Senate Advances Bill to Raise Age for RMDs to 75
The bill, which must be reconciled with similar legislation in the House, is designed to strengthen Americans’ retirement security.
(Bloomberg) -- A flight test of a hypersonic missile system in Hawaii ended in failure due to a problem that took place after ignition, the Department of Defense said, delivering a fresh blow to a program that has suffered stumbles.Most Read from BloombergDemocrats Weigh Paring Biden Tax Hike to Win Over ManchinTrump’s Final Scene Didn’t Go According to ScriptVenice Plans to Start Weeding Out Cheap TouristsFauci Suffers Covid Symptom Rebound After Course of Pfizer’s PaxlovidStocks Cut Losses by
China eases regulatory restraints on two online platforms—logistics platform Full Truck Alliance Co. and online recruitment firm Kanzhun Ltd.—signaling it is dialing back a regulatory campaign that hurt economic activity in the country’s tech sector
Camelot loses legal battle to keep hold of National Lottery A defence spending cut – disguised by Boris Johnson's fiscal sleight of hand FTSE 100 falls 0.8pc as recession fears return Ben Marlow: Heathrow risks killing off the golden age of air travel Sign up here for our daily business briefing newsletter
If you’re retired or just about to retire, next year’s Social Security checks are likely to see one of the biggest bumps on record as a result of surging consumer prices. The higher payments will be welcome news for retirees, who have seen their household finances squeezed badly so far this year as a result of rocketing inflation and turmoil in the financial markets. The consumer-price index rose by 8.6% in the year through May, way ahead of the 5.9% annual inflation adjustment handed out to Social Security beneficiaries in January.
(Bloomberg) -- US consumer spending fell in May for the first time this year and prior months were revised lower, suggesting an economy on somewhat weaker footing than previously thought amid rapid inflation and Federal Reserve interest-rate hikes.Most Read from BloombergDemocrats Weigh Paring Biden Tax Hike to Win Over ManchinTrump’s Final Scene Didn’t Go According to ScriptVenice Plans to Start Weeding Out Cheap TouristsBonds Rally on Recession Fears; Stocks Fluctuate: Markets WrapFauci Suffer
(Bloomberg) -- Investments in liquefied natural gas -- already booming as Europe seeks to cut its energy dependence on Russia -- are set to get another boost, even amid longstanding climate concerns.Most Read from BloombergTrump’s Final Scene Didn’t Go According to ScriptTesla Cuts 200 Autopilot Workers as California Site ClosesStocks Push Lower After Several Twists and Turns: Markets WrapRussia Slips Into Historic Default as Sanctions Muddy Next StepsBig Tech Sinks Stocks Bruised by Recession J
(Bloomberg) -- Senate Democrats are working on shrinking the tax increases in President Joe Biden’s economic package as part of a bid to cut a deal with Senator Joe Manchin and get it passed in the coming weeks, according to people familiar with the talks.Most Read from BloombergDemocrats Weigh Paring Biden Tax Hike to Win Over ManchinTrump’s Final Scene Didn’t Go According to ScriptVenice Plans to Start Weeding Out Cheap TouristsFauci Suffers Covid Symptom Rebound After Course of Pfizer’s Paxlo
The Federal Reserve's favorite inflation rate, the PCE price index, showed core inflation eased in May, but spending softened. The Dow Jones remained solidly lower.
(Bloomberg) -- Oil headed for the first monthly decline since November as OPEC+ completed the return of output it halted during the pandemic and the US president said he’ll push allies in the Persian Gulf region to boost production next month. Most Read from BloombergDemocrats Weigh Paring Biden Tax Hike to Win Over ManchinTrump’s Final Scene Didn’t Go According to ScriptVenice Plans to Start Weeding Out Cheap TouristsBonds Rally on Recession Fears; Stocks Fluctuate: Markets WrapFauci Suffers Co
(Bloomberg) -- Indonesia’s president said he carried a message to Russia’s Vladimir Putin from Ukraine’s Volodymyr Zelenskiy. The U.S. plans to announce another $800 million in defense assistance for Ukraine, Joe Biden said at the NATO summit in Madrid. The US president also said he supports the sale of F-16 jets to Turkey. Most Read from BloombergDemocrats Weigh Paring Biden Tax Hike to Win Over ManchinTrump’s Final Scene Didn’t Go According to ScriptVenice Plans to Start Weeding Out Cheap Tour
U.S. consumer spending rose less than expected in May as motor vehicles remained scarce while higher prices forced cutbacks on purchases of other goods, another sign that the rebound in economic growth early in the second quarter was losing steam. Though the report from the Commerce Department on Thursday suggested inflation had probably peaked, price pressures remained strong enough to keep the Federal Reserve on its aggressive monetary policy tightening path. Rising interest rates and tight financial conditions are stoking fears of a recession, but economic data so far point to moderate growth.
(Reuters) -The office of the inspector general of the U.S. Transportation Department will audit https://www.oig.dot.gov/sites/default/files/Audit%20Announcement%20-%20FAA%20Oversight%20of%20Boeing%20737%20and%20787%20Production.pdf the Federal Aviation Administration's (FAA's) oversight of Boeing 737 and 787 production, it said on Wednesday. The watchdog said it would review the FAA's processes for "identifying and resolving" production issues and "addressing allegations of undue pressure within the production environment." Boeing suspended deliveries of the 787 Dreamliner in May 2021, after the FAA raised concerns about its proposed inspection method.
Looking to pay fewer taxes on your hard-earned retirement income and extend the life of your savings? Doing so may be easier and simpler than you expected. For retirees with assets spread across various buckets, from taxable investment accounts to … Continue reading → The post Pay Fewer Taxes on Your Retirement Income With This Withdrawal Strategy appeared first on SmartAsset Blog.
The Russian ruble has soared to a roughly seven-year high against the U.S. dollar, and that threatens Russia’s budget by reducing the value of oil-and-gas tax revenues.
The U.S. Supreme Court handed down a highly anticipated opinion on Thursday that curbed the U.S. Environmental Protection Agency’s power to regulate fossil fuels.
In an effort to improve Americans’ retirement security, Congress is working on the Secure Act 2.0 – but there’s more it can do, experts say. The House passed the Securing a Strong Retirement Act, and two Senate committees advanced their own legislative proposals focused on retirement savings – one from the Health, Education, Labor and Pensions Committee called the RISE & SHINE Act, and another from the Finance Committee called the EARN Act. Although it’s not yet clear how Congress will mesh these proposals into one, experts expect these ideas will come together to become the Secure Act 2.0.
President Biden’s climate-change plan hit a major hurdle as the Supreme Court ruled to restrict federal reach in controlling emissions at power plants.
Mario Tama/Getty ImagesI don’t “get” liberalism. For the last 40 years, I thought I had a pretty good handle on the concept—in my high school yearbook, there’s even a photo of me holding up one end of a red-white-and-blue “Mondale-Ferraro” yard sign.Not anymore.Things got muddled when liberals—and others who support women’s reproductive rights—pushed back against the Supreme Court’s decision in Dobbs v. Jackson Women’s Health Organization and the overturning of Roe v. Wade and Planned Parenthood
The attorney for the Supreme Court Justice’s wife says that the committee needs better justification.
A part of the state budget agreement among North Carolina legislators announced Tuesday suggests a computer chip maker may be considering northern Chatham County for a factory that could surpass the record set only three months ago by the VinFast electric-vehicle plant as the state’s biggest-ever one-site economic development project. The provision appropriates $112.5 million to the Department of Commerce for a project involving an unidentified business that would make computer chips and invest $4.8 billion in private funds and create at least 1,800 jobs in Chatham County. The $4.8 billion would surpass the $4 billion electric vehicle maker VinFast is set to invest in its plant announced in late March for the other megasite in Chatham County, the Triangle Innovation Point, formerly known as the Moncure Megasite.