 |
| |
| |
| Subscribe to The Daily Money newsletter. Come for our roundup of each day's top stories from USA TODAY Money. Stay for the pop-culture references and financial news-inspired playlist. |
| Good morning and happy Wednesday, Daily Money readers. Jayme Deerwester back with you. You know that look when dogs cock their head at you as if to say, "Huh?" That's kinda how I feel after reading the results of my hound 's DNA test yesterday. Without giving too much away, let's just say it's gonna be hard to keep her out of the pool this summer. |
| On to today's news ... |
🗞 News you should know 🗞 |
| A month after the expiration of the enhanced child tax credit, which gave families as much as $300 extra a month per child, 3.7 million children fell into poverty, according to a study by Megan Curran, the policy director at Columbia University's Center on Poverty and Social Policy. |
| The child poverty rate grew from 12.1% in December 2021 to 17% the following month, a 41% increase. Black and Latinx children experienced the sharpest increases in poverty. |
| The federal spending plan, signed into law last week, increases funding for federal programs such as Head Start preschool and grants that help subsidize child care for low-income parents. But those programs only reach a small percentage of the families that need such support, advocates say. |
| At the same time, the social safety net that was strung underneath families during the pandemic is withering away. In addition to losing their child tax credit money after Congress voted not to extend the payments, the spending plan excludes a provision that had allowed for universal free meals. |
| These decisions are already taking a toll, research suggests, with many parents and schools increasingly struggling – or worried about their ability – to meet their children's basic needs. |
🚨 More stories you shouldn't miss 🚨 |
| PFIZER DRUG RECALL: Blood pressure medicine Accuretic recalled for elevated cancer risk. |
| GAMING THE SYSTEM: KIPP charter schools got $28M in PPP loans despite $75M in assets. |
| ATTENTION, SOUTHWEST PASSENGERS: The airline wants you to pay up for a new ticket with perks. |
| OKTA BREACH: Hackers say they gained access to internal data but authentication service denies it happened. |
| THIS IS GOING TO MAKE JON STEWART SO MAD. Ohio, Detroit are the best overall places for pizza, survey says. |
💡 Daily insight 💡 |
| The pandemic rental market in New York City, which was characterized by a precipitous drop in prices and unheard of deals, is ending with a thud – as rents are surging again. And it's delivering a rude shock to New Yorkers who had recently enjoyed steep discounts and landlord concessions in a city long known for its jaw-dropping rents. |
| Take the case of Thomas Ferry, who scored a Manhattan studio apartment for under $2,000 a month in September 2020 and even negotiated the price down to $1,750 for a while. |
| As fully vaccinated people began flocking back to the city, Ferry, 27, knew his COVID rental deal would not last. And it didn't: he received a letter in February from his landlord saying that his rent would be going up to $2,500 a month when his lease expired in May, a 43% increase. |
| It's quite a reversal from the pandemic's depths, when the inventory of apartments rose 200% and rents fell by more than 20% in Manhattan. |
| "You get a sense that the city is really ramping up," says real estate appraiser Jonathan Miller. "I think it says a lot about urban centers that were written off early," in the pandemic. |
💵 Taxes and inflation 💵 |
| Paying state and federal taxes on earned income is the norm for many Americans. But tax rates can differ significantly from state to state. Nine states have a flat tax rate for all residents. That means residents with low incomes and high incomes all pay taxes at the same rate. Those states are: |
| • | Colorado | | • | Illinois | | • | Indiana | | • | Kentucky | | • | Massachusetts | | • | Michigan | | • | North Carolina | | • | Pennsylvania | | • | Utah | |
🎧 Mood music 🎧 |
| Today's lyric comes from an early Dave Matthews Band track, "Seek Up": "Oh, sit a while with TV's hungry child, big belly swelled. Oh, for a price of a Coke or a smoke, keep alive those hungry eyes. Take a look at me, what you see in me; mirror, look at me. Face it all, face it all again." |
| LISTEN WHILE YOU WORK: Remember, you can listen to this song and every track I've quoted in the newsletter in the Daily Money Mood Music playlist on Spotify. |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
No comments:
Post a Comment