Education layoffs, royal book, Emmy nominations, rising wedding costs: The week in review
The U.S. Supreme Court ruled on July 14 that the Trump administration could move forward with laying off more than 1,300 Education Department workers. The staffers, whose responsibilities included helping protect students and teachers from discrimination, assisting college financial aid offices and compiling data about the nation's schools, were laid off in March. The Supreme Court's green light came with caveats, though: The justices didn't rule on the merits of the case. They only allowed the agency to carry out the layoffs while a legal challenge proceeds.
Queen bonded with presidents
A new book aims to show Britain's Queen Elizabeth II wasn't just a woman in a colorful hat. The queen, whose 70-year reign made her the nation's longest-ruling monarch, met 13 sitting U.S. presidents over her lifetime, more than any other American or foreign head of state. 'The Queen and Her Presidents' will be published by HarperCollins on April 14, just days before the 100th anniversary of the queen's birth. It is written by Susan Page, USA TODAY's Washington bureau chief. It will chronicle her transformation from a shy, anxious princess to a powerful and persuasive leader and will provide candid assessments of America's commanders-in-chief.
Saying I do to higher costs
Wedding season is in full swing and if invites are stacking up, celebrating friends and family can turn into a budgeting problem fast. Between travel, accommodations, gifts and attire, guests spent $610 on average to attend a wedding in 2024, according to a study by The Knot, a wedding resources website. Of course, the amount guests spend depends on whether they need to travel. On average, guests spend $270 for a local wedding, $840 when they drive to an out-of-town wedding, and $1,680 when flights are required to reach the venue. The average wedding gift cost guests $150 in 2024, $10 less than in previous years.
'Severance' leads Emmy nominations
The Emmy nominations are here! Apple TV+'s drama "Severance" leads the mentions with an impressive 27 nods, followed by HBO Max's "The Penguin" with 24. Apple's "The Studio" and HBO's "The White Lotus" tied for third place with 23 honors, and HBO's "The Last of Us" earned 16 nominations. "The Studio" also tied the record set in 2024 by "The Bear" for most nominations for a comedy series. Harrison Ford, 83, earned his first Emmy nod for his role as the ornery therapist on Apple TV's "Shrinking" (seven nominations).
Rays may be sold for $1.7B
Tampa Bay Rays principal owner Stuart Sternberg has agreed in principle to sell the MLB team to a group headed by Jacksonville, Florida, developer Patrick Zalupski for roughly $1.7 billion, according to a report by The Athletic. The agreement comes just four months after the Rays backed away from a deal to build a new stadium in St. Petersburg, Florida, near the site of their longtime home, Tropicana Field. The deal is expected to be completed as soon as September, an unnamed source told The Athletic, with the club remaining in the Tampa Bay area.
‒ Compiled by Michael B. Smith, copy editor
This article originally appeared on USA TODAY: Week in review: Education layoffs, Emmy nominations, MLB Rays sale
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Instead, they grow their wealth through investments–stocks, real estate, and businesses–which are often taxed at much lower rates or not taxed at all until the assets are sold,' ChatGPT told me. Billionaire income is largely derived from capital appreciation, not wages. In other words, they make money on their money through interest. And as of yet, the U.S. tax code doesn't tax 'unrealized capital gains' so until you sell your assets, you could amass millions in appreciation and not pay a dime on it, ChatGPT shared. Learn More: What Do Billionaires Pay in Taxes? Right now, many billionaires pay an effective tax rate of around 8% or less, thanks to loopholes and tax strategies. Meanwhile, upper-middle-class households earning, say, $250,000 might pay around 20% to 24% of their income in taxes. (Keep in mind that the government doesn't apply one tax bracket to all income. You pay tax in layers, according to the IRS. As your income goes up, the tax rate on the next layer of income is higher. So you pay 12% on the first $47,150, then 22% on $47,151 to $100,525 and so on). So, if billionaires were taxed at the same rate as those upper-middle-class wage earners, 'it would level the playing field–and raise a ton of revenue that could be used for things like infrastructure, education or healthcare,' ChatGPT said. The Impact on Wealth Equality I wondered if taxing billionaires could have any kind of impact on wealth equality, as well. While it wouldn't put more money in other people's pockets, 'it could increase trust in the tax system, showing that the wealthiest aren't playing by a different set of rules,' ChatGPT said. It would also help curb 'the accumulation of dynastic wealth,' where the richest families essentially hoard wealth for generations without contributing proportionally to the system. But it's not a magic bullet. 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