Key PointsPresident Joe Biden asked Congress for a $400 annual increase in maximum Pell grants for college students as part of a budget proposal issued Friday.The president also called to broaden eligibility to undocumented immigrants known as Dreamers.Pell grants are available to undergraduate students who display exceptional financial need. Unlike loans, they generally don't have to be repaid.More from Personal Finance:If adopted by Congress, would yield the largest one-time annual increase to the federal grants since 2009, according to the proposal, signed by Shalanda Young, the acting...…Key PointsPresident Joe Biden asked Congress for a $400 annual increase in maximum Pell grants for college students as part of a budget proposal issued Friday.The president also called to broaden eligibility to undocumented immigrants known as Dreamers.Pell grants are available to undergraduate students who display exceptional financial need. Unlike loans, they generally don't have to be repaid.More from Personal Finance:If adopted by Congress, would yield the largest one-time annual increase to the federal grants since 2009, according to the proposal, signed by Shalanda Young, the acting...WW…

Key PointsIn this articlePresident Joe Biden's infrastructure initiative — and the measures it contains to curb climate change — may be a tailwind for investors in so-called sustainable or ESG funds, according to financial advisors.If signed into law, the infrastructure proposal would federal efforts ever to curb the country's greenhouse gas emissions.Many of the clean-energy measures, such as funding for electric vehicles, millions of additional charging ports for them, and retrofitting buildings and residences, would help the president achieve a goal of net-zero emissions by 2050,...…Key PointsIn this articlePresident Joe Biden's infrastructure initiative — and the measures it contains to curb climate change — may be a tailwind for investors in so-called sustainable or ESG funds, according to financial advisors.If signed into law, the infrastructure proposal would federal efforts ever to curb the country's greenhouse gas emissions.Many of the clean-energy measures, such as funding for electric vehicles, millions of additional charging ports for them, and retrofitting buildings and residences, would help the president achieve a goal of net-zero emissions by 2050,...WW…

Key PointsThe IRS will start issuing tax refunds in May to Americans who filed their returns without claiming a new break on unemployment benefits, the federal agency said Wednesday.The American Rescue Plan , per person, received in 2020. Households with $150,000 or more in income .President Joe Biden signed the $1.9 trillion relief law during tax season, on March 11.More from Personal Finance:Taxpayers eligible for the tax break were left wondering if they should file amended tax returns to claim the benefit. The IRS advised taxpayers not to file an amended return, saying it was devising a...…Key PointsThe IRS will start issuing tax refunds in May to Americans who filed their returns without claiming a new break on unemployment benefits, the federal agency said Wednesday.The American Rescue Plan , per person, received in 2020. Households with $150,000 or more in income .President Joe Biden signed the $1.9 trillion relief law during tax season, on March 11.More from Personal Finance:Taxpayers eligible for the tax break were left wondering if they should file amended tax returns to claim the benefit. The IRS advised taxpayers not to file an amended return, saying it was devising a...WW…

Key PointsMore than a dozen states aren't offering a new tax break on unemployment benefits.That means taxpayers will need to pay state tax on benefits they received last year, absent any forthcoming changes to state law.The American Rescue Plan per person collected in 2020. The $1.9 trillion Covid relief measure to individuals and couples whose income was less than $150,000.But not all states followed suit.As of Monday, 13 aren't excluding unemployment compensation from taxes, according to data from tax preparer H&R Block.They are: Colorado, Georgia, Hawaii, Idaho, Kentucky,...…Key PointsMore than a dozen states aren't offering a new tax break on unemployment benefits.That means taxpayers will need to pay state tax on benefits they received last year, absent any forthcoming changes to state law.The American Rescue Plan per person collected in 2020. The $1.9 trillion Covid relief measure to individuals and couples whose income was less than $150,000.But not all states followed suit.As of Monday, 13 aren't excluding unemployment compensation from taxes, according to data from tax preparer H&R Block.They are: Colorado, Georgia, Hawaii, Idaho, Kentucky,...WW…

Key PointsThe IRS should police wealthy Americans who intentionally dodge their income taxes with more vigor, according to a report from the Treasury Inspector General for Tax Administration.About 686,000 taxpayers who earn at least $200,000 a year had a combined $38.5 billion tax balance as of mid-May 2019, according to the watchdog.Further, the agency collects less than 50% of tax debt owed by high-income taxpayers within a year of the case being assigned to an IRS tax collector, the report said.More from Personal Finance:For example, high earners — those making at least $1.5 million a...…Key PointsThe IRS should police wealthy Americans who intentionally dodge their income taxes with more vigor, according to a report from the Treasury Inspector General for Tax Administration.About 686,000 taxpayers who earn at least $200,000 a year had a combined $38.5 billion tax balance as of mid-May 2019, according to the watchdog.Further, the agency collects less than 50% of tax debt owed by high-income taxpayers within a year of the case being assigned to an IRS tax collector, the report said.More from Personal Finance:For example, high earners — those making at least $1.5 million a...WW…

Key PointsThe Senate on Saturday that extends and raises unemployment benefits.Democrats will now look to get that pandemic aid bill to President Joe Biden in time to prevent a gap in jobless benefits, which are next weekend.It's perhaps too late to stop that from happening, according to some experts."The unfortunate reality is, we waited a little too long," said Elizabeth Pancotti, an unemployment expert and policy advisor at Employ America. "They needed a bill to [President Biden] by about Valentine's Day."The House aims to approve the Senate version of the plan in the coming days and...…Key PointsThe Senate on Saturday that extends and raises unemployment benefits.Democrats will now look to get that pandemic aid bill to President Joe Biden in time to prevent a gap in jobless benefits, which are next weekend.It's perhaps too late to stop that from happening, according to some experts."The unfortunate reality is, we waited a little too long," said Elizabeth Pancotti, an unemployment expert and policy advisor at Employ America. "They needed a bill to [President Biden] by about Valentine's Day."The House aims to approve the Senate version of the plan in the coming days and...WW…

Key PointsMore than one million Americans were lifted out of poverty in January as a result of federal stimulus checks and additional unemployment benefits, according to economists at the University of Chicago and University of Notre Dame.It's the first drop in poverty since the summer, they said, though they cautioned the gains may quickly erode absent of more relief.Federal lawmakers in December passed a $900 billion Covid-19 relief measure that offered $600 stimulus checks and a in jobless benefits. It also extended unemployment benefits to those who don't typically qualify, like...…Key PointsMore than one million Americans were lifted out of poverty in January as a result of federal stimulus checks and additional unemployment benefits, according to economists at the University of Chicago and University of Notre Dame.It's the first drop in poverty since the summer, they said, though they cautioned the gains may quickly erode absent of more relief.Federal lawmakers in December passed a $900 billion Covid-19 relief measure that offered $600 stimulus checks and a in jobless benefits. It also extended unemployment benefits to those who don't typically qualify, like...WW…

Key PointsSen. Elizabeth Warren explains her 'Ultra-Millionaire' tax proposalA slew of Democrats on Capitol Hill — including progressives Sen. , D-Mass., and Sen. , I-Vt. — on Monday proposed a 3% total annual tax on wealth exceeding $1 billion.They also called for a lesser, 2% annual wealth tax on the net worth of households and trusts ranging from $50 million to $1 billion.The aims at reining in a widening U.S. wealth gap, which has ."The ultra-rich and powerful have rigged the rules in their favor so much that the top 0.1% pay a lower effective tax rate than the bottom 99%, and...…Key PointsSen. Elizabeth Warren explains her 'Ultra-Millionaire' tax proposalA slew of Democrats on Capitol Hill — including progressives Sen. , D-Mass., and Sen. , I-Vt. — on Monday proposed a 3% total annual tax on wealth exceeding $1 billion.They also called for a lesser, 2% annual wealth tax on the net worth of households and trusts ranging from $50 million to $1 billion.The aims at reining in a widening U.S. wealth gap, which has ."The ultra-rich and powerful have rigged the rules in their favor so much that the top 0.1% pay a lower effective tax rate than the bottom 99%, and...WW…

Key PointsA $15 minimum wage could become a reality in the U.S.While millions would get a pay boost from a higher national wage floor, it would still fall short of paying many workers a "living wage" — the salary a person or family needs to cover their basic expenses.That's especially true for families, largely due to higher living costs like childcare, relative to single adults.Even with a raise to $15 per hour, a typical family of four couldn't afford the basics in any U.S. state, according to a CNBC analysis of assembled by researchers at the Massachusetts Institute of Technology. (This...…Key PointsA $15 minimum wage could become a reality in the U.S.While millions would get a pay boost from a higher national wage floor, it would still fall short of paying many workers a "living wage" — the salary a person or family needs to cover their basic expenses.That's especially true for families, largely due to higher living costs like childcare, relative to single adults.Even with a raise to $15 per hour, a typical family of four couldn't afford the basics in any U.S. state, according to a CNBC analysis of assembled by researchers at the Massachusetts Institute of Technology. (This...WW…

Key PointsThe SEC is eyeing potentially misleading earnings projections made by SPAC sponsors and is seeking clearer disclosures, with one official hinting Thursday that the agency may issue a future rule to rein them in.Special purpose acquisition companies, known as SPACs or blank-check funds, are a .More from Personal Finance:The investments are like quasi-IPOs. A publicly traded shell company uses investor money to buy or merge with a private company, typically within two years. In so doing, the private company becomes publicly traded, offering an alternative to a traditional IPO.SPAC...…Key PointsThe SEC is eyeing potentially misleading earnings projections made by SPAC sponsors and is seeking clearer disclosures, with one official hinting Thursday that the agency may issue a future rule to rein them in.Special purpose acquisition companies, known as SPACs or blank-check funds, are a .More from Personal Finance:The investments are like quasi-IPOs. A publicly traded shell company uses investor money to buy or merge with a private company, typically within two years. In so doing, the private company becomes publicly traded, offering an alternative to a traditional IPO.SPAC...WW…