US financial news summary | 24 October 2023
US Finance News: Latest Updates
Headlines: Tuesday 24 October 2023
- United Auto Workers union expands more than month-long strike
- Housing sales fall to the lowest level in more than a decade
- Five biggest US banks expected to lay off 20,000 workers this year
- The different kinds of stocks explained
- Americans’ net worth increased by 37% during the pandemic
- SSI beneficiaries will see their first 2024 COLA-applied check in December
Check out some of our related news articles:
The younger generation has been dealt a bad hand. They have been affected by: the 2008 financial crisis, the burgeoning student debt disaster, covid-19, and rampant housing costs. In short, what money has been saved has been ripped away from them.
Studies have shown that 3 in 4 Gen Zers are hesitant to set long-term goals because of finances while 2 in 3 think they will never have enough money to retire.
How Do Tax Brackets Work?
To determine your tax liability, you first calculate your taxable income. This is done by subtracting deductions and exemptions from your total income.
Once your taxable income is determined, it is matched to the appropriate tax bracket. As your income increases and moves into higher tax brackets, you pay a higher percentage of your income in taxes on each additional dollar earned within that bracket.
Tax brackets are an essential component of the progressive tax system used in many countries, including the United States. They determine the rate at which individuals or businesses are taxed based on their income.
The goal is to distribute the tax burden more equitably, with those who earn more paying a higher percentage of their income in taxes.
One of the keys to boosting your lifetime earnings is getting a top-notch education. Attending the right university can open the doors to increased economic success.
The British newspaper The Times is seen as the authority on how presitigious a university is and their latest rankings have just been released.
Find out the best in the world and which ones are in the United States...
Rite Aid, heavily indebted and facing a plethora of lawsuits filed for Chapter 11 protection and will close hundreds of stores nationwide.
Nonsufficient funds fees are leveled by some banks when you don’t have enough money in your account to complete a transaction.
The Medicare premiums and deductibles for parts A, B, C, and D for 2024 have been released by the Center for Medicare and Medicaid (CMM). Read more on how the prices for each part are changing in 2024.
As bank customers move online and make fewer trips to their local branches, many national financial institutions are closing down locations. This is not a new trend. Insider Intelligence reported that between 2017 and 2021, nine percent of all branches — around 7,000 locations— shut their doors.
The branches currently being shut are typically found in cities where another location exists, leaving customers with an office in case they require in-person assistance. For example, Bank of America is closing a branch in San Marcos, Los Angeles, and Anaheim, all home to additional locations.
A new month is approaching and with it a new round of SNAP payments. Find out the schedule for each state in November 2023 along with dates and amounts.
The last Social Security payment of the month is coming. Find out who will receive a check for up to $4,555 this Wednesday, October 25.
Tesla, Ford and Kia among 120,000 vehicles recalled
The National Highway Traffic Safety Administration issued multiple recalls last week for more than 120,000 vehicles, including more than 54,600 Tesla Model X SUVs for a low brake fluid notification issue.
Kia is recalling 22,768 of its 2009-2014 Borrego SUVs because the headliner plates may not be secured properly, while Ford is recalling 34,762 of its 2021-2022 Mustang Mach-E electric SUVs because the high voltage, extended range battery's main contactors may overheat.
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Medicare participants will have just over seven weeks to take advantage of open enrollment to sign up or change their coverage.
Here’s what to know if you plan to avail of this health insurance plan.
Study: Global billionaire tax could yield $250 billion annually
Governments should open a new front in the international clampdown on tax evasion with a global minimum tax on billionaires, which could raise $250 billion annually, said the EU Tax Observatory.
If levied, the sum would be equivalent to only 2% of the nearly $13 trillion in wealth owned by the 2,700 billionaires globally, the research group hosted at the Paris School of Economics said.
Currently billionaires' effective personal tax is often far less than what other taxpayers of more modest means pay because they can park wealth in shell companies sheltering them from income tax, the group said in its 2024 Global Tax Evasion Report.
(REUTERS)
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Some people get Medicare parts A and B automatically, while others must register for the service.
The Social Security Administration offers an online portal to sign up to those who want to avail of the health insurance plan.
Some New York state residents may benefit from a one-time refund check of up to $250, which should arrive at the end of this month.
This is possible thanks to new Schenectady County legislation, which will provide a payment in the form of a refund for homeowners in the county in New York.
UAW expands strike against Stellantis, hits pickup truck plant
The United Auto Workers (UAW) union went on strike at Chrysler-parent Stellantis's largest assembly plant on Monday, hitting the automaker's profitable RAM 1500 pickup truck production in a major expansion of the more than month-old strike.
The UAW, which is striking the three big Detroit automakers, blamed the latest walkout by 6,800 workers at the Michigan plant on Stellantis having the "worst proposal" on the table on wage increases, temporary worker pay and conversion to full time status as well as cost-of-living adjustments.
More than 40,000 union members working at Ford, General Motors, and Stellantis are now on strike since the walkouts began on Sept. 15 as part of an unusual campaign of simultaneous strikes. This number comprises about 27% of the Detroit Three automakers' total workforce.
Stellantis said it is "outraged" over the expanded strike after presenting a more generous offer on Thursday.
(REUTERS)
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Across the country, renters are facing an unsustainable situation. In September, the average rental price rose half a percent, leading to a year-over-year increase in prices of 7.4%, according to the Bureau of Labor Statistics. Incomes are not increasing at the same rate, leaving many tenants to spend more on their rent.
Not all cities have seen rental prices surge at the same rates. According to the Bureau of Labor Statistics, over the last year, these are the cities that have seen the highest increases in rent.
The United States has various economic assistance programs for individuals with limited resources. Relief is distributed at the federal, state, county, and local levels, with residents in some areas eligible for far more assistance than others.
Harris County in Texas has allocated $20.5 million towards the Uplift program, which will allow for the sending of $500 checks on a monthly basis to a small group of beneficiaries. In total, over 18 months, those enrolled in the program will receive $9,000. The program was approved by the county in June of this year.
Read more on the program in our full coverage.
You may have to wait longer to claim full benefits in 2024
Every year the Full Retirement Age increases by two months. That means that in 2024 only those born in the first three months on 1958 will be able to qualify for Full Retirement Age, which is 66 and 8 months for those born in 1958, taking into account that you must wait a full month from your birthday to qualify. The Full Retirement Age will keep increasing until it reaches 67 for those born in 1960.
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With the 3.2% increase, the average payment of a retired worker for 2024 will increase by approximately $57, which leaves the checks for next year at an average of $1,885.
This is only an approximate amount, which means that the exact number varies depending on the personal situation of each beneficiary. Here is a simple formula with which you can calculate the increase in your payments for 2024: multiply the figure of your current benefits by 1.032.
Beneficiaries and contributors as well as those planning to retire should be aware of three main changes that will be coming next year to Social Security. These will affect how much the SSA the pays out each month, the maximum that has to be paid in and how long you have to wait to claim benefits in order to receive the full amount.
US finance news, live updates: welcome
Good morning and welcome to AS USA's daily live blog for Tuesday, 24 October 2023, bringing you the latest US financial news.
We’ll be looking at the major stories affecting Americans like the Social Security 2024 COLA that will boost benefits for the over 70 million recipients of monthly payments from the agency. Also changes to SNAP benefits and when they will be paid.
Likewise, how inflation is still being felt by consumers across the country and what the Federal Reserve's next steps will be. Additionally, the knock-on effects of those measures.