Colleges offering tuition discounts
Private US colleges are offering record financial assistance due to lower application rates, according to the Wall Street Journal. The average “tuition discount rate”, the reduction off list price afforded by grants and scholarships hit an all time high of 45 percent last fall for incoming freshman, according to a survey being released today. It is likely that some private colleges may be forced to offer even bigger discounts this year. The increase in aid is due to the fact that more families are worried about the cost and value of a private college education.
Obama supports US gas exports
According to the Financial Times, the Obama administration supports the export of liquefied natural gas from the US and believes energy production strengthens its national security policy. Obama stated that the US would be a net gas exporter by 2020. The Department of Energy is studying applications for new natural gas terminals and is likely to approve one in Texas within the next few months.
Tax bill for online purchases may not pass House
A bill that would end tax-free online shopping looks likely to obtain Senate approval, but may be stopped in the House of Representatives, according to the Wall Street Journal. Challengers of the bill indicate it would complicate tax collection for small businesses. Supporters say the bill would enable states to collect sales tax they are already owed; it would not be creating a new tax. The bill would enable states to require out-of-state merchants to collect sales tax on goods purchased online by their residents.
Neiman Marcus up for sale
CNBC is reporting that private-equity firms TPG Capital and Warburg Pincus, who purchased Neiman Marcus for $5.1 billion in 2005, have been interviewing investment banks to sell the company, Rumors are that they have hired Credit Suisse to run the IPO. The firms are apparently in the early stages of exploring their options and if they do not find a buyer or demand for an IPO is weak, they may decide to pursue a dividend recapitalization.
Stuck in traffic?
Last year the average American spent 38 hours sitting in traffic, according to USA Today. In the nation’s most congested cities, drivers wasted 42 hours sitting in traffic. Los Angeles had the worst traffic in 2012. Two cities with average commutes in excess of 34 minutes include New York City and Washington, DC. The ten worst cities for commuting include: 1. Los Angeles, 2. Honolulu, 3. San Francisco, 4. Austin, 5. New York, 6. Bridgeport, 7. San Jose, 8. Seattle, 9. Washington, DC. 10. Boston.
Catherine S. McBreen is President of Millionaire Corner. McBreen plans and develops content for Millionaire Corner. Catherine balances editorial content to meet the informational needs of both new and seasoned investors. She designs special monthly surveys on topical issues affecting the economic environment.
McBreen has a B.S. in speech communications from Northwestern University and a J.D. from DePail University College of Law. She is a member of the American Bar Association, the Illinois Bar Association, and the Chicago Bar Association.
Well-known for her expertise in the affluent and retirement arenas, McBreen is a frequent speaker at industry conferences. She has been quoted widely by the financial media, including The Financial Times, The Wall Street Journal, Research, Private Asset Management, On Wall Street, Reuters, Bloomberg News, The Dow Jones Newswires and Worth. Cathy has appeared as a guest on CNBC Closing Bell, First Business Morning News, Neal Cavuto at Fox Business News, ABC and CBS radio.
McBreen is co-author with Spectrem President George H. Walper, Jr. of the book "Get Rich, Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America's Richest Families" (Portfolio, January 2008)
Catherine is the mother of four and is involved in many school and community events.