Taxes
Watch this before opening a new credit card
WalletPop.com editor at large Jason Cochran told Lauren Wanko which of the new and improved credit cards on the market are the most worth while and explained the perfect amount of credit cards to have open.
Duration : 0:12:14
Al Hunt on U.S. Debt-Ceiling Debate, Eric Holder
May 13 (Bloomberg) — Al Hunt, executive editor at Bloomberg News, discusses negotiations between Republican and Democratic leaders over extending the U.S. government’s borrowing authority.
Hunt, speaking with Margaret Brennan on Bloomberg Television’s “InBusiness With Margaret Brennan,” also previews his interview with U.S. Attorney General Eric Holder, which airs this weekend on “Political Capital With Al Hunt.” (Source: Bloomberg)
Duration : 0:2:59
Tax on Short Sale, Loan Modification and Foreclosure – Recourse vs Non-Recourse Mortgages
http://realestatemarketingthisweek.com – Arizona is not a recourse state, so chances are you will not owe 1099 C Income –
Part 6 – In Arizona, typically its not a recourse state, so if they are telling you that theyre going to garnish your wages because you didnt pay back your entire mortgage, there is a local bank ,that was threatening a very good colleague of ours about a small second mortgage that person had taken out. Threatening to send it to collections and garnish her wages. It simply isn’t going to happen.
But nevertheless, there is still the tax implications that apply, if you need to navigate through this maze. There is a lot to it, you need to protect yourself. You talked about bankruptcy is one of those exclusions, right? One of the problems with bankruptcy is people dont understand the bankruptcy laws. They are so tight now and your feet are really held to the fire from the federal government right now. It’s not like you just didn’t make your mortgage payment, so you go file bankruptcy, it’s just not realistic. Assuming bankruptcy is the last resort option for everybody. And we certainly want to avoid that, it would not be sound financial advice from any credible source that I can think of.
Let’s walk through a case scenario, somebody who is listening to this broadcast, their head is spinning right now, they’re thinking, oh my gosh. I should have known about the tax implications, a short sale versus loan modification. Let’s start at the top and work through a quick scenario. And then we’ll point out the specifics of what they should be considering right now.
For example, we talk about this all the time and to your credit Michael Barnes and to Velocity Financials credit, you were early in bringing out the loan modification for people who were in a distress situation regarding a mortgage, maintaining or keeping up with the mortgage payment. So you started going down the path where the refinance started to become a much more difficult option, with new constraints and all the other factors that led to part of this economic crisis, a loan modification has become a buzz topic today. Driving to the station today, driving down Camelback Road, I see a sign on the corner. You know, one of those stick in the ground, homemade jobs, that says don’t refi a Loan, modify, with some success rate and the phone number.
Hang on there I want you to say the success rate. The sign literally said, 99% success rate, and it goes back to the point that you made when they say that they can reduce your mortgage principal by tens of thousands, hundreds of thousands of dollars, thats the absolute last resort for any lending institution. Thats not what this is about, so let’s start with that, then we will work on the tax ramifications of how that might work in the overall financial strategy.
I am familiar with the loan modification industry here in Arizona. There is no regulation, unfortunately. We at Velocity Financial work with a national network of attorneys, so if you’re the guy in El Centro California, or youre in Phoenix, or youre in Alaska it doesn’t matter where you’re at. We have someone who is an expert in that field in that state because the laws are different. But without the regulations some person with the ugly yellow sign on the side of the road says he has a 99% success rate, I don’t believe him it’s probably not using an attorney, who knows, dont buy into that garbage. Were going to tell you the truth, if we cant do a loan modification, we will tell you that we cant do it. And if a loan modification is not the best thing for you, you can find the some of these other options… http://realestatemarketingthisweek.com
Duration : 0:5:19
Sessions: With Budget Proposal, President Has Failed To Lead On Debt
To view the House and Senate Budget Committee joint Republican summary of the president’s budget, please click here: http://bit.ly/fpJueP
Duration : 0:5:16
Chambliss, Warner Discuss U.S. Debt, Deficit Commission
Jan. 31 (Bloomberg) — U.S. Senators Saxby Chambliss, a Georgia Republican, and Mark Warner, a Virginia Democrat, talk about efforts to reduce the federal budget deficit and recommendations by the bipartisan deficit commission.
Warner and Chambliss talk with Peter Cook on Bloomberg Television’s “Street Smart.” (This is an excerpt from the full interview. Source: Bloomberg)
Duration : 0:1:40
Debt Limit Fight Heats Up
All-Star panel weighs in on possibility of GOP blowing off Obama’s demand to raise ceiling
Duration : 0:7:34
Irons Says Debt Plan Doesn’t Recognize Economic Crisis
Dec. 1 (Bloomberg) — John Irons, economist at the Economic Policy Institute, talks with Carol Massar about President Barack Obama’s debt-reduction commission and a proposal unveiled by the panel’s leaders, Erskine Bowles and Alan Simpson.
Irons talks with Carol Massar on Bloomberg Television’s “Street Smart.” (Source: Bloomberg)
Duration : 0:7:19
Trouble in Fall 2009? College Graduates can’t find Jobs; States Raising Taxes; Marriage Decline
Japans Prime Minister announced a 15.4 Trillion Yen Economic Stimulus Package
•$154 billion
http://www.bloomberg.com/apps/news?pid=20601087&sid=aP7_fW3Kogpc&refer=home
More States Look to Raise Taxes
•Tax revenue is plummeting nationwide and states are responding with even more taxes
http://online.wsj.com/article/SB123923448796803135.html
http://economix.blogs.nytimes.com/2009/03/06/putting-a-months-job-losses-in-perspective/
US FED: FOMC Downgraded its GDP Projection For 2009, 2010
•Federal Open Market Committees new forecast is
•GDP between -1.3% and -0.5% in 2009 (my prediction
•2.5% and 3.3% in 2010
•also downgraded their projections for the unemployment forecast by saying it would increase sharply in the first half and flatten out in the second half
http://www.forbes.com/feeds/afx/2009/04/08/afx6271000.html
Obama to Push Immigration Bill Despite the Risks
•Obama will make a push to reform immigration
•Start talking about creating a pathway for illegal immigrations to become citizens.
•Although there will not a major push for immigration reform until the economic crisis is resolved
http://www.nytimes.com/2009/04/09/us/politics/09immig.html?_r=1&hp
Laid-off U.S. workers finding new jobs, less pay
•Half of U.S. workers laid off in the past year who were questioned in a survey reported finding new jobs, but often with less pay and in a different field.
http://uk.reuters.com/article/burningIssues/idUKTRE5378NV20090408
Poll: Fewer Americans support stricter gun control laws
•according to Gallup polling, 54 percent favored stricter laws in 2001
•50 percent in 2007
•Now, a recent CNN/Opinion Research Corporation poll reveals a sudden drop — only 39 percent of Americans now favor stricter gun laws
•*That number is going to get lower.
•*its no longer a liberal/conservative issue
•Thats why you have liberal Democrats like vention4wh are armed and people like myself who previously had no exposure to guns are buying guns.
http://www.cnn.com/2009/POLITICS/04/08/gun.control.poll/index.html
Out-of-wedlock births hit record high
*let me just say this, marriage as an institute is coming to an end
http://www.cnn.com/2009/LIVING/wayoflife/04/08/out.of.wedlock.births/index.html
Duration : 0:9:20
Credit Card Slave, Consumer, or, Free?
http://www.donharrold.net
Your choice. I know what I choose. How about you?
Duration : 0:5:57
$78.8 Trillion; United States Debt Obligations exceed world GDP; Monetary Collapse Looming?
How in the world are we going to pay off all of this debt? Raising taxes to do it would burden our economy, and then the situation would only get worse. To me the solution is obvious, cut spending.
For too long in this country we’ve had the give-me-stuff people standing there with their hand out, and the government putting something in it. Does the idea of small government ring a bell? It is what our founding Fathers had in mind when they gave us our constitution. That is why there is a list in the constitution that quite clearly spells out the powers of the federal government, and also what it is not allowed to do. So basically if it was not listed as a power, then they are to stay away from it, and allow the States to handle it.
Just take a look at federal laws. At the very beginning they will state their authority in enacting the law, and it is almost always the commerce clause. I’m sure they even think that just because your computer is hooked up to the internet, and therefore has contact with other computers in other States, that they then would have the constitutional right of regulating your computer, and thereby your internet communications; they are out of control.
jbranstetter04
Federal obligations exceed world GDP
Does $65.5 trillion terrify anyone yet?
As the Obama administration pushes through Congress its $800 billion deficit-spending economic stimulus plan, the American public is largely unaware that the true deficit of the federal government already is measured in trillions of dollars, and in fact its $65.5 trillion in total obligations exceeds the gross domestic product of the world.
The total U.S. obligations, including Social Security and Medicare benefits to be paid in the future, effectively have placed the U.S. government in bankruptcy, even before new continuing social welfare obligation embedded in the massive spending plan are taken into account.
The real 2008 federal budget deficit was $5.1 trillion, not the $455 billion previously reported by the Congressional Budget Office, according to the “2008 Financial Report of the United States Government” as released by the U.S. Department of Treasury.
The difference between the $455 billion “official” budget deficit numbers and the $5.1 trillion budget deficit cited by “2008 Financial Report of the United States Government” is that the official budget deficit is calculated on a cash basis, where all tax receipts, including Social Security tax receipts, are used to pay government liabilities as they occur.
But the numbers in the 2008 report are calculated on a GAAP basis (“Generally Accepted Accounting
Practices”) that include year-for-year changes in the net present value of unfunded liabilities in social insurance programs such as Social Security and Medicare.
Under cash accounting, the government makes no provision for future Social Security and Medicare benefits in the year in which those benefits accrue.
“As bad as 2008 was, the $455 billion budget deficit on a cash basis and the $5.1 trillion federal budget deficit on a GAAP accounting basis does not reflect any significant money [from] the financial bailout or Troubled Asset Relief Program, or TARP, which was approved after the close of the fiscal year,” economist John Williams, who publishes the Internet website Shadow Government Statistics, told WND.
“The Congressional Budget Office estimated the fiscal year 2009 budget deficit as being $1.2 trillion on a cash basis and that was before taking into consideration the full costs of the war in Iraq and Afghanistan, before the cost of the Obama nearly $800 billion economic stimulus plan, or the cost of the second $350 billion in TARP funds, as well as all current bailouts being contemplated by the U.S. Treasury and Federal Reserve,” he said.
“The federal government’s deficit is hemorrhaging at a pace which threatens the viability of the financial system,” Williams added. “The popularly reported 2009 [deficit] will clearly exceed $2 trillion on a cash basis and that full amount has to be funded by Treasury borrowing.
http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=88851
Duration : 0:1:41
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