The Biden administration is forgiving over $6 billion in student debt for former students of The Art Institutes. The schools misled students about job prospects and salaries. This automatic relief affects 317,000 borrowers who enrolled between 2004 and 2017. The schools falsified data, including using Serena Williams' income to inflate salary expectations.
The Inflation Reduction Act provides a tax credit of up to $7,500 for electric vehicles, which buyers can now opt to receive as an upfront discount. About 90% of eligible buyers have chosen this option, making it popular. Advance payments allow consumers to get the full credit regardless of their tax liability, which helps with affordability and reduces overall costs. However, not all car dealers offer this option, and not all EVs or buyers qualify for the tax break.
The IRS has launched a free tax filing program called Direct File that covers about one-third of federal tax returns. The program is currently open in 12 pilot states and supports simple tax situations. The Treasury Department estimates that 100,000 filers will participate this year. Within five years, the program could save the average filer $160 per year.
