Latest news with #MarkLennihan
Newsweek
28-06-2025
- Business
- Newsweek
Minimum Wage To Change in 15 States, Cities on July 1: Here's Where
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Hundreds of thousands of workers across the U.S. are set to get a pay bump starting July 1, as minimum wage increases take effect in more than a dozen states, cities, and counties. According to the Economic Policy Institute (EPI), more than 800,000 workers in Alaska, Oregon and Washington, D.C. alone will see their baseline pay go up next month. Another dozen local jurisdictions—mostly in California—will also implement increases. Why It Matters The pay hikes come as the federal minimum wage remains stuck at $7.25 per hour, unchanged since 2009. With the cost of living continuing to rise, many states and cities have raised their own minimums through legislation, ballot measures or inflation adjustments. This Oct. 24, 2016 file photo shows dollar bills in New York. This Oct. 24, 2016 file photo shows dollar bills in New York. Mark Lennihan/AP What To Know In Alaska, the minimum wage will rise by $1.09 to $13.00 an hour, an increase approved by voters through a ballot measure. EPI calculates the boost will affect 19,400 workers—about 6.3 percent of Alaska's workforce—and add an average of $925 per year to their paychecks. Washington, D.C. will raise its minimum by 45 cents to $17.95 an hour due to an automatic inflation adjustment, impacting an estimated 62,200 workers, or 7.5 percent of the city's workforce. The average worker there will earn about $727 more per year. In Oregon, about 801,700 workers—roughly 9.4 percent of the state's workforce—will see their minimum wage climb 35 cents to $15.05 an hour, also tied to inflation. That's an average annual increase of $420 per worker. Beyond those statewide and D.C. changes, minimum wages will increase in 12 cities and counties next month. That includes 10 cities and counties in California, with increases ranging from 45 to 59 cents an hour. New hourly rates will range from about $17.46 in Alameda to nearly $20 in Emeryville—one of the highest local minimum wages in the country. Cities including Berkeley and San Francisco will see their wages climb to $19.18 an hour, while workers in Los Angeles and surrounding areas will earn just under $18. Outside California, Chicago, Illinois, will boost its minimum wage by 40 cents, bringing it to $16.60 an hour. And in Maryland, Montgomery County will increase its minimum wage by 50 cents to $17.65 an hour. The EPI estimates that about 58 percent of workers benefiting from the July 1 hikes are women, while Black and Hispanic workers will also disproportionately gain. What People Are Saying "These minimum wage increases will put more money in workers' pockets, helping many of them and their families make ends meet," EPI state economic analyst Sebastian Martinez Hickey said. "The average increase in annual wages for a full-time, year-round worker resulting from these minimum wage hikes ranges from $420 in Oregon to $925 in Alaska." What Happens Next Calls to raise the federal wage persist. This month, Republican Senator Josh Hawley of Missouri and Democratic Senator Peter Welch of Vermont introduced a bipartisan bill to lift the federal minimum to $15 per hour—more than double the current rate. Starting July 1, employers will have to ensure they review the changes made in different cities to minimum wage rates and pay their employees accordingly.
Forbes
27-06-2025
- Business
- Forbes
Most Americans Feel They Pay Too Much In Federal Income Taxes
FILE - A portion of the 1040 U.S. Individual Income Tax Return form is shown July 24, 2018, in New ... More York. The IRS said Tuesday, June 21, 2022, that it will have erased its backlog of last season's tax returns by the end of this week. (AP Photo/Mark Lennihan, File) Gallup has been polling this topic for several decades. More than half of Americans feel that they are paying too much in federal income taxes. Reducing income taxes is something everyone wants to do. If you own real estate or a small business, you have more ways to defer taxes. Most people do not own these types of investments. For those who do not, the simplest way to lower your federal income taxes over your life is by contributing to your retirement accounts. Even if you do own real estate or a business, maxing out retirement contributions is still a smart move. Types of Retirement Plans Retirement plans can be tricky because there are many types and different rules. Common plans include: The rules got even more complicated with the Secure Act in 2019 and Secure Act 2.0 in 2022. Understanding these changes is key to making the best decisions for your income taxes and financial future. Traditional vs. Roth Contributions Retirement contributions generally fall into two categories: traditional or Roth. Traditional Contributions Roth Contributions The Power of Compounding No matter which you choose, your money grows without being taxed on the gains while it is in the account. This compounding effect can significantly grow your savings over time. Albert Einstein called compounding the 'eighth wonder of the world.' Key Tips for Retirement Savings Workplace Retirement Plans: 401(k)s and New Catch-Up Rules The 401(k) is the most common workplace retirement plan. Secure Act 2.0 made significant changes, especially for those aged 60 to 63. Starting in 2025, catch-up contribution limits will increase, allowing you to save more during those years. Here are the new limits: These new catch-up limits for ages 60 to 63 took effect on Jan. 1, 2025. Social Security and Retirement Many Americans rely on retirement accounts and Social Security to fund their retirement. Please take the time to understand your social security benefits. Final Thoughts I encourage everyone to take time to understand their retirement plans and ensure their investments inside the accounts are appropriate. Small changes now can make a big difference in your future — and help lower your taxes along the way.
Hindustan Times
25-06-2025
- Business
- Hindustan Times
AT&T agrees to $177 million settlement over data breaches: Know who is eligible and how to claim
AT&T is scheduled to roll out a long-due $177 million settlement amount on June 20, as per the preliminary approval passed by a US district judge in Texas. This amount will be distributed to affected current and past subscribers who lost confidential data due to security breaches through external hacking. A final hearing on the matter is scheduled for December 3 this year. AT&T agrees to $177 million settlement over data breaches (AP Photo/Mark Lennihan, File)(AP) In 2019, a major data leak in the network service provider resulted in the names, Social Security numbers, and dates of birth of multiple customers being compromised by cybercriminals. Out of the $177 million settlement amount being distributed by the company, $149 million is meant to address his breach specifically. About 51 million users' data was compromised and a string of lawsuits followed in its wake. In April 2024, another data breach by cloud storage provider Snowflake resulted in cybercriminals gaining direct access to call and text records of AT&T customers. The company claimed that no client names were divulged in the process. The remaining $28 million from the settlement amount is meant to address the legal action against the company as a result of this mishap. Who is eligible? A court document states that the approval process will officially kick off on August 4. All those eligible to receive a slice of the settlement will receive electronic or physical intimation during this summer. How to claim your settlement amount Those who submitted documentation as proof of the degree of personal data affected as a result of the hacks will be eligible for a higher payment amount. This can go up to $5,000 in the first case and $2,500 in the second one. The amount will ordinarily be decided based on the number of people eligible for payment and the degree of personal loss caused. At the time, AT&T issued a public statement that read, 'While we deny the allegations in these lawsuits that we were responsible for these criminal acts, we have agreed to this settlement to avoid the expense and uncertainty of protracted litigation. We remain committed to protecting our customers' data and ensuring their continued trust in us.' Following final court approval, the payment amount will be sent to beneficiaries next year. – By Stuti Gupta
CTV News
04-06-2025
- General
- CTV News
Quebec law that helps victims of intimate image sharing remove photos now in effect
The iris scanner, centre, and camera lens, right, are shown on the back of a smartphone, Monday, April 17, 2017, in New York. THE CANADIAN PRESS/AP-Mark Lennihan MONTREAL — A Quebec law is coming into force, giving people new tools to obtain a court order to remove intimate images posted online. Under the Criminal Code, publishing, texting or sharing intimate images of someone without their consent is a crime. But for most victims, this does not always mean unlawfully shared images will get removed quickly. The new Quebec law allows victims to fill out a form online or at a courthouse and obtain an order from a judge requiring the images or footage to be removed. Failure to comply comes with stiff penalties — with fines up to $50,000 per day for a first offence or 18 months in jail. Quebec is the second province after British Columbia to pass legislation protecting victims of non-consensual image sharing. This report by The Canadian Press was first published June 4, 2025.
CTV News
04-06-2025
- General
- CTV News
Quebec law that helps victims of intimate image sharing remove photos now in effect
The iris scanner, centre, and camera lens, right, are shown on the back of a smartphone, Monday, April 17, 2017, in New York. THE CANADIAN PRESS/AP-Mark Lennihan MONTREAL — A Quebec law is coming into force, giving people new tools to obtain a court order to remove intimate images posted online. Under the Criminal Code, publishing, texting or sharing intimate images of someone without their consent is a crime. But for most victims, this does not always mean unlawfully shared images will get removed quickly. The new Quebec law allows victims to fill out a form online or at a courthouse and obtain an order from a judge requiring the images or footage to be removed. Failure to comply comes with stiff penalties — with fines up to $50,000 per day for a first offence or 18 months in jail. Quebec is the second province after British Columbia to pass legislation protecting victims of non-consensual image sharing. This report by The Canadian Press was first published June 4, 2025.
