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Posted
Oct 03 2008, 02:46 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Doesn't this sound like something from David Letterman -- "Top 10 tax sweeteners in the bailout bill"? But this is no joke. It's a partial list of the pork included in the $700 billion Wall Street bailout Congress approved today. The list was prepared by the nonpartisan budget watchdog Taxpayers for Common Sense. This explains why the once-brief bailout plan expanded to 451 pages. Senators added about $150 billion in tax breaks to overcome resistance to the bill. It worked, but it's prompted howls of complaint. "I believe there was even a tax cut for poodles who earn money in dog shows," wrote Jazz Shaw at The Moderate Voice. (That was a joke.) Who benefits from all of these tax breaks? Here are a few examples:
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Posted
Oct 02 2008, 11:05 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
To bail out or not to bail out -- what do personal-finance bloggers think Congress ought to do? Sorry to tell you this, folks, but they're as conflicted as the rest of the country. Few are fearful. More are confused. Many are angry that greedy people have put the country and the economy in the current situation. "There's little to feel good about," says "Lazy Man" at Lazy Man and Money. "It's like choosing between a rock and a hard place."
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Posted
Sep 25 2008, 11:47 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
The Internet is afire with a grand proposal. Instead of bailing out AIG to the tune of $85 billion, why not divide the money among all 200 million or so U.S. adults? That gives $425,000 to every woman and man, the widely circulated e-mail says, or $297,500 after taxes. Wow. This idea has gotten a lot of traction online, particularly as Congress is now considering a $700 billion bailout or rescue or whatever for America's financial institutions. "Sounds like a plan," exclaimed Cathy at Cathy's Blog -- For Me For Once, one of many bloggers who've passed the $85 billion "We Deserve It Dividend" proposal on. There's only one small problem with this plan.
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Posted
Sep 09 2008, 05:41 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
If you closed on a house recently, prepare to kick yourself. One of the outcomes of the federal takeover of Fannie Mae and Freddie Mac is the lowest mortgage rate in five months.
According to Bankrate.com, the rate on a 30-year fixed-rate mortgage dropped half a percentage point -- to about 6% -- on Monday after the takeover was announced. Rates dropped even further Tuesday, settling at 5.79%. (To figure out how long that rate will last, you will need a crystal ball.)
It's part of a mixed bag of results American consumers can expect now that the federal government has assumed responsibility for Freddie's and Fannie's debt. And it's just the tip of the proverbial iceberg.
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Posted
Jul 31 2008, 03:02 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
"JLP" at All Financial Matters bought a house he knew he could afford, even though he was told he could qualify for a much larger mortgage. He saved over the years to remodel the modest house into a dream home. Did we also mention that the homeowner bailout passed by Congress and signed by President Bush really ticks him off? He wrote, "As a responsible, taxpaying citizen of the United States of America, I find it offensive that our goverment is bending over backward to keep irresponsible people in houses they can't afford." His post, "Let people (and companies) fail," provoked a rebuttal from one of the homeowners hoping to keep her house with the government's help.
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Posted
Jul 20 2008, 10:47 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Do you want to purchase a Cape Cod with an asphalt front yard and an abundance of broken beer bottles and cigarette butts all about? Please, please buy this house and become the new neighbor of "Brainy Smurf," the blogger at Pants in a Can. You can't be any worse than the people who have the house up for sale. You'd think the very existence of these people would be enough to drive property values down (although, due to other factors, Brainy's property taxes have gone up).
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Posted
Jun 02 2008, 01:34 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
We're in the same boat as "PT" at Prime Time Money. Our tax-rebate check has yet to arrive. Just like PT, we thought our rebate would be direct-deposited into our checking account on May 9, based on our Social Security number and the IRS payment schedule. So, like PT, we dug a little deeper to find out where it could be.
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Posted
Feb 01 2008, 06:27 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
The scammers are out in full force this tax season, targeting taxpayers, accountants and anyone else who can answer a phone or open an e-mail. Kay Bell at Don't Mess With Taxes gives readers a rundown on some of the latest tactics being used to steal your identity. One is an e-mail purporting to be from the IRS, asking you to click on a link to a refund claim form, where you're instructed to provide personal financial information. A similar e-mail tells you that you're going to be audited. Unlike many phishing attempts, this one actually addresses you by your name, Kay says.
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