Business

Silicon Valley’s wealthiest residents are once again threatening to leave California, this time over a proposed state wealth tax that tech founders warn could fundamentally reshape where innovation — and capital — call home.The proposal, backed by the Service Employees International Union–United Healthcare Workers West, would impose a one-time 5% tax on the assets of California residents worth more than $1 billion. Supporters say the revenue could help offset federal funding […]

Product recalls surged in 2025, reaching their highest level in at least a decade as regulators warned consumers about defects in everything from water bottles to countertop ovens to sparkling wine.Here are the top 10 products recalled by the Consumer Product Safety Commission (CPSC) this year.About 850,000 water bottles were recalled after reports that the lid could violently eject, striking users in the face and, in some cases, causing permanent […]

The U.S. housing market is moving in the right direction, but potential buyers aren't going to get too much relief in 2026, according to an industry expert.  Realtor.com senior economic research analyst Hannah Jones projected that inventory will continue to rise and mortgage rates will fall slightly to about 6.3%. While it's not a significant drop, it's still down from the average of 6.6% in 2025, highlighting how the market […]

California dropped its lawsuit against the Trump administration after it pulled roughly $4 billion in federal funding for the state’s high-speed rail project.Court records show that California Attorney General Rob Bonta’s office filed a notice on Dec. 23 voluntarily dismissing the lawsuit without prejudice on behalf of the California High-Speed Rail Authority (CHSRA), which had been seeking to have the federal funding reinstated."This action reflects the State’s assessment that the […]

The IRS unveiled contribution limit changes for popular retirement plans, including 401(k) plans and IRAs.Americans who contribute to 401(k) and 403(b) plans, as well as governmental 457 plans and the federal government's Thrift Savings Plan, will see their contribution limit rise to $24,500 in 2026 — an increase from $23,500 in 2025 — the IRS announced in November.The IRA contribution limit is also rising in the new year, increasing to $7,500 […]

Consumers should be stocking up on essentials, particularly in the home goods category, as those items are expected to see "noticeable" price increases in early 2026, according to Wells Fargo.Retailers "have largely tried to either hold or modestly increase prices this holiday season across categories, with many offering targeted promotions and even deeper discounts on select items," according to Lauren Murphy, managing director of Wells Fargo Retail Finance.In early 2025, […]

Treasury Secretary Scott Bessent predicted that Americans will see "gigantic" refund checks in the upcoming filing season thanks to tax cuts in President Donald Trump's One Big Beautiful Bill Act (OBBBA).Bessent, who also serves as the acting commissioner of the IRS, made the remark during an appearance on the "All-In Podcast." The treasury secretary told the hosts that the tax provisions in the act, which Trump signed in July, applied […]

A winter storm on the East Coast has left post-Christmas travelers in a ho-ho-horrible position as airports see mass cancellations and delays.The website FlightAware showed that as of 7:50 a.m. ET on Saturday, 892 flights within, into or out of the U.S. were delayed and 637 were canceled. The website's "Misery Map" shows New York area airports, such as John F. Kennedy International Airport, LaGuardia Airport and Newark Liberty International Airport, […]

Travelers could face major delays as airports may be overwhelmed with millions of travelers during the holiday weekend. The Federal Aviation Administration (FAA) on Friday issued at least eight separate airspace flow restrictions, the Daily Mail reported.The series of airspace flow programs (AFPs) could affect major airports in the United States and Canada during one of the busiest travel days of the year. Some delays could reach more than six hours, the outlet […]