Tax & Financial News of The Week

Hello and welcome to the first of a series of weekly posts summarizing the most interesting tax and financial news of the week.  I'll focus on issues that matter to me and stories that pertain to taxes, personal finance, and the economy.  

Wall Street Journal - U.S. Wealth Is Near a Record, Yet Racial Gap Has Widened Since Recession.  Despite a strong economy driven by the stock market, the gap in median wealth between white households and black households has increased significantly since 2010.

 

CNN Money - Congress moves one step closer to allowing pension cuts.  Over a million retired and current truck drivers, construction workers and other union workers could see their pension benefits cut if the Senate passes a controversial proposal.

 

Bloomberg Graphic Report - America Is Shaking Off Its Addiction to Oil.  This great visual report shows our oil production, oil consumption, gas prices and more over time and highlights trends indicating we maybe finally breaking our addition to oil.

 

TechCrunch - Lending Club IPOs for $5.4 Billion.  Lending Club, a peer to peer lending platform, made it's initial public offering on Thursday December 11.  It is the largest IPO for a US tech company this year and shows how much upside there is for FinTech investors and entrepreneurs.

 

Forbes - IRS Announces 2015 Standard Mileage Rates.  On December 10, IRS announced the standard mileage rate for federal income taxes.  These rates determine how much you can deduct from your taxes for miles driven for different purposes.  They go into effect for Tax Year 2015 (filed in calendar year 2016).

 

Have a great weekend!

Bill