President Biden and Vice President Harris released their tax returns for 2023. Biden's income rose slightly while Harris's income decreased slightly. Both couples paid federal income taxes and incurred small penalties for underpaying estimated taxes. The returns highlight the complexities of the tax code, including handling multiple income sources and managing tax liabilities. Tax experts advise higher earners with complex financial situations to consider working with professionals to optimize their tax strategies.
The Biden administration has forgiven $5.8 billion in student debt for 77,700 public service workers, such as teachers, nurses, and firefighters. This is part of a larger effort to address issues with the Public Service Loan Forgiveness program, which has faced administrative hurdles in the past. Additionally, President Biden will notify 380,000 public service workers that they'll be eligible for debt forgiveness within two years if they continue to meet program requirements.
Former President Trump is proposing tariffs, or taxes on imported goods. He plans to levy a 10% tariff on all imports and at least 60% on Chinese products. Critics warn that these tariffs would increase consumer prices, potentially offsetting any economic benefits. While the Biden administration has maintained some tariffs from the Trump era, his stance on future tariffs is unclear. Experts suggest paying attention to this policy difference as the candidates secure nominations.
President Biden has signed a $460 billion spending bill that averts a government shutdown. The bill funds various departments and extends funding for food assistance programs. Democrats compromised with Republicans on certain issues, including agency funding cuts and veterans' gun rights, to secure the measure. Despite this agreement, additional negotiations are needed to secure funding for the remaining fiscal year beyond March 22.
Trump and Biden have differing views on the future of Social Security. Trump suggests cutting "entitlements," while Biden has released a budget proposal strengthening Social Security and Medicare. This will directly affect beneficiaries, with Trump's potential cuts reducing benefits and Biden aiming to enhance them.
