Wednesday, June 29News That Matters

Tag: income

Some families could get more than $14,000 in new Covid relief. It’s looking more and more like universal basic income

Hinterhaus ProductionsAs Congress works to finalize its latest coronavirus relief bill, some American families are poised to receive a financial windfall.Between new $ 1,400 stimulus checks and an enhanced child tax credit, that could add up to more than $ 14,000 for some families."All of the focus has been on the $ 1,400 when, in reality, for a family of four, they should be focused on the $ 14,000," said Ed Mills, Washington policy analyst at Raymond James. Mills wrote about the potential income boost this week.The new stimulus checks would provide $ 1,400 per person, including child and adult dependents.More from Personal Finance:Lawmakers question whether new child tax credit is too much or too little Still no stimulus check? What that means for your tax return this year Small bus...

Twitter CEO Jack Dorsey donates $15 million to help cities provide guaranteed income to their residents

Twitter CEO and Co Founder, Jack Dorsey addresses students at the Indian Institute of Technology (IIT), on November 12, 2018 in New Delhi, India.Amal KS | Hindustan Times | Getty ImagesThe Covid-19 pandemic has prompted some advocates to call for providing Americans with guaranteed monthly income to help them get back on their feet.Now, one initiative is getting a $ 15 million donation from Twitter CEO and billionaire Jack Dorsey to help put such experiments to work.The organization is Mayors for a Guaranteed Income, a group of about 30 mayors across the country who have signed on to test guaranteed income pilot programs in their cities.The group is led by Mayor Michael Tubbs of Stockton, Calif., who has created a similar program in his city. This summer, he founded Mayors for a Guarantee...

Some 401(k) investors moved to fixed income this week and may have missed rally

As the U.S. stock market is now on track for its best week since April, some 401(k) plan participants started the week making more trades than usual within their retirement savings accounts.As a result, they may have missed out on this post-election rally. The amount of daily trading in 401(k) plans — traditionally seen as a place to buy and hold investments — increased significantly at the start of the week after a tumultuous few days for the S&P 500 index. On Monday, 401(k) investors who made trades mostly moved money from equities to fixed income. Yet a post-Election Day rally has put the major stock market averages on pace for their biggest weekly gain in about seven months. Investment activity in 401(k) plans was more than twice the normal daily average (or about 0.06% o...

Here are the new income tax brackets for 2021

2021 marginal income tax ratesIndividual Income Tax Rates Single Married Filing Jointly Head of Household 10%0 to $ 99500 to $ 1912%$ 9951 to $ 4052522%$ 40526 to $ 8637524%$ 86376 to $ 16492532%$ 164926 to $ 20942535%$ 209426 to $ 52360037%Over $ 523600Over $ 628We still have two months left in 2020, but the IRS has already released a breakdown of next year's marginal income tax rates.Each year, the taxman updates its individual income tax brackets to reflect inflation. There are seven brackets: 10%, 12%, 22%, 24%, 32%, 35% and 37%.     These brackets are marginal, which means that different portions of your income — up to a specified dollar amount — will be taxed at a different rate.These rates are in effect for 2021 and will affect the returns you ...

How to snare more income from your investments in a time of low Treasury yields

Luis Alvarez | DigitalVision | Getty ImagesGenerating income through safe investments like U.S. Treasurys was once was an easy move.Now, not so much.With yields on those government-issued bonds near zero, investors may need to add some risk to the income side of their portfolio."Twenty years ago, generating income was a one-trick pony," said Lauren Ferry, head of portfolio strategies at Nuveen. "We could just invest in U.S. Treasurys."The situation today is so much more complex."Zoom In IconArrows pointing outwardsSpeaking Tuesday at the CNBC Financial Advisor Summit, a day-long virtual conference for financial advisors, Ferry addressed how to enhance income in today's environment.Right now, the yield on the benchmark 10-year Treasury is below 1%. Shorter-duration Treasurys are as well: On...