Financial News Story of the Day – Study Shows Large U.S. Corporations Paying No Taxes
From 2008-2010, 30 of the 280 largest U.S. companies paid zero in taxes according to a new study by non-profit group Citizens for Tax Justice. A larger number even enjoyed tax rebates. This brings up the issue of rising payroll taxes for employees and decreasing tax burdens for corporations – where’s all the money going (source: MarketWatch.com)?
Excerpt: “And 78 of the 280 companies paid nothing in federal income taxes or enjoyed a tax rebate in at least one of those years. Those 78 companies, including General Electric Co. GE +2.58% and Pepco Holdings Inc. POM +1.22% , earned a total of $156 billion in pretax U.S. profits in the years they paid no income tax, yet received so many tax breaks that they reported negative taxes — a total of negative $22 billion, the study said.”
Personal Finance Tip of the Day – Refinance Your Fannie Mae/Freddie Mac Mortgage Through HARP Program
CashMoneyLife.com discussed changes to the Home-Affordable-Refinance-Program (HARP) that may allow you to refinance your existing Fannie Mae/Freddie Mac loan to a lower interest rate, lowering your monthly payments. I know a lot of families are struggling to make mortgage payments at the moment so see if you qualify (source: CashMoneyLife.com).
Excerpt: “The next major change was eliminating the cap on the loan-to-value ratio. The old rules prevented homeowners from refinancing if they owed more than 125% of their home’s value. This limit is now removed. The new rules also eliminate the need for a new home appraisal in most circumstances.”
Daily Finance Summary – Groupon IPOs at $20 per Share
Groupon IPO’d at $20 per share today with extra shares offered valuing the company at $12.7 billion, while most investors think it’s business model is set for failure. Things heated up in Oakland as protests got intense. JPMorgan CEO Jamie Dimon was confronted by a crowd demanding a citizen’s arrest before delivering his speech in Seattle.
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