Where is the Money Going?

1 to 16 of about 1579 News
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Photo ID Cards are not an Effective way to Stop Food Stamp Fraud

There is fraud in the system, according to the Urban Institute, but it’s not the kind that would be prevented by having a photo on the cards. Generally fraud occurs when a recipient buys food with the card and then sells it or connives with a retailer to receive cash back from a purchase, which is strictly forbidden by the regulations governing the program. In none of these scenarios would a photo on the cards stop fraud.   read more

$1 Billion TSA Behavioral Screening Program Slammed as Ineffective “Junk Science”

SPOT, whose techniques were first used in 2003 and formalized in 2007, uses “highly questionable” screening techniques, according to the ACLU complaint, while being “discriminatory, ineffective, pseudo-scientific, and wasteful of taxpayer money.” TSA has spent at least $1 billion on SPOT.   read more

Spending on Music Streaming Passes CD Sales for First Time

CD revenues fell 12% to $1.85 billion in 2014. Meanwhile, streaming services accounted for $1.87 billion in revenue, up 29% from the year before. Digital downloads from services such as iTunes were the biggest money-maker at $2.6 billion, but even that figure was down 8.5% from 2013.   read more

FDA Opens Door to Less Expensive Drugs

In a move long fought by Big Pharma, the FDA has approved the first generic version of a biologic drug in the U.S., which could reduce the amount of money spent on the specialty medications. The Zarxio approval will directly affect the sales of Amgen’s Neupogen, which also targets chemo patients with infections. Amgen has gone to court in an effort to block the sale of Zarxio. Its availability in the U.S. market could save $5.7 billion in drug costs over the next 10 years   read more

Spanish Company has Received more than $2 Billion in U.S. Grants and Tax Credits

Iberdrola, Spain’s largest electricity provider but hardly a name familiar to most Americans, has raked in more than $2 billion—billion with a “b”—from the U.S. Treasury by investing in American power plants and renewable forms of energy, such as wind farms, according to a report from Good Jobs First. The funds come via a provision in the 2009 Recovery Act that allows companies to take cash payments in lieu of tax credits for some investments.   read more

Will Obama Proposal Finally Put an End to Taxpayer-Subsidized Sports Stadiums?

The tax-free bonds were first used to make it easier for cities and counties to finance important infrastructure projects, roads or bridges. But once franchise owners started threatening to leave communities if taxpayers didn’t build them new sporting venues, lawmakers began using the special bonds to finance some of the enormous costs associated with stadium projects. In some cases, the bonds have been proposed to absorb nearly 50% of a new stadium price tag.   read more

CIA (Taxpayer) Money was Used to Pay Ransom to Al-Qaeda

“The C.I.A.’s contribution to Qaeda’s bottom line,” Rosenberg wrote, “was just another in a long list of examples of how the United States, largely because of poor oversight and loose financial controls, has sometimes inadvertently financed the very militants it is fighting.” The CIA contribution to the ransom payment was discovered in letters written to Osama bin Laden and obtained by the Navy SEALs who stormed his compound in 2011 and killed the al Qaeda leader.   read more

Nationwide, State and Local Governments Give more Money to Wealthy School Districts than to Poor Ones

On average, the country is spending 15% less per pupil in the poorest school districts ($9,270 per child) than in the most affluent ($10,721 per child). The disparity also is visible in 23 states that have favored rich school districts over struggling ones. Pennsylvania has the distinction of having the largest gap between rich and poor districts (33%), while Colorado (0.2%) has the smallest among the 23 states. Education Secretary Duncan called the situation “unconscionable.”   read more

Banks Say “Thanks for the Bailout,” Now We’ll Park our Profits in Overseas Tax Havens

Citigroup got the most help of the four in the bailout, $2.5 trillion. That company has at least 427 offshore divisions where it squirrels away profits out of reach of the American people. Those funds, as of early 2014, totaled $43.8 billion, which would mean $11.7 billion in tax revenue for the United States if they were brought to this country. Citigroup CEO Michael Corbat was rewarded with $1.5 million in salary, $4.5 million in bonuses and $8 million in stock for his work in 2014.   read more

IRS is holding more than $1 Billion in Refunds Waiting to be Claimed…by April 15

“Time is running out for people who didn’t file a 2011 federal income tax return to claim their refund,”said IRS Commissioner John Koskinen. “People could be missing out on a substantial refund,.. Some people may not have filed because they didn’t make much money, but they may still be entitled to a refund.” The IRS estimates that about a million taxpayers may rightfully lay claim to a portion of that billion dollars.   read more

FEMA to Reopen 141,800 Hurricane Sandy Homeowner Damage Claims

Thousands of Americans impacted by the storm subsequently complained that FEMA wrongly rejected or “low-balled” their claims. Those complaints led New Jersey’s U.S. senators, Democrats Robert Menendez and Cory Booker, to contact FEMA officials. Following a meeting between the senators and FEMA chief Craig Fugate, the agency announced it would review the claims belonging to 141,800 homeowners with federal flood insurance.   read more

Oklahoma Government Warns Insurance Companies to not Abuse Claims for Damage by Fracking Earthquakes

“In light of the unsettled science, I am concerned that insurers could be denying claims based on the unsupported belief that these earthquakes were the result of fracking or injection well activity," said State Insurance Commissioner John Doak. Such policies include exceptions that allow insurers to deny claims for damage caused by man-made earthquakes. Those caused by fracking could fall into that category. With the increase in quakes in Oklahoma, sales of earthquake insurance have gone up.   read more

Despite $12 Billion in Government Subsidies, Farm Income Forecast to Plunge 32%

The decline in net farm income, which was $108 billion in 2014, is chiefly due to a drop in prices for feed grains. Dairy, poultry and pork prices have also fallen, although beef prices have remained high. Another factor expected to depress agricultural income is a drop in exports. The report said that they’ll be down 6% from 2014’s record $152.5 billion. However, farm asset values are expected to increase by 0.4% to a record $3.005 trillion in the United States.   read more

Pizza Companies are Overwhelmingly Republican

The pizza industry has two main political goals. The first is to fight off attempts to force calorie and nutrition information to be accessible to consumers. Big Pizza’s second goal is to roll back school lunch nutrition requirements that make the food less likely to be served in cafeterias. Rules that mandate maximum amounts of sodium and fat and require whole grains are anathema to frozen pizza makers.   read more

Democratic National Committee Spent $4.5 Million to Rent White House

The DNC has spent $4.5 million since 2011 renting the White House for gatherings such as the president’s annual Christmas party and other events throughout the year. Republicans have also taken advantage of the White House when their party has been in office. From 2003 to 2006, the Republican National Committee paid $3.6 million for catering, meetings and decorations.   read more

Justice Dept. Charges Three with Largest Data Breach in History

Three men are charged with stealing email addresses from email service providers (ESP) and then using those companies’ computers to send out massive amounts of spam directing recipients to the defendants’ sites. Nguyen and Vu used “phishing” schemes to gain access to some of the ESPs. Employees there were sent legitimate looking emails. Once they clicked on a link within the emails, malware was installed on their computers that allowed the defendants to gain access to their company’s network.   read more
1 to 16 of about 1579 News
1 2 3 ... 99 Next

Where is the Money Going?

1 to 16 of about 1579 News
1 2 3 ... 99 Next

Photo ID Cards are not an Effective way to Stop Food Stamp Fraud

There is fraud in the system, according to the Urban Institute, but it’s not the kind that would be prevented by having a photo on the cards. Generally fraud occurs when a recipient buys food with the card and then sells it or connives with a retailer to receive cash back from a purchase, which is strictly forbidden by the regulations governing the program. In none of these scenarios would a photo on the cards stop fraud.   read more

$1 Billion TSA Behavioral Screening Program Slammed as Ineffective “Junk Science”

SPOT, whose techniques were first used in 2003 and formalized in 2007, uses “highly questionable” screening techniques, according to the ACLU complaint, while being “discriminatory, ineffective, pseudo-scientific, and wasteful of taxpayer money.” TSA has spent at least $1 billion on SPOT.   read more

Spending on Music Streaming Passes CD Sales for First Time

CD revenues fell 12% to $1.85 billion in 2014. Meanwhile, streaming services accounted for $1.87 billion in revenue, up 29% from the year before. Digital downloads from services such as iTunes were the biggest money-maker at $2.6 billion, but even that figure was down 8.5% from 2013.   read more

FDA Opens Door to Less Expensive Drugs

In a move long fought by Big Pharma, the FDA has approved the first generic version of a biologic drug in the U.S., which could reduce the amount of money spent on the specialty medications. The Zarxio approval will directly affect the sales of Amgen’s Neupogen, which also targets chemo patients with infections. Amgen has gone to court in an effort to block the sale of Zarxio. Its availability in the U.S. market could save $5.7 billion in drug costs over the next 10 years   read more

Spanish Company has Received more than $2 Billion in U.S. Grants and Tax Credits

Iberdrola, Spain’s largest electricity provider but hardly a name familiar to most Americans, has raked in more than $2 billion—billion with a “b”—from the U.S. Treasury by investing in American power plants and renewable forms of energy, such as wind farms, according to a report from Good Jobs First. The funds come via a provision in the 2009 Recovery Act that allows companies to take cash payments in lieu of tax credits for some investments.   read more

Will Obama Proposal Finally Put an End to Taxpayer-Subsidized Sports Stadiums?

The tax-free bonds were first used to make it easier for cities and counties to finance important infrastructure projects, roads or bridges. But once franchise owners started threatening to leave communities if taxpayers didn’t build them new sporting venues, lawmakers began using the special bonds to finance some of the enormous costs associated with stadium projects. In some cases, the bonds have been proposed to absorb nearly 50% of a new stadium price tag.   read more

CIA (Taxpayer) Money was Used to Pay Ransom to Al-Qaeda

“The C.I.A.’s contribution to Qaeda’s bottom line,” Rosenberg wrote, “was just another in a long list of examples of how the United States, largely because of poor oversight and loose financial controls, has sometimes inadvertently financed the very militants it is fighting.” The CIA contribution to the ransom payment was discovered in letters written to Osama bin Laden and obtained by the Navy SEALs who stormed his compound in 2011 and killed the al Qaeda leader.   read more

Nationwide, State and Local Governments Give more Money to Wealthy School Districts than to Poor Ones

On average, the country is spending 15% less per pupil in the poorest school districts ($9,270 per child) than in the most affluent ($10,721 per child). The disparity also is visible in 23 states that have favored rich school districts over struggling ones. Pennsylvania has the distinction of having the largest gap between rich and poor districts (33%), while Colorado (0.2%) has the smallest among the 23 states. Education Secretary Duncan called the situation “unconscionable.”   read more

Banks Say “Thanks for the Bailout,” Now We’ll Park our Profits in Overseas Tax Havens

Citigroup got the most help of the four in the bailout, $2.5 trillion. That company has at least 427 offshore divisions where it squirrels away profits out of reach of the American people. Those funds, as of early 2014, totaled $43.8 billion, which would mean $11.7 billion in tax revenue for the United States if they were brought to this country. Citigroup CEO Michael Corbat was rewarded with $1.5 million in salary, $4.5 million in bonuses and $8 million in stock for his work in 2014.   read more

IRS is holding more than $1 Billion in Refunds Waiting to be Claimed…by April 15

“Time is running out for people who didn’t file a 2011 federal income tax return to claim their refund,”said IRS Commissioner John Koskinen. “People could be missing out on a substantial refund,.. Some people may not have filed because they didn’t make much money, but they may still be entitled to a refund.” The IRS estimates that about a million taxpayers may rightfully lay claim to a portion of that billion dollars.   read more

FEMA to Reopen 141,800 Hurricane Sandy Homeowner Damage Claims

Thousands of Americans impacted by the storm subsequently complained that FEMA wrongly rejected or “low-balled” their claims. Those complaints led New Jersey’s U.S. senators, Democrats Robert Menendez and Cory Booker, to contact FEMA officials. Following a meeting between the senators and FEMA chief Craig Fugate, the agency announced it would review the claims belonging to 141,800 homeowners with federal flood insurance.   read more

Oklahoma Government Warns Insurance Companies to not Abuse Claims for Damage by Fracking Earthquakes

“In light of the unsettled science, I am concerned that insurers could be denying claims based on the unsupported belief that these earthquakes were the result of fracking or injection well activity," said State Insurance Commissioner John Doak. Such policies include exceptions that allow insurers to deny claims for damage caused by man-made earthquakes. Those caused by fracking could fall into that category. With the increase in quakes in Oklahoma, sales of earthquake insurance have gone up.   read more

Despite $12 Billion in Government Subsidies, Farm Income Forecast to Plunge 32%

The decline in net farm income, which was $108 billion in 2014, is chiefly due to a drop in prices for feed grains. Dairy, poultry and pork prices have also fallen, although beef prices have remained high. Another factor expected to depress agricultural income is a drop in exports. The report said that they’ll be down 6% from 2014’s record $152.5 billion. However, farm asset values are expected to increase by 0.4% to a record $3.005 trillion in the United States.   read more

Pizza Companies are Overwhelmingly Republican

The pizza industry has two main political goals. The first is to fight off attempts to force calorie and nutrition information to be accessible to consumers. Big Pizza’s second goal is to roll back school lunch nutrition requirements that make the food less likely to be served in cafeterias. Rules that mandate maximum amounts of sodium and fat and require whole grains are anathema to frozen pizza makers.   read more

Democratic National Committee Spent $4.5 Million to Rent White House

The DNC has spent $4.5 million since 2011 renting the White House for gatherings such as the president’s annual Christmas party and other events throughout the year. Republicans have also taken advantage of the White House when their party has been in office. From 2003 to 2006, the Republican National Committee paid $3.6 million for catering, meetings and decorations.   read more

Justice Dept. Charges Three with Largest Data Breach in History

Three men are charged with stealing email addresses from email service providers (ESP) and then using those companies’ computers to send out massive amounts of spam directing recipients to the defendants’ sites. Nguyen and Vu used “phishing” schemes to gain access to some of the ESPs. Employees there were sent legitimate looking emails. Once they clicked on a link within the emails, malware was installed on their computers that allowed the defendants to gain access to their company’s network.   read more
1 to 16 of about 1579 News
1 2 3 ... 99 Next