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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]
On May 22, the House Armed Services Committee approved its version of the 2025 National Defense Authorization Act, by a 57–1 vote. [5] As passed by the Committee, the bill included the Pentagon's controversial "Legislative Proposal 480", transferring Air National Guard space units to the Space Force; however, the Committee accepted an amendment proposed by Joe Wilson (R‑SC), watering down ...
Financial years are designated by the calendar year of the second half of the period. For example, financial year 2025 is the 12-month period ending on 30 June 2025 and can be referred to as FY2024/25. It is used for official purposes, by individual taxpayers and by the overwhelming majority of business enterprises. [9]
The COLA for 2025 will be 2.5%, which is the lowest adjustment since 2021. It's also substantially lower than the COLAs in 2022 and 2023, which were 5.9% and 8.7%, respectively.
The IRS just released its inflation-adjusted tax brackets for 2025 — and it’s the smallest increase in four years. Income thresholds for each tax bracket will rise by about 2.8% in the new ...
After January 13, 2025 Ohio (3) JD Vance (R) Incumbent will resign before January 20, 2025, to become Vice President of the United States. [11] Successor will be appointed to continue the term. [12] Florida (3) Marco Rubio (R) Incumbent will resign on a date TBD, to become United States Secretary of State, if confirmed by the Senate. [13]
Image source: Getty Images. 1. The 2025 Social Security COLA. Social Security beneficiaries are getting a 2.5% cost-of-living adjustment, or COLA, starting with the payment they receive in January ...
March 31 – 2025 MLB season: The Athletics will begin their temporary relocation to West Sacramento, California, as part of their ongoing relocation to Las Vegas. [13] June 15–July 13 – The 2025 FIFA Club World Cup will take place in the United States. May 5 – Sean "Diddy" Combs is scheduled to be put on trial for sex trafficking crimes.