The federal government has its own tax structure to take care of that. States typically go begging the federal government for some of their money back - not the other way around.
$5.25/hour and assuming 40 hours/week will generate a hair less than $11,000 in income. That person will receive an earned income credit of $2,747 when they file their taxes. They should also have access to child support from the father (or the mother) depending upon the custodial arrangement. And with a child, the parent is eligible for WIC and other aid.
In fact, I'd go so far as to say that the rich, as a result of their savings accounts, contribute less to the economy, per capita, than an individual forced to live paycheck to paycheck.
I'd disagree there - unless their savings accounts were held in piles of cash under a mattress. That money is available to be lent by banks or invested by them back into the economy. The wealth that the rich don't spend probably does more for the economy than the purchase of a high dollar purse would do.
At this point, my estate would avoid taxes by being too small:)
I had a relative that died a while ago. He was a prototypical "bachelor farmer" - never married nor had kids. The estate went to his brother and sister. I helped clean out the house prior to the estate auction and, like many who lived through the depression, he kept financial records stretching back to the early 191x's. He and his parents kept track of nickel and dime transactions with their bank accounts - literally 5 and 10 cents - at the time. By the time he died, he was not wealthy, but his estate was hit with the estate tax (much of it due to appreciation on the value of farmland). He was not super rich - but he also had no lineal descendants to leave anything to. Not much argument there - but it still doesn't really seem right that his passing became a taxable event.
I think that estate taxes probably started off as a way to hit those who had great wealth - the Gates and the Buffets - but over time inflation and general prosperity has brought more and more people into its clutches. The AMT is like that as well. Right now, the first $2Million is excluded from the estate tax (if I read that right at the IRS) - a farmer who owns a single section of land free and clear would already be subject to that. 640 acres is not a big farm - and I think that is the biggest problem. It's not the super rich that get bit by the estate taxes - it's those who have worked all of their life and are not wealthy that do.
The super rich avoid estate taxes as much as possible - why do you think that Warren Buffet is donating so much to the Gates Foundation. It's the moderately successful that get bit by estate taxes.
The problem isn't in the calculation of taxes at each bracket - it's either that the household is getting hit by the Alternative Minimum Tax or that the extra money has increased their income to the point where they are not eligible for tax breaks or credits that they had been receiving. This can happen at the high end of the wage scale (where most everything phases out - but the loss of the child tax credit really hurts) and on the low end of the wage scale (where the earned income tax credit is phased out).
In your example, if a person was making $9.9k, and had a child tax credit of $1000, their tax bill would be $980. If the child tax credit was phased out at $10,250 and they got a raise of $300, their tax bill would be $2062.50 - a net reduction in pay. The phase outs are not binary so it's not as clear cut as that, but this is where they get you.
Iowa has a "wonderful" attorney general, and in this case I believe a former attorney general, who excel at ambulance chasing. As much as I'd hate to see Microsoft win, I'd love to see these lawyers lose - it would be better for everyone if they did.
And concentrated manure can be anaerobically treated to produce methane (epa)
Even more surprising is that the bulk of methane produced from manure comes from pork production - and that is an industry that has consolidated holdings to make it very easy to tack methane based energy production to the "tail end" of the feed cycle.
This is something that started after I was through school, but I can see it being very useful for getting some freshman classes out of the way for free. Had it been available when I was in high school, I would have taken a year of English and a year of calc at that college to get them out of the way. I took the equivalent of about 1.5 semesters of calculus during my senior year, so it would have been nice to get two classes done.
I don't think that classes are available for personal growth - but if one is on a college track, it is a most useful tool!
In Iowa, at least in our (small) high school, students can take college credits on the school's dime before graduating. They can get things like 1st year english and math out of the way before they even set foot at the college of their choice.
The only way to correct for something like this is through taxation etc, where the law can be applied and force better behaviour.
In the United States, several states sued the tobacco industry in the 1990's "to recover the costs of smoking" that were charged to those states' Medicaid. The costs to be covered were both for previous and future recipients.
Iowa was one of those states. We got a pretty nice sum of money that would help fund our state medical programs for a good while. That money was spent on many things - little or none of it was withheld for the medical costs intended. Now the money is gone, and the health care costs remain.
Taxation can help force desired behavior - but the revenues gained may not (and likely won't!) make it into the buckets that they were originally intended.
I'm not in a programming house, and I'm not sure how sexy tax software would be. Taxes suck, and getting the software right sucks. On another front, our vendor that we use to produce 1099's at the end of the year has said that the IRS has not yet released 1099-INT forms for 2006 - and there is less than three months to have that done before year-end (and the software that we use is shipped in November - I certainly hope that someone gets their act together).
I've got two or three applications that are the drivers for hardware upgrades. Unsurprisingly, one application is a tax package - the issue is code bloat, but I'm not sure if it's in the software or in the tax code:)
Because we need to keep a number of machines fairly current, I can spread around the older machines to places where they are useful two or three times until they are either no longer useful or have been supplanted by something better.
For the record, I've still got some PII-233 machines out and about - I don't believe in upgrading for the sake of upgrading!
Is.02/KWH right? I just got my bill today and saw that I was billed an "energy cost" of 0.029/kwh for all power over the month + between 2.6 cents and 8.5 cents per kwh depending upon the date (summer/"winter" billing). If my real cost per unit of power is between 5 cents and 10 cents, it's not quite as much of a stretch for spending $9000 on a small windmill.
I think that the power company has been taking lessons from the telephone company in producing their billing statements.
But that's still not the case. If they were "being treated as a bank" the regulators would have said "thou shalt follow Reg E and all of it's consumer protections" instead of reaching an agreement.
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He did that with the tobacco company lawsuits. In that case, the money was supposed to go to the state Medicaid fund.
It didn't.
The federal government has its own tax structure to take care of that. States typically go begging the federal government for some of their money back - not the other way around.
No. FDIC insurance is only activated when your bank fails.
$5.25/hour and assuming 40 hours/week will generate a hair less than $11,000 in income. That person will receive an earned income credit of $2,747 when they file their taxes. They should also have access to child support from the father (or the mother) depending upon the custodial arrangement. And with a child, the parent is eligible for WIC and other aid.
I'd disagree there - unless their savings accounts were held in piles of cash under a mattress. That money is available to be lent by banks or invested by them back into the economy. The wealth that the rich don't spend probably does more for the economy than the purchase of a high dollar purse would do.
Fill the trap with cooking oil - it will stop the smell and will not evaporate as quickly as water would.
Around 1995, I believe that OS/2 worked natively with AS/400's as well. Windows PC's had to use a funky client to get a terminal screen.
He should have made a backup of that tablet.
At this point, my estate would avoid taxes by being too small :)
I had a relative that died a while ago. He was a prototypical "bachelor farmer" - never married nor had kids. The estate went to his brother and sister. I helped clean out the house prior to the estate auction and, like many who lived through the depression, he kept financial records stretching back to the early 191x's. He and his parents kept track of nickel and dime transactions with their bank accounts - literally 5 and 10 cents - at the time. By the time he died, he was not wealthy, but his estate was hit with the estate tax (much of it due to appreciation on the value of farmland). He was not super rich - but he also had no lineal descendants to leave anything to. Not much argument there - but it still doesn't really seem right that his passing became a taxable event.
I think that estate taxes probably started off as a way to hit those who had great wealth - the Gates and the Buffets - but over time inflation and general prosperity has brought more and more people into its clutches. The AMT is like that as well. Right now, the first $2Million is excluded from the estate tax (if I read that right at the IRS) - a farmer who owns a single section of land free and clear would already be subject to that. 640 acres is not a big farm - and I think that is the biggest problem. It's not the super rich that get bit by the estate taxes - it's those who have worked all of their life and are not wealthy that do.
The super rich avoid estate taxes as much as possible - why do you think that Warren Buffet is donating so much to the Gates Foundation. It's the moderately successful that get bit by estate taxes.
The problem isn't in the calculation of taxes at each bracket - it's either that the household is getting hit by the Alternative Minimum Tax or that the extra money has increased their income to the point where they are not eligible for tax breaks or credits that they had been receiving. This can happen at the high end of the wage scale (where most everything phases out - but the loss of the child tax credit really hurts) and on the low end of the wage scale (where the earned income tax credit is phased out).
In your example, if a person was making $9.9k, and had a child tax credit of $1000, their tax bill would be $980. If the child tax credit was phased out at $10,250 and they got a raise of $300, their tax bill would be $2062.50 - a net reduction in pay. The phase outs are not binary so it's not as clear cut as that, but this is where they get you.
Iowa has a "wonderful" attorney general, and in this case I believe a former attorney general, who excel at ambulance chasing. As much as I'd hate to see Microsoft win, I'd love to see these lawyers lose - it would be better for everyone if they did.
They do. It's the gas tax. It's an amazingly fair way of taxing those who drive less efficient vehicles and those who drive more.
And concentrated manure can be anaerobically treated to produce methane (epa) Even more surprising is that the bulk of methane produced from manure comes from pork production - and that is an industry that has consolidated holdings to make it very easy to tack methane based energy production to the "tail end" of the feed cycle.
I don't think that classes are available for personal growth - but if one is on a college track, it is a most useful tool!
In Iowa, at least in our (small) high school, students can take college credits on the school's dime before graduating. They can get things like 1st year english and math out of the way before they even set foot at the college of their choice.
Dude - he's "better" than the rest of us! He's not asking himself to walk or to cut back on anything - just you and me.
In the United States, several states sued the tobacco industry in the 1990's "to recover the costs of smoking" that were charged to those states' Medicaid. The costs to be covered were both for previous and future recipients.
Iowa was one of those states. We got a pretty nice sum of money that would help fund our state medical programs for a good while. That money was spent on many things - little or none of it was withheld for the medical costs intended. Now the money is gone, and the health care costs remain.
Taxation can help force desired behavior - but the revenues gained may not (and likely won't!) make it into the buckets that they were originally intended.
I'm not in a programming house, and I'm not sure how sexy tax software would be. Taxes suck, and getting the software right sucks. On another front, our vendor that we use to produce 1099's at the end of the year has said that the IRS has not yet released 1099-INT forms for 2006 - and there is less than three months to have that done before year-end (and the software that we use is shipped in November - I certainly hope that someone gets their act together).
Because we need to keep a number of machines fairly current, I can spread around the older machines to places where they are useful two or three times until they are either no longer useful or have been supplanted by something better.
For the record, I've still got some PII-233 machines out and about - I don't believe in upgrading for the sake of upgrading!
Or more than 640K of memory - that should be enough for anyone :)
Yet.
Don't give them any ideas...
Is .02/KWH right? I just got my bill today and saw that I was billed an "energy cost" of 0.029/kwh for all power over the month + between 2.6 cents and 8.5 cents per kwh depending upon the date (summer/"winter" billing). If my real cost per unit of power is between 5 cents and 10 cents, it's not quite as much of a stretch for spending $9000 on a small windmill.
I think that the power company has been taking lessons from the telephone company in producing their billing statements.
The Office of Foreign Assets Control (OFAC). Failure to comply will send you to the federal prison featured in Office Space.
But that's still not the case. If they were "being treated as a bank" the regulators would have said "thou shalt follow Reg E and all of it's consumer protections" instead of reaching an agreement.