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Biden’s Spending Plan: On Friday, President Joe Biden and his administration released a 2022 budget proposal that would call for increased funding for renewable energy, healthcare, and education. The $6 trillion budget includes the Trump-era 20% tax break for high income owners of closely held businesses, but sharply increases taxes on corporations and high-income households (raised to 28%). The document lays out the administration’s priorities with much input from Congress to come.

IRS doubling staff: Looking to double the number of IRS employees over the next decade, the Biden administration proposed a tax enforcement plan to better provide the government with information about account flow and allow for better tax enforcement. Biden claims the plan would provide a net $700 billion over the next decade and $1.6 trillion in the following decade. Focusing on a technology overhaul, it would allow the government to see business income and cryptocurrency exchanges better.

Source: U.S. Employment and Training Administration via St. Louis Fed

Signs of recovering economy: More positive signs of a healing economy revealed themselves this week when worker filings for jobless benefits dipped lower. Falling last week to 406,000 from 444,000, it is the lowest unemployment claims since pre-Covid19. Also, positive signs were increased for durable orders, up by 1% in April (excluding defense), as well as increased orders for nondefense capital goods according to the Commerce Department. Consumer spending is also up 11.3% for the first quarter of 2021.

Graduate’s view of the workforce: As college graduations wrap up, graduates are staring at a post-pandemic economy wrought with unique challenges. While hiring is up and loan interest extends through September 2021, financial planning should be intentionally approached. Investing specialist Christine Benz offers these 7 pieces of financial advice: (1) Don’t compare yourself, (2) Have a safety net, (3) Build into your future financial picture, (4) Start long-term investing, (5) Develop your financial strategy (6) Consider further education and (7) Remember that life is brief.

Cautionary tale for having affairs in order: Getting our affairs in order always seems to be on the to-do list. For Aretha Franklin, that task didn’t get checked off until after her passing in 2018. Owing 7.8 million in unpaid taxes, interest and penalties, Franklin’s family hasn’t received money from her estate due to the ongoing legal battle. Recently, they reached an agreement to incrementally pay the tax burden while receiving an injection of money from their mother’s estate.