No hope for student loan forgiveness; Cryptographic taxes

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LOS ANGELES, CA – NOVEMBER 19: Andrea Flores, University of California Los Angeles (UCLA) students … [+] (L) and Kendall Brown (R) and other UCLA students and supporters demonstrate outside the UC Board of Directors meeting where members voted to approve a 32% tuition increase l next year on November 19, 2009 in Los Angeles, California. Undergraduate fees for students in the California university system would increase by approximately $ 2,500. It is the second day that protesters, including students from other UC campuses, gather to try to dissuade the board from approving the proposed increase. Massive cuts to balance the state budget have cut funding for education in California. (Photo by David McNew / Getty Images)

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Hope is lost for student loan forgiveness, not Warren

Hope is eternal, but it shouldn’t. White House press secretary Jen Psaki confirmed to reporters at a press briefing that the Biden administration will not extend student loan relief and that the student loan payment hiatus will end on January 31, 2022. Here are some of the highlights of his comments. But former presidential candidate Elizabeth Warren continues her crusade to reduce Americans’ student debt. “Over the decades, the cost of higher education has shifted more and more from taxpayers to families,” she said in an interview with Inside Higher Ed. allowing their child to send their child to college – and that child can graduate debt-free – have moved their next generation forward faster and further than families without those resources. “

Cryptographic taxation

Congress and the IRS hope to raise huge tax dollars with the new crypto reporting requirements. Two new sets of rules are expected to come into effect on December 31, 2023. One set requires brokers to report on Form 1099-B, and the other involves a form similar to that required for cash transactions over $ 10,000. , which has potential criminal liability. Here are the details of these new rules and how they will be applied.

All is not gloomy when it comes to crypto tax planning. While the recognition of a gain may seem like the only option available to crypto investors, there is a unique tax planning opportunity available: the ability to use your crypto holdings to donate to charity. As crypto becomes mainstream in investment wallets, more and more Donor Advised Funds (DAFs) and charities are accepting these holdings.

There are new developments this year regarding the hobby loss tax deduction, that is, any loss incurred while a taxpayer is carrying on a business that the IRS considers a hobby. If you’re planning or facing a potential hobby loss audit, here’s what you need to know.

Alternative bank in Brazil attracts new billionaires

Uber has left investors disappointed, to say the least. Two years after its public debut, the stock is still below its IPO price of $ 45, but a turnaround could be on the horizon. CEO Dara Khosrowshahi (who previously ran Expedia EXPE) has big plans for the rideshare company that could boost shares by 50%.

Brazilian bank Nubank went public last week and hit a new female billionaire in the process. Shares of the digital bank rose 15% when they debuted, taking co-founder Cristina Junqueira’s stake to $ 1.3 billion. “In a country like Brazil, where access to financial services is so difficult, we are like children in a candy store. We want [to offer] everything, ”she told Forbes. The bank is not yet profitable, but investors are betting it is only a matter of time.

Don’t know how to get started in the cryptocurrency game? You don’t need to own bitcoin to get started, but you do need to understand the basics of the world of crypto assets. In case you missed last week’s letter, please see our guide for new investors and some important questions to ask before making your first crypto investment.

Novel Graphic: More Price Hikes Coming to an Alley Near You

Inflation

Bank of America Source: Bank of America Global Research Plan for Long-Term Care Now…

Self-directed IRAs are increasingly popular. In general, IRA custodians limit investments to publicly traded stocks, bonds, mutual funds, and exchange-traded funds. However, IRAs can also hold real estate, mortgages, small business interests, hedge funds, etc., this is where so-called self-directed IRAs come in. Find out about the benefits and risks associated with this type of retirement account.

Long-term care can seem like a distant problem that you don’t have to worry about now. But it’s best to start planning for senior care in advance and think about where you would get help if you needed it and how much it would cost you. A new study from Seniorly ranked the states in order of affordability of assisted living. Based on an average savings rate of 7.5% and the median income for each state, he found that it could take up to 13.6 years for a New Mexico resident to save enough to earn money. pay one year of assisted living, but only 7.2 years for a Utah resident to save for that care. “

Helping informal caregivers stimulate the economy

Rate hikes are imminent. The Federal Reserve is ramping up its bond buying program and will likely launch the first hike soon after. Fed Chairman Jerome Powell has been criticized for falling behind the inflation curve, but he expects the price spike to fall back by the end of 2022.

The Senate passed a measure on Tuesday to raise the debt ceiling by $ 2.5 trillion, authorizing enough additional borrowing to fund essential government services for at least a year and clearing the way for Democrats to work on it. adoption of their nearly $ 2 trillion social spending and climate change program. (the Build Back Better bill), which faces an uncertain fate in Congress given opposition from a few moderate Democrats in the Senate.

A significant number of women of working age are leaving their jobs or reducing their working hours to care for their parents, spouses or other family members. The Congressional proposal to increase federal funding for the Medicaid Home and Community Long-Term Care (HCBS) program, which is part of the BBB bill passed by the House, would likely benefit the U.S. economy, by freeing these caregivers until they return to paid work. job. Republicans say BBB would be a drag on the economy. But independent analysis suggests that the home care arrangements, at least, would produce an overall benefit. “

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