Greece’s Chance to Save Itself; BofA Banks Big; It Figures: IRS Numbers Need Work

Come on Greece, you can do it…

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Greek Prime Minister Alexis Tsipras isn’t down with the reforms proposed by Greece’s creditors in order to get his country the financial aid it so desperately needs. Tsipras even went so far as to call the reforms “irrational.” But you know what’s actually irrational? Letting your country’s banking system collapse as your homeland dives head-first into financial ruin. So instead Tsipras has decided to take one for the team, embracing the strict reforms and urging his MP’s to the same.  Aw. Isn’t that sweet of him? What a guy. Those reforms, which are putting frowns on the faces of many Greeks, include imposing higher taxes on just about…everything. Early retirement would not only now be off the table, but the retirement age would also go up to 67. And while Tsipras may do his political best to get his MP’s to agree to these measures, he’s already getting some heated opposition from the Syriza Party who have no intention of allowing the reforms to easily pass.

Legal-ease…

Image courtesy of ddpavumba/FreeDigitalPhotos.net

Image courtesy of ddpavumba/FreeDigitalPhotos.net

Bank of America is having a very good day. Make that a very good quarter. After some unimpressive quarters, the bank had a major rebound in large part because it doesn’t have to pay as much money to a bunch of lawyers anymore.  Because of the bank’s sketchy role in the 2008 fiscal crisis, BofA already had to fork over $13 billion to both federal and state regulators. That was just for the settlement. The bank’s legal fees this time last year were a staggering $4 billion. However, this quarter, those fees went down to only $175 million. It probably would have been a whole lot cheaper for Bank of America to just admit its shifty involvement from the get-go. But, oh well. BofA took in close to $5 billion in profit this quarter, with $22 billion in revenue and 45 cents per share, when analysts only expected 36 cents a share. What is down from a year ago are delinquent mortgages. Those fell by more than half to an almost respectable 132,000.  And nobody is complaining about that drop.

In case you were wondering…

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

U.S. taxpayers filed a whopping 126 million tax with 94 million of those filers even having health insurance. $249 billion were awarded in refunds to 92 million filers. The average refund came in at $2,711.  A total of 7.7 billion in subsidies was claimed and 6.6 million taxpayers paid an average of $190.00 in fines for not having insurance. As for the IRS’s customer service, or lack thereof, the agency received 50 million calls, although 8.8 million of those calls were disconnected by the IRS. Oops. 20 million filers requested to speak to a real live person at the IRS and 37% actually got to do just that. They only had to wait an average of 23 minutes. Clearly they possess the virtue of patience.

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