To add to the pressure on the banks, tech giants like Apple, Facebook and now Google have been making inroads into finance. Apple earlier this year launched a credit card, piggybacking off an account provided by Goldman Sachs, while Facebook announced its libra cryptocurrency initiative and Google is set to debut a checking account next year.
From 2006 to 2018, income inequality has risen continuously both nationwide and in all states (but not in the District of Columbia). Annual changes vary widely for state income inequality, with some states experiencing increases year after year, and others displaying more volatile trends consisting of both sharp annual decreases and increases.
This map shows the real value of $100 in each state. You can also see the real value of $100 in your metro area. Prices for the same goods are often much cheaper in the more rural areas of states like Missouri or Ohio than they are around large cities in states like New York or California. As a result, the same amount of cash can buy you comparatively more in a low-price state than in a high-price state.
There are approximately 618,000 “millennial millionaires” -- those with a net worth of over $1 million -- in the United States, according to a 2019 report from Coldwell Banker Global Luxury and WealthEngine, which defines millennials as those born between 1982 and 1996, or ages 23 to 37 in 2019.
Seattle-based engineer Paige Thompson was arrested Monday for allegedly hacking into Capital One’s databases and gaining access to approximately 140,000 Social Security numbers and 80,000 bank account numbers. Capital One disclosed the massive breach in a press release Monday afternoon, noting that about 100 million people in the U.S. and 6 million people in Canada were affected in total. It’s one of the largest breaches of a major financial service.
Treasury Secretary Steven Mnuchin on Monday said the U.S. has "very serious concerns" about Facebook's plans to launch a new cryptocurrency, adding multiple agencies are worried the new currency could be used to finance terrorism or aid money-laundering schemes.
In an analysis of 702 occupations, researchers from Oxford University came to a distressing conclusion. A full 47 percent of all occupations in the US are likely to become automated, and that's only over the next few decades.
The dollar’s baby sibling, the all-but-worthless cent, is logically represented by a lowercase ‘c’ with a line through it, but there’s no ‘D’ in the dollar sign. If you had to find letters lurking in its form, you might spy an ‘S’ overlain with a squeezed, bend-less ‘U’ providing its vertical strokes. In fact, this accounts for one of the most popular misconceptions about the sign’s origins: it stands for United States, right?
Millennials have a much lower net worth than previous generations, according to a new study. The average net worth of Americans between the ages of 18 to 35 is less than $8,000 -- about 34 percent lower than in 1996, a Deloitte study published Wednesday found. Despite clichés that millennials are “ruining everything from movies to marriage,” the study found millennials are actually under more economic pressure because of numerous increased costs over the last decade.
Prepare your calculators. The Internal Revenue Service has updated its tax brackets for 2019. This year marks the first under the new Tax Cuts and Jobs Act, an overhaul of the tax code that resulted in lower individual income tax rates, a doubled standard deduction and the elimination of personal exemptions. For the new year, the IRS has bumped up the individual income tax brackets, adjusting them for inflation.