A controversial area of law empowers the IRS to confiscate significant sums of money from “run-of-the-mill business owners and wage earners without so much as an allegation” and “without ever filing a criminal complaint,” leaving the owners “to prove they are innocent,” The New York Times reports.
A recent report by the Bureau of Labor Statistics found that more than one in four American males taking part in a longitudinal study had endured at least one period of extended unemployment during their working lives.
Research conducted over the last two decades lends powerful credence to the claim that chronic poverty cripples an individual’s ability to make sound financial choices, with each decision exacting a “psychic cost” that diminishes the mental fortitude needed to make subsequent tough choices. (more)
The Federal Reserve finds that the average family has only about $3,800 in the bank, no retirement account and no stocks or bonds, and can’t pay off a $2,200 credit card balance. Pretty grim…. But don’t fear. Tax cuts for the rich will make everything all better.