Upon turning 18, he looked into his finances and discovered that his fortune -- which should have been put in a trust fund and totaled in the millions -- was mostly nonexistent.
"In six short months, this administration, after advocating a tax cut that was too large and after putting belief in a 10-year estimate of revenue, have put us in the bad old days of raiding every trust fund in sight, " Conrad said.
The DI trust fund is expected to dry up in 2018, 22 years before the trust fund for Social Security retirees does.
ECONOMIST: Politicians are ignoring a big, dysfunctional programme
Payroll taxes were raised and a surplus generated that is placed in the Social Security Trust Fund, which invests in Treasury bonds.
According to a report from the Social Security and Medicare Board of Trustees, the Social Security system is expected to be solvent until about 2037 -- largely because of the surplus in the Trust Fund -- even though the payroll taxes flowing in stop being enough to cover the expenses flowing out in 2017.
In particular, the Trust Fund finances ongoing Federal government activities in responding to the BP oil spill, and then provides the legal authority for the government to seek full reimbursement from the responsible party for these activities.
Forty percent of the proceeds from branded products benefit the New York City AIDS Fund in the NY Community Trust.
After we raise (or eliminate) the debt limit, we can return government securities to the trust fund in exchange for the IOUs.
It will be in addition to the accumulation in the Social Security trust fund that would occur with no change in the current law.
In their 2010 report, they projected that the Trust Fund would be exhausted in 2037, four years sooner than forecasted only two years before.
In addition, Trust Fund exhaustion had moved out 10 years, to 2042, then 39 years in the future.
In fact, the Missouri Investment Trust, the first public fund in the country to divest the stocks of companies doing business with Iran, Syria, Sudan and North Korea, has actually performed better since it was taken terror-free.
That same amount will be credited to the Social Security Trust Fund, in the form of Treasury securities.
For example, ticket taxes paid by airline passengers or fuel taxes paid by aviation operators are included in the Trust Fund.
The attraction is that you squirrel away any proceeds from hydrocarbon revenues in a trust fund, as the Norwegians have done with breathtaking success.
We are currently spending more on Medicare than we are collecting in payroll taxes and cashing in the few IOU's left in the trust fund.
Since 1992, children in the village have had lessons in a temporary classroom after the original school was sold and the proceeds placed in a trust fund.
The borrowing limit thus acts like the trust fund balance in Medicare Part A or Social Security, except that it allows the program to go a fixed amount into the red.
FORBES: Medicare's Peculiar Budget Rules And The Fight Over Double Counting
Either they manage the volatility as best they can - look to Russia as a country doing so very badly - or they stack up the surplus in a trust fund.
At the time, this was considered a victory for the highway lobby, since Congress had been allowing unspent money to accumulate in the Trust Fund to make the federal budget deficit look smaller.
Such savings therefore accrue in the trust fund.
FORBES: Medicare's Peculiar Budget Rules And The Fight Over Double Counting
But the government will borrow those new deposits, leave an IOU in the Trust Fund and then promptly spend the money just as it has with the Social Security Trust Fund perhaps on some worthless green energy project that may eventually embarrass the Obama administration.
Mostyn and co-owner Steve Sly, who bought the club in March 2007 after nearly a decade under the ownership of a supporters' trust fund, have recently been in talks with new investors.
But raising the value of the trust fund is, in this respect, pointless.
You should call the fund company to find out what portion of the fund is in true preferred stock versus trust preferred.
WSJ: For Investors Seeking Income, Preferred Stock May Make Sense
On Saturday, the Wall Street Journal pointed out that the Social Security trust fund includes trillions in securities, representing past surpluses plus interest.
The new legal expense trust fund was established in February 1998.
According to "reserve language" in the budget resolution, more spending could follow, so long as more revenue becomes available--from somewhere--to put in the Highway Trust Fund.
Hong Kong Economic Times says the government must act fast to restore public trust in charity fund-raising, as members of the public in Hong Kong are also worried about funds being misappropriated by officials.
Consumers Union, Consumer Federation and other advocacy groups asked the Federal Trade Commission in September to help prevent gift card losses by requiring retailers to put money from card sales in a separate trust fund that would be affected by a bankruptcy.
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