MoneyCafe.com

The 11th District Cost of Funds Index (COFI) was updated this afternoon.  The rate reported today is 2.455% and represents January’s COFI.

Monthly LIBOR rates, the Wachovia Cost of Savings Index (COSI) and the Certificates of Deposit Index (CODI) were also upated.  The Prime Rate remains 3.25%.

See:
http://www.moneycafe.com/library/cofi.htm
http://www.moneycafe.com/library/libor.htm
http://www.moneycafe.com/library/cosi.htm
http://www.moneycafe.com/library/codi.htm
http://www.moneycafe.com/library/primerate.htm

Next years federal budget (FY 2010) was proposed by the President today.  Spending is budgeted at $3,552,000,000 on top of this years (FY 2009) estimated spending of $3,938,000,000.  So basically, as a country we are going to spend $4 trillion this year and $3.5 trillion next year.   What does that mean to you if you are a taxpayer?  There are a number ways to look at this.  I have just a quick take for now. 

The Bureau of Labor Statistics reports that in 2008, the United States had 120 million full-time employees.  With unemployment rising this number is going down.  I estimate this full-time employed group accounts for more than 90% of taxes paid.  (Corporate taxes are about 8% of federal receipts right now and should be 9% next year.  Workers making under $20,000 (a generous proxy for part time employees) pay less than 2% of the federal budget through their payroll and income taxes.)  

Using these numbers, the average full-time employee is responsible for federal taxes this year in the amount of $29,534 and next year in the amount of $26,640.   

See:
http://www.whitehouse.gov/omb/assets/fy2010_new_era/Summary_Tables2.pdf
ftp://ftp.bls.gov/pub/special.requests/lf/aat12.txt
http://www.irs.gov/taxstats/indtaxstats/article/0,,id=133521,00.html

Open a new Ameritrade account before March 31st and trade commission free for 30 days.  And if your new account is a non-IRA account funded with at least $25,000 Ameritrade will also give you $100.   Commission free trades are limited to 500 equity trades within 30 days of account funding.  Accounts must remain open for nine months.

See:
http://www.tdameritrade.com/offer/special.html

Freddie Mac released their Weekly Primary Mortgage Market Survey yesterday.  According to the survey, mortgage rates remained steady this week with an average 30 year fixed rate at just over 5%.

See:
http://www.moneycafe.com/library/mortgagerates.htm

Use this form to search for energy efficiency rebates and incentives in your area.  This is for California only.

If you know about a good rebate or incentive program in your state, please post in the comments below to help others save money.

Just in time for the end of tax season while there is still time to open an IRA, E*Trade has a promotion running for opening a new IRA account and getting 100 free trades.  Some of the fine print on the offer says that customers must agree to electronic delivery of statements and confirmations.   E*Trade will credit the account for commissions paid during the first 30 days on up to 100 trades.  Active traders could save a bit of money.

Click below for more information.