Finance
In Virginia’s Democratic legislature, campaign finance reform bills languish without votes – Virginia Mercury
As it gets more and more expensive to win a seat in the Virginia General Assembly, the state legislature continues to find new ways to stifle efforts to put limits on the state’s wide-open campaign finance laws.
This year, several bills meant to slow the flow of money into Virginia politics have been blocked without lawmakers taking a recorded vote showing that’s what they’re doing.
For the last decade, proposals have been introduced to create stricter campaign finance limits in Virginia and boost public confidence that the legislature can’t be bought by special interests writing checks of unlimited size.
Some Democrats have been vocal about making campaign finance reform a priority, and many have accepted big checks from Clean Virginia, a well-funded advocacy group focused on energy and campaign finance reform that says its mission is to “fight corruption in Virginia politics.”
But the party’s retaking of full control of the General Assembly this year doesn’t appear to be producing any breakthroughs on campaign finance issues as Tuesday’s crossover deadline approaches. As the two chambers rush to finish work on their own bills, no major campaign finance legislation has made it through both sides of the Capitol. If those positions hold in the second half of the session, none of the bills will win final passage.
Instead, Democratic-sponsored campaign finance proposals are languishing in Democratic-controlled committees, where several bills have been allowed to expire without a hearing.
When Del. Josh Cole, D-Prince William, presented a bill that would prohibit candidates from accepting campaign money from public utilities like Dominion Energy, the proposal died without a vote when no one on the 22-member House Privileges and Elections Committee made a motion for or against it. A bill sponsored by Del. David Bulova, D-Fairfax, that would have set caps on donations from both corporations and individuals was never docketed by the same committee.
In an interview, Cole said he’ll keep fighting for campaign finance reform, despite his latest bill failing in an unusual fashion.
“Time will tell what will happen,” Cole said. “The appetite is definitely there for it.”
On the Senate side, another utility-focused campaign finance reform bill sponsored by Sen. Danica Roem, D-Prince William, made it out of the chamber’s elections committee, but stalled when it was sent to the Finance and Appropriations Committee. It never got a hearing there, despite being projected to have no impact on the state budget.
When asked why Roem’s bill wasn’t docketed, Sen. Louise Lucas, D-Portsmouth, who chairs the Senate Finance Committee, criticized the bill itself instead of offering any procedural explanation.
“The people who are complaining about Dominion being a monopoly want to replace them,” Lucas said. “They want to be the monopoly. So what’s the difference?”
Clean Virginia’s critics have often accused the organization and its main funder, wealthy Charlottesville investor Michael Bills, of engaging in a new form of influence-peddling by offering substantial checks to lawmakers who vow to stop accepting money from Dominion.
In an interview, Roem didn’t sound disheartened over her bill’s fate.
“This is the first time we’ve ever gotten out of committee. This still marks progress,” Roem said. “Clearly we have more steps to go.”
Nancy Morgan, a campaign finance reform advocate with BigMoneyOutVA, said Democratic leaders appear to be “strong-arming the members to kill the bills in untransparent ways.”
“Not allowing bills to be voted on, or even heard by legislators, is anathema to our democratic process,” Morgan’s group said in a statement last week.
A seemingly less controversial proposal to prohibit spending campaign cash on personal uses unrelated to politics — something already banned at the federal level and in almost every other state — looked to be on track to pass this year after clearing the state Senate 35-4 and passing the House elections committee unanimously. But the House version was bottled up in the budget-writing committee after three state agencies estimated it would cost them more than $745,000 to add more staff to implement the law.
However, the legislature’s own fiscal analysts sharply disagreed with that figure, saying the law would create virtually no new costs and wouldn’t substantially add to anyone’s existing workload.
“It just seemed highly inflated,” said Del. Cia Price, D-Newport News, who chairs the House elections committee and formally requested a second opinion on the steep cost estimate.
In a written analysis attached to the personal use bill, staffers at the Joint Legislative Audit and Review Commission said they concluded the proposal wouldn’t substantially burden state agencies after looking at similar laws in Georgia and Tennessee. Both states already have systems for investigating complaints and issuing advisory opinions similar to what the Virginia proposal envisioned, JLARC found, and the strain on staff is minimal because there are usually just a few cases to handle per year.
“JLARC estimates the fiscal impact of the bill would be negligible,” the General Assembly’s analysts said in their rebuttal to the estimates from the Virginia Department of Elections and Virginia Department of Corrections.
The JLARC statement didn’t address an additional $429,426 estimate from the office of Attorney General Jason Miyares, which claimed it would need two additional attorneys and a paralegal to help implement the law.
Despite JLARC disputing the projected costs of the personal use bill, Del. Marcus Simon, D-Fairfax, said its chances of passage are now “slim to none” after failing to pass the House. The House can still take up the Senate version of the bill, but Simon said it’s unlikely to be a priority for the body late in the session as lawmakers try to finalize more big-ticket items.
Despite Simon’s less-than-optimistic prediction about the fate of efforts to ban the personal use of campaign money, Clean Virginia said it still hopes a “commonsense ban” can pass this year after clearing the Senate with an “overwhelming bipartisan majority.”
“Passage of this bill would represent a strong first step towards comprehensive campaign finance and ethics reform in Virginia,” said Clean Virginia Legislative Director Dan Holmes.
General Assembly members and statewide officeholders are prohibited from raising campaign funds during legislative sessions, but the latest effort to extend that ban to special sessions also appears to be on track to die without lawmakers attaching their names to a vote.
A bipartisan bill banning fundraising during “active” special sessions made it to the Senate floor. But in an unrecorded voice vote last week, the Senate chose to send the bill back to its elections committee, a maneuver that killed the bill because the panel was already done with its work on Senate bills.
On the floor, Senate Majority Leader Scott Surovell, D-Fairfax, said the bill “had a lot of issues.”
“It’s going to create more problems than it’s going to solve,” Surovell said.
Sen. David Suetterlein, R-Roanoke, the bill’s sponsor, objected to the move, saying his legislation appeared to be heading for the same death by unrecorded vote that often befalls bills to ban the personal use of campaign funds.
“Every year it found a different way to die on an unrecorded vote,” Suetterlein said.
Mercury reporters Nathaniel Cline and Charlie Paullin contributed to this story.
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Finance
Financial resolutions for the New Year to help you make the most of your money
It’s the time of year where optimism is running high. We don’t need to be the person we were last year, we can be a shiny new version of ourselves, who is good with money and on track in every corner of our finances. Sadly, our positive outlook doesn’t always last, but with 63% of people making financial resolutions this year, it’s a chance to turn things around.
The key is to make the right resolutions, so here are a few tips to help you make the most of your money in 2026.
The problems that you know about already will spring to mind first.
Research by Hargreaves Lansdown revealed that renters, for example, are the most likely to say they want to spend less – and 23% of them said this was one of their resolutions for 2026. We know rental incomes are more stretched than any others, and on average they have £39 left at the end of the month, so it’s easy to see why they want to cut back.
However, they also struggle in all sorts of areas of their finances. So, for example, fewer than a third are on track with their pension. However, only 11% of them say they want to boost their pension this year.
Read more: The cost of staying loyal to your high street bank
It shows that your first resolution should always be to get a better picture of your overall finances – including using a pensions calculator to see whether you’re on track for retirement.
It’s only when you have a full picture that you can see what you need to prioritise.
Drawing up a budget is boring, and it may not feel like you’re achieving anything, but, like digging the foundations of a building, if you want to build something robust you can’t skip this step.
Make a list of everything coming in and everything you’re spending. Your current account app and the apps of the companies you pay bills to will have the details you need, and a budgeting app makes it easy to plug all the details in.
From there, consider where you can cut back to free up a chunk of money every month to fund your resolutions.
Younger people, aged 18-34, are particularly likely to fall into this trap. The research showed that 40% wanted to save more, 22% to get on top of their finances, 21% to spend less, 19% to pay more into investments, 19% to start investing, 15% to pay off debts and 14% to put more into their pension.
Given that at the start of your career, money tends to be tighter anyway, there’s a real risk that by trying to do so much, you might fall short on all fronts.
It helps to set yourself one realistic goal at a time.
Finance
Starting 2026 on solid financial footing
BIRMINGHAM, Ala. (WBRC) – With the new year quickly approaching many people are looking for ways to get their finances back on track. Financial expert Jim Sumpter says the first step is to review your budget, understand what you’re earning and spending, and rebuild any emergency savings used over the holidays. He also warns about hidden costs like forgotten subscriptions or missed gift return deadlines, which can quickly add up.
When it comes to saving, Sumpter recommends starting small. Even an extra $50 per paycheck or skipping one dinner out a month can add up to over $1,000 in a year. Tackling credit card debt doesn’t have to be overwhelming either — focus on one card at a time and make consistent extra payments.
The key, Sumpter emphasizes, is building habits over time. “Start small, create a habit, do something for 30 days, then another 30, and another 30,” he says. By spring, these habits become second nature, making saving, budgeting, and paying off debt much easier. Small, consistent steps now can set you up for a financially stronger year ahead.
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Finance
Where’s the rest? Why your year-end bonus or gift may have shrunk
ICE launches recruiting campaign with $50K bonus
ICE is launching a campaign to recruit agents tasked with removing migrants with criminal records. The push offers strong pay and benefits.
Straight Arrow News
Americans who are receiving a year-end bonus for a job well done may be sorely disappointed when they open their envelope to find a big chunk missing.
Up to a third of a cash bonus can get swallowed up by the IRS’ special tax withholding on cash bonuses, or what it calls “supplemental income,” on top of Medicare, Social Security and state taxes. The federal flat rate for bonus pay is 22% for supplemental income under $1 million. Add Social Security (6.2%), Medicare (1.45%), and state taxes, and total withholding is roughly 30%-35%.
“That 22% federal withholding might be higher than your…regular tax bracket,” according to workforce management software company Homebase. “If they usually pay 12%, seeing 22% disappear from their bonus stings.”
Why can this spell financial disaster for Americans?
For the holidays, many Americans may have spent like they were receiving the full amount of the bonus instead of the bonus amount minus taxes, said Kevin Knull, chief executive of TaxStatus, which provides IRS data to financial advisers.
The $10,000 bonus for air traffic controllers who had perfect attendance during the government shutdown isn’t really a $10,000 bonus, for instance. The withholding on bonuses is a flat 22%, plus a 6.2% Social Security tax and 1.45% Medicare tax. Those reduce the bonus to just over $7,000, and you may still have to have state income tax taken out.
“That’s all immediately deducted and goes to Uncle Sam,” Knull said. “Somewhere around 48% of the population underestimate what they pay in taxes. Income taxes take a big bite out of paychecks.” If you spent the entire ‘$10,000 bonus,’ you overspent by about $3,000.
Separately, Americans should be aware that a bonus can also bump them into the next higher tax bracket if they’re already close to it, experts said.
Some (belated) good news?
If the tax cost of your bonus is less than 22%, or the withholding rate, you’ll receive a tax refund for the difference, or it will be applied to the tax due on any other income, experts said. Bonuses will be taxed as regular income on the final tax return. You’ll just have to wait until you file your 2025 taxes next year to get the money back.
On the flipside, if the tax cost of your bonus is more than the 22% withholding rate, you’ll owe the difference between what was withheld and your total tax cost.
How can you keep taxes low with your bonus?
If you haven’t maximized your 401(k) or IRA contributions for the year, consider adding some of the money to your retirement fund to reduce overall taxable income come tax season, wrote Kay Bell at financial products comparison site Bankrate. Contrbutions are income tax-free, but withdrawals later are taxed.
The 2025 IRA contribution limit is $7,000, or $8,000 if you’re age 50 or older. The 401(k) limit is $23,500 and an additional $7,500 for age 50 or older except those who are age 60 to 63. Those individuals have a higher catch-up contribution limit of $11,250 instead of $7,500.
Or if you expect your income to be much lower next year, pushing your tax bracket lower, consider asking your employer to defer the bonus until then, she said. You’ll still owe taxes, but you could save money by paying at a lower tax rate.
“However, even if your tax bracket doesn’t change year to year, some like receiving bonuses next year just to move the tax liability to 2026,” said Richard Pon, certified public accountant in San Francisco.
What about non-cash bonuses or gifts?
“Employers and employees may be shocked that gifts are usually taxable,” Pon said.
Cash and cash-equivalent gifts and bonuses such as gift cards, season tickets to sporting or theatrical events and gift certificates are taxed, Pon said.
“Sometimes employers deduct this from the regular paycheck,” he said. “Other times, employers pay these taxes on your behalf and gross up the income, which can double the cost of a $25 gift card to $50 with taxes if an employer pays the employee share of taxes…you should check your paystub to see if you are taxed.”
A couple of exceptions exist. The first is the “conduit gift,” which is a contribution made to an intermediary organization that then passes the funds to the final intended recipient. For example, if the parent teacher association (PTA) collected and gifted cash or gift cards to staff and faculty, those are conduit gifts and wouldn’t be taxed. The PTA was merely a conduit for gifts paid by parents.
Another exception is if a manager personally gives an employee a cash gift or gift card, Pon said. “That is a personal gift. It’s not a gift from your employer,” he said. Since the manager is “not the employer, those would be tax-free gifts to the recipients.”
He warned though those gifts may cause other frictions at work. “There are a lot of scrooges,” Pon said. “I once worked in an accounting firm and the managing partner complained I was giving gift cards and candy to our admin staff as a token of appreciation of helping me all year. The partner said I was making other managers seem unkind if they didn’t give out gifts.”
Noncash gifts like hams, turkeys, an occasional ticket to a sporting event or theatrical event are considered a “de minimis fringe benefit,” which is not taxable, Pon said. But note, a coupon or gift card intended to buy a turkey, ham or other item may be taxable, he said.
Medora Lee is a money, markets and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning.
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