money

Mortgage rates up to highest level in months after historically low run

Mortgage rates rose closer to 3% this week, further away from historic lows seen in early January.
According to Freddie Mac, a government-sponsored agency that guarantees millions of mortgages, the average interest rate on the 30-year fixed-rate mortgage - the most common home loan - rose from 2....

Want to see more?

Housing: FOMO is fueling a homebuying surge that could become ‘a curse’

A pandemic, historically low mortgage rates and record lows in real estate stocks are helping many homebuyers skip critical steps to break into the hot housing market, according to a financial expert.
"You see people have this urge to rush and get things done in order to miss something," Chris Ho...

Want to see more?

Jobless workers may face a surprise tax bill or smaller refund

With tens of millions of Americans dependent on unemployment benefits during the pandemic, many may face a tax burden or a lower refund this season if they haven't withheld enough over the year.
Unemployment benefits are taxable and must appear on your 2020 taxes, on both federal and some state i...

Want to see more?

Expert: Gig workers face 'a huge tripping point' when it comes to taxes

With some people turning to freelance sideline jobs for the first time in the pandemic, many may be surprised at the challenges they face when filing their taxes for the first time.
According to Caroline Bruckner, executive director of the Kogod Tax Policy Center and American University's Kogod S...

Want to see more?

Low-income Americans could face hurdles getting their tax refund fast and free

Low- and middle-income households could face tax refund delays and higher costs for tax preparation services after a late start this year, and new incentive provisions are making the filing season more difficult.
This year, rule changes may mean that more people will be eligible for the Child Tax...

Want to see more?

Key tax changes this year could mean bigger tax refunds for many

Many taxpayers will face numerous tax changes to their federal returns this season after the government put in place various incentive provisions to provide financial relief during the pandemic. That could mean a higher tax refund for many this year.
But for those in need of unemployment insuranc...

Want to see more?

Stimulus: Democrats push for $1.9 trillion bill to pass by the end of month

Democrats hope that President Joe Biden's $ 1.9 trillion stimulus package will come through the house by the end of the month and be signed by the president by March 14 to prevent a cliff in unemployment benefits.
"We hope that all of this will be done by the end of February," said House spokeswo...

Want to see more?

More than 11 million Americans face potential loss of unemployment benefits this spring

Up to 11.4 million workers will lose their basic unemployment benefits this spring, while all unemployed Americans could see the $ 300 additional weekly benefit disappear if a stimulus agreement is not passed, causing three unemployment programs to expire.
Pandemic Unemployment Compensation (PUC)...

Want to see more?

Democrats propose leaving out high earners from stimulus checks and trimming jobless benefits

In the initial stimulus drafts for the budget vote, senior House Democrats proposed cutting unemployment benefits and economic reviews from the president's original $ 1.9 trillion proposal, but they didn't lower the direct payments income thresholds as much as it did the Republicans had previousl...

Want to see more?

Democrats unveil bill for child cash payments up to $3,600 for American families

House Democrats unveiled laws to allow millions of American families to pay up to $ 3,600 in direct payments per child, expanding the Child Tax Credit (CTC) provisions included in the stimulus package launched by the Congress is advanced.
The $ 1.9 trillion tax credit in President Joe Biden's sti...

Want to see more?

Stimulus checks: Biden 'not cutting the size... They're going to be $1,400'

President Joe Biden reiterated his commitment to economic reviews for $ 1,400 as his $ 1.9 trillion aid package got closer to a vote on Friday. Although the amount may not change, it is unclear whether the eligibility criteria would stay the same.
“I don't cut off the checks. That'll be $ 1,400, ...

Want to see more?

Stimulus: What happens next with Biden's $1.9 trillion stimulus plan

The Senate passed a budget resolution on Friday that allows Democrats to push President Joe Biden's $ 1.9 trillion stimulus plan forward. However, there is no guarantee that they will have enough votes for the Law of Atonement to become law.
"This is the whole ball game," Mark Harkins, former con...

Want to see more?

Coronavirus stimulus checks: How Biden's and GOP proposals differ

The GOP's scaled-down $ 618 billion stimulus plan calls for another round of stimulus payments, but the amount and income thresholds are lower than what President Joe Biden proposed in his $ 1.9 trillion stimulus package.
Read more: What to do if you haven't received your stimulus check
Under Bid...

Want to see more?

Senate vote clears path for Biden's stimulus plan to be pushed through reconciliation

As President Joe Biden continues to talk to Republicans about a stimulus deal, Democrats are preparing a process that would allow them to pass much of the law without a Republican vote.
The Senate passed a procedural motion 50-49 to advance a budget resolution that paved the way for many provisio...

Want to see more?

Poverty increased most in states with poorer unemployment benefit systems

Poverty rose the fastest in nearly 60 years in 2020, but the increase has been uneven across countries.
While some states saw huge increases, others kept the poverty rate at pre-pandemic levels - mainly because they provided unemployment benefits to a higher proportion of their population.
Povert...

Want to see more?

Stimulus: Republican senators offer $618 billion counterproposal to President Biden's $1.9 trillion plan

A group of 10 Republican senators on Monday unveiled a scaled-down stimulus proposal of $ 618 billion, stimulus tests of $ 1,000 and less unemployment benefits than President Joe Biden's stimulus plan of 1.9 trillion Includes US dollars.
"Our proposal reflects many of your stated priorities. With...

Want to see more?

Stimulus: 120 economists call for 'substantial' coronavirus relief bill, back Biden's $1.9 trillion proposal

A group of 120 economists on Thursday urged Congress to back President Joe Biden's $ 1.9 trillion bailout proposal before much of the aid from the $ 900 billion stimulus agreement expires.
"Unfortunately, the steps taken by the previous administration and Congress were not enough to help families...

Want to see more?

Biden to sign an executive order improving stimulus check distribution, enhancing worker protections

President Joe Biden is expected to sign an executive order on Friday instructing government departments and agencies to provide more economic aid to Americans, including improving the distribution of economic controls, improving worker protection, and increasing food aid.
"These efforts will reli...

Want to see more?

Here's who gets a payment under Biden's $1,400 stimulus check proposal

The new $ 1.9 trillion bailout plan introduced by President-elect Joe Biden provides an additional $ 1,400 in direct payments to Americans.
"We will end the task of giving a total of $ 2,000 in cash to the people who need them most," Biden said at an event in Delaware Thursday evening. "The alrea...

Want to see more?

Stimulus: Biden unveils $1.9 trillion 'rescue plan' including direct payments and extra $400 in unemployment benefits

President-elect Joe Biden unveiled a $ 1.9 trillion stimulus package that includes direct payments to Americans, a $ 15 minimum wage, aid to small businesses, and a national vaccination program.
“While the bipartisan action by Congress in December was a step in the right direction, it was just a ...

Want to see more?

Stimulus: Rubio calls on Biden to increase direct payments to $2,000 'on the first day of your presidency'

Senator Marco Rubio (R-FL) called on President-elect Joe Biden to enact "stand-alone legislation" to increase stimulus checks from $ 600 to $ 2,000 immediately after he took office.
“It would send a strong message to the American people if, on the first day of your presidency, you called on the H...

Want to see more?

Stimulus check confusion and delayed tax refunds: IRS watchdog details failures

As the pandemic raged in 2020, the Internal Revenue Service stumbled, causing underpayment of economic reviews, delayed tax refunds and other missteps, according to a new surveillance report.
The impact was felt again in 2021 when another tax filing season begins and there may be more direct paym...

Want to see more?

Mortgage rates to home prices: 8 housing predictions for 2021

After a year where home wealth reached an all-time high - while up to 14 million Americans were given temporary hiatus from evictions - some real estate trends will continue from 2020 onwards in 2021, while others will disappear.
According to experts, new ones will also appear.
House prices and s...

Want to see more?

Stimulus payments of $600 'simply not enough,' President-elect Biden says

President-elect Joe Biden has doubled his pledge of stimulus checks of $ 2,000 after taking office on Jan. 20, saying he will lay the groundwork for his proposal next week.
"We need more direct help for the families," said Biden at an event on Friday. "Quitting the job is just not enough to get p...

Want to see more?

Key Social Security changes you should know about in 2021

Retirees can expect at least four major social security changes this year, but more could be on the way depending on the policy goals of the next president.
Here are the changes that could affect you.
The full retirement age is rising
The full retirement age is when you cannot receive reduced soc...

Want to see more?

$2,000 stimulus checks back in play after Democrats sweep Georgia Senate runoffs

The $ 2,000 stimulus checks blocked by the Republican-controlled Senate in December are gaining momentum after the Democrats win the two Senate seats in Georgia and will control the chamber.
"One of the first things I want to do when our new Senators sit down is hand over the $ 2,000 checks to th...

Want to see more?

Stimulus: Some U.S. states begin paying extra $300 in weekly unemployment benefits

At least 11 states start paying the additional $ 300 weekly unemployment benefit this week under the $ 900 billion economic agreement that came into effect in late 2020. Most states should start distributing benefits by the middle of the month.
"Most states will be operational by mid-January," Mi...

Want to see more?

$600 stimulus checks arriving ‘as early as tonight’ while increase to $2,000 stalls in Senate

Treasury Secretary Steven Mnuchin tweeted Tuesday referring to the Internal Revenue Service (IRS) tool "Get My Payment" for status updates.
"This second round of payments will be distributed automatically, with no action required for authorized persons," the finance department said on Tuesday. "I...

Want to see more?

Fannie Mae and Freddie Mac extend renter protections for 8.6 million households

Freddie Mac and Fannie Mae, the government agencies that support millions of mortgages, have expanded their homeowner forbearance programs to prevent the exclusion of renters who live in these properties.
Landlords with multi-family mortgages supported by the agencies can start a new or revised f...

Want to see more?

The new stimulus deal includes 6 tax breaks that could help Americans

The $ 900 billion coronavirus aid deal passed Monday night, which was annexed to the $ 1.4 trillion bus spending bill to fund the government, includes six tax breaks for Americans for 2020 and beyond.
"It's an important piece of law that helps people and businesses during the winter as we wait fo...

Want to see more?