Author: Editor

The chairman of the House tax committee warned lawmakers from high-tax states demanding relief from a $10,000 cap on the state and local deduction that they will have to settle for an “unhappy” compromise.House Ways and Means Committee Chairman Jason Smith said Tuesday in a Bloomberg Television interview that he will strike a balance between those who want no limit on the SALT deduction and those who want no write-off at all.  “The number we’ll find will probably make everyone unhappy,” Smith, a Missouri Republican, said. “And so that means it’s probably the right number.”Smith said there will be an increase…

A Ford mustang is seen at a used car dealership in Montebello, California on May 5, 2025. Frederic J. Brown | AFP | Getty ImagesDETROIT — A closely watched barometer for used vehicle pricing jumped last month to its highest level since October 2023 as consumers rushed purchases amid fears of price hikes due to auto tariffs.Cox Automotive’s Manheim Used Vehicle Value Index — which tracks prices of used vehicles sold at its U.S. wholesale auctions — increased 4.9% last month compared with a year earlier to a level of 208.2.It also marked a 2.7% increase from March. That’s a…

Women working at small businesses have a higher likelihood of making it into upper management than women at larger employers, a new study shows.The disparity grows the longer women stay with one company. ADP Research found that 20% of women with eight years on the job who were employed at small businesses with fewer than 50 employees reported having upper management positions, compared to 8% of women at larger businesses.”We see two possible explanations for this finding,” the report said. “First, large employers have many layers of leadership, while smaller ones are flatter. Upper management at a small employer might…

Inflation-adjusted amounts for health savings accounts are headed up in 2026, according to the Internal Revenue Service, though not at levels seen in recent years.The agency said for calendar year 2026, the annual limitation on deductions for an individual with self-only coverage under a high deductible health plan will be $4,400, up from $4,300 this year.Among other increases for 2026:The annual limitation on deductions for an individual with family coverage under a high deductible health plan is $8,750, up from $8,550 in 2023. A “high deductible health plan” will be a plan with an annual deductible that is not less than…