Starting in 2025, tipped workers across the United States will benefit from a new federal tax deduction that allows them to report tips of up to $25,000 annually without facing additional tax liabilities. This change aims to simplify the reporting process for service industry employees and potentially increase their take-home pay. The new policy, part...

U.S. consumers are facing increased financial pressure as recent data shows the core Consumer Price Index (CPI) surged to 3.1% in the latest report, marking a significant acceleration from previous months. This uptick effectively erases the $49 monthly increase that Social Security beneficiaries received earlier this year, raising concerns about the real-world impact on retirees...

Washington D.C. has solidified its position as the U.S. city with the highest minimum wage, maintaining a rate of $17.95 per hour as of 2024. This figure surpasses the national average significantly, reflecting the District’s ongoing efforts to address income inequality and cost of living pressures in the nation’s capital. The city’s minimum wage, which...

Recent analyses indicate that the wealthiest Americans within the top 1% are poised to see an average increase of approximately $5,000 in net income as a result of recent tax reforms. This shift is primarily driven by policy adjustments aimed at reducing tax burdens on high-income earners, including modifications to income brackets, capital gains, and...

AT&T has announced a $177 million settlement following a significant data breach that compromised millions of customers’ personal information. As part of the settlement, the telecommunications giant is offering $7,500 in compensation to all eligible claimants who experienced harm due to the breach. This development marks a notable resolution in a case that has drawn...

Millions of retired federal employees and Social Security beneficiaries are now eligible to receive significant retroactive lump sum payments following the recent repeal of the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). These provisions, which historically reduced or eliminated benefits for certain public servants and their spouses, have been phased out under new...

Fast food workers across New York City are escalating their efforts to secure an $18 an hour minimum wage, citing rising living costs and demanding fair compensation for their labor. Organized protests, rallies, and petitions have surged in recent weeks, reflecting a growing movement that aims to influence policymakers and major restaurant chains alike. As...

The recent proposal to increase the minimum wage by $1 nationwide has ignited a debate among small business owners, economists, and policymakers about the potential economic ripple effects. While advocates argue that such an increment can boost workers’ purchasing power and reduce income inequality, critics warn it could impose financial strains on small enterprises, possibly...

Tax policies surrounding Social Security contributions are evolving as the federal government adjusts the maximum taxable earnings cap for 2024. This year, millionaires and high-income earners will encounter a higher earnings threshold—rising to $350,000—meaning they will contribute Social Security taxes on a larger portion of their income. This adjustment marks a significant shift from previous...

AT&T has announced a $177 million settlement following a significant data breach that compromised the personal information of hundreds of thousands of customers. As part of the settlement, affected individuals are eligible to receive up to $7,500 in compensation. The company is now inviting eligible claimants to apply, with the deadline approaching rapidly. This legal...