Money Minute: Google Fiber Test Hits Speedy Start

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Google's test of a super-fast Internet connection in Kansas City is off to a speedy start.

A survey by analysts at Bernstein Research finds 42 percent of residents in Kansas City have signed up for Google Fiber at $70 a month. That's about $5 a month more than the much slower service offered by Time Warner Cable (TWC). Google (GOOG) previously identified 33 other cities for expansion of the fiber service, if the Kansas City test goes well.

Student loans are about to get more expensive. The rate on undergraduate loans is set to rise by nearly a percentage point, to 4.66 percent. For a freshman starting at a four-year college later this year, that could mean $2,100 in extra interest payments over a decade.

The Internal Revenue Service will conduct 100,000 fewer audits this year, mostly because of cuts to the agency's budget. As a result, the IRS Commissioner says the government will lose about $3 billion in uncollected tax revenue.

Here on Wall Street, the Dow Jones industrial average (^DJI) rose 117 points Wednesday and the Standard & Poor's 500 index (^GPSC) added 10, but the Nasdaq composite (^IXIC) fell 13 points. The Nasdaq has lost 6.5 percent since its recent peak in early March.

The hope of harnessing offshore winds for energy use is catching sail. The Energy Department will pay up to $47 million for each of three projects to corral the winds off the coasts of New Jersey, Virginia and Oregon. The long-delayed projects are expected to begin delivering energy by 2017.

The Navy has selected Sikorsky Aircraft and Lockheed Martin (LMT) to build new helicopters to replace the aging fleet of presidential choppers. No surprise there. They were the only bidders. The award of $1.2 billion is for six new helicopters.

Finally, here's hoping Bob Costas doesn't have another untimely bout of pink eye. NBC has locked up the rights to broadcast the Summer and Winter games through the year 2032. It agreed to pay $7.7 billion to extend the current deal, which had been set to expire in 2020.

-Produced by Drew Trachtenberg.


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mac2jr

As for the IRS investigations of Conservative Organizations, it also investigated Liberal Organizations, and all those that were attempting to circumvent the laws. When political and religious organizations try to claim to be what each is not, then the IRS has the authority to investigate and question, and deny, the claim, which is what the IRS is suppose to do. To cause as much confusion and distrust as the Republicans have in their endless quest for 'hidden' agendas, is a total waste of taxpayer money and this waste should be charged to those that are unjustly causing it, thus most if not all of the Republicans in the House of Representatives now OWE the Taxpayers their salaries for the next ten decades.

May 08 2014 at 3:31 PM Report abuse rate up rate down Reply
1 reply to mac2jr's comment
art6111

The IRS audited 10% of the people listed on the donors lists of those Conservative Organizations, compared to 1% of returns overall. Still stand by your silly claim?

May 08 2014 at 3:47 PM Report abuse -1 rate up rate down Reply
1 reply to art6111's comment
teaparty2implode

The IRS has targeted the Democrats when Bush was president.

May 08 2014 at 5:44 PM Report abuse rate up rate down
mac2jr

We could pay off much of the National Debt if the Deadbeat corporations and small businesses in the 50 states and 7 territories paid the taxes they are required to pay.

Cities and states would also benefit, as some cities like Philadelphia are reported to have over 60,000 Business Deadbeats on the books.

As for the tax code being so big, the Congress and other authorities have been lobbied for decades by big business, Corporations, to 'add' loopholes that serve each, and thus with payoffs, and 'favors' many of those in Congress have rotating-door jobs for life.

May 08 2014 at 3:24 PM Report abuse +1 rate up rate down Reply
cabo79

Am I doing this right. 100,000 less audits, will lose the US 3,000,000,000 or $30,000 per audit. Who in the world are they auditing? I guess they should keep their audits to all people who make over 100,000 a year or so.

May 08 2014 at 2:52 PM Report abuse rate up rate down Reply
1 reply to cabo79's comment
mac2jr

Businesses and Corporations..

May 08 2014 at 3:17 PM Report abuse +1 rate up rate down Reply
1 reply to mac2jr's comment
art6111

And they target donors to Conservite non-profit organizations.

May 08 2014 at 3:51 PM Report abuse -1 rate up rate down
Larry

The best thing we can do to reduce the overreach of government is to cut the size of the IRS.

May 08 2014 at 12:04 PM Report abuse rate up rate down Reply
1 reply to Larry's comment
cabo79

And put tax cheets in jail for minumum of 90 days.

May 08 2014 at 2:53 PM Report abuse +2 rate up rate down Reply
Iselin007

"Finally, here's hoping Bob Costas doesn't have another untimely bout of pink eye. NBC has locked up the rights to broadcast the Summer and Winter games through the year 2032. It agreed to pay $7.7 billion to extend the current deal, which had been set to expire in 2020"

I doubt is Costas or many of us will be around in 2032.

May 08 2014 at 12:04 PM Report abuse rate up rate down Reply
rwdrakepi

The IRS commissioner says that because of the 100,000 fewer audits we will lose 3 billion dollars. That's $30,000.00 per audit. I think we have found our problem, the IRS is run by idiots!

May 08 2014 at 12:03 PM Report abuse -1 rate up rate down Reply
1 reply to rwdrakepi's comment
art6111

Actually run by clueless political hacks.

May 08 2014 at 3:57 PM Report abuse rate up rate down Reply
jenny` news

It probally has a quota to meet, so it is aware that it won`t get its quota.

May 08 2014 at 11:35 AM Report abuse -1 rate up rate down Reply
1 reply to jenny` news's comment
Iselin007

Please if it is like the H1B quota were doomed!

May 08 2014 at 11:59 AM Report abuse -1 rate up rate down Reply
moretrorun

How does the IRS know how much money it "loses" even before it audits? They should pay more attention the first time around instead of getting its refunds out what apparently is too quickly for it to handle.

May 08 2014 at 10:12 AM Report abuse +1 rate up rate down Reply
2 replies to moretrorun's comment
sasha

Because of all the reports filtering in as to production and wages. If you are wondering why the IRS is coming under scrutiny by conservatives, the 503c is a smoke screen. This is more about letting charities do more political work and cutting taxes owed to the government. You might have noticed that Congress is NOT investigating just what constitutes a legitimate charity. I say ban all c4's.

May 08 2014 at 10:41 AM Report abuse rate up rate down Reply
Iselin007

Evidently they know the BLS data is corrupt so they see less people actually working. Poverty is growing and most homeless have no mailing address or Internet connection.

May 08 2014 at 11:56 AM Report abuse rate up rate down Reply