Advertisement
 
YOU ARE HERE: LAT HomeCollectionsIncome
IN THE NEWS

Income

FEATURED ARTICLES
OPINION
March 10, 2013 | By Andy Stern and Carl Camden
Nearly 8 million Americans go to work every day yet still live below the poverty line. That is in part because the federal minimum wage is too low. Currently, an individual with a full-time job at the minimum wage and a family of three to support will fall below the federal poverty line. These workers, despite putting in regular hours, are struggling to provide basic necessities for themselves and their families. By allowing the minimum wage to remain at a nearly unlivable level, we have deemed certain jobs not worthy enough to meet even our country's minimum standard of living.
ARTICLES BY DATE
BUSINESS
April 6, 2014 | By Kenneth R. Harney
WASHINGTON - When you're raking in tens of billions of dollars in profits by helping credit-elite borrowers buy homes, couldn't you lighten up on fees a little for everyday folks who'd also like to buy? That's a question increasingly being posed to government-controlled home mortgage giants Fannie Mae and Freddie Mac and their federal regulators. Though most buyers are unaware of the practice, Fannie and Freddie - by far the largest sources of mortgage money in the country - continue to charge punitive, recession-era fees that can add thousands of dollars to consumers' financing costs.
Advertisement
OPINION
March 10, 2013 | Kevin A. Hasset and Michael R. Strain, Kevin A. Hassett is director of economic policy studies at the American Enterprise Institute, where Michael R. Strain is a research fellow
In announcing his wrongheaded proposal to increase the minimum wage to $9 an hour, President Obama spoke in lofty terms: "In the wealthiest nation on Earth," he said in his State of the Union address last month, "no one who works full time should have to live in poverty. " If the debate proceeds as it has -- many times -- in the past, then most Democrats will embrace the president's message and back the proposal, while most Republicans will oppose it, on the grounds that higher labor costs will lead to higher unemployment.
CALIFORNIA | LOCAL
April 6, 2014 | By Emily Alpert Reyes and Tim Logan
Dozens of people shared only three showers in the building that Patricia McDowell called home for the last 2 1/2 years. Roaches skittered across the floor, she said, and lights went out and stayed out. In recent months, McDowell said she had to run an extension cord to another room to keep electricity going. But when the Los Angeles Fire Department told McDowell and dozens of other tenants that they had to clear out of the building at 5700 S. Hoover St., citing dangerous conditions, she panicked.
CALIFORNIA | LOCAL
March 5, 2014 | By Emily Alpert Reyes and Martha Groves
From the balcony of her Crescent Drive apartment, Shari Able takes in the luxurious view - a picture-postcard panorama of the homes of Beverly Hills. Her home sits above a Whole Foods stocked with organic kabocha squash and Dungeness crabs. Rodeo Drive's boutiques are a brisk walk away. But the 74-year-old is quick to warn elderly suitors who think her 90210 ZIP Code means a cushy bank account. Her federally subsidized apartment costs her roughly $200 a month, she said. "I told one guy from Long Beach, 'I live in Beverly Hills, but it's the only HUD building in Beverly Hills,'" Able recalled one morning over coffee and madeleines.
BUSINESS
January 4, 2012 | By Michael Hiltzik
Via Kevin Drum , here's a new run at the income inequality fence from the bipartisan Congressional Research Service, and it should bury two shibboleths commonly employed by inequality-deniers: One, that inequality hasn't really increased in recent years, and two, that thanks to broadly held pension fund and mutual fund assets, rising share prices benefit all wage-earners. The report by the CRS, an arm of the Library of Congress, shows that inequality has increased quite smartly, thank you. From 1996 to 2006, total after-tax income in the U.S. rose by more than 20%. How was this gain distributed?
NEWS
January 19, 2012 | By Paul West
Republican presidential candidate Newt Gingrich and his wife, Callista, paid $994,708 in federal taxes on gross income of $3,142,066 in 2010, according to copies of the couple's joint tax return that his campaign released at the start of Thursday night's GOP debate. The 31.5% tax rate paid by the Gingriches is roughly double the amount that rival Mitt Romney said this week he pays on his own, much larger income. Romney said in Thursday night's debate that he would make his 2011 returns public, and perhaps some from earlier years, when the latest return is completed later this year.
BUSINESS
February 12, 2012 | Liz Weston, Money Talk
Dear Liz: I am a 20-year-old college student with a stable, part-time job. I haven't contributed to a 401(k) with this company because I don't plan to be working for it for two years, which is how long I'd have to wait for my contributions and earnings to be 100% mine. I'd like to open a Roth IRA, but I'm not sure I'm eligible. I'm listed as a dependent and our household adjusted gross income is between $145,000 and $155,000. Can I open a Roth? Answer: The short answer is yes, although you may want to reconsider contributing to your workplace 401(k)
CALIFORNIA | LOCAL
June 19, 2013 | By Carla Rivera
A new website announced Wednesday that uses state wage data shows California community college students the value of their certificate or degree. The Salary Surfer provides information on median annual incomes for 179 popular programs including health, business, social sciences, architecture, engineering and other disciplines. The intent is to help students make more informed decisions about their education, Community Colleges Chancellor Brice W. Harris said in a telephone briefing.
CALIFORNIA | LOCAL
March 27, 2013 | By Patrick McGreevy
An online voter registration system launched by California for last November's election appears to be bringing more lower-income people into the political process, according to an academic study. Researchers at UC Berkeley looked at the 839,297 people who registered to vote online before the election, and found that the breakdown was ethnically similar to those who registered in person or through the mail. However, the results showed more online registrants came from low- and middle-income neighborhoods than expected, according to researchers Lisa Garcia Bedolla and Veronica N. Velez.
BUSINESS
March 28, 2014 | By Walter Hamilton
Profit at Tribune Co., the parent of the Los Angeles Times and other newspaper, radio and television properties, fell sharply last year amid a further decline in newspaper advertising and a significant drop in earnings at its broadcast division. The Chicago media company reported net income of $241.6 million for the year, down 43% from $422.5 million in 2012. Total operating revenue fell 8% to $2.9 billion, with a 6% decline in publishing and an 11% drop in broadcasting. For the fourth quarter, revenue dropped $97 million, or 11%, to $773 million, partly because the quarter included one fewer week than the previous year's final three months.
BUSINESS
March 16, 2014 | By Ronald D. White
Adina Jones has spent years immersed in logistics such as financial tracking, transportation organization, nutritional direction and healthcare supervision. In other words, Jones is a mom. And until shortly before her 14-year marriage ended last year, Jones was a full-time caregiver for her three daughters. "I wanted to give them the best start I could," Jones, 40, said of her career hiatus, which began in 2006. "I wanted to be there for them in all ways. " Now, Jones is trying to reenter the traditional workforce and finding it tough.
BUSINESS
March 14, 2014 | By Tim Logan
Income inequality is rising all over the country. But it's rising faster in some places than others -- almost nowhere faster than Orange County. That's according to a report this week from real estate website Trulia , which crunched income figures over the last 22 years and found that a household in the 90th percentile of income in Orange County in 2012 earned 11.7 times as much as a household in the 10th percentile. That's up from 7.5 times as much in 1990. Only three metro areas in the country -- San Francisco, hedge-fund capital Fairfield County, Conn., and San Jose -- saw the disparity grow faster in that time.
NATIONAL
March 9, 2014 | By Cindy Chang
NEW YORK - Anderson Cadet arrived at the Varick Street courthouse in an orange jumpsuit, shackled at the wrists, prepared to fight his deportation without an attorney. In immigration court, there is generally no right to free legal counsel. Many immigrants represent themselves. But on this cold February morning, Cadet was greeted by a public defender who took on his case for free. The Haitian immigrant is a client in a yearlong pilot program, believed to be the first of its kind, that provides free legal counsel to low-income people facing deportation.
BUSINESS
March 9, 2014 | Liz Weston, Money Talk
Dear Liz: I just received my tax forms from my employer for last year. I was originally a W-2 employee, paid hourly, as a receptionist. But it seems that at some point during the year, my employer changed me to a 1099 employee without telling me or having me fill out paperwork. After researching the characteristics of a 1099 employee, I found I do not qualify at all. I am upset that I will have to pay taxes on this income, since I thought they were being withheld from my pay. Do I have any recourse?
CALIFORNIA | LOCAL
March 7, 2014 | By Emily Alpert Reyes and Ryan Menezes
Sixteen-year-old Monica buried her face in a pillow, trying to rest for school the next day, as the clock ticked past 11 p.m. Sleep was a battle in the tiny apartment. Hunched at the other end of the family's only mattress, two of her brothers played a video game while a third lounged next to her, watching virtual soccer players skitter on screen. Her 2-year-old niece toddled barefoot near the door, toying with a pile of pennies. In all, seven people live in this wedge of space in Historic South-Central, including Monica's mother and the mother of the little girl - the longtime girlfriend of one of her brothers.
BUSINESS
June 27, 2013 | By Jim Puzzanghera
WASHINGTON -- The government reported more positive signs for the economic recovery Thursday as initial jobless claims dropped last week and consumers' personal income and spending rose in May. The number of people filing for unemployment benefits for the first time fell to 346,000 in the week ending Saturday, down from a revised 355,000 the previous week, the Labor Department said. The drop was in line with analyst projections and brings the figure below the 350,000 level that economists say is consistent with moderate labor market growth.
BUSINESS
January 19, 2014 | Liz Weston, Money Talk
Dear Liz: I often hear financial planners say you should save 10% of your income, but they don't go into exactly what that means. Is that 10% separate from retirement or including retirement? Does that include saving for your emergency fund? Is this just archaic advice now? I'm 46 with only $40,000 saved for retirement so I'm in the panic mode that I will never be able to save enough for retirement. Answer: Saving 10% for retirement is often considered a minimum for those who start saving in their 20s. The older you are when you begin, the more you'd need to save to match the nest egg you would have accumulated with an earlier start.
CALIFORNIA | LOCAL
March 5, 2014 | By Emily Alpert Reyes and Martha Groves
From the balcony of her Crescent Drive apartment, Shari Able takes in the luxurious view - a picture-postcard panorama of the homes of Beverly Hills. Her home sits above a Whole Foods stocked with organic kabocha squash and Dungeness crabs. Rodeo Drive's boutiques are a brisk walk away. But the 74-year-old is quick to warn elderly suitors who think her 90210 ZIP Code means a cushy bank account. Her federally subsidized apartment costs her roughly $200 a month, she said. "I told one guy from Long Beach, 'I live in Beverly Hills, but it's the only HUD building in Beverly Hills,'" Able recalled one morning over coffee and madeleines.
BUSINESS
March 2, 2014 | By Anky van Deursen
Question: I was severely injured in a car accident. As a result, I am in a lot of pain and unable to work. Social Security accepted my claim, and I now receive monthly disability payments. Unfortunately, this is my only income, and I am on a very tight budget. I recently began looking for a cheaper rental unit but have encountered a problem. Most property owners require tenants to earn at least three times the monthly rent. Because of my inability to work due to my disability, there is no way I can meet this standard.
Los Angeles Times Articles
|