Americans Want More Kids. The IRS Can Help
In his op-ed 'You Can't Legislate Fertility' (June 24), Matthew Hennessey writes that 'encouraging people to start families is a job for churches and civil society, not the IRS.' But Americans rely on the tax code to make it easier to have the children they already want. Women in the U.S. report having, on average, one child fewer than they'd like. Programs like the child tax credit can help close that gap.
The current credit has lost a fifth of its value to inflation since President Trump's first term. The reconciliation bill is Congress's chance to add that value back. Parents are essentially small-scale entrepreneurs: When they're empowered to take risks, everyone benefits from the payoff. Family tax benefits are pro-growth policy—like R&D credits, they help parents afford the start-up costs of a major investment in the future of their family and our country.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
9 minutes ago
- Yahoo
5 Things You May Have In Common With Every Millionaire
Are you on the path to becoming a millionaire? If you want to know for sure, it's good to see what millionaires already have. Even better, see which money habits they all seem to have in common. You can do this research yourself, but why do that when you can get quick access to the five things every millionaire has in common? You might check off all five items on this list. In that case, you're on your way to a seven-figure portfolio. If not, it may be worth seeing how you can align your finances and goals to have these five traits. Don't Miss: GoSun's breakthrough rooftop EV charger already has 2,000+ units reserved — become an investor in this $41.3M clean energy brand today. Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. Back a bold new approach to cancer treatment with high-growth potential. Millionaires make regular investments in assets like stocks and real estate that gain value over time. Stocks are the easiest asset to enter since they are highly liquid. Cryptocurrencies have the same convenience. You don't have to build or maintain a property to buy stocks and crypto. Real estate is another popular asset since people will always need places to live. Real estate also has unique tax advantages that you won't find with stocks. Most millionaires don't blow through their money, especially people who take decades to reach the seven-figure milestone with steady investments. They look for ways to save money, and one of the best ways to cut your expenses is by purchasing a used car that gets the job done. Used cars have already endured a lot of depreciation. It's better to get a car that has already lost value than it is to drive a new car and watch its value plummet the moment you pick it up from the dealership. Opting for more affordable cars will give you extra money to pour into your investments. Then, your wealth will compound faster and set you up for a seven-figure portfolio. Trending: This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, with minimum investments as low as $100. A college degree is not required to become a millionaire, but many of them have college degrees. It's more common for millionaires to get degrees from public state schools than top-tier private universities. Many people use their college degrees to pursue new career opportunities. It's better to have a college degree than it is to not have one. However, you shouldn't be discouraged if you do not have a college degree. Some people have become millionaires off a high school education. Many millionaires invest to build wealth, and they also tend to use 401(k) plans to boost their wealth. These accounts come with significant tax advantages, and most employers match a portion of your contributions. It's good to max out your 401(k) plan each year. Doing this for 20 years can help you establish a strong nest egg, and if you can max out your 401(k) plan for more than 20 years, that's even better. Plus, when you turn 50, you can make an annual catch-up contribution in addition to your regular contribution. Combine a 401(k) plan with an IRA, and you can contribute even more money to tax-advantaged accounts every year. The last thing most millionaires have in common is that they don't carry credit card balances. While any debt has interest, credit cards are notorious for their high rates. You can end up with an APR that's close to 30% if you don't manage your credit card debt and end up with a low FICO score. The best-case scenario is an APR of about 20% for most cardholders. Millionaires don't spend more than they make each month, making it easy to pay off their credit cards each month. By paying off their credit cards on time, millionaires avoid interest while enjoying all of the perks that come with having a credit card. See Next: $100k in assets? Maximize your retirement and cut down on taxes: Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation. Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's how you can earn passive income with just $100. Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article 5 Things You May Have In Common With Every Millionaire originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Washington Post
12 minutes ago
- Washington Post
Centrist Republican Rep. Don Bacon of Nebraska won't seek reelection
WASHINGTON — U.S. Rep. Don Bacon, a centrist Republican who represents Nebraska's second district with its so-called 'blue dot' that includes many progressive voters around Omaha, will not seek reelection. That's according to a person familiar with his plans and granted anonymity to discuss them Friday. Bacon is known as an independent-minded Air Force veteran who serves on the House Armed Services Committee and has been at the center of many debates in Congress. He has also been chairman of the conservative-centrist Republican Main Street Caucus in the House.
Yahoo
16 minutes ago
- Yahoo
Federal prosecutors to seek death penalty for New Mexico man
Jun. 27—Federal prosecutors in New Mexico said Friday they plan to seek the death penalty for the first time since 2018 in the case of a man charged in two homicides and other crimes. The request by U.S. Attorney Ryan Ellison of New Mexico also marks the state's first capital punishment case since President Donald Trump's administration lifted the ban on federal executions on Feb. 5. The request comes in the case of Labar Tsethlikai, 52, an enrolled member of Zuni Pueblo, whom federal prosecutors have described as "a serial murderer, kidnapper and sexual abuser" who victimized Native American men, the U.S. Attorney's Office has said. He has been charged with 17 felonies, including first-degree murder and two counts of kidnapping resulting in death, according to a superseding indictment filed in December 2024. Other charges include aggravated sexual abuse, assault with intent to commit murder and nine counts of kidnapping. "The maximum penalty for the kidnapping resulting in death charges is death, and Attorney General Bondi has authorized and directed the United States Attorney for the District of New Mexico to pursue capital punishment in this case," Ellison's office said in a news release issued Friday. Federal executions in the U.S. have been on hold since former U.S. Attorney General Merrick Garland imposed a moratorium in 2021. On his first day in office, Jan. 20, President Trump ordered the attorney general, now Pam Bondi, to pursue the death penalty "for all crimes of a severity demanding its use." The last time federal prosecutors in New Mexico filed a notice to seek the death penalty was in January 2018, according to the Federal Capital Trial Project website. The notice was filed in the case of defendant Kirby Cleveland, who was charged in the 2017 fatal shooting death of Houston Largo, a Navajo Nation Department of Public Safety law enforcement officer. The U.S. Attorney's Office in New Mexico withdrew the notice months later. Cleveland pleaded guilty to second-degree murder and was sentenced to 30 years in federal prison. In Tsethlikai's case, Ellison, a Trump appointee, notified U.S. District Court Judge David H. Urias on Friday of his intent to seek the death penalty. Tsethlikai "engaged in a pattern of predatory and sexual violence against other individuals," Ellison and two assistant U.S. attorneys wrote in a notice of intent to seek the death penalty filed in U.S. District Court in Albuquerque. The alleged crimes were committed "in an especially heinous, cruel, or depraved manner in that it involved torture or serious physical abuse" of the victim, Ellison wrote. The notice also said that Tsethlikai had previously been convicted of two or more offenses "involving the infliction, or attempted infliction of, serious bodily injury or death upon another person." Tsethlikai is from Zuni but traveled extensively around New Mexico, including Gallup, Albuquerque and Santa Fe, the U.S. Attorney's Office said. He is believed to have worked in the Native American jewelry industry. Tsethlikai initially was charged in April with second-degree murder in the Jan. 18, 2024, death of a man found dead in a remote area of the Zuni reservation. Tsethlakai now faces first-degree murder in that death. In July, Tsethlikai was charged in the October 22, 2022, death of a man identified as "John Doe 1," who died as a result of a kidnapping, according to a superseding indictment. Additional charges are part of a larger series of violent crimes committed by Tsethlikai against Native American men across New Mexico between 2022 and 2024, the agency has said. Prosecutors said the victims were Native American men, but none are identified by name in court records. Most of the attacks occurred in McKinley County. "Simply put, (Tsethlikai) preys on a vulnerable segment of the population, that being males who are either homeless or addicted to controlled substances, or both," prosecutors wrote in an April 29 pretrial detention motion. U.S. Magistrate Judge Laura Fashing in May ordered Tsethlikai to remain in custody pending trial. He faces a mandatory life sentence or death if convicted of first-degree murder or kidnapping resulting in death, the U.S. Attorney's Office said.
