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Lawmakers turned up the air conditioning and got to work this week before leaving for their August vacation. On Tuesday, after months of bipartisan negotiations, the Senate finally passed the $ 1.2 trillion infrastructure bill. A day later, in a direct party vote, House Democrats laid out a plan for what could become the biggest spending package the United States has ever carried out. President Biden was also busy before the holidays. After extending the federal deportation ban last week, his administration went on to extend the student loan repayment hiatus until early 2022. What does all this mean for your wallet? Read on to find out more, as well as the latest increases in Social Security benefits, NFT taxes and more.
Capital bills on Capitol Hill
The Senate finally passed Biden’s massive infrastructure bill on Tuesday morning, but the package now faces a House showdown before it can land on the president’s desk. (And if so, Bill Gates promises to donate $ 1.5 billion for the climate crisis.) While the infrastructure bill promises $ 110 billion for roads, bridges and other transport projects, as well as a spectacular investment in public transport, it could also strip ailing small businesses. of essential employee retention credits as the Covid-19 Delta variant increases. Meanwhile, Senate Democrats have also approved a draft $ 3.5 trillion budget plan that includes a universal preschool, a tuition-free community college, a new federal health care program and more.
As a heat wave envelops the United States and consumer confidence cools, student loans are once again in the sun for a moment. Biden just issued an executive order to extend forbearance from federal student loans until the end of January 2022 – here’s what the relief means for your student debt. More changes may be on the horizon: the Department of Education recently announced a schedule of public hearings for a negotiated rule-making process “to rewrite the rules” governing major federal loan programs. students. Following the resignation of two major student loan managers, the Consumer Financial Protection Bureau warns of long uncertainty for the more than 10 million affected borrowers. And a little credit card news: PayPal holders
Risks associated with private equity
Major stock indexes hit new highs after the Senate gave the green light to the Infrastructure package on Tuesday, while renewed optimism in bitcoin pushed the combined value of global cryptocurrencies to $ 2 trillion on Wednesday after- noon for the first time in nearly three months. A new climate report released on Monday, described by the UN secretary general as a “code red for humanity,” could spur an increase in sustainable investment. Recently, Forbes’ The magazine’s latest survey sheds light on empty promises and big fees that have turned private equity into a lousy investment for wealthy brokerage clients.
The disappearance of taxes on death
As an expansion of federal estate taxes looms, Iowa has become the latest state to drop its so-called inheritance tax (also known as the estate tax), leaving just five states with an inheritance tax. estates and 11 states with an inheritance tax. Most Gen-Z’s are barely entering adulthood, but they still need to understand and prepare for estate taxes. Buzzing non-fungible tokens (NFTs) could prove to be an IRS cash cow, creating multiple tax events for NFT creators and traders. While the recently approved Senate Democrats’ $ 3.5 trillion budget framework calls for an increase in taxes on the rich, it could also give the rich a break via relief from the current $ 10,000 SALT deduction cap. . state income tax payments through January 2022 could pay off.
Do the golden years still shine?
To the detriment of older workers and the economy in general, ageism remains rampant in the workplace. A sobering new report highlights the hypocrisy of some hiring managers who are reluctant to hire workers over 45 despite findings that 87% of those employees meet or exceed the performance of their colleagues ten years younger. Congressional Democrats are offering more funding for retirement homes in return for major staff reform. Great news for retirees receiving Social Security: Benefits are expected to increase by around 6.1% in 2022, the largest upward adjustment since 1983.