In general, the U.S. income tax system is progressive: that is, the more you make, the greater percentage you pay. When it comes to the super-rich however, that’s not true. Those 1,360 who made more than $62 million in a year paid a smaller tax rate than those who make $13 million. The average tax rate for the richest 0.001% was 17.6%.   read more

When P. Donald Jiron announced his retirement as deputy chief financial officer for the Weather Service, his supervisor asked him to remain as a consultant for a time. Jiron agreed, but demanded what became a $3,600 monthly raise, as well as a housing allowance that ended up costing the agency more than $50,000. The supervisor agreed, and Jiron began his new career as a consultant doing the same thing he had as a government employee.   read more

From federal flood insurance to sand replenishment, the government has poured (or promised to pour) hundreds of billions of tax dollars into helping home and business owners enjoy beachfront property. In Florida alone, the National Flood Insurance Program has guaranteed to cover $484 billion in property. Taxpayers also subsidize beach nourishment, or the placement of new sand on eroded beaches. The federal government spent $787 million from 1995 to 2002 on beach replenishment,   read more

The Federal Reserve asked 50,000 people if they could handle an unexpected “financial disruption” costing them $400. Just over half (53%) said they could “fairly easily handle such an expense.” But for 47% of respondents, $400 was a tougher problem to handle. Within this group, 14% said they simply couldn’t cover it. Another 10% would have to sell something, 13% would have to borrow money from a friend or relative and 2% would have to resort to a high-interest payday loan.   read more

In no case can anyone working 40 hours a week for minimum wage afford a one-bedroom apartment. Puerto Rico comes closest; there a person would have to work “only” 48 hours a week to afford a place to live. South Dakota rents require 49 hours of work and West Virginia 53. Hawaii requires the most hours, 125 at that state’s minimum wage, to afford a one-bedroom apartment.   read more

The pay raises will take effect in January 2016, following a decision by the Obama administration to help those working in 13 urban centers. “The decision comes after years of deliberation, including tentative approval in May 2013. The cities will now receive unique locality-based pay adjustments, rather than being lumped in with the ‘rest of United States’ grouping." The pay for federal jobs in the affected cities is lagging that of jobs in local governments and the private sector.   read more

Described as a “quiet revolution in compensation,” bonuses are now a hot thing in the private sector, and not just for executives. More ordinary employees are getting bonuses at the expense of annual pay raises from companies to cut costs. “Employers like one-shots precisely because they are temporary,” wrote the Times' Patricia Cohen. “They save money over the long run because they don’t lock in raises, giving managers greater control over budgets, particularly during downturns.”   read more

The legislation would also ensure that these companies can mine and drill asteroids “without harmful interference,” and requires the White House “to facilitate commercial development." Should the bill become law, it could ensure a potential goldmine for corporations with the means to extract minerals from those giant flying boulders. Platinum-group metals, for example, are so highly concentrated on asteroids that some may contain more of them “than have ever been mined in human history.”   read more

Online scammers know their target audience. And when they’re making a pitch based on romance, women older than 50 are their most frequent victims, according to statistics from the Federal Bureau of Investigation (FBI). In 2014, 2,163 women 50 and over reported losing about $51 million to online romance crooks, an average of more than $23,500 each.   read more

The FTC and attorneys general from all 50 states have accused the managers of four related cancer charities of spending millions of dollars in donations on themselves instead of helping cancer patients. Only 3% of the monies raised by the four charities went to help patients. The FTC and AGs have described the charitable operations as “sham charities” that “operated as personal fiefdoms characterized by rampant nepotism, flagrant conflicts of interest, and excessive insider compensation.”   read more

The money never would have been spent had the Corps heeded the requests of then-Maj. Gen. Richard P. Mills, who said the headquarters wasn’t needed and that commanders could make do with other facilities. The building wasn’t even seen as something that would have been nice to have. “We certainly needed many things in those early days,” Marine Maj. Gen. Larry Nicholson said, “but we were very pleased with [current headquarters].” Neither Mills nor Nicholson got their way, however.   read more

A report from Service Employees International Union shows that 19.3% of all franchises purchased with SBA loans from 2006 to 2010 have failed. That failure rate has increased over time; loans originating from 1991 to 1995 failed 12.7% of the time. Two franchises with the highest failure rates are Golf Etc., at 49.6%, and All Tune and Lube at 41.6%. Purchasers of those two franchises were almost even money to go down the tubes, costing the taxpayers thousands of dollars.   read more

The Navy has decided the special fund created just to launch new subs now can be used to build new aircraft carriers, too. The Navy is already spending more money every year through its regular budget of $130 billion than either China or Russia does on their entire armed forces, according to POGO’s Jacob Marx. But the Navy wants to pay for its 12 new SSBN(X) ballistic missile subs outside regular funding channels.   read more

Two whistleblowers who worked for DaVita renal clinics in Georgia accused DaVita of dumping renal care supplements down drains so it could overcharge Medicare and Medicaid. The judge said the company at least led the plaintiffs astray by not correcting the false testimony and at worst “purposely manipulated the evidence and witnesses to hide the truth from the (plaintiffs) and the court.” The whistleblowers will share in a quarter to a third of the $495 million settlement.   read more

During his first two years as governor, Christie blew nearly $83,000 on food and beverages at MetLife Stadium, presumably to wine-and-dine friends and allies at NFL football games. But it’s unclear where a lot of Christie’s food allowance spending went because his office refused to disclose more details. “While Christie returns surplus funds to the state each year, Treasury officials say he does not submit receipts or accounting for the public monies he spends,” Mark Lagerkvist reported.   read more

There’s one thing Republican and Democratic candidates for office can agree on—a trip to New York can fatten a campaign war chest. During the 2014 election, Democrats raised $18.9 million from donors in New York City, while GOP politicians pulled in $11.8 million. Washington, D.C., was the next most generous source of money for members of both parties. From there, candidates go their separate ways. Democrats head to Los Angeles, while Republicans saddle up for Texas.   read more