Following a string of regional bank failures over the past several weeks, bank regulators were quick to guarantee all depositors for the full balance of their bank accounts, even beyond the $250,000 limit set by the Federal Deposit Insurance Corp. (FDIC). At the time, the Biden administration assured Americans that taxpayers would not be on…
Bank Deposit Bailouts Could Cost Taxpayers Billions
March 29, 2023
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IRS Warns of Scams Spreading on Social Media That Could Get ‘Well-Meaning Taxpayers in Trouble’
The Internal Revenue Service (IRS) has issued a warning that inaccurate or misleading tax information is circulating on social media that lures otherwise honest taxpayers into “compromising tax situations” which can lead to legal problems. As part of its “Dirty Dozen” series of warnings for taxpayers during tax-filing season, the IRS stated in a press release…
Get Your Spending Under Control
By Janet Bodnar From Kiplinger’s Personal Finance Maybe it’s a New Year’s resolution, high inflation or some other trigger that has made you determined to get your spending under control. Whatever the motivator, here are some tips on getting on top of your spending and building a savings stash. Know your money personality. Figure out…
Should You Tap Your 401(k) When Urgent Financial Needs Arise?
March 29, 2023
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Shortly after COVID-19 started and many people lost their jobs, the government permitted penalty-free 401(k) withdrawals for people short on cash. There was a limit to the withdrawal of $100,000, which had to be paid back within three years—if it was to remain penalty-free. Many people took advantage of the opportunity, but hindsight asks whether…
Senators Ask Powell If the Fed Had Been Lax in Supervising Failed SVB Bank
March 29, 2023
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Members of the Senate Banking Committee wrote to Federal Reserve chairman Jerome Powell if he and his fellow board members were lax in supervising Silicon Valley Bank (SVB), which failed earlier this month. Five senators sent a letter to Powell on March 27, which was obtained by Bloomberg, questioning whether the central bank exercised its full legal authority…
IRS Announces Tax Relief for Mississippi Storm Victims
March 29, 2023
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The Internal Revenue Service (IRS) has announced tax relief for Mississippi residents and businesses impacted by the recent tornadoes and severe storms. The tax relief extends the deadline for filing various federal individual and business tax returns—and making tax payments—until July 31, 2023, the IRS said in a press release. “The IRS is offering relief…
Arizona Gov. Katie Hobbs Vetoes GOP Bill Eliminating Food Tax Amid Skyrocketing Inflation
March 29, 2023
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Arizona Gov. Katie Hobbs on March 28 vetoed a Republican-led bill that would have banned municipalities from taxing groceries, granting some relief to Arizonans struggling with soaring inflation. Senate Bill 1063 (pdf) was sponsored by Majority Leader Sonny Borrelli and passed the Republican-majority Legislature last week. The bill echoed promises made by Republican gubernatorial candidate Kari Lake, who proposed…
Closing Prices for Crude Oil, Gold and Other Commodities (Mar. 28)
March 28, 2023
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Benchmark U.S. crude oil for May delivery rose 39 cents to $73.20 a barrel Tuesday. Brent crude for May delivery rose 53 cents to $78.65 a barrel. Wholesale gasoline for April delivery rose 3 cents to $2.71 a gallon. April heating oil was unchanged at $2.77 a gallon. April natural gas fell 6 cents to…
US Banks Raising Savings Rates to Keep Customers From Running Due to SVB Collapse Jitters
March 28, 2023
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American banks are currently raising their savings rates to keep customers from running due to jitters following the collapse of Silicon Valley Bank (SVB) and Signature Bank. The ongoing crisis in the banking industry is pushing lenders to offer more perks for customers, USA Today reported. Many depositors have been transferring their money from regional banks…
How to Shelter in the Financial Storm
Commentary The banking crisis, which became visible to most Americans only with the sudden and unexpected collapse of Silicon Valley Bank (SVB) two weeks ago, has not abated. There are reasons to believe it will become worse. So, what should one do to get out of harm’s way? Is it possible to find shelter in…
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