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The Fiscal Responsibility Act of 2023, passed in June 2023, resolved that year's debt-ceiling crisis and set spending caps for FY2024 and FY2025. The act called for $895 billion in defense spending and $711 billion in non-defense discretionary spending for fiscal year 2025, representing a 1% increase over fiscal year 2024. [10]
The Social Security Administration announced recently that seniors will get a 2.5% benefits increase for the 2025 year. That amounts to around $49 more in monthly benefits for the average retiree ...
It projects a benefits increase in 2025 of 2.5%. This prediction lines up with what independent Social Security and Medicare analyst Mary Johnson estimates next year's COLA will be.
Ideally, the 2.5% increase will match inflation going into 2025. This means the benefit amount will make up for any increased everyday costs. ... With this change, employees will pay up to $10,918 ...
Data source: Social Security Administration. As shown above, CPI-E inflation averaged 3.4% through the first eight months of 2024. That is three-tenths of a percent above the average CPI-W reading.
The projected 2025 COLA for Social Security is 2.5%, according to an emailed September 11 TSCL press release, resulting in another drop. That percentage is likely to change, but the concern is ...
A tip credit is the difference between their minimum wage and the cash wage an employee is paid during a pay period, accounting for tips that do not add up to the federal minimum wage. Many advocates for a $15 minimum wage, including restaurant owners, believe that restaurants should get rid of the tip credit pay structure, as they find it is ...
History of the US federal minimum wage. Lower line is nominal dollars. Top line is inflation-adjusted. [1] [2] The Raise the Wage Act is a proposed United States law that would increase the federal minimum wage to US$17. [3] [4] Versions of the bill have been introduced in each United States Congress since 2017.