A new bill called the No Tax on Restored Benefits Act aims to change the way taxes are applied to certain Social Security benefits, focusing on public sector retirees. It seeks to prevent people from getting unexpected tax bills on retroactive payments they received. The bill has support from various groups and addresses issues that arose from previous rules.
Key Facts
The No Tax on Restored Benefits Act is designed to change how taxes affect Social Security benefits for some retirees.
This bill mainly impacts public sector retirees who received retroactive Social Security benefits.
Previously, many retirees did not pay Social Security taxes while working, affecting their benefits.
The Social Security Fairness Act allowed these retirees to get payments that were retroactive.
Democratic Representative Chellie Pingree cosponsored the bill to help those facing unexpected taxes.
The bill has support from organizations like the National Association of Police Organizations.
The original rule changes led to some retirees getting large tax bills unexpectedly.
The Social Security Administration started issuing lump-sum payments, which increased taxable income for some.
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A restaurant in Manchester called TNQ Restaurant & Bar has closed after 22 years due to high costs like energy bills and food prices. The owner, Jobe Ferguson, said these growing expenses made it impossible to keep the business running. Despite efforts to keep the restaurant open, including borrowing money and not taking a salary, Ferguson decided to close.
Key Facts
TNQ Restaurant & Bar in Manchester has closed after 22 years.
Owner Jobe Ferguson borrowed up to £100,000 and stopped paying himself to try to save the business.
Rising energy bills, now £8,000 a month, and increased food prices contributed to the closure.
Changes to National Insurance Contributions were also a financial challenge.
Staff, some of whom worked there for 18 years, were informed of the closure recently.
The UK government announced a business rates discount for pubs and music venues, but this came too late for TNQ.
Other businesses in the area are also reducing operating hours due to high costs.
Ferguson owns other venues, but their energy bills have quadrupled since before COVID-19.
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The Washington Post has laid off a large number of its staff, impacting about one-third of its employees, including significant cuts to its sports and books sections. These layoffs have caused concern among employees about the future direction and priorities of the newspaper under Jeff Bezos's ownership. Former and current staff members have expressed disappointment and uncertainty regarding the company’s strategy and leadership decisions.
Key Facts
The Washington Post announced layoffs affecting about one-third of its employees.
The sports and books sections of the newspaper were entirely cut.
The layoffs included approximately 300 journalists out of 800 in the newsroom.
Employees expressed worries about the newspaper's commitment to certain areas, such as sports coverage and tech accountability.
The layoffs were announced by executive editor Matt Murray during an online company meeting.
Billionaire Jeff Bezos owns The Washington Post, but employees feel he is not involved in daily operations.
Concerns were raised about the impact on foreign bureaus and the future of journalism at the newspaper.
Marty Baron, former executive editor, commented on the negative impact these decisions may have on the newspaper's ambitions and reputation.
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Around 100 million Americans should check if they qualify for a new tax credit on auto loans created under the One Big, Beautiful Bill Act (OBBA). The credit allows people to potentially deduct up to $10,000 from taxable income if they bought a new car in 2025 that was assembled in the United States. This new deduction aims to provide some tax relief as part of broader tax rule changes in the country.
Key Facts
The One Big, Beautiful Bill Act creates a tax deduction for auto loans.
The deduction applies to cars bought in 2025 that were assembled in the U.S.
To be eligible, taxpayers must earn $150,000 or less ($250,000 for joint filers).
The credit allows deduction of up to $10,000 in interest from taxable income.
About 30% of cars sold in 2025 are expected to meet the assembly requirement.
Tax benefits vary based on income tax brackets, increasing savings for higher brackets.
The IRS will provide final guidelines for claiming this deduction by February.
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A law firm called PM Law, based in Sheffield, suddenly closed without warning, leaving its staff and clients uncertain about what to do next. The firm specialized in areas like personal injury and property transactions, and its closure has caused disruptions for many, including clients in the middle of legal processes. The Solicitors Regulation Authority is looking into the closure, which it says did not follow expected procedures.
Key Facts
PM Law was a law firm based in Sheffield with branches in Yorkshire, Cumbria, and Berkshire.
The firm specialized in personal injury, wills, and conveyancing (property transactions).
The company suddenly closed, affecting many clients and over 600 employees.
Some employees found a notice stating the business closed due to "regulatory matters."
The closure left clients and staff without guidance or contact from the firm.
The Solicitors Regulation Authority is engaging with the firm's partners over their professional duties.
Clients are worried about the handling of their personal information and legal documents.
The sudden closure also impacted third parties like contractors and other professionals linked to ongoing legal processes.
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The article discusses how the healthcare system needs to change to make it easier for people to access and use services. This includes reducing delays in care and improving scheduling and support through technology. The goal is to ensure people receive the right care at the right time and avoid unnecessary barriers.
Key Facts
Access and ease of use are important measures of healthcare quality.
Delays in medical care can worsen health conditions and increase risks.
Workforce shortages and financial pressures are ongoing challenges in U.S. healthcare.
The demand for healthcare systems to be as user-friendly as other services is increasing.
Better scheduling and access to care can lower costs and improve patient outcomes.
A significant number of patients now book appointments online, showing a shift towards digital solutions.
The use of technology, like online scheduling and virtual visits, aims to make healthcare more accessible.
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Shares of Novo Nordisk, the company that makes the weight-loss drug Wegovy, dropped by 18% after the firm announced steep price cuts. The company's CEO, Maziar Mike Doustdar, mentioned that the price cuts, driven by a deal with the U.S. government under President Trump, were necessary to make the drugs more accessible but would initially hurt profits. In the U.S., these drugs, used to treat obesity, have high demand but face competition and challenges due to patent expiries.
Key Facts
Novo Nordisk's shares fell by 18% following announced price cuts for its weight-loss drug Wegovy.
The company expects a drop in profits and sales by up to 13%.
The price cuts are part of a deal with President Trump to lower costs for American users.
Increased competition and patent expirations are affecting Novo Nordisk's profits.
Weight-loss drugs like Wegovy are popular, which has led to a need for price reductions.
President Trump announced a policy to reduce the cost of these drugs in the U.S.
The price for some of these drugs in the U.S. is over $1,000 without discounts or insurance.
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The Washington Post, owned by Jeff Bezos, announced significant layoffs affecting about one-third of its staff. These cuts have drawn criticism due to Bezos’s wealth and the impact on journalism at this major newspaper.
Key Facts
The Washington Post is cutting about one-third of its staff as part of a major restructuring.
The layoffs will affect different departments, including sports and books, and reduce the number of overseas journalists.
Jeff Bezos bought The Washington Post in 2023; his wealth has increased significantly since then.
Bezos is currently the fourth-richest person in the world, with a net worth of $246.3 billion.
Critics argue that despite his wealth, Bezos chose to lay off many employees.
Past prominent coverage from The Washington Post includes the Pentagon Papers and Watergate scandal.
The newspaper's former executive editor, Marty Baron, expressed concern over the potential damage to the newspaper's reputation and trust among readers and journalists.
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Nissan plans to export cars and knowledge from its joint venture in China with Dongfeng Motor Group. The company wants to share technology and learnings from China to improve operations in other countries.
Key Facts
Nissan is working with Dongfeng Motor Group in a 50-50 partnership in China.
They produce Nissan passenger cars and Dongfeng-branded commercial vehicles in China.
Nissan's new models in China include the battery-electric N7 sedan, plug-in hybrid N6 sedan, and the NX8 battery-electric SUV.
The company plans to export these vehicles to other markets, although specific markets have not been named.
Nissan sells cars in more than 190 countries, with key markets in the U.S., China, and Japan.
The CEO highlighted plans to use lessons learned in China to benefit future global operations.
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Some Americans might get bigger tax refunds depending on upcoming rulings from two appeals courts. These cases involve whether certain partnership incomes should be exempt from self-employment taxes. If courts agree with a previous decision, more people could qualify for these tax benefits.
Key Facts
The U.S. Court of Appeals for the Fifth Circuit ruled in favor of exempting certain partnership income from self-employment taxes.
This ruling currently applies to Texas, Louisiana, and Mississippi residents involved in the case Sirius Solutions, L.L.L.P. v. Commissioner.
If other appeals courts agree, the exemption could apply nationwide, allowing more taxpayers to claim refunds.
Two other cases, Denham Capital Management LP v. Commissioner and Soroban Capital Partners LP v. Commissioner, are being considered in different federal appeals courts.
The outcome of these cases could lead to a "circuit split," which means the Supreme Court might need to make a final decision.
Section 1402(a)(13) of the Internal Revenue Code states that limited partners' distributive income is generally not subject to self-employment taxes.
The IRS uses a "functional analysis" to decide if exemption is valid based on partner involvement.
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The article explains how stablecoins, a type of digital currency tied to a stable asset like the U.S. dollar, are leading to increased use of the dollar worldwide. This global shift could affect countries with weaker financial systems as people and businesses find it easier to use dollars instead of local currency.
Key Facts
Stablecoins are digital tokens that hold a steady value, typically linked to the U.S. dollar.
These tokens are different from bank deposits because they can be sent worldwide anytime over public blockchains.
Stablecoins can be held in wallets controlled by the user instead of a bank, providing self-custody.
There is growing concern that stablecoins may lead to global dollarization, impacting countries with weak financial systems.
The global supply of stablecoins reached a record peak of over $311 billion in January 2023.
The major stablecoins driving this growth are USDT and USDC.
Stablecoins play a significant role in crypto market transactions.
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Subway announced a special deal that allows customers to buy two 6-inch subs for $6 on February 6, 2026. This promotion ties in with the repeating date "2/6/26" and takes place shortly before a major U.S. football event. The offer is available only at participating locations in the U.S., with some exclusions and additional costs for certain add-ons.
Key Facts
Subway will offer two 6-inch subs for $6 on February 6, 2026.
This deal is available only on that specific day, at participating U.S. locations.
Customers can ask for the "2/6/26 promotion" in stores or use code 2626PROMO online or in the app.
The $6 deal excludes certain menu items and carries additional charges for extras like extra meat or premium toppings.
Delivery orders will include extra fees, and the promotion is limited to one per order.
Subway's Sub Club offers a free footlong after certain purchases, but conditions and availability vary.
Some offers are not available through third-party services like delivery or gift card purchases.
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The price of gold went above $5,000 per ounce after the U.S. shot down an Iranian drone. This increase in price happened amid continuing uncertainty in global politics and changes in U.S. economic policies. Recently, gold hit a peak of $5,500 per ounce but then dropped sharply after President Trump nominated Kevin Warsh to lead the Federal Reserve.
Key Facts
Gold's price rose above $5,000 on news of the U.S. downing an Iranian drone.
Gold is considered a "safe haven" investment during uncertain times.
The price jump left gold 80% higher compared to the previous year.
An Iranian drone was shot down by the U.S. as it approached an American aircraft carrier.
Gold's price previously peaked at $5,500 in January.
A 9% drop in gold prices happened after Trump's nomination of Kevin Warsh for Federal Reserve chair.
Trump's nomination is seen as a stabilizing move for the central bank's independence.
The gold price drop last Friday was the largest one-day decline since 1983.
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Newsweek features a weekly column called New & Noteworthy to highlight new consumer products. The article discusses several food, beauty, and home care products that are new on the market. It aims to help consumers discover innovative products they might enjoy.
Key Facts
Newsweek runs a weekly feature called New & Noteworthy to highlight new consumer products.
The feature is in partnership with the Best New Product Awards.
The column covers many categories like food, beauty, and household care.
Reese’s Puffs has released a new Dark Chocolate Cereal with a collectible box design.
Marvel Oreo Stuf of Legends Cookies come in special packs featuring Marvel character designs.
Shark introduced an at-home facial device called FacialPro Glow for skincare.
Love Crunch offers a new gluten-free granola inspired by strawberry cheesecake.
Breyers launched Sundae Swirls, a new ice cream available in four flavors.
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Treasury Secretary Bessent will speak to the House Financial Services Committee about the stability of the U.S. financial system. This discussion involves an annual report from the Financial Stability Oversight Council.
Key Facts
Treasury Secretary Bessent will testify before the House Financial Services Committee.
The hearing will take place at 10 a.m. EST.
Bessent's testimony will cover the Financial Stability Oversight Council's annual report.
The focus is on the stability of the U.S. financial system.
The event is available to watch live.
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Everyday investors, often using platforms like Robinhood, now have a significant impact on market movements. This growing influence brings risks, especially if they invest heavily in something that loses value quickly. The concern is that a big market drop could affect their behavior and broader economic factors like consumer spending.
Key Facts
Everyday investors are becoming more important in markets, trading significant amounts daily.
Young people see investing as a way to earn income.
Retail investors recently caused a big swing in silver prices, highlighting their influence.
Many young investors have not experienced a long market downturn, which could impact their behavior.
A market drop might make these investors withdraw money, affecting the economy.
Retail investors are increasingly using their investments as a main income source.
Changes in their investing habits could impact consumer spending and the overall economy.
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A honey product called Ashfiat Alharamain Energy Support has been recalled nationwide by Akkarco after the FDA found it contained an undeclared drug called tadalafil, used for erectile dysfunction. This drug can have serious health effects if not used under medical supervision.
Key Facts
The recall is for Ashfiat Alharamain Energy Support honey, packaged in a glass bottle with a gold lid and orange label.
The product was distributed nationwide via Akkarco's website and third-party platforms like Amazon.
Tadalafil, a drug for erectile dysfunction, was found undeclared in the honey.
Tadalafil requires prescription use and can cause health risks if taken unknowingly.
No health issues have been reported related to the recalled honey yet.
Consumers should stop using the honey and follow return or disposal instructions.
Akkarco plans to enhance its quality checks and compliance measures to prevent future issues.
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The United States government, under President Donald Trump, is pushing for leadership in cryptocurrency and blockchain technology. However, there are concerns about the country's readiness to handle the associated financial crimes, with enforcement capacities being weaker than necessary. Despite an increase in crypto-related crimes, enforcement efforts have decreased, and many financial institutions lack the resources to manage these new challenges.
Key Facts
President Trump’s administration wants the U.S. to lead in crypto innovation and technology.
An executive order was issued to support digital financial technology, including stablecoins and a national crypto reserve.
Illicit crypto activities are increasing, with $154 billion estimated in illegal crypto actions by 2025.
There is a growing gap between crypto usage and financial crime enforcement.
The Justice Department’s digital assets task force was disbanded in 2025.
Many financial institutions lack the capability to handle crypto-related financial crimes effectively.
Demand for professionals experienced in blockchain and financial crime is high, but qualified candidates are limited.
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Chipotle will give away $1 million worth of free meals during the 2026 Super Bowl. The giveaway is linked to an Instagram video ad that viewers can interact with to get a free entrée. The promotion highlights Chipotle's focus on natural ingredients.
Key Facts
Chipotle plans to give away up to $1 million in free meals during the Super Bowl on February 8, 2026.
The giveaway will be announced in a 30-second Instagram Reels video to be shared after halftime and before the third quarter.
Viewers need to text a code from the video to receive a free meal code, valid for the first 100,000 people.
The codes are available to U.S. residents aged 13 and older and must be used by February 12, 2026.
The giveaway is a response to ads generated by artificial intelligence, emphasizing Chipotle's use of real ingredients.
Chipotle is also introducing three nacho bundles for the first time, available through its app and website from February 5 to 8, 2026.
The National Retail Federation estimates that a record 213.1 million U.S. adults will watch Super Bowl LX, spending a total of $18.6 billion on related items.
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Darden Restaurants announced it will close all 28 Bahama Breeze locations. Fourteen restaurants will close by April 2026, and the other 14 will be converted into different Darden brands by 2027. The decision follows a decrease in Bahama Breeze's sales and a move away from the brand being a strategic priority.
Key Facts
Darden Restaurants owns Bahama Breeze, along with other brands like Olive Garden and Longhorn Steakhouse.
Darden will close 14 Bahama Breeze locations permanently by April 2026.
The other 14 locations will be converted into different brands within the Darden group by 2027.
Locations closing are in states such as Florida, Georgia, and Washington.
Darden plans to help affected employees find new jobs within their other restaurant brands.
Bahama Breeze sales dropped by 7.7 percent in 2024.
The brand is no longer a strategic priority for Darden Restaurants.
Darden previously closed 15 Bahama Breeze locations in May 2025.
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