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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CEO Notes 'This Is A Business'

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Self-made Millionaire Who Retired At 35 Shares Biggest Money Regret

You'd be hard-pressed to find someone who doesn't have a single financial regret. Even millionaires and early retirees likely had a few stumbles on the road to financial freedom.

But even after seven years of blissful semi-retirement, the author of " Millionaire Habits " says he wishes he'd done things a little differently early on.

"The one thing I really wish I did more of was saving, and especially investing more aggressively," he says. "It's exponential growth. The longer you invest, the more money you'll have at retirement . Period."

"I was saving 10%, which is the commonly recommended saving/investing percentage of your income," he says. "So at least I was doing that."

For many would-be savers, what Adcock describes as the minimum is a very reasonable starting point — especially given how he invested his savings.

"I was at a company that offered a 401(k) and also had a Roth IRA, and contributed a portion to each," he says. "Thanks to [advice from] my dad, I contributed enough to get the match in my 401(k) — that was literally free money."

If you hear a faint rumbling in the distance, that's the sound of a legion of financial planners nodding in approval. By contributing enough in his 401(k) to receive a full match, Adcock was theoretically earning a 100% return on his money . And by investing some of his savings in a Roth IRA , he set himself up to be able to make tax-free withdrawals in retirement.

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Brown Underscore Importance Of Passing DOD's Proposed FY25 Budget > U.S.

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MTA Restricts Overtime Pay, Citing 'Unfavorable' First Fiscal Quarter

New York City Transit is cutting overtime pay across its divisions, according to internal memos reviewed by the Daily News.

⁘As we complete the first quarter of 2024 and review our financial results, unbudgeted overtime has remained above the budget contingency,⁘ NYC Transit President Rich Davey wrote last Friday in a memo to transit brass. ⁘As a result, we are imposing a moratorium to bring our overtime back in line with the budget.⁘

The MTA as a whole — which includes NYC Transit, the commuter railways and MTA⁘s bridges and tunnels — spent $205.6 million in nonreimbursable overtime this year as of March 1, the most recent available figure.

That⁘s $72.3 million over the MTA⁘s nonreimbursable overtime budget for the months of January and February.

⁘Given the unfavorable financial results for the first quarter, we are implementing immediate restrictions on the use of unbudgeted overtime until further notice,⁘ he wrote.

⁘All nonemergency work should be planned to ensure it can be completed on straight time,⁘ Davey wrote.

The moratorium is expected to slow down certain repair and station maintenance projects, but agency officials said Tuesday that service should not be impacted.

The moratorium will not apply to emergency work necessitated by weather events or other incidents, overtime required to run shuttle bus service or overtime required to fill certain staffing vacancies.

The overtime restrictions will still allow any additional hours required to operate the system safely.

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Latest Big Game Hunting Regulations And Special Hunt Applications Now Available | Washington Department Of Fish &Amp...

The 2024 Big Game Hunting Seasons and Regulations pamphlet outlines rules and regulations for big game hunters in Washington including seasons, equipment, licensing, access, and more. The regulations pamphlet is now available on WDFW's website. An electronic version of the regulations ("eRegulations") will be available on the vendor's website soon, with print copies available at dealer locations across the state in early May.

The new regulations incorporate decisions made by WDFW Director Kelly Susewind on proposed three-year hunting season rule changes for 2024-2026. Proposals included in this round of rule making were related to game management unit boundaries, landowner hunting permits, pelt inspection and sealing requirements, weapon and hunting attire requirements, trapping, and various rules related to big game, small game, and migratory gamebirds.

Director Susewind accepted all of the rule change proposals recommended by WDFW staff except for a proposal that would have permitted crossbow hunting for hunters over age 65 during archery seasons.

Beginning April 15, hunters may submit Special Hunt Permit applications for 2024 deer, elk, mountain goat, moose, bighorn sheep, and fall turkey seasons. Hunters with a special hunt permit gain the opportunity to hunt at special times or places authorized by that permit. This can often result in fewer crowds and higher success rates for hunters. The submission period is open through May 15.

Special hunt drawing results will be posted to applicants' WILD accounts in June. Applicants with a valid email will also receive an email alert when the results are available.

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Any Economic Impact From Middle East Unrest Is "Not Desirable," IMF's Kristalina Georgieva Says - CBS...

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6-figure Accounting Jobs Are In High-demand In The U.S.—Not Just During Tax Season

Between a wave of retirees and a drop in the number of people pursuing accounting degrees, the entire industry is struggling to staff up , putting additional strain on the professionals who remain.

In the past two years, more than 300,000 U.S. accountants and auditors have left their jobs, a 17% decline, the Wall Street Journal reports.

The mass departure is driven by more than just baby-boomer retirements. As the Journal reports, younger accountants between the ages of 25 and 34 and mid-career professionals in the 45-to-54 age range are also leaving the profession in high numbers.

Many accountants resign due to inadequate pay and limited opportunities for career advancement, according to a recent report from The Institute of Management Accountants (IMA) and Robert Half, which surveyed over 1,200 current and former accounting and finance professionals.

To alleviate the talent shortage, more companies are increasing entry-level salaries for finance and accounting roles, offering referral bonuses and hiring temporary workers, the IMA and Robert Half report found.

In a tough job market , the accounting crisis presents a unique opportunity for mathematically inclined professionals to secure stable, six-figure jobs — many of which are hybrid or remote.

While the average mean salary for accountants in the U.S. is about $68,000, according to ZipRecruiter data , more experienced accountants stand to earn anywhere from $150,000 to upwards of $200,000 a year.

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Masters Neighbor Refuses To Sell Home Despite Millions In Offers From Augusta Golf Club | Fox...

Augusta National Golf Club, home to the prestigious Masters tournament , is undergoing ambitious expansion.⁘

Herman and Elizabeth Thacker built their home at 1112 Stanley Road in the city of Augusta in 1959. It's a modest 1,900-square-foot, three-bedroom home located across from Gate 6-A at the Masters.

Patrons exit the grounds after play was suspended due to inclement weather during practice for the Masters at Augusta National Golf Club April 5, 2022, in Augusta, Ga. ( Keyur Khamar/PGA Tour via Getty Images / Getty Images)

About 40,000 people visit Augusta, Georgia , every year for the golf spectacle held since 1934. It's big money. The tournament purse is expected to be $18 million in 2024. The tournament also provides exposure to golf equipment makers and sponsors, as well as IBM, whose Watson tracks player statistics.⁘

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Inflation Is Sticking Around. Here's What That Means For Interest Rate Cuts * And Your...

The war against inflation was never going to be easy, but the latest consumer price index data demonstrates just how tough a fight the Federal Reserve is facing. In the months ahead, the outcome of that battle will have major implications for your finances.

The upshot: The Fed's ongoing campaign to tame inflation is far from over. That has left consumers and investors wondering if the central bank, who until recently were widely expected to cut its benchmark interest rate in June, could push back that timeline several months, or even into 2025.

Two main factors contributing to stronger-than-expected inflation in March were gasoline prices and rent. Rising prices at the pump stems partly to growing U.S. demand, according to the AAA, which said the current national average of $3.62 a gallon is about 6.6% higher than a month ago.

Hiking interest rates is the Fed's most effective weapon against inflation. That's because businesses and consumers put the brakes on spending when it costs more to borrow money, and that effectively dampens demand for goods and services, which in turn can help lower inflation.

But with inflation so far refusing to dissipate in 2024, economists say the Fed has less of a reason to cut rates, at least in the near term.

Prior to Wednesday's inflation report, most economists had penciled in the Fed's June 12 meeting as the likely date for its rate cut in four years. Economists had also predicted several cuts over the rest of 2024.

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DOD FY25 Budget Request Aligns With Message To Joint Force > U.S.

Chairman of the Joint Chiefs of Staff Air Force Gen. CQ Brown, Jr., explained during a Senate Armed Services Committee hearing today how the Defense Department's fiscal year 2025 budget request aligns with his message to the joint force.

Shortly after becoming chairman in October 2023, Brown released his message focusing on three expectations: giving primacy to the honing of warfighting skills; modernizing the joint force and leading aggressively with new concepts and approaches; and recognizing trust as the foundation of the military profession.

Brown cited a series of challenges identified in the 2022 National Defense Strategy — the risky behavior of China, a newly aggressive Russia, and a destabilizing Iran and North Korea were among them — as being threats to an increasingly complex global security environment.

"These challenges are interconnected," Brown said, "which demands a strategic approach to addressing the immediate threats, while also preparing for future contingencies."

As it relates to honing warfighting skills, Brown said that DOD's $849.8 billion budget request contains $147 billion that not only sustains readiness and ensures DOD can counter threats in the near-term, but also focuses on integrating allies and partners into planning and operations. It also expands security operations, interoperability and training.

"Our investments in readiness ensure the joint force can respond when the nation calls," said Brown.

In terms of joint force modernization and the pursuit of new concepts, the budget request invests $167.5 billion in procurement to "equip the joint force with unparalleled combat capabilities across every domain."

Additionally, the budget invests $143.2 billion in research, development, testing and evaluation of future capabilities aimed at retaining the nation's strategic edge.

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California Farm Bureau Commentary: Why Overtime Law Fails Both Farms And Farmworkers

A celery field in the Salinas Valley is harvested. Many farmers pay workers above the California minimum wage, plus health and retirement benefits. But employee hours were cut due to the new overtime law. Credit: Ag Alert file photo

April 8, 2024 - By Norm Groot - For many decades, farmworkers have been vital to the harvesting of food crops in the Salinas Valley and other parts of the Monterey County agricultural region.

Monterey County farm employers do their part to attract and support farmworkers in a diminishing agricultural labor pool. Many pay significantly higher wages to their employees than the current California minimum wage of $16 per hour, plus benefits such as healthcare and retirement programs.

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Paraguay To Evaluate Enhanced Regulation For Bitcoin Mining

TOPSHOT - Paraguayan presidential candidate for the Colorado Party, Santiago Peña (C), celebrates ... [+] with his wife, Leticia Ocampos de Pea (R), and Paraguayan former President Horacio Cartes, after winning the presidential election in Asuncion on April 30, 2023. - Paraguayans went to the polls Sunday to pick a president they hope will tackle endemic corruption, rising crime and economic inequality, with the election potentially impacting the country's future ties with Taiwan. (Photo by NORBERTO DUARTE / AFP) (Photo by NORBERTO DUARTE/AFP via Getty Images)

This proposed law also aims to prohibit the storage and trading of cryptocurrencies. One of the main arguments for its discussion is that the country has many illegal bitcoin mining operations. The ban will last at least six months, and regulators said the objective is to protect consumers from virtual assets' risks. This bill must go through three other levels inside Congress before hitting the president's desk.

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Nobel Prize Economist Angus Deaton Rethinks Unions, Free Trade

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6.35M In Unpaid Property Taxes As Mayor Wu Pushes Commercial Rate Increase

Projected budgetary woes in Boston that led Mayor Michelle Wu to roll out a proposal to increase property taxes on businesses beyond the state limit are not driven by unpaid real estate taxes, given city data that shows a 99% collection rate.

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Accounting's Pipeline Problem: An Opportunity In Disguise?

The bigger the crisis, the more important it is not to let it go to waste — and since the accounting profession has rarely faced a crisis as big as the ongoing staffing crunch, it should come as no surprise that some leading firms are seeing a silver lining to it.

"The biggest opportunity for accounting firms is to stand out and attract young accountants — particularly in a world where there's fewer college graduates pursuing this career," explained Colin Kendall, chief marketing officer at Top 100 Firm SC&H Group, in Sparks, Maryland. "The firms that can find ways to be a magnet for this group will have a significant advantage and a leg up in the accounting world."

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Where Should You Keep Your Money When Saving For A Down Payment?

David McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one objective in mind: Help readers figure out how to save more and stress less. He is also a musician, which means he has spent a lot of time worrying about money. He applies the lessons he's learned from that financial balancing act to offer practical advice for personal spending decisions.

If you're hoping to become a homeowner, the size of your down payment can make a big difference in your budget. The more money you pay upfront, the less you'll need to borrow -- which translates to lower monthly payments and some major long-term savings in your overall costs.

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CT Budget Panel Mulling Whether To Challenge Lamont's Guardrails

But even though the Appropriations Committee must propose its own budget for the next fiscal year no later than Friday , it remained unclear Monday whether it would recommend the spending cuts Lamont wants — or seek to work around the cap as suggested by top leaders in the House and Senate.

Sen. Cathy Osten, D-Sprague, and Rep. Toni E. Walker, D-New Haven, both told The Connecticut Mirror that a decision might not be reached until just before the Appropriations Committee meets. An exact date hadn't been set by early Monday.

"We're not ready yet to talk about it," Osten said. "We have to let our colleagues in Appropriations know" first.

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1.42 Billion In Overtime In 2023

The MTA spent $1.42 billion on overtime last year, surpassing the 2018 record that resulted in investigations, indictments and promises of spending reforms, records show.

And although the Metropolitan Transportation Authority spent $80 million more in overtime wages in 2023 than the prior year, Janno Lieber, the agency's chairman and CEO, said MTA officials "remain as committed as ever to reining in overtime."

According to an overtime report recently published by the MTA Board's finance committee, the transit authority spent $1,420,300,000 in overtime wages in 2023, $305.4 million over budget and 6% more than the $1.34 billion spent in overtime in 2022.

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