credit this year
▼ + stars: | 2022-11-22 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Larry French | Getty Images Entertainment | Getty ImagesMillions of families received monthly checks of up to $300 per child in 2021, thanks to the expanded child tax credit. "Policy makers can expand the child tax credit, or they can fail to act and see the Rescue Plan's historic gains against child poverty evaporate." Now, the child tax credit has reverted to previous rules, for a total of $2,000 per child up under age 17. The current child tax credit phases in with earnings above $2,500. Sarah Silbiger | Bloomberg | Getty ImagesAs Congress seeks a way to include corporate tax breaks in upcoming legislation, some lawmakers say they will not support those efforts without a renewal of an expanded child tax credit.

☆ Home heating costs are on the rise but government assistance is running short
▼ + stars: | 2022-11-20 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Shannon-Pettypiece-Circle-Byline-Template.Jpg | Shannon Pettypiece | ) www.nbcnews.com time to read: +9 min

But temperatures are already dropping and the number of households seeking assistance is already on the rise, according to interviews with more than a half dozen officials involved in programs that provide heating assistance. Kelly said the Salvation Army in Massachusetts has received twice as many applications as it did this time last year for its winter heating assistance program, which is aimed at those whose incomes are too high to qualify for federal assistance. The cost of heating oil has been a particular concern for the Biden administration, said the government official. Heating oil and diesel inventories are at their lowest levels on record for this time of year. The administration is also prepared to tap into the Northeast Home Heating Oil Reserve, which has about 1 million barrels of heating oil, if necessary, the administration officials said.

☆ After FTX's collapse, an SEC commissioner says crypto is worsening finance's existing flaws, while investors look for answers on regulatory concerns
▼ + stars: | 2022-11-18 | by ( April Joyner | ) www.businessinsider.com time to read: +6 min

Investors told Insider that they welcome regulation and more guidance at the federal level. In Lizárraga's view, many crypto companies have not only replicated the flaws of the traditional finance industry, but they've made them worse by operating in a regulatory gray area. Instead, crypto companies can protect both themselves and their customers by embracing regulation rather than seeking to sidestep it, he said. She decided to partner with the fintech company Apex for Zingeroo's crypto offering rather than a pure-play crypto exchange because she felt more confident that Apex would follow proper compliance. But others, including some venture capitalists, have suggested that federal regulators have not provided enough clarity to crypto companies.

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