Top tax-software maker Intuit, producer of TurboTax, has vigorously opposed letting the federal government do your taxes for free — a concept adopted by other countries, endorsed by U.S. presidents, but an idea that would cut deeply into private corporate revenue if adopted.
The federally-funded Hardest Hit Fund provided $7.6 billion to 18 states and the District of Columbia three years ago to help struggling homeowners avoid foreclosure, many of them unemployed or facing other hardships.
The Obama Administration’s Home Affordable Modification Program, or HAMP, marks its fourth year this month, with 856,154 households under “permanent” mortgage-reduction plans to help avoid possible foreclosures. But is has been a tough four years and the program continues to lag behind the initial goal of helping up to 4 million homeowners.
Historical data shows that only 1 percent of individual taxpayers receive an audit every year. But the more you earn, the greater the likelihood of being audited.
It was compelling to hear Sen. Elizabeth Warren, D-Mass., already well-versed on the mortgage industry and the multibillion-dollar settlements, to grill the regulators that are suppose to protect consumers from the abuses of the biggest banks and Wall Street firms.
The expansion of the government’s premiere foreclosure-prevention effort that launched June 1, 2012 was suppose to help those homeowners whose housing costs do not meet acceptable “debt-to-income” criteria.
Converting the remaining paper check recipients to electronic payments will save American taxpayers $1 billion over the next 10 years.
The idea has gained substantial steam on respectable blogs and news websites this week: U.S. Treasury Secretary Tim Geithner has the authority to mint a $1 Trillion coin, deposit it at the Federal Reserve and solve the U.S. debt ceiling issue.
The U.S. Treasury (taxpayers) invested a total of $245 billion to bailout banks and other entities at the height of the financial crisis in 2008-09, and has recovered $268 billion through repayments, dividends, and other income, U.S. officials said today.
Homeowners have begun to be evaluated under the latest enhancements to the Obama Administration’s foreclosure rescue program, but many of the biggest lenders are not ready to fully implement the upgrade, missing the June 1 deadline set by Treasury officials.