US Financial News: news summary | 16 July 2023
Headlines | Sunday, 16 July 2023
- Monday 17 July is last day to claim 2019 tax refund from the IRS, up to $6,557
- Biden administration cancels $39bn in student loan debt for 800k borrowers
- Inflation in the US dropped to 3% in June,lower than forecast
- June jobs report: Economy added 209,000 jobs in June as labor market cools
- Federal Reserve expected to raise interest rates later in July
- Layoffs fall to seven-month low in June
- The White House announces the SAVE planto help student loan borrowers
- When do student loan repayments restart?
- When to expect SNAP benefitsthis month
- Dates for Social Security payments in July
After receiving two payments in June and zero in July, some Social Security recipients will get their next payment 1 August.
Auto insurance costs are much higher compared to the average of a year ago, up over ten percent.
So that Social Security benefits keep pace with inflation an annual adjustment is applied.
What is COLA and how will it affect checks issued in 2024?
Although the federal minimum wage in the United States is $7.25, unchanged in 14 years, 30 states have a higher wage.
Inflation in the US is on the way down. Perhaps as a response to the Federal Reserve’s brutal interest rate hikes that have been killing purchasing power and getting many workers sacked, the Consumer Price Index measuring inflation is tumbling down.
Core inflation, which doesn’t include the oft volatile food and energy prices, was 0.2 percent last month, the smallest single month increase since August 2021. Year-on-year inflation in 3%, rapidly closing in on the Federal Reserve’s target of 2%.
Good news for everyone right?Well, not if you are living in Florida.
When purchasing a house, you’ll most likely have to take out a loan.
Before going to a lender to apply, one of the key elements to keep in mind is the interest you will have to pay on your mortgage.
There are several food aid programs in the United States. One of the most popular is the Supplemental Nutrition Assistance Program (SNAP), formerly known as food stamps.
SNAP provides money to low-income families to buy food using an electronic benefits transfer card (EBT). This works like a debit card that can be used at certain grocery stores, as well as markets.
If you are a merchant and want to accept SNAP benefits at your store or market, there are a few steps to take. We’ll walk you through the process.
Want to go green? IRS will give you a tax credit for up to $7,500
The IRS offers a tax credit for buying an electric vehicle as an incentive to promote the use of more energy-efficient vehicles and lessen reliance on fossil fuels. Electric cars produce zero emissions, which helps to reduce air pollution.
The credit was created as part of the Energy Improvement and Extension Act of 2008 and is known as the Electric Vehicle Tax Credit. This allows taxpayers who purchase a qualifying EV to claim a credit on their federal income tax return of up to $7,500.
Mortgage rates jump 30-Yr FRM approaches 7%
The average weekly mortgage rate climbed for a third straight week with the 30-year fixed-rate just shy of 7% at 6.96%. The average weekly 15-year fixed-rate rose to 6.30% from 6.24% the prior week according to Freddie Mac data.
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After inflation reached historic levels last year, several entities in the US approved the sending of stimulus checks or tax refunds to help those who were most affected.
Although inflation has fallen considerably in recent months, some states across the country continue to send out checks to help their residents.
Here are the states that are sending financial assistance in July and how much they will be giving out.
Dozens of cities around the nation have implemented guaranteed income programs. The idea behind them is that they will help decrease poverty by giving beneficiaries a set amount of money each month regardless of whether they are working or not.
California is home to a number of these programs. Last year, Los Angeles County launched the Breathe Program, a monthly financial aid for low-income people, which provides chosen qualifying participants with $1,000 per month.
The IRS is reminding taxpayers not to leave money on the table, perhaps as much as $6,557.
Here’s who’s eligible, how to request payment, and the deadline.
The Department of Education is implementing its payment count adjustment for student loan borrowers on IDR payment plans, 800K will have debts canceled.
The Consumer Financial Protection Bureau (CFPB) took action against Bank of America for violating a number of laws dating back to 2012. America’s second largest bank, which has around 68 million individual and small business clients, will have to pay $250 million in fines and compensation to settle claims.
The CFPB and the Comptroller of the Currency (OCC) said that the bank harvested junk fees, withheld credit card rewards and that employees opened unauthorized customer accounts. Bank of America has agreed to pay affected customers $100 million in restitution.
If the Powerball jackpot rises by as much as it did between Wednesday and Saturday before the drawing on Monday, it could easily break the $1 billion mark. While the odds of actually winning are slim to none there's always the question "What if?"
Well, while thinking about that, you should also consider the hefty tax bill you'll be facing.
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The US economy added 209,000 jobs in June, missing Wall Street estimates and reflecting a slowdown from the previous month, according to data from the Bureau of Labor Statistics.
The report marks the first time in 15 months that non-farm payrolls have come in lower than Wall Street expected. The June unemployment rate was 3.6%, what economists had expected, down from 3.7% in May.
Meanwhile, inflation report for June showed price increases slowing faster than predicted. However, wage growth still sticky. Investors banking on the Federal Reserve pausing rate hikes after expected 25 basis point increase when policymakers meet next in the last week of July.