Morning Business Report: Social Security Tax Bill, 401(k) Record Highs
One senator wants to end federal taxes on Social Security entirely.
(LILAMAX)- Arizona’s Ruben Gallego’s bill called “You Earn It-You Keep It” would permanently eliminate federal taxes on Social Security . It remains to be seen whether it may get enough support to become law.
The first and second quarters were tumultuous for investors in 401(k) plans. After dropping like a stone in April following the tariff announcement, stocks eventually staged a comeback to finish the second quarter at record highs. The average 401(k) balance as of June 30 itself reached a record high of $137,800, up 8.4% from the $127,100 recorded at the end of the first quarter, according to Fidelity Investments.
The S&P 500 closed at a new record high ahead of today’s monthly jobs report. Traders want a figure today that bolsters rate cut chances without causing a scare about a recession.
Gap will add beauty products to Old Navy stores later this year. Gap said the move will allow it to remain competitive. Initially, beauty and personal care products will be in just 150 stores, with plans to roll out to more in 2026.
Frontier is bringing back the All You Can Fly Pass. For $299, buyers can go to 75 U.S. destinations, including St. Thomas, Puerto Rico, and the U.S. Virgin Islands. International destinations include places like Mexico, Central America, and the Caribbean. One major catch of this deal is that travelers can’t plan their trips too far out. It is also subject to blackout dates.
