Investor flight out of stocks continues

U.S. stock mutual funds lost $3.1 billion during the week ended July 3, according to the Investment Company Institute. Investors have now withdrawn money from the stock market for 19 of the past 20 weeks.

ETF assets grow to $1.1 trillion

ETF inflows totaled more than $60 billion during the first five months of 2012. The overall industry grew by $75 billion, representing asset growth of 7.1% during that period, compared with the end of 2011.

Judge steps away from Facebook privacy lawsuit

SAN FRANCISCO (Reuters) – A judge recused herself from overseeing a privacy lawsuit against Facebook over the social networking service’s “Sponsored Stories” feature, one day before she was set to hold a hearing on a proposed settlement.

Mexican juice firm co-owned by Coke buys dairy-products co

MEXICO CITY, July 11 (Reuters) – Mexican juice company Jugos
del Valle, partly-owned by The Coca-Cola Co, on Wednesday
said it will buy local dairy-products company Santa Clara.

NYC adds free WiFi hotspots to 10 payphones, with more to come

There are still nearly 13,000 sidewalk payphones in New York City, and yes, they’re still in use.

But now, the city wants to turn 10 of those phones into free WiFi hotspots, with seven in Manhattan, two in Brooklyn, and one in Queens. Eventually, the plan is to expand the hotspots out to all five boroughs.

“Additional hotspots will come in the following months,” city officials wrote on NYC’s Tumblr page.

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Report: In 2009, Americans Paid Taxes At The Lowest Rate In 30 Years

In 2009, Americans handed over the smallest percentage of their income to the government in 30 years. A major reason? Rich people paid less in taxes.

The income tax rate fell to 17.4 percent in 2009, the lowest level since 1979, according to a new report from the Congressional Budget Office (h/t the Washington Post).

The Great Recession was responsible for the drop in two ways, according to the report. Firstly, the downturn hammered American incomes. And secondly, President Obama passed a variety of tax cuts as part of a stimulus package.

Earners in the top one percent saw their incomes fall faster between 2007 and 2009 than that of other groups, the report found. Still, they may have fared better than others as a result of the recession; the median net worth of the wealthiest Americans rose 10 percent during the downturn, while median household net worth overall fell to levels not seen since 1992, according to a Federal Reserve report from June.

Why care about low tax rates? States with the highest personal income tax rates did a better job of weathering the economic turbulence of the 2000s than their counterparts with lower personal income tax rates, according to a recent report from the Institute on Taxation and Economic Policy. Food for thought .

Jason Alderman: LGBT Couples Often Face Additional Financial Hurdles

LGBT couples — and individuals — often face significant financial hurdles compared to their heterosexual counterparts.

Read more: Same-Sex Marriage, Domestic Partnership, Estate Tax, Taxes, Social Security, Personal Finance, LGBT Issues, Marriage Equality, Retirement Savings, Gay Voices News

Julie Gerstenblatt: Do You Steal from Your Spouse? Because I Do

Stealing is such an ugly word. I prefer to call what I do creative accounting.

Read more: Stealing, Marriage, Relationship Advice, Bergdorf Goodman, Relationships, Humor, Personal Finance, Comedy, Comedy News