House Republicans from coastal states have had discussions with President-elect Donald Trump about lifting the cap on federal deductions for state and local taxes, describing the talks as "positive." Economic advisors to Trump have reportedly discussed raising the cap to $20,000 while being opposed to eliminating it entirely.

Bonds have become a focal point on Wall Street as yields on 10-year and 30-year Treasurys have climbed recently. The upward trend in government bonds is being felt in weaker economies around the globe, but some observers still see bonds as a relative safe haven amid widespread uncertainty.

Aspida, an annuity issuer under the auspices of Ares Management Corp., will be able to write more fixed annuities after bringing in $3 billion through credit facilities and an arrangement to sell stock.

US inflation likely cooled slightly at the end of 2024, with core consumer prices rising 0.2% in December, according to projections from a Bloomberg survey. That reading, along with recent strength in the labor market, could encourage the Federal Reserve to take a patient approach to further rate cuts.

House Republicans are visiting President-elect Donald Trump as they continue to grapple with how to achieve their legislative priorities for taxes, spending and other issues. Trump has backed the idea of a single bill, although some in the Senate favor a two-step approach.

The new year is a good time to review your financial situation with a focus on your budget, big-ticket spending, retirement and unexpected costs, writes Teri Parker of CAPTRUST Financial Advisors. It's also crucial to address estate planning tasks, particularly if it's been a while since you last worked on the issue.

Managing tax liabilities in retirement may take some effort, with financial planner Evan Beach discussing issues such as tax withholdings and projections. "A strategic plan entails not only making sure that your bills are getting paid but also looking at current tax rates vs future tax rates to come up with a plan to minimize your lifetime tax bill," Beach notes.

The Biden administration has taken steps to forgive student debt for some, and the American Rescue Plan Act of 2021 means that there should not be federal tax implications on this forgiveness, according to higher education expert Mark Kantrowitz. However, there may be liabilities to consider in certain states.