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The Senate Finance Committee held a hearing today on President Trump's nominee to lead the IRS. It comes as the agency has laid off thousands of workers, including nearly a third of its auditors.
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The Senate Finance Committee questioned Trump's nominee about his plans for the beleaguered agency and promotion of dubious tax credits.
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Trump proposal to repatriate Ukrainians, Haitians would use foreign aid funds The Washington PostTrump administration plans to spend US$250 million on refugee repatriation, including Ukrainians - WP ?????????? ??????The Trump Administration Is Lining Up More Countries to Take Its Deportees The New York TimesTrump Is Building a Global Gulag for Immigrants Captured by ICE The Intercept
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Billy Long has pledged to improve customer service and protect taxpayer data — two areas where "DOGE" actions have drawn scrutiny.
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Investors say Treasury market is already at an ‘inflection point' as fiscal worries rise
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Billy Long's effort to promote the credit, along with his pushing of a fraud-ridden pandemic-era tax break, will be under close scrutiny during his Senate confirmation hearing.
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Contribution limits for health-savings accounts would increase, and new rules would let users pay for gym memberships with HSA money
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A little-known feature of RMD tax withholdings could help minimize a client's effective tax burden. Not all financial advisors are on board with the strategy.
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Most people view debt as something to be avoided at all costs. But that's because most people don't use debt properly. A prime example of improper debt use is the credit card. People charge too much, fail to pay the card in full at the end of the month, then find themselves unable to pay down the debt without also paying exceedingly high interest, often for years.
However, some kinds of debt, such as a securities-backed line of credit, or SBLOC, can be helpful. They can even save or earn you money. SBLOCs are rolling lines of credit based on the value of assets in your accounts. They're excellent ways to use debt to your advantage.
How Securities-Backed Lending Works
Borrowing money by collateralizing securities held in after-tax investment accounts is called securities-backed lending. The interest rate will often be lower than other types of loans, and you'll generally get access to funds in just a few days.
SEE MORE 3 Dated Rules of Thumb Retirees Should Think Twice About
However, as with almost anything, there are caveats to taking out an SBLOC. While you can keep buying and selling securities in the collateralized account, you can't use the loaned money for other securities-based dealings, such as trading or buying. And setting up an SBLOC will make it more challenging to move those collateralized assets to a different firm.
As an example of how SBLOCs can benefit you, suppose you need $75,000 for a one-time purchase of a car or a once-in-a-lifetime vacation. A typical way to acquire it would be to sell assets in a retirement account. That presents a number of drawbacks:
First, your income for that year would increase by $75,000 and could put you in a
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