A proposal to create a new income tax bracket for Virginia’s highest earners is advancing through the General Assembly, with supporters arguing that the measure could generate significant new revenue for public schools, child care programs and affordable housing initiatives across the state. House Bill 188, introduced by Del. Kelly Convirs-Fowler, who represents Virginia Beach’s 96th House District, would establish a higher tax rate beginning in the 2026 tax year. Under the proposal, individuals earning more than $1 million annually would pay a 10 percent tax on income exceeding that threshold. Lawmakers backing the bill say the change would modernize Virginia’s tax structure and target additional contributions from the state’s wealthiest residents. Currently, Virginia uses a relatively flat income tax system in which all income above $17,000 is taxed at a rate of 5.75 percent. Advocates for the legislation contend that the structure places a proportionally heavier burden on middle-income families while allowing top earners to pay the same marginal rate. By creating a new bracket, they argue, the state can make its tax policy more progressive while securing funds for critical public needs. The bill specifies how revenue from the higher tax rate would be distributed. Half of the additional funds would go toward increased basic aid for public schools, a move intended to help districts address teacher shortages, classroom resources and rising operational costs. Thirty percent of the new revenue would be directed to the Child Care Subsidy Program, which assists working families with the cost of care and aims to expand access for low- and moderate-income households. The remaining 20 percent would be allocated to the Virginia Housing Trust Fund to support affordable housing development and homelessness prevention efforts. Supporters say the targeted investments could strengthen education, improve workforce participation and address housing shortages that have affected communities statewide. Critics, however, have raised concerns about potential impacts on business competitiveness and the possibility that higher-income residents could relocate, affecting overall tax collections. Those debates are expected to continue as the measure moves through committee review. In addition to the new tax bracket, HB 188 includes several technical amendments intended to align existing statutes with the proposed changes. The bill remains under consideration in committee, where lawmakers will determine whether it advances to a full vote in the House and Senate. If approved, the policy would mark one of the most significant adjustments to Virginia’s income tax system in decades and could reshape how the state funds key services tied to education, child care and housing.

Many taxpayers are facing a frustrating wait for their tax refunds as nearly 24 lakh income tax returns (ITRs) for the Assessment Year 2025–26 have been pending for more than 90 days. According to the Minister of State for Finance, Pankaj Chaudhary, as of February 4, 2026, out of 8.79 crore ITRs filed, approximately 24.64 lakh were yet to be processed, leaving millions of individuals waiting for their refunds. The large backlog has triggered concerns, especially for senior citizen

Meta, the parent company of Facebook and Instagram, and Google-owned YouTube are facing serious allegations in a closely watched trial that began Monday in California, with plaintiffs accusing the companies of deliberately designing social media platforms to be addictive for children. The case marks one of the first times a jury has been asked to directly assess whether major technology companies can be held legally responsible for the mental health consequences their products may have on you

In a significant legal blow to actor Vijay, the Madras High Court has upheld a Rs 1.5 crore tax penalty imposed by the Income Tax Department and dismissed his appeal challenging the levy. The penalty is linked to the alleged non-disclosure of additional income derived from the 2015 film Puli. According to the Income Tax Department, during tax searches conducted in 2015, it was revealed that of Vijay’s total remuneration of around Rs 15 crore, nearly Rs 5 crore was paid in cash and

Global gold reserves have come under renewed scrutiny as bullion prices climb to historic levels, strengthening the strategic and economic significance of mineral-rich nations. Gold is currently trading at approximately $4,290 an ounce in the international market, sharply raising the value of unmined deposits and drawing attention from investors, governments and mining companies seeking long-term supply security. Against this backdrop, geological estimates highlight a small group of countries

Gold and silver prices fell sharply on Friday as markets reacted to growing expectations that Kevin Warsh will be nominated as the next chair of the Federal Reserve, a development that appeared to ease concerns about the central bank’s long-term independence. The sell-off marked a sudden reversal for precious metals, which have enjoyed a powerful rally over the past year amid global uncertainty and a weaker U.S. dollar. By early afternoon in U.S. trading, silver prices had dropped

Silver prices in India have surged to a historic high, crossing the Rs 4 lakh per kilogram mark in futures trading and pushing up spot prices across major cities. The sudden spike has caught many buyers by surprise, especially as silver was trading at much lower levels just weeks ago. The rally has been sharp and swift, making silver one of the strongest-performing commodities in recent times and raising questions among consumers and investors about whether prices will continue to rise or cor

Gold prices surged to a fresh all-time high on Monday, crossing the $5,100 per ounce mark as investors increasingly turned to the precious metal for safety amid escalating geopolitical tensions and growing concerns over global fiscal stability. The rally extended gold’s record-breaking run, reinforcing its role as a preferred hedge during periods of uncertainty in financial markets. Spot gold climbed as much as 2.4 percent to trade near $5,102 per ounce, equivalent to approximatel

plunging close to one percent amid rising global uncertainty and mounting trade-related concerns. The S&P BSE Sensex fell by more than 700 points during afternoon trade to hover around the 84,300 mark, while the NSE Nifty50 slipped over 225 points to trade near 25,915. Weak sentiment spread across sectors, dragging frontline stocks as well as the broader market lower, reflecting heightened investor caution. Market participants attributed the decline to a combination of weak glob

Former White House physician and retired US Navy doctor Ronny Jackson has emerged as a central figure in negotiations that led to a $500 million mining and rare earths agreement between American and Pakistani entities, according to recent disclosures filed with the US Department of Justice. The filings, submitted under the Foreign Agents Registration Act, outline Jackson’s direct engagement with Pakistani officials and detail his involvement in shaping the deal at multiple stages.

With just days left before the December 31, 2025 deadline, taxpayers across India are being urged to check whether their PAN is linked with Aadhaar. The warning comes from the Income Tax Department, which has made it clear that failure to complete the linking process on time could lead to serious financial and tax-related disruptions. PAN Aadhaar linking is the process of connecting an ind

Gold prices have surged to a new all-time high as 2025 approaches its final days, marking one of the strongest rallies ever seen in the precious metals market. Spot gold climbed to a record level above $4,500 per ounce in early Asian trade, extending a remarkable year-long run that has delivered gains of more than 70 percent so far this year. Silver and platinum have also joined the rally, underlining that the momentum is not limited to gold alone but reflects broader strength across precious

Gold and silver prices have surged to record highs as investors rush back to precious metals, turning them into one of the strongest signals of global economic anxiety. A year that began cautiously is ending with aggressive buying, driven by inflation concerns, interest rate expectations, geopolitical tensions, and fears emerging from global bond markets. On Tuesday, gold prices climbed sharply, with spot gold rising to fresh all-time highs and futures also posting strong gains. Sil

Meta is preparing a major comeback to the artificial intelligence industry with two new models named Mango and Avocado, expected to launch in the first half of 2026. These models are designed to challenge the dominance of OpenAI and Google, who currently lead the AI landscape. Mango will focus on generating high-quality images and videos, while Avocado will serve as Meta’s next large language model, built for text generation, complex reasoning, and coding capabilities. Both models are being

German lawmakers are widely expected to approve a defense procurement package exceeding 50 billion euros on Wednesday, marking one of the most significant military spending decisions in the country’s post-war history. The move reflects a broader shift in Germany’s security policy as the government seeks to strengthen national and allied defense capabilities following Russia’s invasion of Ukraine. Agenda documents for the Bundestag’s Budget Committee indicate that members are

Silver prices touched a key psychological level on Friday as March futures on the Multi Commodity Exchange briefly crossed the Rs 2 lakh mark, reflecting strong momentum in the bullion market. The contract rose to an intraday high of Rs 2,00,362 before easing slightly in late trade. By 3:54 pm, silver was quoted at Rs 1,99,238, still holding most of the day’s gains as traders assessed near-term cues. The move marks the continuation of a steady rally seen over the past several weeks, driven by a combination of supportive global and domestic factors. A softer US dollar and declining global interest rates have improved the appeal of non-yielding assets such as precious metals, encouraging investor participation. At the same time, broader strength across industrial commodities has added to bullish sentiment in silver, which straddles both investment and industrial demand. Market participants point to global monetary easing as a key driver behind the recent surge. With the US Federal Reserve cutting rates again, expectations of a prolonged low-rate environment have strengthened. This has reduced the opportunity cost of holding metals and increased demand from investors seeking diversification and protection against currency volatility. A weaker dollar has further supported prices by making silver cheaper for overseas buyers, lifting global demand. Industrial consumption has also emerged as a significant pillar for prices. Silver remains a critical input for solar panels, electric vehicles, semiconductors and a wide range of electronic components. As global investment in clean energy and technology accelerates, demand for the metal continues to expand. Several industry estimates suggest that supply growth from mining has not kept pace with rising consumption, resulting in a persistent global supply deficit. In India, demand has been reinforced by the rapid expansion of solar power capacity and the government’s push to strengthen domestic electronics manufacturing. Traders noted that once silver moved decisively above the Rs 1.90 lakh resistance zone, momentum-based buying gathered pace, carrying prices toward the Rs 2 lakh threshold. The longer-term outlook remains constructive, supported by structural demand trends. Analysts tracking the market highlight that the imbalance between supply and consumption is likely to persist, keeping prices elevated. Based on these fundamentals, some projections point to a potential upside toward Rs 2.40 lakh over the medium to long term, provided global demand remains steady and mining output does not rise sharply. From a technical perspective, the ability of silver to sustain levels near Rs 2 lakh will be closely watched. Immediate resistance is seen around Rs 2,00,500, while support is placed near Rs 1,96,000. A firm close above resistance could strengthen expectations of a move toward the Rs 2.10 lakh to Rs 2.15 lakh range. However, traders caution that short-term volatility is likely, with profit booking or shifts in global rate expectations capable of triggering temporary corrections. Despite the possibility of near-term swings, the broader fundamentals continue to favour silver. Growing demand from solar, electronics and EV segments, combined with limited supply expansion, underpins the bullish outlook. The recent move past Rs 2 lakh has set a new reference point for the market, and its ability to build on this milestone will depend on how global monetary policy, industrial consumption and investor sentiment evolve in the weeks ahead.

Tax filing in 2025 was far more complicated for Indians than previous years, largely because personal income streams are no longer limited to salary alone. A growing number of taxpayers now earn through freelancing, digital content creation, SIP withdrawals, RSU vesting, intraday trades and influencer payouts. This shift has made filing returns prone to errors, especially for individuals who fail to reconcile their reported income with official tax statements. Financial experts say that AIS a

The U.S. Food and Drug Administration has released an updated notice regarding a nationwide recall of shredded cheese products distributed to several major retail chains, including Aldi, Target, and Walmart. According to the agency, more than 260,000 cases of shredded cheese may contain metal fragments, prompting officials to elevate their advisory and urge consumers to take immediate precautions. The update follows recent concerns in the dairy sector, including a separate recall involving Pr

China is developing the world’s first artificial floating island capable of surviving nuclear blasts and extreme ocean disasters. The massive 78,000-tonne structure, officially known as the Deep-Sea All-Weather Resident Floating Research Facility, is designed as a long-term deep-ocean base that can support up to 238 people for four months without fresh supplies. The island will feature a semi-submersible twin-hull design similar in size to the Fujian aircraft carrier and is expected to be o

A significant privacy issue in WhatsApp has come to light after researchers revealed that a long-standing flaw exposed the phone numbers and profile photos of nearly 3.5 billion users worldwide. The discovery was made by a team from the University of Vienna, who found that WhatsApp’s contact-discovery system lacked proper rate limiting, allowing automated tools to check millions of phone numbers per hour. Through this gap, researchers were able to confirm whether a number was registered on