Budget Archives - DR News - News, Retirement, Finance

Retirement Budget: Cut Back on Dining Out to Save Money and Live Comfortably

St. Louis, Missouri – According to recent data, the average monthly Social Security benefit in January 2024 was $1,907. For those living with a partner who also receives a similar amount, the combined monthly income could reach $3,814. While this sum may seem substantial, retirees may still need to make adjustments to their spending habits to ensure financial stability in retirement. Preparing meals at home can not only be a healthier option but can also …

Budget Deficit Prompts Gov. Newsom to Seek Delay in California Health Care Worker Minimum Wage Increase

Sacramento, California – California health care workers may have to wait longer for the state-ordered minimum wage increase as Governor Gavin Newsom seeks changes to a law he signed just three months ago due to the state’s projected $38 billion budget deficit. The law, which aimed to set the health care industry on a path to a $25 minimum wage, was expected to take effect in June, but the proposed changes could potentially push back …

Retirement Age for Social Security to Increase in New House Republican Budget

WASHINGTON — A group of House Republicans has proposed a new budget that includes controversial measures aimed at restructuring Social Security and Medicare. While these proposals are unlikely to become law this year, they offer insight into the direction many Republicans may take if they win the 2024 elections. The budget reflects the ongoing political battle between President Joe Biden and the Republican Party, particularly as Biden prepares for re-election. Released by the Republican Study …

Social Security and Medicare Cuts Revealed in Latest GOP Budget Plan

Washington, D.C. – A recent budget proposal has sparked controversy, with critics claiming it shows the Republican Party’s focus on cutting social security and medicare benefits. The proposal has raised concerns among many Americans, particularly those who rely on these programs for their well-being and financial stability. The proposed budget cuts have been met with strong opposition from Democrats and advocacy groups, who argue that these cuts would disproportionately impact vulnerable populations, including seniors and …

Republican Study Committee Budget Proposes Social Security and Medicare Overhaul Ahead of 2024 Election Battle

WASHINGTON (AP) — House Republicans recently unveiled a new budget plan that includes proposals to raise the retirement age for future Social Security beneficiaries and restructure Medicare. While unlikely to be implemented this year, the budget provides insight into the GOP’s governing priorities should they win the 2024 elections. These proposals set the stage for a potentially contentious battle between President Joe Biden and his opponents as he gears up for re-election. The budget, released …

California’s Single-Payer Health Care Push Raises Eyebrows as Budget Deficit Looms

Sacramento, California – As California faces a staggering state budget of $225.9 billion and a deficit of $73 billion, Assemblyman Ash Kalra, a Democrat, has reintroduced legislation pushing for a single-payer healthcare system in the state. The proposed plan is estimated to cost $391 billion annually. This move has sparked concerns about the feasibility and implications of such a system, given the challenges faced by countries with similar healthcare models. Advocates for single-payer healthcare argue …

Tax and Toll Increase Package Launched by Democrats in Maryland House of Delegates Holding State Budget Hostage

ANNAPOLIS, Maryland – Democrats in the Maryland House of Delegates unveiled a bold $1.2 billion tax, toll, and fee increase package on Friday, setting the stage for a contentious budget battle in the state. The proposal aims to address mounting deficit projections in Maryland, reminiscent of the challenges faced during the Great Recession. The comprehensive plan includes measures such as legalizing and taxing online poker and other forms of internet gambling, introducing new fees for …

Living Cost Crisis: Jeremy Hunt’s Spring Budget Impacts Higher Earners, Experts Say

London, UK – As UK Chancellor Jeremy Hunt presented his spring Budget, he unveiled significant changes aimed at addressing economic challenges. The budget included a 2p National Insurance tax cut, adjustments to Child Benefit, and the introduction of a new “British Isa.” However, concerns have been raised that these measures may disproportionately benefit higher-income earners, with those making £50,000 or more reaping the most benefits from the tax cut, as highlighted by the Resolution Foundation …

Budget Boost: Health Care Wish List Revealed

Houston, Texas – As the United States tackles the challenges of healthcare, policymakers are deliberating the allocation of funds in the health budget wish list. The budget wish list entails a variety of priorities that seek to improve healthcare access, affordability, and quality for all Americans. From addressing mental health services to expanding insurance coverage, the wish list reflects the diverse needs of the population. One significant aspect of the wish list is the focus …

Tax Threshold Freeze in Budget Squeezes Pensioners and Low Earners Again

London, England – After Chancellor Jeremy Hunt’s Budget announcement, BBC News engaged in a discussion with a panel of experts to clarify the financial implications for the public. The Budget drew attention to various aspects affecting individuals’ finances, from tax thresholds to National Insurance contributions. The freezing of tax thresholds in 2021 has led to a significant number of pensioners, over 60%, now having to pay income tax on their state pension. This change has …