Morning Business Report: House passes ACA tax credit extension as tax season begins
The U.S. House has passed a three-year extension of Affordable Care Act health care tax credits.
(LILAMAX)- The U.S. House has passed a three-year extension of Affordable Care Act health care tax credits, aimed at helping Americans manage rising insurance premiums. However, the proposal is expected to face challenges in the Senate. Lawmakers say they are working on a compromise to address higher costs after the credits expired at the end of last year, causing many ACA enrollees to see their premiums increase.
Meanwhile, tax season is set to begin soon. The IRS says taxpayers can start filing their 2025 returns on Monday, January 26. The agency’s Free File program is already accepting returns for eligible taxpayers with an adjusted gross income of $84,000 or less.
This year also introduces a new form, Schedule 1-A, which allows taxpayers to claim recently enacted deductions. These include limits on taxes for tips, overtime pay, interest on car loans, and Social Security benefits.
On Wall Street, the Dow Jones Industrial Average climbed 270 points, continuing its 2026 rally. Defense stocks led the gains after President Trump announced plans to boost military spending.
Looking ahead, the U.S. Supreme Court could issue a ruling today on the legality of President Trump’s tariffs. The court has designated the day as a “decision day” for releasing opinions. Legal experts expect a mixed outcome, potentially striking down some tariff policies while allowing others to remain in place.
In lifestyle news, the most common New Year’s resolution remains getting healthier. However, many people struggle to stay on track. January 9 is known as National Quitter’s Day, when many abandon their goals. Anytime Fitness Global Brand President Stacy Anderson says long-term success comes from building support systems and focusing on lasting change rather than short-term motivation.
Studies show Gen Z was the most likely generation to set goals for 2025, while Baby Boomers were the least likely, with more than a third skipping resolutions altogether.
