Free Republic

ALBANY – Gov. Kathy Hochul and her husband, Bill, brought home much more bacon in 2023 than the year before. The couple made around $2 million in adjusted gross income in 2023, up a staggering $1 million from 2022, media reports covering the pair’s tax returns indicate. The tax return reportedly shows Hochul, who is in the second year of her first full term, and her husband paid $610,000 in federal taxes and $123,090 in state taxes.

If you plan to deposit $10,000 or more into your checking account, there are a few things you should consider first. By law, banks have to report deposits that exceed a certain amount. Not only that, but many bank accounts come with maximum deposit restrictions. You may also be subject to certain fees when making such a large deposit. If you frequently make large deposits, you should also watch out for any potential scams or fraudulent activity. But even if this is a one-time thing, it’s still important to know about these factors and how they might affect you. Banks...

The cost to afford a median-priced home has increased at twice the rate that the average household income has risen as inflation and high interest rates inflame housing expenses, according to Redfin. The median monthly home payment in February was $2,838, up 12% year-over-year, while the median household income was just $84,072, an increase of 6% over the last year, according to Redfin. Over the past decade, the income needed to afford a home has tracked closely with the median household income until around the start of 2022, when the amount of household income needed skyrocketed to its current median...

SPRINGFIELD, Ill. – Illinois lawmakers are considering a bill that would create a state-based guaranteed income program. State Sen. Ram Villivalam (D-Chicago) sponsors Senate Bill 3462, which calls on Illinois to adopt such a program after the 2027 calendar year. Through this legislation, residents who meet certain qualifications would be eligible for monthly $1,000 cash payments, regardless of immigration status. It’s unclear how long the payments would last. According to the bill’s language, those potentially eligible for $1,000 cash payments include people who: Provide care for a child or other specified dependent Recently gave birth or adopted a child Enroll...

With a $650 payment for 72 months, this is going to be one expensive Toyota CamryYour twenties are the perfect time to screw up and try to get your xxxx figured out. Sometimes it takes getting to the rock bottom before you can dig yourself out of it. For the sake of everyone involved here, I hope this young woman on Caleb Hammer’s Financial Audit show has reached her bottom and will find a way to get her life turned around. Right now, it seems like the best first step would be to sell her car and find her way...

The average American 65 years of age and up earns an annual pre-tax income of $55,335, and that same group spends $52,141 yearly, or $4,345 a month, according to the Bureau of Labor Statistics (BLS). That income doesn’t leave a lot of extra cash for unexpected expenses or emergencies. The average American aged 65-69 has about $200,000 in retirement savings, according to an analysis of Federal Reserve data, and might still need to work even when they reach retirement age. High expenses often play a role. These four categories of spending tend to eat into monthly expenses — here’s how...

Here’s a look at average retirement incomes and how much people spend during their golden years. According to data from the Bureau of Labor Statistics, U.S. households led by someone age 65 or older spent an average of $57,818 in 2022. Key Takeaways: * Sources of retirement income include Social Security, retirement accounts, pensions, dividends and employment wages. * Retirees can expect to spend 70% to 80% of their pre-retirement income in retirement, according to one rule of thumb. * Older Americans spent an average of $57,818 in 2022, but about 40% of households led by someone age 65 or...

Eating costs more in Biden's America. The last time this much of your income went to buying groceries was 30 years ago. Inflation may be ebbing but food costs are not. Don't look for relief any time soon. Restaurants and food companies are dealing with rising labor costs and the rising costs of some ingredients, like cocoa Prices at restaurants were up 5.1% last month compared to January 2023. Grocery costs increased 1.2% during the same timeframe. The sad fact is that once food items go up in price, they don't come back down. Shoppers have to adjust to the...

I first reported in April 2023 about a new California state law that would require utility companies to come up with a fixed-rate plan as a way to help stabilize rates and make billing more "equitable." Hence, the state’s soon-to-be-implemented "equitable" policy will base residential electricity bills on income rather than usage, even as public and political opposition to the idea builds in the Democratic coalition.I titled my 2023 article "Marxism, California Style? New State Law Will Lead Energy Companies to Bill Customers Based on Income" because of a phrase popularized by Karl Marx as part of a larger communist...

Let’s face it: income inequality in our country has gotten out of hand. I know that these words sound like a Marxists slogan. Marxists will always grab at a shred of truth to push their destructive economic policies in the name of fairness. We all know (those of us with functioning brains) that there is no fairness in the world, and there never has been, and there never will be. That does not excuse us from being wary of the extreme divisions arising from unhealthy income inequality. There does exist a point where we cannot ignore the issue as libertarians...

For years, Kipp Kahlia felt stuck. The Long Beach guitarist used to tour the country with reggae artists. But 20 years ago, after contracting intestinal parasites on a trip abroad, Kahlia had to take a step back from gigging. Her health deteriorated and visits to doctors drained her savings. Recently she decided to start a business performing social justice songs at events. But with no extra funds or time, she had to pause the venture. “With all the struggling I was doing, my attitude took a hit,” Kahlia said. “The more you witness yourself being down and out, the more...

Nearly 6 in 10 American workers saw their wages grow more quickly than inflation in the past year, according to a new analysis from the Center for American Progress (CAP), a left-leaning think tank. Some 57 percent of workers earned higher inflation-adjusted wages in November compared to one year earlier, the analysis found. This represents a larger share of workers than the average before the COVID-19 pandemic, between 2017 and 2019. “In fact, real wages for a typical worker stand at about the level expected if there had been no pandemic or recession in early 2020 and if they had...

If you have read my articles for a while, you would know I am a big fan of studies that give a perspective of where the average American stands financially. Now, let me be clear: I wouldn’t use these as a basis for a financial plan by any stretch of the imagination. These studies don’t mean people are in a good or bad financial situation. Plus, they include a large contingent that lives below or at the poverty line.However, why I like these studies is twofold. First, finances are still taboo to talk about. Thus, most people have no sense...

On TikTok, this zeitgeist is called the "Silent Depression," comparing the current times to the era of the Great Depression. In the height of depression in the 1930s average income was $3,900 and today it is $56,000. The cost of a home was $3900 (3x income) in 1930 today average home costs $426,000 (8x income). The cost of a car was $600 (45% of income) today an average car costs 48,000 (85% of income). In 130 rent was $216 per year (16% of income) today average rent is $24,000 per year (42% of income).

As the holiday season approaches, a recent LendingClub report reveals that 60% of adults are grappling with the harsh reality of living paycheck to paycheck. Despite this financial strain, consumers are gearing up to overspend during the festive season, marking a concerning trend of "hyper-consumption." More Americans have experienced a decline in disposable income in 2022 than in any of the preceding seven years. This financial squeeze adds stress during a time traditionally associated with increased spending.

The fate of an obscure provision of President Donald Trump’s 2017 tax package, which will be reviewed by the Supreme Court next week, has many experts panicked over the potential to destabilize the nation’s tax system. In addition, some say the outcome could preemptively block Congress from creating a wealth tax. But the case has also exposed questions about the accuracy of the personal story a Washington State couple presented to the court in making their constitutional challenge to the tax, a one-time levy on offshore earnings. Charles and Kathleen Moore appear to have closer ties to the company central...

Can an economy in which 10% of the households qualify as middle class claim to offer widespread opportunities for secure prosperity? No, it cannot.Defining the middle class is a perpetually popular parlor game because it's well-known that the foundation of widespread prosperity is a broad-based middle class and a sturdy ladder of social mobility that enables those below the middle class to work their way up to middle class security.Here's an example of a typical trope on the subject: What Does It Take To Be Middle Class?The topic is also a perennial favorite because the middle class is losing ground....

The average American 65 years of age and up earns an annual pre-tax income of $60,359, and that same group spends $57,818 yearly, or $4,818 a month, according to the Bureau of Labor Statistics (BLS). That income doesn’t leave a lot of extra cash for unexpected expenses or emergencies. The average American aged 65-69 has about $200,000 in retirement savings, according to an analysis of Federal Reserve data, and might still need to work even when they reach retirement age. High expenses often play a role. Watch for these four categories of spending that eat into monthly expenses. 1. Housing...

As one of the most expensive cities in the world, it should come as no surprise that a third of New Yorkers are forking over half their income for rent. The devastating data comes from the latest report from the nonprofit the Community Service Society of New York, which found that 55% of households, or nearly 1.2 million households, in the Big Apple were “rent-burdened” in 2021, meaning tenants spent at least 30% of their income on rent. A staggering 34% of the city’s tenants were classified as “severely rent-burdened,” spending at least half their income on monthly rent as...

Senior citizens looking to relocate may want to steer clear of Hawaii as it ranks as the most expensive state to retire to, figures show. Retirees in the Aloha state require $121,000 to live comfortably, according to study by GoBankingRates - compared to those in Mississippi who need just $55,000. Washington DC, Massachusetts, California and New York were the next most expensive states to retire to, with an average annual cost of $94,000 across all four. After Mississippi the four cheapest states were Oklahoma, Alabama, Kansas and Iowa, with an average cost of $57,000 a year. Across the US, the...