State government tax collections dropped $14.3 billion in the last budget year, the U.S. Census said Wednesday in another sign state revenues have yet to recover from their recent collapse. Get the full story »
Inside these posts: Taxpayers
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AIG pays more funds back; TARP recovery at 70%
American International Group repaid another $6.9 billion of its bailout on Tuesday, the U.S. Treasury said.
With that payment, the Treasury said it has now recovered 70 percent of the $411 billion distributed under the crisis-era Troubled Asset Relief Program, or TARP. Get the full story »
Democrats mull alternative to Obama tax plan
Democrats in the U.S. House of Representatives are considering a counterproposal to the one drafted by President Barack Obama and Republicans to extend all Bush-era tax cuts, Democratic Representative Adam Schiff said on Thursday. Get the full story »
Treasury gets another $1.8 billion from GM stock
The Treasury Department has received an additional $1.8 billion in net proceeds from the sale of additional stock in General Motors. Get the full story »
Whistleblower suit says Allstate cheated on claims
From The New Orleans Times-Picayune | A whistleblower suit alleging that Allstate Insurance Co. defrauded taxpayers by overbilling the National Flood Insurance Program has been unsealed in federal court in New Orleans.
Sources: Taxpayers may face initial loss on GM IPO
The U.S. government is likely to take a loss on General Motors Co. in the first offering of the automaker’s stock, six people familiar with preparations for the landmark IPO said. Get the full story »
ShoreBank shut down by FDIC
An exterior view of ShoreBank at 3401 S. King Drive on the South Side, May 18, 2010. (Chris Walker/Chicago Tribune)
ShoreBank, which billed itself as the nation’s first and leading community development and environmental lender, failed Friday and was acquired by a consortium of big banks, insurers, philanthropic groups and civic-minded individuals.
ShoreBank is the 15th Illinois lender to fail this year, and the 114th to be seized by regulators nationally.
Its failure is expected to cost the Federal Deposit Insurance Corp. $367.7 million. The FDIC is funded by the banking industry. Get the full story »
IRS to stop releasing taxpayer debt information
The Internal Revenue Service said Thursday that it will end its policy of releasing information about back taxes and other debts taxpayers owe in the coming tax season.
The information, called debt indicators, has been included on acknowledgments the IRS sends tax preparers when it receives returns filed electronically. Get the full story »
