U.S. taxpayers in so-called red states tend to get a better return on investment for their tax dollars, compared to high-tax blue states, according to a study for the 2023 tax season. WalletHub, a credit score site, released a report on March 21 titled, “2023’s States with the Best and Worst Taxpayer ROI,” which showed a clear…
Taxpayers in Red States Get Better ‘Return on Investment’ for Their Tax Dollars
March 22, 2023
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Little Change in Tax Code Expected This Year
By Joy Taylor From Kiplinger’s Personal Finance Question: Is there any chance that Congress will pass legislation this year to reduce taxes? Answer: Not much. You can ignore many of the recent proposals from federal politicians on both sides of the aisle. They’re wishful thinking—at least for now—given the divided political climate in Washington. Most…
Most People Can’t Get the Maximum Benefit
If you read a recent USA Today article, you would have seen a story with this intriguing headline: “3 steps to claiming the $4,555 max monthly Social Security benefit.” And if you are pushing retirement age, you would of course want to read that story and get yourself locked into a heaping serving from the…
Bank Failures Highlight Risks of Using ESG in Americans’ Pension Funds
March 22, 2023
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President Joe Biden used his veto power on Monday to block a bipartisan action from Congress that would have prevented pension fund managers from investing retirees’ money according to environmental and social-justice criteria. “There is extensive evidence showing that environmental, social, and governance factors can have a material impact on markets, industries, and businesses,” Biden…
IRS Warns of ‘Relentless’ Wave of Tax Scams Targeting Americans
The Internal Revenue Service (IRS) has issued a warning to taxpayers and businesses about an unrelenting wave of tax scams targeting Americans through email and text messages during this filing season. With the tax filing deadline quickly approaching, the IRS has issued a notice urging people to be on guard for phishing and smishing schemes…
Investing for Longevity
March 21, 2023
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By Sandra Block From Kiplinger’s Personal Finance As you approach retirement, you may be tempted to shift most of your savings to more-conservative assets. That temptation may be particularly strong in today’s volatile market. But this strategy could increase the risk that you’ll outlive your money. If you retire in your early sixties, you may…
Closing Prices for Crude Oil, Gold and Other Commodities (Mar. 21)
March 21, 2023
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Benchmark U.S. crude oil for April delivery rose $1.69 to $69.33 a barrel Tuesday. Brent crude for May delivery rose $1.53 to $75.32 a barrel.Wholesale gasoline for April delivery was unchanged at $2.54 a gallon. April heating oil was also unchanged at $2.69 a gallon. April natural gas rose 13 cents to $2.35 per 1,000…
How to Protect Your Money in a Bank Failure
March 21, 2023
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Two large banks in the United States, Silicon Valley Bank and Signature Bank, have recently failed. Most people are aware of it, and it has left many people wondering if their money is safe in a bank. Besides the bank failures, other economic conditions have added to the confusion causing people to wonder how to…
IRS Issues Fresh Warning in ‘Dirty Dozen’ List of Tax Scams
The IRS has issued a warning to taxpayers and businesses about unscrupulous promoters who are falsely advertising the availability of Employee Retention Credits (ERCs) in order to gain fraudulent refunds. Taxpayers have been bombarded with inaccurate information on eligibility and computation of the credit, according to an IRS notice that adds ERC schemes as a…
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‘Stay Defensive’: Chief Investment Officer on How to Position Your Portfolio
All eyes are on the Federal Reserve ahead of their closely-watched interest rate decision on March 22. Fed Chair Jerome Powell and company will have to balance fears of more damage to the banking sector with their original mission—to defeat inflation. Markets have priced in an overwhelming likelihood of a 25 basis-point rate hike. How…