| The Richest 1% Get $10 Billion A Year From Uncle Sam and Toll, Lennar Downgraded On Fears Of Weaker Housing |
| News - Financial News |
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The bulk of the taxpayer money going to the richest 1% came from Social Security and Medicare, which provide benefits to retirees regardless of their income.Using IRS data, IBD found that the top 1% of income earners claimed approximately $7 billion in Social Security benefits in 2009. That year, the program paid super-rich seniors — those with adjusted gross incomes exceeding $10 million — an average of $33,000 each.Medicare, meanwhile, paid roughly $2.6 billion in health care subsidies for the richest 1% of enrollees, based on calculations using Medicare enrollment, overall Medicare spending and premium data. (Medicare does not track spending by enrollee income.) And if you consider that 5% of Medicare enrollees have more than $1 million in savings, the amount taxpayers spend to subsidize retiree health benefits skyrockets. [Read the full article] As the holiday shopping season reaches fever pitch, consumers seem willing to open their wallets for some items despite the economic uncertainties. And clothing appears to be one of them.Apparel makers sit at No. 15 on IBD's Industry Group ranking, making this a good time for Michael Kors to hit the market. The fashion house has long been well-known to female department-store shoppers, and the titular designer has lately become known to TV viewers as a judge on "Project Runway." Now the company is pursuing a strategy of focusing on accessories and opening a chain of retail stores, trying to follow the path blazed so successfully by Coach (COH).A Michael Kors store in Switzerland displays handbags, one of the firm's successful accessory lines. [Read the full article] Look closer to the ground, however, and you will see that the Big Apple is also home to thousands of small businesses, from hardware stores and barbershops to diners and delis.It's easy to overlook these businesses when you think of New York's commercial landscape, which so often centers on corporate behemoths.But small businesses comprise a large and lucrative market for commercial banks in New York — so lucrative that you'll see all kinds of firms angling for a piece of it, including the city's megabanks.One of the leading players in this market, Signature Bank (SBNY), has shown a knack for standing toe-to-toe with the big boys and coming out on top.Signature provides business and personal banking products and services in and around New York City. It offers the usual lineup of checking accounts, money-market accounts, credit and debit cards, loans and insurance products.The company mainly targets small businesses, with a focus on low-cost core deposits. [Read the full article] 
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