President Barack Obama wants to save the middle class, but just who are the people he's recommending receive a tax cut in his budget proposal? According to CNN Money, it's married couples and those with children who will benefit the most from the president's budget plan, with single earners and the elderly receiving less help. According to the Tax Policy Center, nearly 51 percent of middle class filers with kids would receive an average tax cut of $329. About 45 percent of married tax filers would see an average tax cut of $200. Overall, fewer than one in four middle class taxpayers would benefit.
Just because January was down for the markets, don't plan on the rest of the year to be bad as well, Nuveen's Bob Doll writes in his weekly investment commentary. Lower oil prices were one of the main culprits for the drop in equity prices. Still, despite the fourth quarter's drop in GDP, consumer spending was up, which Doll said was a sign for economic optimism.
To promote financial literacy, industry group SIFMA kicked off its 12th annual Stock Market Game-Capitol Hill Challenge on Monday. In the 14-week competition, teams of middle and high school students representing thier congressional districts invest a hypothetical $100,000 in listed stocks, bonds, and mutual funds. The top ten best-performing teams will receive awards at a reception in June in Washington D.C. This year students from all 50 states are participating in the competition. To the winners go the glory!
FINRA and the American Library Association said Monday they would give $1.8 million in grants to public libraries to support financial literacy. Over eight years, the program, called “Smart investing @ your library,” has rewarded $10 million to public libraries that provide educational resources about personal finance and investing.