Business (Page 689)

So let me get this right. After every Democrat in the House and Senate who voted against One, Big, Beautiful Bill — and therefore promoted a roughly $5 trillion tax hike — now a couple of presidential wannabees, like Senators Cory Booker and Chris Van Hollen, are surfacing plans that would end most income taxes for middle-class Americans, this according to a Wall Street Journal news story. The two men have somewhat differing plans, but basically, as I understand it, they would be raising the standard deduction and some other credits, so the first $75,000 of income would not be taxable.

So, are the Democrats possibly rediscovering tax cuts? Is the ghost of John F. Kennedy, who was the last Democratic president to lower tax rates and usher in supply-side economics, is the Kennedy ghost suddenly hovering over their shoulder? Are they admitting that President Trump was right as he walloped them in 2024 with across-the-board tax cuts, no tax on tips, or overtime, big breaks for seniors, et cetera. 

Now I don’t agree with the specifics of the Democratic plan, we’ll talk about it in a minute. But even the merest hint that Democrats believe lower taxes, at least for some people, are better than higher taxes for everybody, might be a good thing. Just maybe.

Now, what Booker and Van Hollen are doing is basically raising the standard deduction on middle-class earners somewhere around $75,000 to $100,000 a year. I’m oversimplifying, but that’s the gist of it. Now here’s the problem, they want to significantly raise taxes on successful earners, upper end earners.

According to the Journal article, Mr. Van Hollen calls for a surtax that climbs as high as 12 percent above existing taxes, which would drive the top rate to nearly 50 percent, or if you live in New York or California, you’d be taxed in the mid 60s percentile. Mr. Booker would raise the top rates from 35 percent and 37 percent into a new 41 percent and 43 percent brackets. 

Confiscatory tax rates like these would squelch work and investment, leading to a depressed economy, higher unemployment, and by the way even larger budget deficits. I don’t care how many people the senators want to shield from income taxes, turning around with punitive tax rates on successful entrepreneurs and wealthy individuals is a nonstarter.

Supply-side economics as Kennedy or Art Laffer would tell you, suggests that when you tax something more you get less of it. Punish success and prosperity, you’ll get less success and prosperity. But if you tax something less, you will encourage work effort and risk taking. And that’s the ticket to prosperity.

As Kennedy said many times, a rising tide will lift all boats. There’s no need to punish some while rewarding others in some kind of bizarre socialist redistribution scheme that has been tried many times before and always failed. But you know what folks? At least there are a couple of Democratic senators who don’t think tax cuts are dirty words. So, is JFK having a comeback?

A long-stalled plan to redevelop a deteriorating New Jersey shopping center is once again before local officials.

The Raritan Borough Planning Board recently reviewed a new site plan application for Raritan Lofts, which calls for a five-story, mixed-use building that would replace much of the largely vacant Raritan Mall in Somerset County, roughly 45 miles southwest of New York City.

Submitted by Raritan Mall Urban Renewal LLC, the proposal outlines the demolition of the aging strip mall and the construction of a 70-foot-tall building featuring 276 rental apartments and 20,000 square feet of ground-floor retail space, according to planning documents.

The project would include 42 affordable rental units.

MAJOR RETAILERS ARE FLEEING ANOTHER POPULAR MALL

A separate one-story building on the property would remain and be converted into retail space.

The redevelopment marks the latest effort to revive the 10.88-acre site, which has struggled since its anchor tenant, Stop & Shop, closed in 2016, according to NJ.com.

The shopping center is now largely vacant. A 2022 preliminary study described the site as “mostly abandoned” and “dilapidated,” citing vandalism and flood damage, the local outlet reported.

SHOPPING MALLS BETTER ADAPT TO MODERN TIMES TO AVOID TOTAL DEATH, SERIAL ENTREPRENEUR SAYS

The hearing represents the newest push to revive a redevelopment plan that has stalled for years.

After the Raritan Borough Council rejected an earlier redevelopment plan, the mall’s owner filed a lawsuit in August 2024. The $100 million suit alleged the vote involved a conflict of interest but was withdrawn in February 2025, NJ.com reported.

The Raritan Mall’s decline also mirrors broader challenges facing traditional shopping centers nationwide. 

TRUMP SAYS AMAZON ‘DESTROYING’ SHOPPING MALLS, HOLLOWING OUT TOWNS

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Even before the COVID-19 pandemic, malls were losing ground as online retailers such as Amazon drew customers away from brick-and-mortar stores. 

Lockdowns then accelerated the decline by keeping shoppers home. Economic pressures stemming from inflation made matters worse with households tightening their budgets and spending less on discretionary items. 

FOX Business reached out to The Raritan Borough Planning Board and Raritan Mall Urban Renewal LLC for comment.

FOX Business’ Daniella Genovese contributed to this report.

A new hotspot has emerged for homebuyers looking to leave California, and it’s outdrawing a larger and more well-known metro area within its state in the process.

Reno is the second-largest metropolitan area in the state of Nevada and has surpassed Las Vegas, the Silver State’s largest city, as a more attractive destination for Californians looking to move, a report by Realtor.com found.

The analysis of housing data by Realtor.com found that in 2025, almost 43% of views of online listings in the Reno area came from users in California metropolitan areas, which the outlet said was the highest share in the history of the data series dating back to 2019.

By contrast, about 25% of views of Las Vegas area listings came from California metros, a decrease from a 2023 peak of 27%.

AMERICA’S 10 MOST EXPENSIVE ZIP CODES REVEALED

“The data suggests that Reno has long been popular with California home shoppers, and its popularity is continuing to grow perhaps due to its relative affordability and lower cost of living,” said Realtor.com senior economic research analyst Hannah Jones.

Jones noted that in 2025, Reno brought in more prospective homebuyers from locations throughout the state of California than shoppers from within the local market, who accounted for just over 30% of listing views.

By contrast, homes listed in Las Vegas had 38% of their views came from within the metro area and surpassed those from shoppers in California by more than 12%.

AMERICAN HOMEBUYERS GAIN MOST PURCHASING POWER SINCE 2022

Reno is known as “the Biggest Little City in the World” and is located near Nevada’s border with California, close to Lake Tahoe and the Sierra Nevada mountains as well as metro areas in Northern California. Its climate is relatively mild in comparison to that of Las Vegas, which endures sizzling temperatures in the summer months.

Much like Sin City further south in Nevada, Reno is home to casinos and has a significant gambling industry. However, the region’s economy is diversified and major employers in the Reno metro area include Tesla and Panasonic as well as Caesars Entertainment. 

US HOME PRICES ARE RISING – BUT THESE FAST-GROWING MARKETS REMAIN AFFORDABLE

The median home listing price in Reno was $636,800 in February, an increase of over 11% from a year ago, according to the Realtor.com report. Median prices in Las Vegas were lower at $464,950 and were down 1.1% from the prior year amid a 23% increase in inventory.

Experts told Realtor.com that the pricing disparity was largely due to market size, with Reno being much smaller and having a more limited supply of houses. That can translate to larger increases in prices when demand rises.

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Despite the disparity, Bay Area residents looking at Reno will find much cheaper houses than what they’re used to in places like San Francisco, which had a median price of $907,000, as well as San Jose with its $1.35 million median price.

Nevada also lacks a state income tax, which makes it an appealing destination for homebuyers looking to preserve more of their income. It also has become popular among high-earning Californians who could be affected by a proposed wealth tax.

In what has become a now-familiar refrain, President Donald Trump on Thursday pressed Federal Reserve Chair Jerome Powell to cut interest rates immediately, rather than wait for the next policy meeting.

“Where is the Federal Reserve Chairman, Jerome “Too Late” Powell, today? He should be dropping Interest Rates, IMMEDIATELY, not waiting for the next meeting,” Trump wrote in a Truth Social post using a mocking nickname for Powell. 

The comments come ahead of the Federal Open Market Committee’s March 17 meeting, when the Fed’s 12-member rate-setting panel will decide whether to change its key interest rate. That benchmark rate helps determine what consumers and businesses pay to borrow money — including for mortgages, car loans and credit cards.

The meeting also comes as the conflict involving Iran has fueled a run-up in energy prices, adding to inflation pressures the Fed is watching closely — and complicating Trump’s pledge to lower costs for Americans.

GAS PRICES SURGE, PINCHING AMERICANS AND HANDING THE GOP A NEW MIDTERM HEADACHE

This week, oil prices surged past $100 a barrel for the first time since 2022 as fallout from the U.S.-Israeli conflict with Iran continued to roil global markets and investors priced in the risk of tighter supply. 

With oil higher, gasoline and diesel prices are rising fast.

Trump’s demand, however, runs up against how the Fed typically operates.

Rate changes are typically made at scheduled meetings. Still, the Fed has cut rates between meetings during crises, most recently in 2020 during the COVID-19 pandemic.

Trump, who nominated Powell to lead the Fed in 2017, has intensified his public campaign in recent months, calling for rates to fall as low as 1% as part of his push to stimulate growth.

For his part, Powell held off initially on rate cuts as the Fed assessed the economic impact of Trump’s evolving trade agenda. That wait-and-see posture kept the Fed’s benchmark rate at 4.25% to 4.5% for a period. The Fed has since lowered rates, and the target range now stands at 3.50% to 3.75%. But even after rate cuts, Trump has escalated his attacks on Powell and the central bank.

TRUMP VS THE FEDERAL RESERVE: HOW THE CLASH REACHED UNCHARTED TERRITORY

Trump’s renewed demands also sharpen the long-running tension between the White House and an institution designed to operate independently, with Fed officials insisting rate decisions will be driven by economic data, not political pressure.

That tension has now expanded beyond monetary policy. Federal prosecutors have opened a criminal investigation tied to Powell’s prior testimony to Congress about cost overruns on the Fed’s headquarters renovation project.

Powell, in a rare video statement, called the probe “unprecedented” and described it as another salvo in what he described as Trump’s pressure campaign on the central bank to cut rates. 

POWELL’S BEHIND-THE-SCENES MOVE AFTER TRUMP’S DOJ OPENED ITS CRIMINAL PROBE

The unusually public response followed days of private consultations with advisors and stood out for a Fed chair known for a measured approach.

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The political stakes are heightened by the timing: Powell’s term as chair ends May 15. 

Trump has nominated former Fed governor Kevin Warsh to succeed him, putting the Fed’s next moves and Powell’s final months under even brighter scrutiny.

Costco is facing a proposed nationwide class action lawsuit seeking refunds for customers over higher prices charged by the company due to the Trump administration’s tariffs that were subsequently ruled unconstitutional by the Supreme Court.

The lawsuit was filed by a Costco shopper in federal court in Illinois on Wednesday and seeks a declaration that the company must return to customers any refunds it receives for tariffs Costco paid under the International Emergency Economic Powers Act (IEEPA).

The suit follows the Supreme Court’s ruling on Feb. 20 which held that President Donald Trump overstepped his authority in imposing tariffs under IEEPA, as the law doesn’t grant tariff authority to the president.

Costco is among the more than 2,000 companies that have filed suits in the U.S. Court of International Trade seeking to recover tariffs they paid for imported goods. If the company receives those funds back through a refund, the lawsuit seeks to ensure those refunds are provided to customers who faced higher prices because of tariffs.

FOX Business reached out to Costco for comment.

FEDEX SAYS IT WILL RETURN ANY TARIFF REFUNDS TO CUSTOMERS, SHIPPERS WHO PAID THEM

“This lawsuit seeks to prevent Costco, the third-largest retailer in the world, from double recovery,” the lawsuit said. “Costco has made no commitment to return any portion of anticipated tariff refunds to the consumers who bore those costs.”

The suit added that the company has only promised “a possible future benefit to an indeterminate group of future shoppers.”

Costco CEO Ron Vachris told analysts last week that it was still unclear if or when businesses will get refunds for the IEEPA tariffs they previously paid.

Vachris indicated that if Costco does receive the funds, the company plans to channel them into lower prices and improved value for shoppers.

FEDEX SUES TRUMP ADMINISTRATION FOR FULL TARIFF REFUNDS AFTER SUPREME COURT RULING ON IEEPA

FedEx, which has also filed suit in the Court of International Trade to recover tariff refunds, is facing a similar class action lawsuit that was filed in late February by shippers who paid higher prices due to the tariffs.

Before the class-action lawsuit was filed, the company said in a statement that, “If refunds are issued to FedEx, we will issue refunds to the shippers and consumers who originally bore those charges. When that will happen and the exact process for requesting and issuing refunds will depend in part on future guidance from the government and the court.”

The class action lawsuit claims that FedEx’s promise wasn’t legally enforceable and seeks to ensure shippers and consumers receive the additional funds they paid due to the tariffs.

HOW SHOULD BUSINESSES APPROACH TARIFF REFUNDS?

The Supreme Court’s ruling sent the case back to lower courts, where it’s possible that the government could reach an agreement with the courts over a format for providing refunds to tariff payers.

Existing avenues to pursue tariff refunds exist through the U.S. Court of International Trade, where thousands of companies have filed suit to recover those funds.

A recent study by the Federal Reserve Bank of New York found that U.S. businesses and consumers bore 86% of the tariff burden, while foreign exporters bore 14% as of November 2025. 

The New York Fed’s researchers found that the share borne by U.S. businesses and consumers declined over the year from 94% in the January through August period to 92% in September and October.

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Those findings are similar to those contained in another analysis by the nonpartisan Congressional Budget Office (CBO), which noted in its 10-year budget and economic outlook that foreign exporters were absorbing about 5% of the tariff costs with the remaining 95% falling on U.S. firms and consumers.

Reuters contributed to this report.

President Donald Trump has reportedly been gifting Florsheim dress shoes to top administration officials, turning the 134-year-old brand into an unexpected status symbol inside the White House.

Trump has surprised some Cabinet members, White House advisors and members of Congress with the shoes – sometimes even guessing their sizes and instructing staff to place the orders. The president personally pays for the footwear, The Wall Street Journal reported.

At Cabinet meetings, Trump has reportedly even asked recipients, “Did you get the shoes?”

Vice President JD Vance, Secretary of State Marco Rubio, Transportation Secretary Sean Duffy, War Secretary Pete Hegseth and Commerce Secretary Howard Lutnick are among those who have received pairs, according to the Journal.

‘HAPPY TRUMP’ PINS AVAILABLE, AMONG OTHER COLLECTIBLES, AFTER PRESIDENT DONS NEW ACCESSORY

“All the boys have them,” one White House official said.

Trump recently began looking for footwear for long workdays and chose Florsheim, whose shoes typically sell for about $145.

Some officials now wear the shoes when they are around the president, and in some cases reluctantly, the Journal reported.

TRUMP STORE SPARKS BUZZ AND DEBATE WITH NEW TRUMP 2028 MERCHANDISE

During a December Oval Office meeting, Trump reportedly noticed Vance and Rubio’s footwear, suggested they needed an upgrade and asked for their sizes, the Journal reported.

“You know, you can tell a lot about a man by his shoe size,” Vance later recalled Trump saying.

A photo of Rubio’s shoes has since gone viral, with some online critics speculating that his pair appeared too large.

Founded in Chicago in 1892, Florsheim supplied U.S. troops during both World Wars and was once worn by President Harry Truman. The company is now part of Wisconsin-based Weyco Group.

TRUMP SAYS HIS TARIFFS AIM TO PROMOTE US PRODUCTION OF TANKS, NOT T-SHIRTS: ‘WE WANT TO MAKE BIG THINGS’

Thomas Florsheim Jr., CEO of Weyco Group and a fifth-generation family member, told the Journal he was unaware of the president’s purchases.

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The White House and Florsheim did not respond to FOX Business’ request for comment.

The escalating conflict in Iran may no longer be contained to the Middle East, as it threatens to deliver a direct hit to the American pocketbook.

As oil prices surge and global flight paths are redrawn, international carriers are already raising fares. While U.S. airlines have not yet raised prices, a new analysis warns a double-digit fare increase could be imminent for domestic flyers.

With jet fuel one of the largest expenses for airlines, domestic flight prices would need to increase by at least 11% to offset current fuel costs, according to Skift Research. Higher fuel costs could translate into higher fares for U.S. travelers.

Global benchmark Brent crude topped $100 per barrel late Thursday morning, marking a more than 60% increase since the start of the year. The market continues to react to halted oil shipments in the Strait of Hormuz and multiple strikes on Middle Eastern oil facilities and tankers as U.S. military forces continue Operation Epic Fury.

AMERICAN AIRLINES BECOMES FIRST U.S. CARRIER TO RESTORE VENEZUELA FLIGHTS SINCE 2019 SHUTDOWN

Qantas and Scandinavian Airlines announced earlier this week that they would raise fares in direct response to rising fuel prices, Reuters reported.

Air New Zealand said it plans to cancel 1,100 flights, impacting more than 44,000 passengers, between now and early May.

“It’s an unprecedented issue as far as fuel price is concerned, but managing fuel spikes is a well-trodden path if you’re running an airline,” CEO Nikhil Ravishankar said on Radio New Zealand.

Multiple outlets reported Wednesday that Thai Airways plans to raise ticket prices by 10% to 15% due to demand and rising fuel costs, with CFO Cherdchom Therdthirasak saying during an investor meeting this week that “passengers planning to travel should secure their tickets as soon as possible before fares rise further.”

The CEO of Hong Kong’s primary carrier, Cathay Pacific, said at a press conference that with fuel prices as high as they are, price surges are being considered.

“In March, like ever since the Middle East episode began, the costs of our fuel already doubled,” CEO Ronald Lam said, the AFP reported. “So we are going to announce [a surcharge] very soon.”

United Airlines CEO Scott Kirby spoke at a Harvard University event Thursday and said high oil prices will have a “meaningful” effect and could extend into the second quarter if the war continues, adding that the impact on fares will “probably start quick,” according to Forbes.

Most U.S. carriers, including United, Delta, Southwest and American, stopped hedging fuel decades ago, Forbes said, and there is no protection contract with the U.S. government that fixes fuel prices for commercial companies.

Delta, however, is partially insulated due to its ownership of the Trainer refinery in Pennsylvania, allowing them to avoid refining margins, though they still pay market rates for raw crude oil.

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Popular travel guide The Points Guy recommends not waiting to book flights amid the conflict — or risk paying more.

“If you’re planning to fly this summer, go ahead and lock in your airfare now. As experts noted, prices could surge any day now,” The Points Guy wrote. “That’s especially true if you’re hoping to fly in June or July, which in recent years have been the busiest and most expensive months of the summer to travel.”

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FOX Business is celebrating small businesses that have been the backbone of American excellence with a campaign in honor of America’s 250th anniversary that will award three winners $25,000 each, the network announced Thursday. 

FOX Business’ “Made in America” contest participants can apply online with a video or written entry at SmallBusinessAwards2026.com. Submissions and nominations will be taken on the website until March 30. 

The three winners will also be featured in a Fox Nation special. 

Fans will participate in their first round of voting for their favorite small businesses beginning on April 13, after the initial submissions are narrowed down to 10 finalists.

MILLIONS OF JOBS VULNERABLE AS ‘SILVER TSUNAMI’ LOOMS OVER US SMALL BUSINESSES, EXPERTS WARN

A panel of judges, which will include FOX Business hosts and executives, will determine the three winners of the “Made in America” contest.

The winners of the campaign will be announced on air and receive an award for their businesses, as well as an oversized check.

The contest victors will be announced during Small Business Week starting on Monday, May 4.

RARE AND ORIGINAL AMERICAN FOUNDING DOCUMENTS TO FLY ON FREEDOM PLANE ACROSS NATION

A plethora of FOX Business hosts and anchors appeared in a promo announcing the campaign. 

“For 250 years, small businesses have been the backbone of America,” “Mornings with Maria” and “Sunday Morning Futures” host Maria Bartiromo said. 

“Built by people who took a chance on themselves and their communities,” “Kudlow” namesake Larry Kudlow added. 

“These are the places where the American story is written,” “Making Money” host Charles Payne said. 

“The Bottom Line” and “The Big Money Show” co-host Brian Brenberg said, “FOX Business is shining a light on the independent hops that keep our country moving,” and his co-host and founding FOX Business anchor Dagen McDowell provided details on the campaign. 

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The FOX Business “Made in America” campaign is sponsored by Comcast Business and JP Morgan Chase.

America is celebrating its 250th anniversary on July 4, 2026.

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President Donald Trump previewed his “Freedom 250” campaign in December, announcing a series of celebrations to mark the milestone anniversary of the country’s independence. 

Washington state lawmakers on Wednesday passed a so-called “millionaires tax,” a move criticism said could lead to an exodus of high-income earners.

The State Senate passed the measure with a day left in the 2026 legislative session, following a hotly contested 24-hour marathon in the State House. 

The bill would impose a 9.9% tax on income over $1 million for individuals or couples in a household.

The funds generated from the tax would address the state budget, which is currently dealing with a multi-billion dollar deficit, Fox Seattle reported. 

KEN GRIFFIN’S FLORIDA TAKEOVER: CITADEL FOUNDER SHELLS OUT $180M FOR LATEST PIECE OF MIAMI EMPIRE

Funds would also go toward programs to improve affordability for working families and small business owners. The legislation would go into effect on Jan. 1, 2028, with tax payments starting in 2029.

It is expected to impact 21,000 residents across the state. The bill now heads to the desk of Gov. Bob Ferguson, who has backed the measure. 

On Tuesday, he said the bill “represents historic progress in rebalancing our unfair system. It sends significant dollars back to Washington families and small businesses.”

FLORIDA DOMINATES NATION’S LUXURY REAL ESTATE MARKET WITH LARRY PAGE’S MIAMI ESTATE TOPPING DECEMBER SALES

“It saves working parents money and ensures our kids are prepared to learn by funding free breakfast and lunch for all Washington K-12 students, which has been a priority of mine since I ran for governor,” he wrote on X. “The Millionaires’ Tax will apply to less than one half of one percent of Washingtonians, but make life more affordable for millions. I look forward to signing it.”

A Tax Foundation analysis found that the proposed tax would yield a top rate of more than 18% on wage income and restricted stock units (RSU) vesting in Seattle, making it the highest rate in the U.S.

Washington state has 695,695 small businesses and nearly 360,000 employees in technology-related jobs, according to the Small Business Administration and Washington State Department of Commerce, respectively.

“A tax this aggressive would do real damage to Washington’s economy, sending jobs and economic opportunity elsewhere,” wrote Jared Walczak, a senior fellow at the Tax Foundation. “In particular, for significant swaths of the state’s tech sector, already the target of anomalously high business taxes, a 9.9 percent income tax could prove the last straw, driving any subsequent expansion to other states, and quite possibly taking existing jobs with them.”

The bill has raised concerns from critics who said it could force Washington’s highest earners to leave for more tax-friendly states. 

“If a Starbucks or a Boeing or other people start to diminish their presence in Washington State, guess what happens?” said Republican lawmaker Andrew Barkisduring the State House’s debate this week, according to the New York Times. “Those high-paying jobs? They are going to leave. It is happening.”

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Former Starbucks CEO Howard Schultz said in a LinkedIn post this week that he and his wife are moving from Seattle to Florida after more than four decades in the city. He didn’t mention the tax in his post but said he hopes Washington “will remain a place for business and entrepreneurship to thrive.”

Fox Business’ Daniella Genovese contributed to this report. 

President Donald Trump said that America benefits when oil prices increase because the nation is the world’s biggest oil producer, but added that he considers blocking Iran from obtaining nuclear weapons to be more important.

“The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money,” the president said in a Thursday Truth Social post. 

“BUT, of far greater interest and importance to me, as President, is stoping an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the World. I won’t ever let that happen! Thank you for your attention to this matter,” he added.

TRUMP TOUTS ‘HISTORIC’ $300B TEXAS REFINERY AS FIRST NEW US PLANT IN NEARLY 50 YEARS

Gas prices have been surging amid the war, with AAA’s national average price for regular gas currently at $3.598.

The U.S. plans to release millions of barrels of oil from its Strategic Petroleum Reserve next week. 

“Earlier today, 32 member nations of the International Energy Agency unanimously agreed to President Trump’s request to lower energy prices with a coordinated release of 400 million barrels of oil and refined products from their respective reserves,” Energy Secretary Chris Wright said in a Wednesday statement.

“As part of this effort, President Trump authorized the Department of Energy to release 172 million barrels from the Strategic Petroleum Reserve, beginning next week. This will take approximately 120 days to deliver based on planned discharge rates,” Wright noted.

“Unlike the previous administration, which left America’s oil reserves drained and damaged, the United States has arranged to more than replace these strategic reserves with approximately 200 million barrels within the next year — 20% more barrels than will be drawn down — and at no cost to the taxpayer,” he said in the statement.

IRAN THREATENS $200 OIL BARRELS AS US PREPARES MASSIVE RELEASE OF EMERGENCY PETROLEUM RESERVES

White House press secretary Karoline Leavitt told Fox News on Thursday that the administration “is considering waiving the Jones Act for a limited period of time to ensure vital energy products and agricultural necessities are flowing freely to U.S. ports.”

The Iranian regime has threatened increased oil prices as the regime targets commercial shipping in the Strait of Hormuz. 

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“Get ready for oil to be $200 a barrel, because the oil price depends on regional security, which you have destabilised,” Iranian military command spokesperson Ebrahim Zolfaqari warned in comments directed toward Washington, Reuters reported.

Fox News’ Patrick Ward contributed to this report.

Mortgage rates climbed this week, mortgage buyer Freddie Mac said Thursday.

Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage rose to 6.11% from last week’s reading of 6%. 

The average rate on a 30-year loan was 6.65% a year ago.

TEXAS CAPITAL’S HOUSEHOLD GROWTH SURGES, FAR OUTPACING NATIONAL RATE

“Despite the modest uptick, buyers are responding to rates in this range, with existing-home sales increasing 1.7% in February,” said Sam Khater, Freddie Mac’s chief economist. “Purchase applications also increased this week, a welcome sign as buyers enter spring homebuying season with rates down more than half a percentage point compared to the same time last year.”

RENT BECOMING MORE AFFORDABLE FOR MANY AMERICANS AS MARKET STABILIZES

The average rate on a 15-year fixed mortgage increased to 5.5% from last week’s reading of 5.43%.

Mortgage rates are affected by several factors, including the Federal Reserve and geopolitics. Though mortgage rates are not directly affected by the Fed’s interest rate decisions, they closely track the 10-year Treasury yield. The 10-year yield hovered around 4.23% as of Thursday afternoon as oil prices moved higher due to the war in Iran.

“The ongoing conflict in Iran has stoked fears of wartime inflation, sending yields on the 10-year Treasury climbing and driving mortgage rates higher,” said Hannah Jones, Realtor.com senior economic research analyst. “This shift comes despite last week’s jobs data being weaker than expected, with unemployment ticking up to 4.4% and nonfarm payroll employment falling by 92,000 jobs. Inflation also drifted lower in February, with headline inflation holding steady at 2.4% and core inflation at 2.5%. Under normal circumstances, these soft economic readings would put downward pressure on mortgage rates. However, the news out of the Middle East is overriding those signals.”

Energy Secretary Chris Wright on Thursday said that while the U.S. Navy may soon be in a position to escort oil tankers through the Strait of Hormuz to protect them from attacks by Iran, the Navy isn’t yet ready to do so.

Wright said in an interview on CNBC’s “Squawk Box” that tanker escorts through the Strait of Hormuz – a vital chokepoint in the shipping lanes through the Persian Gulf – will be on the table in the near future as the air campaign against Iran’s military capabilities continues. Shipping traffic in the strait has largely ground to a halt due to the risk of Iranian attacks.

“It’ll happen relatively soon, but it can’t happen now,” Wright said in the interview. “We’re simply not ready. All of our military assets right now are focused on destroying Iran’s offensive capabilities and the manufacturing industry that supplies their offensive capabilities.”

The energy secretary was asked in the interview whether the Navy would be in a position to begin escorting tankers through the strait by the end of this month and Wright responded, “Yes, I think that is quite likely the case.”

CARGO SHIP STRUCK IN STRAIT OF HORMUZ AMID IRAN WAR

“Again, I’ll be over at the Pentagon later today. But that is what the military is working on and, yes, a lot of critical materials come out of the Strait of Hormuz,” Wright told CNBC.

“We have a large global economy. Fortunately, with President Trump’s policies, we’re a net exporter of oil, we’re a net exporter of natural gas, and in fact we’re growing our net exports of natural gas this spring, this summer. You’ll see massively more capacity online by the end of this year,” he added.

OIL SPIKE FADES AS MARKETS REASSESS IRAN WAR SUPPLY RISKS

Wright said in the interview that the Trump administration doesn’t want the Iran campaign to be a “brush off for a year or two” and wants to “permanently destroy their ability to build missiles, to build drones, to have a nuclear program.”

“It is short-term pain for the long-term gain, but it’s simply a must-achieve thing. Otherwise, you’ve got decades into the future of an Iran that can hold the world hostage whenever it wants,” he added.

HOW THE IRAN WAR COULD HIT AMERICANS’ GROCERY BILLS

The energy secretary’s comments come after a subsequently deleted social media post on his X account indicated that the “U.S. Navy successfully escorted an oil tanker through the Strait of Hormuz to ensure oil remains flowing to global markets.”

However, the post was taken down and White House press secretary Karoline Leavitt confirmed during a briefing that the “U.S. Navy has not escorted a tanker or vessel at this time. Though, of course, that is an option the president has said he will absolutely utilize if and when necessary at the appropriate time.”

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Oil prices have surged amid the conflict with Iran, with prices briefly rising near $115 a barrel before declining and trading between about $80 and $95 a barrel this week.

Gasoline prices have also spiked, with AAA reporting the national average price for a gallon of gas rose to $3.598 a gallon as of Thursday – up from $2.944 a gallon a month ago.

American officials are on heightened alert after federal authorities warned that Iran could attempt to launch drones toward the California coast, raising concerns about how easily low-cost unmanned aircraft could threaten U.S. cities.

Red Cat CEO Jeff Thompson joined FOX Business’ Maria Bartiromo on “Mornings with Maria” to discuss how emerging drone threats could be detected and destroyed if adversaries attempted to launch them toward the U.S. coastline.

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The warning comes as Iran has increasingly relied on drone technology in modern warfare, deploying both large strike drones and smaller, inexpensive models that can be launched quickly and in large numbers. Defense officials have seen similar tactics used in conflicts overseas, particularly in the Middle East and Eastern Europe, where swarms of relatively inexpensive drones have been used to overwhelm traditional defense systems.

Thompson said a potential offshore launch targeting California would likely be identifiable and could be intercepted quickly by U.S. defenses.

“We don’t have any details currently, but if they’re trying to launch vertical-launch mechanisms off of small boats off the coast of California, it’s going to be very easy to find and very easy to kill,” Thompson said.

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Still, he cautioned that the smallest drones present a different challenge. Because many are built using widely available commercial technology, they can move quickly and operate at low altitudes, making them harder to detect with traditional systems.

“The really small ones like FPV drones… are going to be very hard to battle because they’re just so quick,” Thompson said.

As drone warfare evolves, Thompson said future defense strategies will likely rely on large numbers of inexpensive counter-systems designed to intercept incoming aircraft before they reach their targets.

“It’s not humans anymore. It’s drone against drone,” Thompson said.

California Gov. Gavin Newsom said Wednesday that he is “not aware of any imminent threats at this time” while the state remains “prepared for any emergency.”

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Tax season is stressful enough, but avoidable mistakes can turn a routine filing into an expensive headache. 

With Tax Day approaching, here are five common filing missteps that could mean a smaller refund, a bigger bill or delays getting your return processed.

Your filing status is one of the most important choices on your tax return because it helps determine your tax rate, your standard deduction and which credits you may be eligible to claim. Pick the wrong one, and you could end up paying more than you owe, getting a smaller refund or triggering delays if the IRS flags the return for review.

For many taxpayers, the confusion comes from life changes that happened during the year, like getting married or divorced, having a child, moving in with a partner, supporting an aging parent or sharing custody. Even if your situation feels straightforward, the IRS rules can be less intuitive, especially for taxpayers who aren’t sure whether they qualify as “head of household” or whether they can still file as “qualifying surviving spouse” after a spouse has died.

Head of household, in particular, can be costly to get wrong. It typically comes with a larger standard deduction and more favorable tax brackets than filing as single – but it has strict requirements tied to paying more than half the cost of keeping up a home and having a qualifying dependent. If you don’t meet the rules and claim it anyway, you may have to pay back tax benefits later, plus penalties and interest.

When in doubt, the IRS has an online filing-status tool, and many tax software programs will walk you through the questions to help you choose the right category.

One of the biggest and most expensive tax-season mistakes is failing to claim every credit or deduction you qualify for. That can mean a smaller refund or a higher bill.

“I think the top mistake people make is not fully understanding or taking the time to really research what are all the different deductions and the ways that you can put a little bit of extra money in your pocket that are available to you,” said Bill Sweeney, senior vice president of government affairs at AARP.

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Sweeney also warned taxpayers not to rely on last year’s return as a blueprint for filing because of recent changes to the tax code from the One Big Beautiful Bill Act. 

“This would be a good year given that there are these changes to the tax code, to make sure not to assume that what you did last year will convey over to this year. Really take a fresh look at your tax situation and see if there’s money that you’re leaving on the table,” he said.

An extension can buy you time to file your paperwork, but it doesn’t give you extra time to pay. For most taxpayers, the IRS deadline to pay what you owe is April 15, 2026 – even if you request an extension to file later.

“Remember that even if you claim an extension, the money is owed on April 15,” said Mike Faulkender, co-chair of American Prosperity at the America First Policy Institute.

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Faulkender, a former Treasury official and IRS commissioner, said taxpayers who need more time should still estimate their bill and pay by the filing deadline to help avoid added costs.

“You have to actually send in a check or have the payment deducted from your account by the filing deadline,” he said.

If you can’t pay in full by April 15, pay what you can to help limit penalties and interest on top of your tax bill.

If you choose direct deposit for your refund, the IRS relies on the routing and account numbers you provide. One wrong digit can lead to delays. 

If you pay what you owe by direct debit, incorrect banking details can also lead to a rejected payment and potentially result in penalties and interest.

Timing matters when it comes to filing your taxes. Submitting your return before you’ve received all your key paperwork, like W-2s or 1099s, can lead to errors, missing income or a return you have to amend later.

Faulkender said there’s a simple way to double-check what’s been reported under your name before you file. 

“One of the things that I learned last year when I was IRS commissioner, was that if you create an account on irs.gov, you can see everything that’s been filed under your tax ID,” he said. 

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“We’re supposed to receive all of our W-2s and our 1099 forms in the mail in January and February. But if you’re missing one, or you misplaced it rather than requesting it again, you can actually go and see what was filed under your taxpayer identification number if you create an account on IRS.gov.” 

Filing late can also cost you extra money, especially if you owe. The goal is to wait until you have what you need, then file as soon as you’re ready.

McDonald’s is doubling down on its “McValue” menu as the fast-food giant acknowledges that years of post-pandemic price hikes have left many Americans feeling priced out of a basic burger and fries.

In an internal message to franchisees, the world’s largest burger chain announced a sweeping “McValue 2.0” initiative set to launch in April, featuring $3 and $4 meal deals designed to lure back lower-income consumers who have pulled back on spending because of persistently high living costs.

“We have achieved incredible progress together and remain committed to meeting ever-changing customer needs,” McDonald’s wrote in a message to chain franchisees obtained by The Wall Street Journal.

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The new menu items will replace the previous buy-one-add-one promotions. Customers can soon pay $3 or less for items including 4-piece Chicken McNuggets or a Sausage Biscuit, and $4 for breakfast meal deals with a McMuffin sandwich, hash brown and coffee.

Internal memos reportedly showed a “unanimous alignment” between the corporation and franchisees, who set their own prices, to address the affordability gap at McDonald’s. Stores are expected to begin training employees on the new deals in the coming weeks.

“We absolutely are going to make sure that we are protecting our leadership position in value,” CEO Chris Kempczinski during a February investor call.

Fox News previously reported that McDonald’s prices have risen sharply post-pandemic, with millennials especially vocal on social media about how much menu costs have increased since their childhoods.

A social media user shared a viral graphic claiming a McDonald’s feast once cost about $12 total — with medium fries at 99 cents, a cheeseburger at 79 cents and a Big Mac at $1.85. The post also said a Filet-O-Fish sold for $1.29 in 1991 and a medium drink for 89 cents.

Last year, the company capitalized on its $5 meal deal, various holiday promotions and the revival of its Monopoly sweepstakes. The strategy appeared to work as U.S. sales rose 6.8% in the fourth quarter, the biggest jump in about two years, as lower-priced offers and aggressive promotions drove traffic back into restaurants. Analysts had expected a 4.9% gain.

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Kempczinski also said there is growing evidence the company’s value push is working, particularly among lower-income consumers who have been most affected by inflation.

McDonald’s recently ranked No. 10 on Entrepreneur’s Franchise 500 annual list, which evaluates costs, fees, size, growth, support, brand strength and financial stability. The 2026 report marks McDonald’s first Top 10 appearance since 2020, when it placed No. 3. The chain ranked No. 22 in 2025 rankings.

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Fox News’ Andrea Margolis and FOX Business’ Bradford Betz contributed to this report.

General Motors has issued a recall affecting more than 17,000 vehicles over a rear toe link fracture that increases the risk of a crash.

The recall from General Motors applies to about 17,050 Buicks due to a rear toe link fracture that can cause loss of vehicle control, increasing the collision risk, the National Highway Traffic Safety Administration (NHTSA) said in a recall report.

Certain 2012–2013 Buick Regal Turbo and GS trim-level vehicles that were sold or registered in more than 20 “high corrosion” states are included in the recall. More specifically, about 4,751 2012 Buick Regals and about 12,299 2013 Buick Regals.

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The “high corrosion” states include Connecticut, Delaware, Illinois, Indiana, Iowa, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia and Wisconsin.

Vehicles in Washington, D.C., were also included.

Only about 1% of the vehicles included in the recall may have a defect, which was caused by a supplier’s failure to properly apply corrosion protection.

General Motors said no injuries have been reported in connection with the issue that triggered the recall, which was submitted on Tuesday.

TOYOTA RECALLS 550,000 VEHICLES OVER SEAT DEFECT

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General Motors dealerships will replace the rear suspension toe links and adjuster fasteners at no cost. Owner notification letters are expected to be mailed on April 13.

The recall expands on multiple others the automaker has filed since late last month about the same issue.

Florida is facing its worst drought in 25 years, intensifying pressure on a citrus industry already battered by disease, hurricanes and rising costs.

According to the U.S. Drought Monitor, 100% of the state is experiencing some level of drought, with more than 75% in extreme drought conditions. The dry spell is adding new financial strain for growers who rely heavily on irrigation to sustain crops.

Florida accounts for 17% of the nation’s citrus production, according to the Florida Department of Agriculture and Consumer Services. For many communities, the industry remains a key economic driver.

“There are multiple companies across our county and across our state, and it’s definitely a lifeline to a lot of Floridians here,” said Jennifer Schaal, VP of finance at Dundee Citrus Growers Association. “It’s what they depend on.”

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However, nature has been anything but dependable for Florida farmers.

Back in 2000, the state’s citrus industry covered over 800,000 acres. Today, that figure has fallen to just over 200,000 acres, according to the U.S. Department of Agriculture, reflecting years of disease pressure and storm damage.

“The number one challenge the industry has had over the years is citrus greening disease,” said Steven Callaham, executive vice president and CEO of Dundee Citrus Growers Association. “And then on top of that challenge, we’ve experienced numerous hurricanes.”

RECENT HURRICANES CAUSE FLORIDA CITRUS PRODUCTION TO FALL AS FARMS WORK THROUGH DAMAGE

Recent freezes and now drought conditions have compounded those pressures.

“When you irrigate, it requires a pump that is either powered by diesel or it’s powered by electricity, and it gets very, very expensive,” explained Callaham.

Dundee Citrus Growers Association is one of the largest fresh fruit cooperatives in the state of Florida, harvesting citrus from over 10,000 acres. 

“It’s been challenging over the last year,” added Bill Bohde, director of agronomy at Dundee Citrus. “During the bloom period, water is critical. It determines how well the fruit sizes and ultimately, you know, how large your crop will be.”

As citrus acreage dwindles throughout the state, the company has found a solution to nature’s many obstacles with something called “CUPS,” or Citrus Under Protective Screens. 

Orange groves are planted under 10-acre white tent structures, also known as pods. Originally installed to prevent disease in citrus plants, the structures are also helping growers better manage soil moisture during the historic drought.

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“Everything is pumped through a series of pipes into this black tubing, and every tree has a very small emitter that puts, you know, puts out an amount of water,” explained Bhode.

The system allows for precise irrigation, creating a controlled environment that can support fruit production even during prolonged dry spells.

“This ten-acre pod will produce between 8,000 and 10,000 boxes per pod,” said Callaham. “The trees in this environment, they’re happy. They grow faster than trees do in traditional outdoor groves, and they come into production quicker. So it’s one way that we can really get the industry back on track.”

USDA production data show mixed results across citrus categories. Florida lemon production increased 4% from last season, while tangerine and tangelo output was unchanged. Grapefruit production declined 8%, and non-Valencia orange production fell 2%, according to the agency.

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“If I wasn’t optimistic, I would not be in the citrus business,” said Callaham. “So I think we have a lot of positives going for us right now, you know? The challenges we have are temporary. We’re going to make it through.”

Papa John’s International is reportedly reviewing a new proposal to take the company private in a potential $1.5 billion acquisition, according to Reuters. 

Irth Capital Management, a Qatari-backed investment fund supported by Brookfield Asset Management, reportedly submitted the proposal on Wednesday, offering $47 per share, a 44% premium over the stock’s most recent closing price.

Following the announcement, the stock surged by a significant 15%, closing around $38.86. 

The bid comes after Papa John’s has been pursuing a turnaround strategy following years of weak demand under multiple CEOs.

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Irth Capital, a relatively new firm founded in 2024 and backed by a member of the Qatari royal family, reportedly already holds about a 10% stake in Papa John’s. 

Led by co-founders Sheikh Mohamed bin Abdulla Al-Thani and Matthew Bradshaw, the firm is working alongside Brookfield Asset Management on a high-stakes offer that, if successful, would mark one of Irth’s first major transactions, Reuters said.

The potential acquisition would become one of the firm’s first major deals, following a period of financial recovery and previous failed buyout attempts by other investors, including Apollo Global, which had partnered with Irth last year on a joint offer exceeding $60 per share.

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Mounting speculation about the company’s future has also prompted activist investor Irenic Capital Management to build a stake in the pizza chain, according to the outlet. 

While the bid is significant, there is no guarantee of an agreement as the pizza giant remains open to other potential buyers. 

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Papa John’s has previously struggled with weak consumer spending and tough competition in the pizza industry, specifically among North American restaurants.

In the last quarter, the company reported a 5.4% drop in North American same-store sales. To improve profitability, it announced plans to close roughly 300 underperforming restaurants in the region by the end of 2027.

Reuters contributed to this report.

If you take an Uber or Lyft from Los Angeles International Airport (LAX), your ride could soon cost more.

The Los Angeles Board of Airport Commissioners on Tuesday approved an increase in rideshare fees, raising the charge from $4 to as much as $12 per trip — a move Uber is warning will impact both riders and drivers, FOX 11 reported.

Under the new plan, rideshare vehicles will pay a $6 base fee to enter LAX. An additional $6 fee will apply for pickups or drop-offs at the airport’s Central Terminal Area, according to FOX 11.

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Right now, rideshare companies pay about $4 per pickup or drop-off. Taxi companies pay $4 for pickups, while limousines pay $5. Taxis and limos are not charged for drop-offs, according to FOX 11.

Airport officials say the higher fees are meant to reduce traffic congestion and encourage travelers to use the airport’s new SkyLink automated people mover once it opens, according to ABC7 Los Angeles.

“To be able to be dropped off there will be a $2 increase to the ride-share companies,” Vanessa Rodriguez, deputy executive director of external affairs at Los Angeles World Airports, told ABC7 Los Angeles. “As the new front door to the airport, essentially a traveler will be able to get on the SkyLink train and do the full loop of the horseshoe in 10 minutes.”

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However, Uber says the fee will be passed directly on to all travelers and would be nearly triple the $4.24 average across major U.S. airports.

“The board’s decision significantly increases the cost of getting to and from LAX,” Danielle Lam, head of local California policy at Uber, told FOX Business in an email. “A 140% fee hike will directly impact riders and reduce demand for drivers who rely on airport trips.”

Higher passenger fees usually reduce demand for airport trips, limiting drivers’ earning opportunities. The proposed LAX fee increase could result in approximately $1,000 in lost earnings per driver each quarter, according to Uber.

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“We support investments that improve the airport experience, but they must be transparent and balanced,” Lam added.

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Los Angeles World Airports and Lyft did not immediately respond to FOX Business’ request for comment.

Michigan-based medical device company Stryker announced on Thursday it is experiencing a “global network disruption” to its Microsoft suite following a cyberattack that may have ties to a pro-Iranian group.

Fox News spoke to a Stryker employee based in Boise, Idaho, who confirmed the attack and said they were unable to access their network. 

The employee said they were advised to avoid connecting to any Stryker VPN networks or software on any device, and coworkers’ work phones were wiped Wednesday morning. 

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In a message to customers, Stryker confirmed it is experiencing a global network disruption to its Microsoft environment as a result of a cyberattack. 

“We have no indication of ransomware or malware and believe the incident is contained,” Stryker wrote. “Our teams are working rapidly to understand the impact of the attack on our systems.”

A pro-Iranian hacktivist group later took to social media to claim responsibility for the cyberattack. 

The hackers, who alleged Stryker was a “Zionist-rooted corporation,” claimed 200,000 systems were affected and 50 terabytes of data were extracted.

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Stryker has not yet confirmed the group’s involvement.

The same hacking group claimed to have breached New York City-based company Verifone, which provides technology for electronic payment transactions to 75% of the top retailers, according to the company’s website.

A spokesperson for Verifone told FOX Business the claims are false.

“Verifone closely monitors the security and integrity of its systems worldwide,” the spokesperson said. “We have observed recent allegations on March 11 from threat actors claiming an intrusion into our systems in Israel. Verifone has found no evidence of any incident related to this claim and has no service disruption to our clients.” 

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Stryker did not immediately respond to FOX Business’ request for comment.

We all know that crude oil and gasoline prices have jumped up as a result of the Iran war. And to me, it’s a small price to pay for a small bump up in energy costs in order to defeat the barbaric terrorist regime in Iran, and literally change the course of history. Yet economists are still trying to figure out what, if any, impact there will be on inflation and output.

I’ve seen recession scenarios, inflation scenarios, stagflation, you name it, it’s all out there. And I’ve seen lots of comparisons with the oil shock of the 1970s and the early 1990s. Maybe even the Russia shock of 2022. Let me counsel caution, though, in relying on these past episodes to forecast the future. For one thing, this oil shock looks to be very brief. To quote President Trump “the war will be over very soon, because there’s practically nothing left to target.”

When it’s all said and done, this war might last only four to five weeks, not enough duration to really have any significant impact on the economy. You might see a whiff of energy inflation in the March CPI number, but people are going to look through it. It won’t last. Actually, the exchange value of the dollar has gone up, not down. And unlike the 1970s, there’s no supply shock, because most of our oil is now produced in America and Canada. In fact, the most important thing to remember is how much more oil we produce today than we did way back then. “Drill, baby, drill.” Pure genius from Mr. Trump.

Oil production in the 1970s remained under 10 million barrels a day. Today it’s nearly 14 million. And we don’t have wage and price controls today, or long lines at the pump, because of Trumpian deregulation. So we don’t actually have supply shortages today, we don’t really need Middle Eastern oil, although we are subjected to world oil prices. Gasoline is up about 50 cents a gallon. Big deal. Yes, temporarily that will slightly cut into middle-class wallets and pocketbooks, but it’s also important to remember that as oil producers, the higher price actually benefits parts of the population. It’s not all one-sided lost consumer disposable income anymore.

Now here’s another point, interest rates have not changed significantly. In prior oil shocks, it seemed like rising inflation drove up interest rates, which in turn drove down the economy. The 10-year treasury has hovered just around 4 percent, slightly above. And the 30-year mortgage has stayed around 6 percent. So, we haven’t had a real oil supply shock. We haven’t had a real interest rate shock. And it is likely that energy prices will fall below prewar levels.

Therefore, Mr. Trump’s One, Big, Beautiful Bill with tax cuts, deregulation, and “drill, baby, drill,” will continue to provide tailwinds for the economy once this war is over. And for investors, I say look through the temporary disruption.

Mr. Trump’s Operation Epic Fury is changing the course of the Middle East and the rest of the world toward freedom. And freedom in the Middle East and everywhere else will bring greater prosperity. So for investors, look through the war and see the enormous prosperity that lies on the other side.

Americans who are planning for their retirement can get bigger Social Security benefit checks by delaying their application for benefits until after they reach full retirement age.

The monthly benefit payments to Social Security beneficiaries are determined based on their full retirement age (FRA), which varies based on the year a worker was born in. 

For workers born in 1960 and after, the FRA is 67, while the FRA is reduced by two months for each year before 1960 until it reaches 66, which is the FRA for those born from 1943 to 1954.

Those who want to continue working beyond their FRA and choose to delay claiming their Social Security benefits can incrementally increase their monthly benefits by continuing to work, with benefits increasing by 8% per year until they reach age 70, when the benefit is maximized.

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Workers can claim Social Security benefits as early as age 62, though they have their benefit amount reduced. 

For example, a person whose FRA is 67 and claims early when they turn 62 would see their monthly benefit reduced 30%, lowering every $1,000 in benefits to $700. It would also impact their spouse’s benefit by 35%, reducing $500 in benefits to $325.

Those who are receiving their Social Security benefits and have reached their FRA can choose to suspend their payments temporarily or until they reach age 70, when they will automatically resume. 

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Benefit amounts resume their annual growth during the period that the beneficiary has suspended their benefits – which can allow them to receive larger benefit checks than they received before the pause once benefits are resumed.

While a beneficiary has suspended their benefits, their future monthly benefits grow at a rate of about 8% per year, or 0.666% on a monthly basis.

Married couples should be aware that voluntarily suspending Social Security benefits also suspends spousal benefits, which are up to 50% of the spouse’s benefits unless they’re divorced.

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Beneficiaries who suspended their benefits may request the resumption of their benefits before they turn 70, when they automatically begin again.

Suspending benefits also means that Medicare premiums cannot be deducted from Social Security benefits, which means the beneficiary would be billed by the Centers for Medicare & Medicaid Services.

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Toyota is recalling 550,007 vehicles because of a seat-back locking issue, federal regulators said.

The recall affects 420,771 Highlander and 129,236 Highlander Hybrid vehicles, all from model years 2021 through 2024, according to a notice filed with the National Highway Traffic Safety Administration.

The notice said “second-row seat backs may fail to lock into position during seat back adjustment.”

TOYOTA RECALLS 141K VEHICLES OVER DOORS THAT COULD OPEN WHILE DRIVING

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A seat back that has not been secured in a locked position may fail to properly restrain occupants, increasing the risk of injury in the event of a crash at higher speeds, the notice said.

NHTSA said that all owners of the affected vehicles will be notified to return their vehicle to a Toyota dealer. The dealer will replace the return springs in the recliner assemblies with improved ones, free of charge.

Owner notification letters are expected to be mailed in April.

Toyota also recalled around 141,000 Prius and Prius Prime vehicles last month after discovering that rear doors can unexpectedly open while the car is moving.

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FOX Business reached out to Toyota for comment.

In team sports, athletes get a built-in support system thanks to teammates going through the same journey as them most of the time. 

In golf, it’s you, the ball and the course – no matter what kind of team you have behind the scenes. And for those elite players, like Michelle Wie West, who has been playing LPGA Tour tournaments since she was 12 years old, it can be tough navigating a professional world at the onset. 

To that end, West teamed up with Ford to launch “Power Her Drive,” a new mentorship platform designed to support LPGA rookies on and off the course. It’s a program built on Wie West’s own experience as a teenager trying her hardest to make an impact on the course, while dealing with everything else that comes with being a professional athlete. 

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“This is probably the easiest yes I’ve had when it comes in terms of sponsorship,” Wie West said in a recent call with FOX Business ahead of “Power Her Drive” debuting at the Ford Championship, which begins in Phoenix, Arizona, on March 26. “This really, deeply aligns with my passion. Now that I’m retired and in my post-retirement career, hosting my tournament, having juniors involved and mentorship was a big part of it as well. I think what Ford is doing is amazing. Since our early conversations, it was very clear it wasn’t just about logos – it was about empowerment.

“Golf is an individual sport, and this is what I tell the juniors all the time: you have to lean into community. You have to lean into your support group.”

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Wie West said she was lucky to have her parents as a strong support system, but since they didn’t expect their daughter to be as successful as she was at an early age, the 2014 U.S. Women’s Open winner admitted, “It was the blind leading the blind a lot of the times.”

So, with women’s sports in general seeing unprecedented growth, Wie West’s passion was one Ford immediately wanted to help out with in their partnership. 

“I think this all started with the idea that we were very committed to becoming the official vehicle partner for the LPGA Tour. But then we started exploring it more deeply. How can we do this in a very unique way?” Lisa Materazzo, Ford’s global chief marketing officer, said to FOX Business. 

“We don’t want to just sponsor the tournament. It’s very important, so I don’t want to downplay that at all, but we saw an unmet need when we began speaking with the LPGA and an opportunity for deeper connection with the athletes. Really authentically supporting their development, and this to us felt very right for Ford, to demonstrate that we have this unique commitment to the players and the LPGA, and more broadly, this sport and women’s sports in general.”

“Power Her Drive” will begin with a Class of 2026, featuring a bright group of LPGA Tour rookies: Camille Boyd, Briana Chacon, Hailee Cooper, Laney Frye, Melanie Green and Yana Wilson. 

As these rookies look to cement themselves as winners, or even stars, on the LPGA Tour, “Power Her Drive” plans to help them deal with what comes off the course, including brand sponsorships, financial advice and more. 

“The score on the leaderboard is what you see, but there’s so many layers behind that,” Wie West added. “I hope with our partnership, people will kind of see the peeling of the onion and see the support these players are getting. We’re going to go through and talk about personal brand building, talk about leadership skills. Even though it’s an elite individual sport, you’re still a leader of your own team – your caddy, your trainer, etc. I think all of this is going to be so much fun to go through with the rookies.”

Materazzo added: “We are a big business – we’re a 122-year-old big, global brand. We know how to do these things, we know how to operate in a business environment. So, we can help those young golfers build their brands… If we can make other pieces of it an easier lift, that makes us, in theory, proud and very humble to be a part of that journey for them.”

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Taxpayers in several states may face delays in receiving their tax refunds this filing season amid changes in tax policies as well as the processes for filing returns.

Tax refunds are issued to taxpayers when the amount of taxes they paid over the course of the year is greater than the amount of liability based on their return after deductions or credits are applied. Refunds are issued by the IRS at the federal level, while state revenue agencies distribute refunds based on their policies.

This tax season’s refunds have been larger following the enactment of the One Big Beautiful Bill Act (OBBBA) at the federal level, which extended lower tax rates that were set to expire and also created new deductions that required the IRS and Treasury Department to implement new rules for handling them.

Several states have informed taxpayers that their state-level tax refunds may be delayed this tax season for a variety of reasons, including the need to update tax forms and systems to account for OBBBA’s changes at the federal level. Many taxpayers rely on the financial boost of a tax refund check to help shore up household budgets or for special expenses.

HOW TO AVOID TAX SCAMS THIS FILING SEASON

Taxpayers in New York who filed early this tax season may face processing delays due to the timing of software updates that were installed in early February, which could leave some taxpayers in a “processing loop” according to a report by Kiplinger. 

Federal tax policy shifts and the state of New York’s inflation refund checks that were disbursed late last year may not have been accounted for prior to the software update.

Idaho’s budget office announced last month that tax refunds may be delayed up to six weeks this filing season due to several factors. 

The agency noted that Idaho cut the budgets of most state agencies in the last two years, which has left the state government with fewer temporary workers who can assist with processing tax returns. Idaho also enacted a law last month that retroactively added similar tax breaks from OBBBA to the state tax code, including the deductions for tipped income and interest on new car loans.

AMERICANS SEE BIGGER TAX REFUNDS SO FAR THIS YEAR AS FILING SEASON BEGINS AT A SLOWER PACE

Oregon announced that taxpayers who filed paper returns won’t see their refunds until early April because the state Department of Revenue won’t begin processing paper returns until that latter part of this month.

The agency said there was a delay in receiving tax forms from the IRS that pertained to tax law changes under OBBBA, while it also adopted some of the law’s policies at the state level, such as a larger standard deduction and a deduction for overtime pay.

Those changes have prompted changes to tax forms and the agency’s tax return processing systems for paper returns. Oregon’s Department of Revenue is encouraging taxpayers to file electronically this season to avoid delays.

HERE’S WHEN TAXPAYERS WILL GET THEIR REFUNDS

South Carolina taxpayers are facing complications after the legislature didn’t update some of its state-level tax provisions to account for the OBBBA, meaning some federal provisions are accounted for at the state level. 

The discrepancy created issues with tax software programs trying to correctly calculate manual “add backs” of federal tax breaks on returns, which led to delays and may require some filers to submit an amended return.

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Taxpayers in the District of Columbia may face refund delays due to Congress overturning a D.C. tax law that had created a divergence from OBBBA provisions in federal law. Those changes prompted a software update in February, which could require some filers to re-file their returns after forms have been revised.

A growing number of billionaires, CEOs and major corporations are relocating from blue states to red states, pointing to lower taxes, fewer regulations and a friendlier business climate.

The trend has picked up in recent years and shows no clear signs of slowing.

Several well-known companies have recently moved or announced plans to move their headquarters:

The tech firm announced in February that it moved its headquarters from Denver to Miami.

The energy giant said this week it will leave New Jersey and reincorporate in Texas, pointing to the state’s pro-business legal environment after years of legal challenges.

The company announced last month that it is moving its corporate headquarters from Glendale, California, to Frisco, Texas, ending a half-century run in California.

Yamaha is relocating its U.S. headquarters from California to Georgia after nearly 50 years in the Golden State, the company announced in February.

OVER $126M IN 60 DAYS — FLORIDA REAL ESTATE TYCOONS SAY BLUE-STATE WEALTH MIGRATION IS NOW PERMANENT

The space company and social media platform relocated their headquarters from California to Texas, Elon Musk announced in 2024, citing policy concerns.

The Musk-owned electric-vehicle maker officially moved its corporate headquarters from Palo Alto, California, to its Gigafactory in Texas, in December 2021.

The energy company announced plans in 2024 for the relocation of its headquarters from San Ramon, California, to Houston, Texas.

Playboy Enterprises announced last year that it would be moving its Los Angeles headquarters to Miami Beach.

Larry Ellison’s tech firm announced in 2024 it was moving its headquarters to Nashville, Tennessee. The company previously moved its headquarters from California to Texas in 2020, according to Fortune.

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Meanwhile, some other companies are expanding instead of fully relocating.

Starbucks recently announced plans to open a new corporate office in Nashville, Tennessee. In-N-Out is also expected to open a 100,000-square-foot eastern office near Nashville later this year.

The shift also includes high-profile individuals:

The former Starbucks CEO recently moved to Florida after decades in Washington state.

Amazon’s founder announced in 2023 that he was leaving Seattle for Miami.

The Citadel CEO moved the hedge fund’s headquarters from Chicago to Miami in 2022, citing crime and failed policies in the city.

The PayPal co-founder recently established a new office for Thiel Capital in Miami, according to Business Insider.

The founder of Related Companies and owner of the Miami Dolphins, relocated from New York to Florida, according to the New York Post.

The Meta CEO and his wife, Priscilla Chan, have reportedly closed on a sprawling Miami-area estate for a bit less than the original $200 million listing price.

The co-founder of Google also reportedly closed recently on a $51 million property in northern Miami Beach.

Musk, the world’s richest person, announced in 2020 that he had moved to Texas, according to The Wall Street Journal.

FLORIDA CHAMBER CEO SAYS HIGH-TAX STATES ARE IN A ‘DEATH SPIRAL’ AS $4M-AN-HOUR WEALTH MIGRATION ACCELERATES

Florida, which has no state income tax, has become a major draw for wealthy individuals. 

California lawmakers are also considering new taxes aimed at the ultra-wealthy. A proposed 2026 ballot measure would impose a one-time 5% tax on individuals worth more than $1 billion.

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Critics argue higher taxes could push more businesses and wealthy residents to leave the state.

FOX Business’ Eric Revell, Kristen Altus, Aislinn Murphy and Michael Dorgan contributed to this report.

The latest inflation data from the Labor Department showed that price increases continued at a steady pace in February, though some items saw notable price hikes or declines.

The Bureau of Labor Statistics found that the consumer price index (CPI) rose 2.4% from a year ago in February, a figure that was in line with the expectations of economists polled by LSEG and unchanged from January’s reading.

Core CPI inflation – a figure which excludes volatile measures of food and energy prices – was up 2.5% in February, also in line with expectations and unchanged from a month ago.

The readings for both headline and core CPI were above the Federal Reserve’s long-run target of 2% annual inflation but well below the 9.1% high recorded in June 2022 amid the pandemic-era inflation surge.

INFLATION HELD STEADY IN FEBRUARY AND REMAINED ABOVE THE FED’S TARGET

Here’s a look at some popular items from the February CPI report that saw notable increases or decreases in prices.

Coffee prices were up 18.4% from a year ago in February. The U.S. imports the majority of its coffee and those imports were subject to higher tariffs for most of 2025 before an exemption was put in place to address affordability concerns.

Lettuce prices rose 15.3% on an annual basis through February, including a 12.2% monthly increase. A confluence of factors has impacted lettuce prices, including a disease affecting some lettuce grown in California, agricultural labor shortages due to immigration enforcement, as well as a seasonal transition between growing regions.

BEEF PRICES SOAR AS AMERICAN FAMILIES PAY STEEP PRICES FOR STEAKS AND BURGERS NATIONWIDE

Beef and veal prices increased 14.4% year over year, and within that category, beef steaks were up 16.3% while ground beef was up 15.2% and beef roasts rose 12.4%. Beef prices have risen as the U.S. cattle inventory is at a 70-year low due to drought and wildfires in key ranching regions, as well as higher overhead costs facing ranchers.

Audio equipment prices rose 13.5% on an annual basis through February. A combination of tariffs, rising raw material costs for inputs like copper and gold, as well as increased demand for components such as chips that are also used in artificial intelligence data centers contributed to the rise.

Utility gas service prices were up 10.9% from a year ago in February, including a 3.1% monthly increase. Natural gas prices were volatile amid geopolitical tensions prior to the outbreak of the Iran war at the end of February, as well as due to increased demand for U.S. natural gas exports to Europe and Asia.

HOW THE IRAN WAR COULD HIT AMERICANS’ GROCERY BILLS

Egg prices plunged 42.1% in February compared with last year, including a 3.8% monthly decline. The decline is occurring as the egg supply chain normalizes after an avian flu outbreak impacted inventory levels in recent years, prompting dramatic price increases.

Smartphone prices fell 13.9% from a year ago in February, in part because the BLS index includes older smartphone models that have been discounted and also accounts for the tech improvements. That means a more capable phone at a higher price may be reflected as a price decline due to the relative capability improvement. Additionally, smartphones were generally exempt from tariffs in 2025, unlike some other electronic devices like audio equipment.

Tax return preparation and accounting fees declined 6.4% over the last year. The decline was driven by the integration of AI into tax software as well as the expansion of the IRS’ Direct File and Free File programs and more simplistic tax forms for self-filers.

WILL TAPPING OIL RESERVES CURB SOARING GAS PRICES?

Gasoline prices were down 5.6% year over year in February, inclusive of a 0.8% increase for the month. The BLS’ data was collected prior to the outbreak of the Iran war, which has pushed oil and gasoline prices significantly higher in recent weeks.

Television prices fell 4.1% in the last year through February, continuing a longstanding deflationary trend in TV prices. The BLS uses a similar model for TVs as it does for smartphones, so improved features or larger TVs can result in a reported decline in prices due to tech and capability improvements.

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A projectile hit a Thai-flagged cargo ship off the coast of Oman in the Strait of Hormuz, setting it on fire.

The Iranian regime reportedly claimed responsibility for striking the ship, the Mayuree Naree. The Omani navy was assisting in rescuing crew members amid the blaze, according to Thailand’s Marine Department. Iran has been targeting commercial shipping vessels through the strategic passageway amid tensions surrounding the global energy sector. 

U.S. Central Command later issued a warning to civilians “that the Iranian regime is using civilian ports along the Strait of Hormuz to conduct military operations that threaten international shipping.” CENTCOM stressed that, “This dangerous action risks the lives of innocent people. Civilian ports used for military purposes lose protected status and become legitimate military targets under international law.”

HOW THE IRAN WAR COULD HIT AMERICANS’ GROCERY BILLS

The United Kingdom Maritime Trade Operations (UKMTO) Centre had issued reports earlier Wednesday of ships being struck in the region, including one about a cargo ship reportedly being struck in the Strait of Hormuz.

“UKMTO has received a report of an incident 11NM north of Oman in the Straits of Hormuz. It has been reported that a cargo vessel has been hit by an unknown projectile in the Straits of Hormuz which has resulted in a fire onboard,” the warning stated, with an update noting that the fire was “extinguished.”

PANAMA CANAL CHIEF TOUTS LOGISTICAL CAPABILITIES AS IRAN CRISIS CHOKES OFF STRAIT OF HORMUZ SHIPPING ROUTE

One of the other warnings stated, “UKMTO has received a report of an incident 25NM northwest of Ra’s al Khaymah, UAE. The Master of a container vessel has reported that the vessel has sustained damage from a suspected but unknown projectile.” It also noted that “The Master additionally reports that all crew members are safe and accounted for.”

“UKMTO has received a report of an incident 50NM northwest of Dubai, United Arab Emirates. The Master of a Bulk Carrier has reported their vessel being hit by an unknown projectile,” another warning stated. “The crew are reported safe and well.”

In a Monday Truth Social, President Donald Trump warned of consequences if Iran acts to stop the transport of oil in the Strait of Hormuz.

OIL SPIKE FADES AS MARKETS REASSESS IRAN WAR SUPPLY RISKS

“If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far. Additionally, we will take out easily destroyable targets that will make it virtually impossible for Iran to ever be built back, as a Nation, again — Death, Fire, and Fury will reign upon them — But I hope, and pray, that it does not happen!” Trump warned in the post.

Iran’s Revolutionary Guard has said that it “will not allow the export of even a single liter of oil from the region to the hostile side and its partners until further notice,” according to the Associated Press.

Gas prices have been surging in the U.S. as Trump prosecutes the controversial war effort against the Islamic Republic along with the nation of Israel, a close U.S. ally.

The AAA national average price for a gallon of regular gas is currently $3.578.

Fox News’ Rebekah Castor and The Associated Press contributed to this report.