US Plans to Ease Bank Capital Rules on Treasury Trades
The top US bank regulators plan to reduce a key capital buffer for the biggest lenders by up to 1.5 percentage points following concerns that it constrained their trading in the $29 trillion Treasuries market. The Fed said on Tuesday that it plans to meet on June 25 to discuss the plan. Katanga Johnson reports on Bloomberg Television.
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Yahoo
27 minutes ago
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New ‘bonus' tax deduction up to $6,000 could be on the way for those age 65 or older
If the massive tax package currently being debated in Congress becomes law, Americans who are 65 and older will enjoy a hefty new tax break: An additional $4,000 to $6,000 drop in taxable income, thanks to a new additional standard deduction. The House version of the tax bill calls for a $4,000 additional deduction, while the Senate version ramps that up to $6,000. The House approved its version in May, and the Senate is working now to bring its version to a vote. Then the two chambers will need to massage each bill into one cohesive whole, before sending it to President Donald Trump for signature. The potential bad news for taxpayers? There would be income limits, with the value of the tax break phasing out starting at a modified adjusted gross income of $75,000 for single filers and $150,000 for married-filing-jointly filers. This new tax break would be temporary, in effect only from 2025 through 2028. 'The bottom line is if you're in the modified adjusted gross income that gets this, it will save you on taxes,' says Mark Gallegos, a CPA and tax partner at Porte Brown LLC in Chicago. This would put 'more money back in people's pockets, and I think that's the whole point,' he says. House version Senate version Additional standard deduction $4,000 $6,000 Income limits Starts to phase out at income of $75,000 for single filers, $150,000 for couples Starts to phase out at income of $75,000 for single filers, $150,000 for couples Permanent or temporary? Temporary; in effect from 2025 through 2028 Temporary; in effect from 2025 through 2028 Available to taxpayers who itemize? Yes Yes It seems likely that this new tax break would be added on top of the existing additional standard deduction that Americans who are 65 and older already enjoy. 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The Fight in China's $80 Billion-Plus Food Delivery Market
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