Help The Middle ClassNews and Information For The Heart Of America
5 Reasons You Should Consider a Roth IRA (US News and World Report)
When it comes to opening an individual retirement account, should you go with a traditional IRA or a Roth? Traditional IRAs and Roth IRAs have their own unique benefits, but new rules in 2010 allow some investors who had been locked out of Roth IRAs the option to take advantage of Roth’s tax-free withdrawals. Whether [...]
IMPORTANT TAX INFO: 7 Ways to Save Money on Taxes (Shine)
1. Go green and save some green. You can get tax credits under the Energy Policy Act for reducing your home’s energy use. To find out what qualifies, go to energystar.gov.
2. As long as you itemize, nearly all of your medical expenses can be deducted, from prescription drugs and doctor visits to surgery. See the [...]
New White House Budget Means New Taxes & Increases (Yahoo! News)
WASHINGTON – While President Barack Obama is proposing to cut some taxes for companies that hire workers, his budget would raise a host of other taxes on businesses and wealthy individuals.
Obama’s budget would extend his signature Making Work Pay tax credit — $400 for individuals, $800 for a couple filing jointly — through 2011. The [...]
THE RETURN TO YOUR LOCAL BANK MOVEMENT: The Hows & Whys You Should Move Your Money From Big Banks (msnbc.com)
Arianna Huffington made waves recently when she went on national television calling on consumers to dump their big banks and deposit all their money into local, community banks. Huffington’s site, HuffingtonPost.com, threw its weight behind a Web site designed to make breaking up with your bank a little easier — MoveYourMoney.info. It includes [...]
Obama’s Populist Stance On Banks Has Many Skeptics (New York Times)
President Obama wants to cut down to size those too-big-to-fail banks. But his vow on Thursday to rewrite the rules of Wall Street left many questions unanswered, including the big one: Would this really prevent another financial crisis?
The president’s proposals to place new limits on the size and activities of big banks rattled the stock [...]
Walking Away From Your Mortgage (The New York Times)
John Courson, president and C.E.O. of the Mortgage Bankers Association, recently told The Wall Street Journal that homeowners who default on their mortgages should think about the “message” they will send to “their family and their kids and their friends.” Courson was implying that homeowners — record numbers of whom continue to default — have [...]
BANKING WORLD UPDATE: Even The Rich Are Getting Turned Down For Mortgages (CNN)
The wealthy have money problems, too — yeah they do.
Even refinancing a mortgage for their fancy digs or getting a new loan can be near impossible these days thanks to skittish lenders. And the higher the loan value, the more they worry.
Still, that people with high six-figure incomes, stellar credit histories and gobs of assets [...]
Obama Foreclosure Plan Falling Far Short On Goals (Washington Post)
The Obama administration disclosed on Friday that it has made little progress in helping struggling homeowners attain long-term relief under its signature foreclosure-prevention effort, reaching only 18 percent of the target announced just six weeks ago.
On Nov. 30, the administration kicked off a “Mortgage Modification Conversion Drive” to help distressed borrowers in the trial phase [...]
Barack Obama: ‘We want our money back.’ And who gave it away to the banks, Mr President? (The Telegraph)
“We want our money back,” Barack Obama has told US banks, announcing a levy on large financial institutions to help repay the notorious bailout he imposed last year. Oh, do “we”? And who gave away the taxpayers’ money in the first place, Mr President?
This pretended identification with Joe on Main Street is a favourite ploy [...]
THE STORY THE WHITE HOUSE DOESN’T WANT YOU TO READ: Foreclosures Jump in December As Obama Loan Modifications Fail To Work (USA TODAY)
Foreclosure filings increased 14% in December from November, the first monthly increase since foreclosure activity peaked in July, according to a RealtyTrac report out Thursday.
Foreclosure filings were reported on 349,519 properties in December, which were also 15% higher than in December 2008, RealtyTrac said.
“It’s somewhat startling to see these kind of numbers,” says Brian Bethune [...]
