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Welcome to <keyword id="9070397" type="UNKNOWN" weightage="60" keywordseo="personal-finance-insider">Personal Finance Insider</keyword>, a bimonthly newsletter that connects you with the stories, strategies, and tips you need to be better with money. You can sign up <a href="http://newsletter.businessinsider.com/join/4np/personal-finance" target="_blank" rel="noopener">here</a>.<h2>Here's what: It's the little things</h2>I moved into a new apartment earlier this month — what a breath of fresh air! My partner and I are very grateful for our steady jobs, but like many other people in our work-from-home situation we were quick to spot the flaws in our Los Angeles abode. When COVID-19 stay-at-home orders kept us inside around the clock, our lack of a washer/dryer, natural light, and outdoor space became achingly apparent.According to <a href="https://www.pewresearch.org/fact-tank/2020/07/06/about-a-fifth-of-u-s-adults-moved-due-to-covid-19-or-know-someone-who-did/" target="_blank" rel="noopener">the Pew Research Center</a>, one in five Americans have relocated, or know someone who has, during the coronavirus pandemic. Moving is always a hassle, even when you're just swapping units in your own building like we did. But along with budgeting out new furniture and home improvement items, there was another financial task to tackle: updating our <a href="https://www.businessinsider.com/personal-finance/what-is-renters-insurance-and-what-does-it-cover" target="_blank" rel="noopener">renter's insurance</a>.<keyword id="9836488" type="UNKNOWN" weightage="60" keywordseo="renters-insurance">Renter's insurance</keyword> is <a href="https://www.businessinsider.com/personal-finance/how-much-is-renters-insurance" target="_blank" rel="noopener">dirt cheap</a> and probably one of the best peace-of-mind purchases I've made in my life. In addition to updating the policy with our new address, we had to make sure our coverage amount reflected the value of personal property (furniture and electronics, mainly) we keep at home.Sending a request for a policy update to my insurance agent was a simple, 10-minute task and now we're covered in case something happens.For me, the past six months has been full of crossing off small, but significant financial tasks like this. Checking up on the asset allocation in my <a href="https://www.businessinsider.com/personal-finance/how-to-invest-in-a-401k-for-retirement" target="_blank" rel="noopener">401(k)</a>, requesting and reviewing my <a href="https://www.businessinsider.com/personal-finance/check-credit-report-free-weekly-coronavirus-2020-4" target="_blank" rel="noopener">credit report</a>, reallocating <a href="https://www.businessinsider.com/personal-finance/paused-memberships-during-coronavirus-high-yield-savings-2020-5" target="_blank" rel="noopener">paused membership fees</a>, and more.Like the morning sun streaming through the east-facing windows in our new bedroom, often it's the little things that have a big impact.—<a href="https://www.businessinsider.com/author/tanza-loudenback" target="_blank" rel="noopener">Tanza Loudenback</a>, <keyword id="35448" type="ORGANIZATION" weightage="100" keywordseo="personal-finance">Personal Finance</keyword> Insider correspondent<h2>Expert tip of the week</h2>"To lower expenses, work with vendors (utilities, insurance, credit card companies, mortgage lenders) to <a href="https://www.businessinsider.com/personal-finance/pause-bill-payments-if-you-lost-work-due-to-coronavirus" target="_blank" rel="noopener">access COVID assistance programs</a>. Figure out where in your budget you can make temporary changes to reduce what you're spending. It's not forever — it's just for COVID." —Natalie Taylor, CFP® and Business Insider contributor, on her <a href="https://www.businessinsider.com/personal-finance/financial-planner-budgeting-during-covid-2020-8" target="_blank" rel="noopener">4 simple but critical budgeting tips</a> for the current times.<h2>Stories you might have missed</h2><a href="https://www.businessinsider.com/personal-finance/things-wish-people-knew-about-disability-insurance-as-cfp-2020-8" target="_blank" rel="noopener">As a financial planner, I wish more people had disability insurance and understood 4 things about it</a>"If <a href="https://www.businessinsider.com/personal-finance/do-i-need-life-insurance-the-answer-for-most-people-is-yes" target="_blank" rel="noopener">life insurance</a> is the Batman of policies, disability insurance is clearly Robin, or the indispensable sidekick." —Sharif Muhammad, CFP® and Business Insider contributor.<a href="https://www.businessinsider.com/personal-finance/wont-sell-investments-for-home-down-payment-2020-8" target="_blank" rel="noopener">I could save up to $500 on my home loan if I cash out some stocks I own, but I won't do it for 3 reasons</a>Business Insider reporter Liz Knueven is willing to shell out up to $500 for <a href="https://www.businessinsider.com/personal-finance/what-is-private-mortgage-insurance-definition-cost" target="_blank" rel="noopener">private mortgage insurance</a> over the next five months so she can keep from selling out of the stock market — and it's a brilliant move.<a href="https://www.businessinsider.com/personal-finance/wealthfront-drops-direct-deposit-prize-2020-8" target="_blank" rel="noopener">Wealthfront is rolling out cash prizes to its users, and the latest is $20 to anyone who gets a direct deposit in their Cash Account</a>The second promotion in Wealthfront's "Drops" campaign runs from August 17 to September 1 at 7:00 a.m. PT. Even brand-new customers are eligible.

Don't overlook the little things

'With COVID expenses rising, taxpayers need more than an insurance rebate', says a wealth manager

The <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> has left the life insurance industry a worried lot with the new tax proposal on higher premium annuity products, a move which the industry fears will hit their top-lines by 10-12 per cent. Leading private life insurer <keyword id="472962" type="General" weightage="50" keywordseo="hdfc-life" source="Orion">HDFC Life</keyword>'s chief executive <keyword id="323997" type="General" weightage="50" keywordseo="vibha-padalkar" source="Orion">Vibha Padalkar</keyword> told PTI that she stares at 10-12 per cent hit on the company's top-line with the Budget proposal to tax life products having annual premium of over Rs 5 lakh. She also fears that the increased tax exemption bracket of Rs 7 lakh and the steep reduction in the maximum surcharge on the affluent to 39 per cent from 42.74 per cent earlier may nudge them to spend more and save less. This can have many cascading impacts on the macro sector by way of a spike in the already high inflation, apart from the life insurance sector which has been facing sales issues since the Covid pandemic as people were not investing in long-term savings. And since the opening up of economic activities, many are on a "revenge spending mode" and not investing in financial products even now. Given the overall increase in incomes, the government should have either ignored the new tax levy on insurance products or it should have imposed tax on products with premium of Rs 10 lakh or upwards. At this level, it will definitely hit the industry hard, she added. The industry was expecting a proposal to offer composite lincence for the insurance sector wherein life insurers would be allowed to renter the health business which they were doing till 2015. Besides, the insurance sector players were also expecting some positive moves on the annuity products front. <keyword id="699506" type="General" weightage="50" keywordseo="tarun-chugh" source="Orion">Tarun Chugh</keyword>, chief executive of <keyword id="138574" type="General" weightage="50" keywordseo="bajaj-allianz-life" source="Orion">Bajaj Allianz Life</keyword>, said the tax proposal on higher value non-Ulip or traditional life policies "is bit of a dampener for the insurance industry and for increasing penetration of insurance and household financial savings." "We as a market still have quite low insurance penetration and there is a need to provide measures and incentives to boost that in the coming years. Also, household financial savings have been falling and insurance is a critical component of that. Household financial savings as percentage of GDP has fallen from 8.1 per cent in FY20 to 6.5 per cent in FY23, he said and warned that discontinuing incentives on insurance plans should put further pressure on household financial savings to some extent. Vighnesh Shahane, chief executive of <keyword id="10687373" type="General" weightage="50" keywordseo="ageas-federal-life-insurance" source="Orion">Ageas Federal Life Insurance</keyword>, said the finance minister has announced that from April income from life insurance policies, other than Ulips, with an aggregate premium amount of Rs 5 lakh per annum or more, which was earlier tax-free, will now be taxable. But she said if the insured person dies in between, the death benefit will continue to remain tax-free. The move is similar to the proposal introduced a couple of years ago which imposed tax on the maturity amount of Ulips if the annual aggregate premium exceeded Rs 2.5 lakh, he said. The proposal is likely to dent the sales of non-par products which have been witnessing strong growth over the last few years, especially during the pandemic. As the cap of Rs 5 lakh is applicable for all life policies across insurers, it may deter individuals from purchasing additional policies if they have exhausted their limit with their primary insurer, he explained. <keyword id="14942220" type="General" weightage="50" keywordseo="supriya-rathi" source="Orion">Supriya Rathi</keyword>, a wholetime director at <keyword id="2647323" type="General" weightage="50" keywordseo="anand-rathi-insurance-brokers" source="Orion">Anand Rathi Insurance Brokers</keyword>, opined that the budget has "given bad news for life insurance companies" by limiting the income tax exemption on proceeds of insurance policies.

Life insurers stare at 10-12% hit on top-line as Budget taxes higher premium products

<ul class="summary-list"><li>Biden introduced a $6 trillion budget on Friday, largely focused on approving his infrastructure plans.</li><li>It omitted some key campaign promises on student debt and healthcare reform.</li><li>Here's a detailed breakdown.</li></ul>President <keyword id="99719" type="PERSON" weightage="60" keywordseo="Joe-Biden">Joe Biden</keyword> officially unveiled his first budget proposal on Friday, which requests $6 trillion for fiscal year 2022 to largely help fund his two-part infrastructure plan.But several issues he promised during his campaign to reform are noticeably missing from this budget.The budget outlines spending focused on climate change, education, and care-economy measures included in the president's infrastructure proposals. But it doesn't incorporate campaign promises to cancel student debt, and reform the healthcare and unemployment systems.The budget document merely signals an administration's priorities for the coming year, given Congress drafts and approves a federal budget. <keyword id="66537" type="ORGANIZATION" weightage="60" keywordseo="Republicans">Republicans</keyword> and <keyword id="6534156" type="UNKNOWN" weightage="60" keywordseo="Democrats">Democrats</keyword> must strike a deal by September 30 to avert a government shutdown.In this case, Biden's budget demonstrates a laser-focus on approving his $4 trillion infrastructure plans, which includes new federal commitments to physical infrastructure along with new health, education, and cash programs for families.Here are three Biden campaign promises left out of his annual budget.<h2>Student debt cancellation</h2><div type="image" title="warren schumer" height="1000" width="2000" msid="83063098" hostid="261"></div>Insider <a href="https://www.businessinsider.com/student-debt-cancelation-biden-campaign-promise-public-college-hbcu-2021-4">reported</a> on April 7 that no progress has been made on two student-debt promises from Biden's campaign: to cancel $10,000 in student debt per person, and to cancel student debt for undergraduates at public colleges and Historically Black Colleges and Universities (HBCUs).Biden's budget <a href="https://www.businessinsider.com/biden-student-loan-debt-forgiveness-white-house-budget-washington-post-2021-5">doesn't account for those promises</a>, either.In a <a href="https://www.rev.com/blog/transcripts/joe-biden-speech-on-economic-recovery-plan-transcript-november-16">speech</a> on November 16, Biden said that student loans are holding borrowers up, and forgiving $10,000 in student debt "should be done immediately." His campaign <a href="https://joebiden.com/wp-content/uploads/2020/08/UNITY-TASK-FORCE-RECOMMENDATIONS.pdf">website</a> also said the president would work with Democrats to "authorize up to $10,000 in student debt relief per borrower" as part of COVID-19 relief, but the $1.9 trillion stimulus package he <a href="https://www.businessinsider.com/stimulus-biden-signs-trillion-covid-relief-package-checks-direct-payments-2021-3">signed</a> in March didn't include that, and neither did his <a href="https://www.businessinsider.com/student-loan-debt-forgiveness-biden-infrastructure-american-families-plan-2021-4">$4 trillion infrastructure proposal</a>.And while he said he would support legislation brought to him to cancel $10,000 in student debt, Sen. <keyword id="213453" type="PERSON" weightage="60" keywordseo="Elizabeth-Warren">Elizabeth Warren</keyword> of Massachusetts told Insider on Thursday that it can easily be done through executive action."Student loan cancellation could occur today," Warren said. "The president just needs to sign a piece of paper canceling that debt. It doesn't take any act of Congress or any amendment to the budget."Biden has asked the <a href="https://www.businessinsider.com/biden-wants-to-cancel-student-loan-debt-ron-klain-says-2021-4">Education Department</a> and <a href="https://www.whitehouse.gov/briefing-room/press-briefings/2021/02/17/press-briefing-by-press-secretary-jen-psaki-and-deputy-national-security-advisor-for-cyber-and-emerging-technology-anne-neuberger-february-17-2021/">Justice Department</a> to review his ability to cancel debt using his executive powers, but no timeline has been given on when the review will be completed.<h2>Setting up an optional government-run insurance plan</h2><div type="image" title="Biden Sanders debate" height="914" width="1828" msid="83063099" hostid="261"></div>The budget blueprint did not include a government-run health insurance program that Biden campaigned on called the public option. It's an optional Medicare-like health insurance plan that people could enroll into if they chose. The program is designed to compete with private insurers and lower prices for average Americans."Whether you're covered through your employer or on your own or not, you should have the choice to buy into a public option plan for Medicare - your choice," Biden said at a 2019 campaign event.Neither the stimulus or infrastructure plans included a public option. Biden, along with Democrats, focused on pouring cash into the Obamacare exchanges and enlarging access.The last Democratic primary was <a href="https://www.businessinsider.com/democrats-warren-medicare-for-all-plan-ohio-debate-2019-10">largely defined</a> by political brawling over healthcare. Progressives like Sen. <keyword id="6656369" type="PERSON" weightage="60" keywordseo="Bernie-Sanders">Bernie Sanders</keyword> favored a universal healthcare program that would eliminate private insurance known as Medicare for All. Centrists like Biden favored creating a public option available through the marketplaces under the Affordable Care Act.The budget only calls for Congress to approve a public option expanding Medicare to people aged 60 and over. But no policies to advance it are included within the document.A pair of top Democrats - Senate Health, Education, Labor and Pensions Chair Patty Murray and House Energy and Commerce Chair Frank Pallone - announced Wednesday they are drafting legislation to create a public option over the coming weeks.<h2>Overhauling unemployment systems</h2><div type="image" title="Unemployment benefits line" height="1249" width="2500" msid="83063101" hostid="261"></div>After Biden unveiled his American Families Plan, the <keyword id="6356037" type="ORGANIZATION" weightage="60" keywordseo="white-house">White House</keyword> released a document saying he was committed to working with Congress to automatically step up benefits during an economic crisis.And while Insider <a href="https://www.businessinsider.com/biden-unemployment-reform-american-families-no-money-specifics-wage-replacement-2021-4">reported</a> that details on how to do so were vague in the infrastructure plan, Biden's budget does not contain anything addressing the unemployment system. This comes as a growing number of GOP-led states are cutting $300 weekly unemployment benefits early following a weak April jobs report, with Republican lawmakers arguing the benefits are keeping workers on the sidelinesOverhauling the nation's aging unemployment system has been championed by Sens. Ron Wyden and Michael Bennet. They <a href="https://www.businessinsider.com/senate-democrats-unemployment-benefits-congress-wyden-bennet-benefits-2021-4">introduced a plan</a> to beef-up unemployment benefits so it provides at least two-thirds wage replacement for laid-off workers.

Biden's $6 trillion budget dropped key campaign promises on student debt cancellation and healthcare reform

Here’s how the advertising and marketing industry reacted to Union Budget 2021

The decline in the tax-GDP ratio over the years and declining share of direct taxes in total tax revenue, clearly suggest that the Central government should emphasize in the <keyword id="6360189" type="General" weightage="20" keywordseo="union-budget" source="Orion">Union Budget</keyword> 2022-23 on substantially improving the tax revenue, Primus Research said in a note. The policies regarding 'tax effort' could be designed through various ways such as, rationalising tax rates, policies regarding widening tax base and net, and improving tax compliance and tax administration. This process would have enormous implications on ameliorating economic growth, deficit (in both the absolute term and as per cent to GDP) would come down. It added that the Budget for FY 2022 should continue to provide more support on the demand side than the supply side by reviving the informal sector and MSMEs. It is expected that against contraction in revenues, increase in expenditures could collectively revive the aggregate demand in the economy. This could lead to a high growth in the near future, henceforth, reducing the fiscal deficit (estimated to be 6.8 per cent in 2021-22) both in absolute terms and as a percentage of GDP. In this regard, it is expected that central government would re-assess its ministry-wise allocations, and increase spending on social and economic sectors to boost aggregate demand in the economy. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budget-2022-expectation-in-higher-standard-deduction-tax-slabs-and-covid-insurance/slidelist/88891751.cms">From higher standard deduction and change in tax slabs to clarity on Covid insurance, here’s what tax experts want from Budget 2022</a> <a href="https://www.businessinsider.in/budget/news/the-indian-government-has-spent-less-than-half-the-money-it-had-budgeted-for-capital-investments-so-far/articleshow/88852518.cms">The Indian government has spent less than half the money it had budgeted for capital investments, so far</a>

Widening tax base should be a focus area in the Union Budget, says Primus Research

<ul class="summary-list"><li>In March, Congress passed a historic <a href="https://www.businessinsider.com/coronavirus-economic-stimulus-senate-bill-allocations-direct-payments-business-loans-2020-3">$2 trillion stimulus package</a> to shore up the economy.</li><li>The <keyword id="9073299" type="UNKNOWN" weightage="60" keywordseo="cares-act">CARES Act</keyword> includes $150 billion for state and local governments to help them respond to the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> crisis.</li><li>But the money hasn't been distributed evenly: Rural states are receiving a disproportionate amount of relief funds relative to their COVID-19 case and death counts, according to the <a href="https://www.cbpp.org/research/how-much-each-state-will-receive-from-the-coronavirus-relief-fund-in-the-cares-act">Center for Budget and Policy Priorities</a>.</li><li>That has major implications for states with larger outbreaks, since governments are being forced to make severe <a href="https://www.businessinsider.com/states-medicaid-cuts-coronavirus-devastates-economy-budgets-ohio-dewine-2020-5">cuts to programs like Medicaid</a>, even as millions lack health insurance.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>New York state, the <a href="https://www.businessinsider.com/charts-coronavirus-outbreaks-california-florida-new-york-illinois-michigan-louisiana-2020-4">epicenter of the coronavirus crisis</a> in the US, has reported more than 320,000 confirmed cases, while Alaska has around 371. But in terms of federal relief funds, New York's government will likely receive $23,000 per case, while Alaska's will get $3.4 million per case.That's according to an analysis of the CARES Act — a <a href="https://www.businessinsider.com/coronavirus-economic-stimulus-senate-bill-allocations-direct-payments-business-loans-2020-3">$2 trillion stimulus package</a> passed by Congress in March — done by the <a href="https://www.cbpp.org/research/how-much-each-state-will-receive-from-the-coronavirus-relief-fund-in-the-cares-act">Center for Budget and Policy Priorities</a>.To put that federal money in perspective, Medicare pays hospitals between $13,000 and $40,000 on average to treat people hospitalized with respiratory illnesses, depending on how much care they need, according to the <a href="https://www.kff.org/uninsured/issue-brief/estimated-cost-of-treating-the-uninsured-hospitalized-with-covid-19/">Kaiser Family Foundation</a>.Overall, the CARES Act set aside $150 billion for state and local governments to fight the coronavirus crisis and its impacts. The money isn't being distributed according to the size of state's COVID-19 outbreaks, however, leaving many with significantly less aid relative to the number of patients and unemployed residents they're now trying to support.Under the bill, every state automatically receives a minimum of $1.25 billion, and 21 states will likely receive that minimum amount, according to CBPP's estimates. California and Texas could each get more than $10 billion.Here's how much money states will likely receive under the CARES Act, relative to the number of COVID-19 cases and deaths in their states as of May 6.<h2>Political realities</h2>Three states — Ohio, Colorado, and Georgia — are already <a href="https://www.businessinsider.com/states-medicaid-cuts-coronavirus-devastates-economy-budgets-ohio-dewine-2020-5">scaling back their Medicaid spending</a> as demand for the health-insurance program grows due to the tidal wave of layoffs leaving workers without health insurance."The cruel nature of the economic downturn is that a time when you need a social safety net is also the time when government revenues shrink," Ohio Gov. Mike DeWine said at the press conference.Republican Sen. Bill Cassidy of Louisiana and Democratic Sen. Bob Menendez of New Jersey, who represent two of the states hit hardest by the pandemic, have attempted to remedy federal funding disparities by <a href="https://www.businessinsider.com/us-senators-propose-500-billion-rescue-for-state-local-governments-2020-4">proposing an additional $500 billion</a> in relief money for state and local governments.Their bill would allocate money based on states' populations, infection rates, and revenue losses, in order to ensure that funds go where they're needed most. But the bill still guarantees another $1.25 billion minimum to each state, a stipulation that Menendez acknowledged is a result of the structure of the Senate."We need to get 60 votes in the Senate," he told the <a href="https://apnews.com/48b8109fce0d922a8fb0f5fce20dee92">Associated Press</a>.States are also up against the political agenda of President Donald Trump, who said this week that he may <a href="https://www.businessinsider.com/trump-tweets-federal-coronavirus-aid-may-depend-on-sanctuary-cities-2020-5">condition federal aid to states</a> battling the coronavirus on whether they eliminate sanctuary cities, payroll taxes, and capital-gains taxes.Trump has <a href="https://www.businessinsider.com/impeachment-witness-pamela-karlan-predicted-trump-coronavirus-quid-pro-quo-2020-5">faced political backlash</a> for the suggestion and it's not clear whether the move would be legal.Sonam Sheth and Joseph Zeballos-Roig contributed reporting to this story.Read the original article on <a href="https://www.businessinsider.com/maps-coronavirus-cares-act-funds-rural-states-smaller-outbreaks-2020-5">Business Insider</a>

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Don't overlook the little things

Tanza Loudenback

'With COVID expenses rising, taxpayers need more than an insurance rebate', says a wealth manager

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Life insurers stare at 10-12% hit on top-line as Budget taxes higher premium products

PTI

Biden's $6 trillion budget dropped key campaign promises on student debt cancellation and healthcare reform

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Here’s how the advertising and marketing industry reacted to Union Budget 2021

BI India Partner

Widening tax base should be a focus area in the Union Budget, says Primus Research

IANS

2 maps show how coronavirus relief funds are going disproportionately to rural states with lower numbers of cases and deaths

Tyler Sonnemaker,Shayanne Gal

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