The retirement nest egg of an entire generation is stashed away in this small town along the Ohio River: $2.5 trillion in IOUs from the federal government, payable to the Social Security Administration. It’s time to start cashing them in. For more than two decades, Social Security collected more money in payroll taxes than it […]
Category Archives: Taxes
Tax Bill Appeals
Tax Bill Appeals Take Rising Toll on Governments Jim Wilson/The New York Times Gus Kramer, a California assessor, said those appealing taxes say: “When can I have my refund check? I need to feed my family Homeowners across the country are challenging their property tax bills in droves as the value of their homes drop, […]
10 Biggest Bankruptcies In U.S. History
Lehman Brothers Assets upon filing: $691 billion Date of filing: Sept. 15, 2008 Description: Investment bank What happened next: Within days of its filing, Lehman’s North American business was taken over by UK bank Barclays; Japan’s Nomura Holdings snagged its international operations. Washington Mutual Assets upon filing: $328 billion Date of filing: Sept. 26, 2008 […]
Beware of These ‘Dirty Dozen’ Tax Scams
As the tax deadline draws near, the Internal Revenue Service wants you to beware of fraudulent tax preparers, hidden offshore bank accounts and offers that seem too good to be true. In its “dirty dozen” list, released Tuesday, the IRS urged taxpayers to avoid falling prey to — or carrying out — a number of […]
The World’s Most Powerful People
The 67 heads of state, criminals, financiers and philanthropists who really run the world. “I love power. But it is as an artist that I love it. I love it as a musician loves his violin, to draw out its sounds and chords and harmonies.” — Napoleon Bonaparte Power has been called many things. The […]
Pay Garnishments Rise as Debtors Fall Behind
When the bank sued Leann Weaver for not paying her credit card balance, her reaction was typical for someone in that situation. Personal and financial setbacks weighed her down, and she knew she owed the $2,470. So she never went to court to defend herself. She was startled by what happened next. When she swiped […]
World’s Billionaires 2010
Carlos Slim Helu takes No. 1 spot on Forbes World’s Billionaires list as a record 164 10-figure titans return to the ranking amid the global economic recovery. For the third time in three years, the world has a new richest man. Riding surging prices of his various telecom holdings, including giant mobile outfit America Movil […]
10 Tax Breaks for Parents
There’s one benefit to having children besides the joy they can bring you: tax breaks. CCH, a provider of tax information and services, released a list this week of ten ways the tax code benefits parents by helping to defray the costs of raising and educating children. Here’s the list from CCH below. 1. Personal […]