Business
Here we bring you business news affecting both our economy and our daily lives. ___________________________________________________________________________________________
Treasury Department announces expanded HSA tax benefits under Trump law
The Treasury Department and the IRS on Tuesday released guidance outlining new tax benefits for Americans who own a health savings account (HSA) under the tax package that President Donald Trump and congressional Republicans enacted earlier this year.
The One Big Beautiful Bill Act (OBBBA), which the president signed into law in July, made changes to expand access to HSA eligibility.
The latest guidance broadens the ability of Americans enrolled in certain health insurance plans to contribute to HSAs, as well as the ability of HSA holders to use them to pay for certain healthcare services.
HSAs give participants a tax-free way to save and invest money to be used to pay for healthcare costs. They can get a tax deduction for contributions to HSAs, while money invested in an HSA can grow tax-free and account holders are able to make tax-free withdrawals for qualified…Read more here.
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Fed cuts interest rates for third straight time amid uncertainty over labor market, inflation
Eric Revell / FOXBusiness
The Federal Reserve on Wednesday announced its third interest rate cut of the year as policymakers moved forward with the cut to support the labor market despite elevated inflation.
Fed policymakers voted to lower the benchmark federal funds rate by 25 basis points to a new range of 3.5% to 3.75%. The move follows rate cuts of that size in September and October, which were the first of the year.
Policymakers have been tracking economic data showing a slowdown in the labor market in recent months as companies adjust to shifts in trade and immigration policy. Meanwhile, inflation has trended higher as tariff-related price hikes filter through the economy.
Those dynamics have put the Fed in a difficult spot as it looks to fulfill its dual mandate goals of stable prices in line with the 2% long-run target for inflation as well as promoting maximum employment.
The Federal Open Market Committee (FOMC), which handles the Fed’s monetary policy…Read more here.
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Small business optimism rises, but owners say qualified workers are still hard to find
Eric Revell – FOXBusiness
Small business optimism ticked higher in November despite economic uncertainty and challenges finding suitable workers in the labor market, according to a new report by the National Federation of Independent Businesses (NFIB).
The NFIB Small Business Optimism Index increased 0.8 points in November to 99, remaining above its 52-year average of 98. Six of the 10 components of the index increased, while three declined and one was unchanged.
An increase among small businesses expecting real sales to be higher was the primary contributor to the increase in the Optimism Index. The net percentage of owners expecting higher real sales volumes rose 9 points from October to a net 15%.
“Although optimism increased, small business owners are still frustrated by the lack of qualified workers,” said NFIB chief economist Bull Dunkelberg. “Despite this, more firms still plan to create new…Read more here.
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Could AI replace seasonal workers?
Daniella Genovese / FOXBusiness
Artificial intelligence isn’t just reshaping corporate America – it could also change how companies hire seasonal workers.
ReverseLogix CEO Gaurav Saran is helping a growing list of retailers make their returns process more efficient by automating the process through a single platform. The cloud-based, end-to-end returns-management platform, according to Saran, can significantly cut down on the number of hours of time it takes to complete the return process. But, it simultaneously reduces the number of people needed during the holiday craze.
“Most of our customers have seen anywhere from two to three times the improvement in speed and accuracy of the returns process,” Saran said. In turn, he projected that a “pretty sizable number” of workers, anywhere from 20% to 30%, could be replaced as soon as next year.
Saran’s platform, launched in 2014, oversees the entire returns process from the moment a customer initiates a return to the inspection, processing, repair, restocking or recycling stages. Read more and see video here.
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