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November 12, 2020

You can finally turn off the cable news: Joe Biden has clinched the U.S. presidency after flipping key swing states including Pennsylvania, Michigan and Wisconsin. And with a new leader, changes are afoot. Below, you’ll find pieces examining the president-elect’s expected impact on the economy, taxes, retirement, student loan debt and even solar stocks. But in the background of these election updates, Covid-19 case numbers have skyrocketed across the United States. When it comes to Medicare, Congress held down the increase in the base Part B premium for 2021, but surcharges for high income seniors are rising. With many Americans still struggling financially amid the pandemic, contributor Guinevere Moore offers tips for dealing with the IRS when it’s difficult to pay a tax bill, and senior contributor Kelly Phillips Erb reminds college students that some of them may still be eligible to apply for a stimulus check. 2020 getting you down? It’s almost over. In the meantime, consider playing Eloise and spend a month living at a hotel, thanks to some major promotions at Hyatt locations.

Election 2020

The Biden Presidency and the Economy: What You Need To Know Janet Novack

The president-elect has plans for everything from Covid-19 to taxes to the minimum wage. Here is a roundup looking at changes you can expect in a dozen key areas.

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Markets

Solar Stocks Soared This Year, But Now They’re Feeling The Market’s Heat–Could The Boom Be Over? Jonathan Ponciano

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Though solar energy stocks have struggled this past week, they still have a bright future despite the looming possibility of a split congress.

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U.S. Will Have Enough Covid Vaccine Doses By Mid-2021, Plus 5 More Big Predictions From Goldman Sachs GS Jonathan Ponciano

Goldman Sachs published five bold predictions on Wednesday, including an end-of-year market surge and the expectation that Pfizer’s PFE coronavirus vaccine candidate will receive emergency FDA authorization in January.

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Taxes

What Does A Biden Presidency Mean For Your Tax Bill? Tony Nitti

Biden plans to raise taxes by nearly $3.5 trillion over the next ten years on corporations and individuals earning more than $400,000 annually. But the fate of his proposals could rest in the hands of two Georgia runoff elections.

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Could A Divided Congress Approve Biden’s Ambitious Tax Agenda? Maybe More Than You Think Howard Gleckman

Conventional wisdom says Joe Biden’s tax agenda will die in a GOP Senate. But elements of his plan still could pass.

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Owe The IRS, But Can’t Afford To Pay? Here’s What To Do About It Guinevere Moore

Taxpayers who owe the IRS but cannot afford to pay have options, but must carefully exercise their rights or risk waiving them.

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Novel Graphic: Retirement Boom

Source: Pew Research

Retirement

Medicare Part B Premiums Rising 2.7%; Premiums For Highest Income Couples Will Top $12,000 For 2021 Ashlea Ebeling

Congress held down the increase in the base Medicare Part B premium for 2021, but watch out for income-related surcharges.

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5 Ways President Biden May Make Lasting Changes To Your Retirement Rob Berger

President-elect Biden intends to expand Social Security benefits as well as retirement savings benefits for caregivers.

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Education

Don’t Get Excited About Joe Biden Canceling Student Loan Debt Just Yet Kelly Anne Smith

Biden’s campaign included lofty goals for student loans and making them less of a burden for middle-class Americans.

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IRS To College Students: It’s Not Too Late To Register For A Stimulus Check Kelly Phillips Erb

If you are a self-supporting student and don’t need to file a tax return, you have until November 21 to register to get your stimulus check (also called an Economic Impact Payment, or EIP) before the end of the year.

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Spending

I’m Moving Into A Hyatt For 4 Weeks. Here’s Why Caroline Lupini

By taking advantage of several current Hyatt promotions, the author is spending $3,914.38 to live in a Hyatt hotel for a month.

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