The Latest Debt & Finance Blog

Blocks that spell out wealth tax next to bag of money

Will the Wealthy Be Taxed More?

By Max Fay | October 23, 2020

There has been much talk this campaign year about a “Wealth Tax” and whether it would impact the wallets of middle and lower-income America, even if its name doesn’t. Rest…

Home office setup that might be expensed on taxes

How Working from Home in 2020 Affects Income Taxes

By Maureen Milliken | October 23, 2020

Your company sent everyone home when the pandemic began last March and now that is your workplace so you’re probably wondering if that means you’re eligible for some serious tax…

Campaign buttons for Trump and Biden

Trump vs. Biden: How Their Plans for Student Loan Debt Compare

By Bill Fay | October 16, 2020

Americans with student loan debt have a $1.6 trillion question on their minds: What would President Trump or a President Biden do about all that money these 45 million borrowers…

Stack of medical bills

How to Handle Medical Debt While Unemployed

By Maureen Milliken | October 7, 2020

Americans were already struggling with medical debt before the COVID-19 pandemic, and, largely because of record-setting unemployment in the last six months, the issue is expected to get worse. About…

Trump and Biden looking at each other

How Biden & Trump Tax Policies Compare

By Max Fay | October 2, 2020

The gap between the presidential candidates on tax programs is Grand Canyon-esque. And that may understate it. President Donald Trump wants to continue the 2017 tax cut, which his campaign…

Gavel on table

Court Ruling Favors Student Loan Bankruptcy Discharge

By Bill Fay | October 2, 2020

There hasn’t been much good economic news in 2020, but if you’re buried in student loans, there was an astoundingly positive development recently. Thanks to a recent court ruling, you…

Woman applying for a new credit card on her computer

Should I Apply for a New Credit Card During COVID?

By Bill Fay | September 24, 2020

The COVID-19 pandemic has created record unemployment, erased profit margins, closed businesses and wreaked havoc on almost every family’s money outlook. It has even affected America’s ultimate get-out-of-jail financial symbol…

Sign for VA office

VA Extends COVID-19 Debt Relief to Veterans Through 2020

By Bill Fay | September 15, 2020

Veterans indebted to the Department of Veterans Affairs won a partial payment reprieve this summer that will last at least through the end of 2020. The VA action extends a…

Paperwork to defer payroll tax

Payroll Tax Deferral: Is It Worth It?

By Max Fay | September 11, 2020

Many American businesses are disregarding President Trump’s order allowing them to temporarily stop withholding Social Security taxes from their employees’ paychecks. The plan, they say, is confusing and won’t produce…

Cut credit card

12 Easy Ways to Cut Your Expenses

By Maureen Milliken | September 4, 2020

Household debt in the U.S. was a record $14.20 trillion for the first quarter of 2020, which seems like a lot of debt and it is. If you stacked that…

Sources:

  1. Lynkova, D. (2020, June 19) 27 Millionaire Statistics: What percentage of Americans are millionaires? Retrieved from https://spendmenot.com/blog/what-percentage-of-americans-are-millionaires/
  2. Li, H. and Smith, K (2020, January 27) Analysis of Sen. Warren and Sen. Sanders’ Wealth Tax Plans. Retrieved from https://taxfoundation.org/wealth-tax/
  3. Irwin, N. (2019, February 18) Elizabeth Warren Wants a Wealth Tax. How Would That Even Work? Retrieved from https://www.nytimes.com/2019/02/18/upshot/warren-wealth-tax.html
  4. Hirschkorn, P. (1999, September 9) Trump proposed massive one-time tax on the rich. Retrieved from https://www.cnn.com/ALLPOLITICS/stories/1999/11/09/trump.rich/index.html
  5. Zeballos-Roig, J. (2019, November 7) 4 European countries still have a wealth tax. Here’s how much success they’ve each had. Retrieved from https://www.businessinsider.com/4-european-countries-wealth-tax-spain-norway-switzerland-belgium-2019-11
  6. Kurtzleben, D. (2019, December 5) How Would a Wealth Tax Work? Retrieved from https://www.npr.org/2019/12/05/782135614/how-would-a-wealth-tax-work