New Rule From Biden Administration Expands Who Can Be Eligible For Overtime Pay

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IOWA CITY, Iowa (KCRG) - In Just two months, millions of workers across the U-S will now qualify for overtime pay. Including the average Iowa who makes just more than $37,000 a year according to the US Census Bureau .

In April, the Biden-Harris administration finalized a rule to increase the compensation thresholds for overtime eligibility.

"We're doing everything in our power to keep them here, to keep them well compensated," said Christine Hayes, Communications and Development Director for Shelter House.

Starting July 1st, any worker making less than around $43,000 a year must be paid hourly, giving millions of people the opportunity to earn overtime pay.

That threshold increases again in January, and employees making less than around $58,000 will be required to be hourly.

"4.3 million American workers who work over 40 hours a week and are struggling still to make it. This rule will allow them to get a little bit more breathing room," said Julie Su, Acting Labor Secretary.

She said the $43,000 threshold in July won't impact any employees, but the shelter is working with its employment attorney to look at any changes that may be needed in the future.

Biden Administration To Greatly Ease Marijuana Regulations; Here's How NH Would Be Affected

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David Burr demonstrates removing leaves on marijuana plants to allow more light for growth at Essence Vegas' 54,000-square-foot marijuana cultivation facility on July 6, 2017, in Las Vegas, Nevada. (Ethan Miller | Getty Images)

The reclassification would not have transformative effects in New Hampshire, experts say. Recreational cannabis is still illegal in the Granite State, though since 2017, people have been allowed to possess up to three-quarters of an ounce at a time without the threat of jail time.

But the reclassification will help the state's therapeutic cannabis scene – particularly when it comes to accessing federal tax breaks.

"If you view cannabis reform as an irresistible force and the DEA is the immovable object, this is the first movement ever," said Matt Simon, director of public and government relations for GraniteLeaf Cannabis, which is based in Chichester and Merrimack. "This was the first they've ever budged."

President Biden Has Proposed Tax Increases. Here Are 6 Of Them

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If your taxable income is more than $518,900, you pay 20% on your long-term capital gain. Under current law, even if you have millions in long term gains, your top capital gains tax is 20%. But before we discuss Biden's proposal, it's important to note that many long-term capital gains are also subject to the net investment income tax, sometimes called the Obamacare tax.

President Biden is proposing a tax increase for people making more than $400,000 a year to help finance Medicare. The increase would hike the Medicare tax rate from 3.8% to 5%.

Some fund managers are able to treat certain types of carried interests as a long-term capital gain, even though they receive the interest as part of their pay. This provision of the law has long been criticized, and the Biden budget proposal would treat these interests as ordinary income for federal income tax purposes.

PCAOB IAG Seeks Nominations For Best CAMs, KAMs

The Public Company Accounting Oversight Board Investor Advisory Group is accepting public nominations for the most decision-useful critical audit matter or key audit matter of 2023.

CAMs were implemented by the PCAOB in 2019 and require auditors to disclose areas of the audit that involve especially challenging, subjective or complex judgements. Previously, the reports did not convey this information, resulting in a disconnect between auditors and investors. In 2022, nearly two-thirds of auditor opinions contained CAMs, according to a report by Ideagen which analyzed over 22,000 audit reports.

The nominations will be reviewed by the IAG. The top three decision-useful CAMs or KAMs will be shared in an IAG report later this year.

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I'm Set To Make A Massive Sum Of Money. My Husband Is Aghast At My Plans For It.

Pay Dirt is Slate's money advice column.  Have a question?  Send it to Athena and Kristin here .  (It's anonymous!)

The tension between you two really comes across in this letter. Unfortunately, you're not alone in this. I often hear about the arguments that erupt over assets left behind by family and spouses.

He may disagree that this is your best course of action, and he's allowed to, but he needs to let it go. It's your right to use your late husband's estate as you see fit. While I think your husband may eventually come around, it might be a good idea to talk to an estate attorney licensed in your state about your options moving forward. This is a great directory to help get you started.

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Burlington Budget Deficit Balloons To

BURLINGTON, Vt. (WCAX) - Burlington's multi-million dollar budget deficit is higher than original projections. The Weinberger administration had estimated a $9 million shortfall, but it actually comes to more like $13 million. Mayor Emma Mulvaney-Stanak on Thursday said the city needs to find a way to close that gap without sacrificing some of her greatest priorities.

The mayor says the $4 million under estimate can be attributed to higher personnel costs and a miscalculation of health care and benefits expenses by the chief administrator's office. She says they are now looking at all departments to find savings. "We can build a budget that is affordable and sustainable while also making sure it reflects our most pressing needs in our city," she said.

The city is also nearly done with two studies that look at raising certain fees and how to make city government more efficient.

City Council President Ben Traverse says he's not surprised about the bigger budget deficit and is looking forward to solutions. "I've been excited for some time and remain excited to learn more about the efficiency study that's been going on right now. I do think that there's a number of efficiencies that can be realized in the way that we do business and run and operate our city," he said.

With personnel costs being the city's main expense, we asked the mayor if she intended to continue the rebuilding plan of the police department. She says she is committed to the plan, which staffs the department with 87 officers. Right now, the department is at 68.

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Millions More Salaried Workers Will Be Eligible Under Final Biden Administration Rule | CNN...

Millions of salaried workers will soon qualify for overtime pay under a final rule released by the US Department of Labor on Tuesday.

The new rule raises the salary threshold under which salaried employees are eligible for overtime in two stages. The threshold will increase to the equivalent of an annual salary of $43,888, or $844 a week, starting July 1, and then to $58,656, or $1,128 a week, on January 1, 2025.

"I suspect that such substantial increases may be a particular burden for many smaller businesses, forcing some to choose between cutting jobs and raising prices," said Ted Hollis, a partner at Quarles & Brady, a law firm. "Some businesses that cannot do either may be forced to close, resulting in unintended but predictable side effects of this government action."

The rule will "exponentially increase" operating costs for small restaurant owners who are "trying desperately" to keep menu prices steady, Sean Kennedy, executive vice president of public affairs for the National Restaurant Association, said in a statement.

"And because DOL created a one-size-fits all rule based on national income data, rather than regional data, this change is going to disproportionately impact restaurant owners in the South and Midwest," he said.

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