Category: General Articles

The income thresholds that trigger some important taxes are changing in 2023, the IRS has announced.

The agency is making the changes to account for inflation. The moves will mostly impact wealthy taxpayers, although some folks in the middle class also likely will benefit.

Following are definitions of the three key taxes that are impacted and explanations of what will be new in 2023.

What is the gift tax?

When you give a certain amount of money or other property to someone, it is considered a gift — whether or not you intended it that way. Such gifts are subject to a tax. Here is how the IRS defines the gift tax:

“The gift tax applies to the transfer by gift of any type of property. You make a gift if you give property (including money), or the use of or income from property, without expecting

How poor do you have to be before you’re in poverty?

The answer is important because many social welfare programs determine eligibility by some measure of poverty — often based on the federal poverty guidelines. These include the Medicaid health insurance program and the Supplemental Nutrition Assistance Program (SNAP), which was previously known as food stamps.

The federal poverty guidelines — which are sometimes loosely referred to as the “federal poverty level” — are set by the federal government as a baseline and take into account the size of your family and where you live.

Following is a look at how these poverty guidelines are determined, what they are used for, and how much they are in the 50 states, the District of Columbia and U.S. territories.

What the federal poverty guidelines are used for

Many federal, state and local government programs use poverty guidelines to

The Social Security system of retirement benefits, begun in 1935, are a crucial underpinning of life for American retirees. For most people over 65, it’s undoubtedly hard to imagine life without this retirement benefit.

About half of Americans 65 or older live in households that depend on Social Security benefits for half or more of their income, says the Social Security Administration. In a quarter of such homes, Social Security checks comprise nearly their entire income.

Since its inception, Social Security has hit periodic financial crises, and Congress has always resolved them with adjustments. Today, Social Security approaches another financial cliff for these and other reasons:

• The retirement of the huge baby boomer generation
• Longer lifespans
• Lower birth rates
• Growing income inequality

Here’s a quick look at the problem and whether Social Security will be allowed to go broke this time.

How Social Security is financed

As the nation remains uncertain about which party will control Congress, those who work in three locales across the nation can be sure of a raise, thanks to Tuesday’s election results.

In those three places, voters decided to hike the minimum wage. Following are the two states and one district where you may soon earn more money at your job.

Nebraska

Nebraska voters passed a measure, known as Initiative 433, to raise the state minimum wage by $1.50 each year from 2023 through 2026. At that point, the minimum wage will top out at $15.

After that, the wage will be adjusted for inflation.

Nevada

Nevada voters appear to have approved a hike of the state minimum wage to $12 an hour, effective in July 2024. That is an increase of as much as $1.50.

The Washington Post

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Some platforms are very sophisticated and cumbersome, while others are straightforward to navigate.

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