Archive for the ‘Finance and Business’ Category
Younger senior citizens, in a new study, could be caught short in old age because they’re spending their retirement funds at a rapid pace. According to Bloomberg Businessweek, findings from the nonprofit Employee Benefit Research Institute show that 48 percent of people age 61 to 70 in the bottom half of incomes withdrew up to 17 percent from their IRA retirement accounts during each year between 2002 and 2010.
And 29% of those in the top quarter of incomes drew out as much as 12 percent each year.
The institute study found that older seniors, aged 71 and up, tended to be more frugal, often withdrawing the minimum amount required by the Internal Revenue Service. Thirty-two percent of the older seniors put their withdrawals into other forms of savings.
As the IRS plan to target conservative groups, heated up, George Soros funded groups continually pressured the IRS to do so. As the first reported instances of extra IRS scrutiny for conservative groups began in Cincinnati in March of 2010, the attacks began to pick up steam on a national level soon after Soros-funded groups began firing off letters to the IRS in October of that year – following the Supreme Court’s Citizens United ruling.
Key IRS policy changes about how it investigated conservative groups took place soon after it received three separate letters sent by Soros-funded liberal organizations. It was discovered that several Soros-funded groups including the Campaign Legal Center, Democracy 21, the Center for Public Integrity, Mother Jones and Alternet have worked to pressure the IRS to target conservative nonprofit groups.
Newly released data from the Social Security Administration reveal that the number of Americans collecting disability payments is at an all-time high — 10,962,532 — more, to put to put it in perspective, than the total number of people living in Greece.
CNS News writes, “April was the 195th straight month that the number of American workers collecting federal disability payments increased. The last time the number of Americans collecting disability decreased was in January 1997.” But in 1997, that decrease was a miniscule one of just 249 people.
Some of the country’s largest insurers are estimating that premiums could increase as much as 400$ under Obamacare. Internal reports from 17 companies, which were priveded to the House Energy and Commerce Committee, the Examiner reported that the estimated increases would be tied to the cost of implementing the new regulations, taxes, fees, and mandates in the healthcare reform law.
And the average increase is expected to be about 100%, but could go as high as 400% according to a report released Monday by the committee laying out the estimates from such companies as Aetna, Blue Cross Blue Shield and the Kaiser Foundation.
The IRS is tapping into Facebook and eBay, and monitoring credit card and web-transaction payments in a new bid to catch tax cheats. US News & World Reports says this new strategy is being used as the agency tries to recoup on an estimated $300 billion it loses per year due to tax evasion and errors.
Financial experts say the expanded push to get information could push the boundaries of privacy.
“I am sure people will be concerned about the use of personal information on databases in government, and those concerns are well-taken,” Edward Zelinsky, a tax law expert and Cardozo School of Law and Yale Law professor, told the publication.
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