Good morning. The fine print is doing a lot of work lately. Today's three stories all have a twist worth knowing before it affects you.
On The Money Today:
Trump's tax cuts: who's really keeping more
The Treasury secretary's advice that could change your paycheck
The gig platform paying professionals to train their replacements
Let’s get into it.
The average refund is up $342 this filing season and the administration is crediting its "Working Family Tax Cuts." But 60% of the savings flow to households earning over $217,000 — and the higher up the income ladder, the bigger the windfall. The catch, as always, is in the details.
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Scott Bessent says adjusting your tax withholding is essentially a free raise — and technically, he's right. The average refund this season is $3,462, which means millions of Americans overpaid last year and handed Washington an interest-free loan. But getting the math wrong could flip next year's refund into a bill.
White-collar professionals are logging onto a gig platform to train the AI models that could eventually replace them. Some call it smart positioning. Others call it a trap. The platform behind it all is valued at $10 billion and run by a pair of college dropouts who just became the youngest self-made billionaires — and workers say the conditions tell a very different story than the paychecks.
ALSO MAKING THE ROUNDS TODAY
NEWS: The Pentagon is asking GM and Ford to build weapons and bombs, just like they did in World War II — and the scale of what they produced back then is staggering
RETIREMENT: The IRS is going to take a cut of your retirement savings no matter what — but these 3 RMD mistakes let it take far more than it should
NEWS: FIFA blocked tens of thousands of hotel rooms across 11 U.S. cities for the World Cup — now it's canceling them and hotels are slashing rates to fill the gap
EMPLOYMENT: Computer science used to be the safest bet in higher education — enrollment just posted its biggest single-year drop of any major in six years and students are already pivoting
HAVE YOUR SAY
Would you take a gig training the AI that could replace your job?
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See you soon with another quick roundup of the financial news that matters.
