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UPDATED 6/18/2010
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http://www.cnn.com/2010/US/06/18/us.arizona.immigration.law/index.html?hpt=T1
Official:
Justice Department plans to sue over Arizona
law
By Terry Frieden, CNN Justice Producer
June 18, 2010 4:52 p.m. EDT
A man protests
outside the Arizona
state capitol earlier this month.
STORY
HIGHLIGHTS
·
Secretary of State tipped
Justice's hand in interview
·
Arizona law scheduled to
take effect July 28
·
Justice Department says
it's still reviewing the law
(CNN) -- Obama administration lawyers are
planning to file a legal challenge to a controversial Arizona immigration law within a month,
according to a senior administration official.
The Justice Department would not confirm the claim, saying only that
"The Justice Department is continuing to review the law."
Federal government lawyers who have been working on the expected
challenge for several weeks will most likely file their arguments in federal
court in Phoenix
in the days leading up to July 28, when the statute is scheduled to take effect,
the official said.
Although the Justice Department indicates no final decisions have been
made at this point, officials were put on the spot when Secretary of State
Hillary Clinton said in a recent television interview in Ecuador the government "will
be bringing a lawsuit" in the case.
Administration officials have indicated the question of Arizona usurping federal authority to
control the border and enforce immigration law is the most likely federal
point of attack against the state law signed by Gov. Jan Brewer earlier this
year.
http://www.cnn.com/2010/TRAVEL/05/11/arizona.travel.boycott/index.html?hpt=C2
Boycott over immigration law could put
dent in Arizona
tourism
By Jim Kavanagh, CNN
May 11, 2010 9:45 a.m. EDT
STORY HIGHLIGHTS
- Hispanic advocacy group
garners 2,500 pledges to avoid travel to Arizona
- U.S. senator urges baseball
players to boycott 2011 All-Star Game in Phoenix
- Black fraternal organization
moves convention out of Phoenix
- Arizona tourism industry generated $18.6 billion in
revenue in 2008
(CNN) -- Arizona's $18.6 billion travel industry
could take a big hit if a boycott announced last week in response to a new
immigration law gains momentum.
The boycott's biggest
target: Major League Baseball's 2011 All-Star Game.
"We've been very
encouraged by the response," said Clarissa Martinez, director of
immigration and national campaigns for the National Council of La Raza, which announced the boycott Thursday.
Nearly 30
organizations have come on board, including the Rev. Al Sharpton's
National Action Network, People for the American Way, the Japanese American
Citizens League and the Service Employees International Union.
The law requires immigrants
to carry their registration documents at all times and allows police to
question individuals' immigration status in the process of enforcing any
other law or ordinance.
Immigrants' surprising ally:
conservative evangelicals
A fan hoists a protest sign during an
international baseball tournament game Friday in New Jersey.
Direct travel spending
of $18.6 billion in Arizona
generated 167,000 jobs with earnings of $5 billion in 2008, according to a
study by Dean Runyon Associates for the Arizona Office of Tourism.
That spending was
associated with $1.4 billion in state and local tax revenues and $1.2 billion
in federal tax revenues, equivalent to $1,080 per Arizona household.
The bulk of Arizona's tourism dollars are spent in and around the
state's two largest cities, Phoenix and Tucson, with significant amounts also going to the Grand
Canyon, Lake
Havasu
and fishing outfitters, horse ranches, spas and campgrounds.
NCLR is pressing Major
League Baseball to move the 2011 All-Star Game out of Phoenix, she said.
"One of the
things that's very significant is the Major League Baseball Players
Association has weighed in on the issue," she said.
Michael Weiner, executive
director of the MLBPA, issued a statement opposing the law shortly after it
passed.
 Video: Emilio Estefan calls for boycott of Ariz.
RELATED TOPICS
"We hope that the
law is repealed or modified promptly," Weiner said. "If the current
law goes into effect, the MLBPA will consider additional steps necessary to
protect the rights and interests of our members."
On Monday, Sen. Robert
Menendez, D-New Jersey, the lone Hispanic in the U.S. Senate, urged the
players union to boycott the game. More than a quarter of major league
players are Hispanic, he said in a letter to Weiner.
"These players
come to the United States
legally and should not be subjected to the humiliation and harassment that SB
1070 would inflict," Menendez wrote. "Imagine if your players and
their families were subjected to interrogation by law enforcement, simply
because they look a certain way."
Cop-watchers look out for
profiling in Phoenix
The Arizona Office of
Tourism referred questions to the Arizona Tourism Alliance, which did not
respond to CNN's request for comment.
As of Tuesday, the
NCLR was just more than halfway to its goal of 5,000 pledges to boycott Arizona as a travel
destination.
The Washington Post
reported Friday that 23 conferences, conventions and meetings had been
canceled in response to the law, known as SB 1070.
Alpha Phi Alpha Fraternity
moved its annual convention, scheduled for July 21-25, from Phoenix
to Las Vegas,
Nevada, in response
to the new law.
"Our concern is
that were bringing in a group of African-American men with a very diverse
membership, and our membership includes some Hispanics, persons who are
foreign, who have accents, persons who could possibly be singled out because
they don't look like an 'American' African-American as such," said Skip
Mason, national president of Alpha Phi Alpha. "So our big issue is
safety and security of our members."
Calls to move the
convention, with its 5,000 attendees and many of their families, as a protest
against SB 1070 also had arisen from within the membership, Mason said. He
noted that Arizona
was the last state to institute a holiday honoring Dr. Martin Luther King
Jr., who was an Alpha Phi Alpha member.
NCLR's Martinez said, "What we're dealing
with is legitimate frustration over a broken immigration system that in this
case has led to passing a law that is going to do little to solve the
immigration problem but is unleashing the practice of racial profiling.
"We are fully
committed to work with folks who are legitimately concerned with the problem
to work toward a solution."
http://newsroom.blogs.cnn.com/2010/05/09/arizonas-new-immigration-law-could-cost-it-big-in-pro-sports/?iref=allsearch
May 9, 2010
Arizona's New Immigration Law Could Cost
it Big in Pro Sports
Posted: 01:59 PM ET
Sports Business Analyst Rick Horrow
joins CNN's Don Lemon on Sunday, May 9, at 6 p.m. ET. Tune in and be part of
the discussion. Send your comments/questions to Rick's Twitter account, twitter.com/sportsprofessor. Here's Rick's latest blog:
If sports is the social change agent that it’s proved itself
to be time after time – think Jackie Robinson and baseball integration,
college sports’ Title IX, and Magic Johnson’s tireless work on AIDS awareness
– then what’s the right answer for MLB Commissioner Bud Selig when it comes
to Arizona’s harsh new immigration laws? In response, should Selig pull the
2011 All-Star Game out of Arizona,
as U.S. Rep. Jose Serrano (D-NY) and others have requested? Should baseball’s
Hispanic players, who make up close to 30 percent of team rosters, boycott
games? And where’s the leverage from fans?
SB 1070, which requires Arizona police to check suspected
illegal immigrants for proper paperwork, will not take effect until
midsummer, so what role sports should take in this broader social platform is
going to be debated at least until this year’s All-Star Game in Anaheim. And
the issue is certainly not restricted to baseball – almost every major
American pro sport, from football to NASCAR, has stepped up its efforts to
draw Hispanic fans. What’s more, almost every major U.S. pro sport has a presence in Arizona. So the
negative focus being placed right now on MLB and its Arizona Diamondbacks is,
for starters, way out of proportion.
Besides the calls for an All-Star Game pullout, immigration
rights groups held protests when the D-Backs played in Chicago and Houston,
and more such demonstrations are likely whenever the team hits the road. The
team does not take a stand on political issues and has said that co-owner Ken
Kendrick, a staunch Republican, does not personally support the new law. On
the baseball side, MLBPA Executive Director Michael Weiner declared the union
would "consider additional steps necessary to protect the rights and
interests of our members" if the law is enacted.
Grass-roots organizers have claimed that they won’t go after
the other 13 MLB teams that comprise Arizona’s Cactus league – worth an
estimated $350 million to the state's economy – and for now other pro sports
and college football, whose BCS National Championship Game is scheduled for
Glendale’s University of Phoenix Stadium in January, haven’t been targeted.
However, the Associated Press reported the Mexico-based World Boxing Council
"will not schedule Mexican fighters for bouts in Arizona to protest what
it called the state's 'shameful, inhuman and discriminatory' immigration
law,” and organizers trying to bring the 2018 or 2022 FIFA World Cup to
Phoenix are concerned the controversy will blackball the region.
The NBA, with its high-profile “éne-bé-a”
Hispanic marketing campaign, perhaps has more reason than other pro sports
leagues to engage in the issue. The league stood behind Phoenix Suns Managing
Partner Robert Sarver, who denounced the bill and arranged for the team to
wear their “Los Suns” jerseys during the Cinco de
Mayo home Game 2 against the Spurs – a dramatic statement, nationally
televised.
The stage is set for MLB to make its own bold statement on the
issue, following in the footsteps of the NFL/NFLPA, which in 1993 moved Super
Bowl XXVII from Sun Devil Stadium in Tempe to
the Rose Bowl in Pasadena, Calif.,
because Arizona
did not recognize Martin Luther King Jr. Day. “The gloves are off and the
benches are cleared,” says Gregory Wald, an attorney specializing in
immigration issues for national firm Squire, Sanders & Dempsey. "We
are already seeing the first wave of litigation challenging the
constitutionality of this unprecedented law, and no doubt there will be
economic boycotts as well."
MLB’s silence is increasingly deafening.
======================================================
Rick Horrow is a Sports Business
Analyst and frequent contributor to CNN. He is also co-author of "Beyond
the Box Score: An Insider’s Guide to the $750 Billion Business of
Sports." Follow him on Twitter @ twitter.com/sportsprofessor
http://hotjobs.yahoo.com/career-articles-worst_paying_college_degrees-1263
Worst-Paying College Degrees
We all know money doesn't buy
happiness--and that's good news for these new grads.
by Charles
Purdy, Yahoo! HotJobs senior editor
There's
no denying the value of a college education: According to recent U.S. Census
surveys, the median salary for college grads is more than
$20,000 higher than that of people with only a high school diploma. And the
unemployment rate for people with bachelor's degrees is almost half the rate
for people without.
=========================================
Also on Yahoo! HotJobs:
=========================================
But
some degrees are worth more than others, as PayScale.com shows in its 2010 report on the earning power of
bachelor's degrees.
No
surprise, engineering degrees continue to be top earners--and (also no big
shocker) you have to go pretty far down the list before you see the liberal
arts well represented.
But
there's more to choosing a major than comparing dollar amounts. We salute and
congratulate the graduates whose interests (and hard work) have led them to
the following degrees--the lowest-earning degrees on PayScale's
list.
10. Drama (starting annual salary: $35,600; mid-career annual salary:
$56,600)
Some mega-millionaire movie stars with drama degrees (Denzel Washington and
Meryl Streep, for instance) may be skewing these
numbers upward--for every Denzel and Meryl, there are thousands of thespians
struggling to make ends meet. But you don't study drama because you want to
get rich--you study drama because you love the theater. (And an ability to
act comes in handy in many professions.)
9. Fine arts (starting annual salary: $35,800; mid-career annual
salary: $56,300)
Well, it takes an artist to make a thrift-store wardrobe look like a million
bucks.
8. Hospitality and tourism (starting annual salary: $37,000;
mid-career annual salary: $54,300)
Jobs that include tips may be skewing these numbers downward--and this is an
industry that looks to be on the rebound as the economy improves. Plus, the
perks associated with jobs in hospitality and tourism may compensate for the
comparatively low salaries--many jobs in the industry allow extensive travel
(or provide considerable travel discounts).
7. Education (starting annual salary: $36,200; mid-career annual
salary: $54,100)
For the right people, teaching is an immensely rewarding
career--and it's truly a noble one. The good news is, according to the U.S.
Bureau of Labor Statistics (BLS), the employment opportunities for primary,
secondary, and special education teachers are expected to grow by 14 percent
in the coming decade. And there will be plenty of new opportunities in
continuing education for adults, as professional skill requirements change
ever more rapidly.
6. Horticulture (starting annual salary: $37,200; mid-career annual
salary: $53,400)
It seems that a green thumb doesn't necessarily bring in the greenbacks. But
when you work among flowers and plants in a nursery or garden, who needs 'em?
5. Spanish (starting annual salary: $35,600; mid-career annual salary:
$52,600)
As an old proverb puts it, when you learn a new language, you "gain a
new soul." Who could put a price on that? And certainly, knowing
Spanish--the language with the second-highest number of native speakers
(after Mandarin)--in addition to English opens up a world of job
opportunities beyond Spanish
teacher or
translator (as a plus, you can better enjoy a world of fantastic
Spanish-language music, movies, and literature).
4. Music (starting annual salary: $34,000; mid-career annual salary:
$52,000)
Hey, if being a musician were easy, everyone would do it. Some of us are guitar heroes; most of us just play
the video game.
3. Theology (starting annual salary: $34,800; mid-career annual
salary: $51,500)
This is the perfect example of a degree earned by someone who's "not in
it for the money": people who choose to study theology often feel
they're pursuing a higher calling (and often feel a strong desire to do good
in the world, no matter the cost).
2. Elementary education (starting annual salary: $33,000; mid-career
annual salary: $42,400)
Specializing in elementary education means a lower median salary than an
education degree (number 7).
1. Social work (starting annual salary: $33,400; mid-career annual
salary: $41,600)
They say that crime doesn't pay. As this list seems to point out, neither
does helping people. So it's a good thing that many college students seem to
believe that helping others is its own reward--social
workers are an
indispensable safety net for people who've fallen on difficult times. And the
BLS reports that the outlook for opportunities in this
field are favorable--particularly for social workers who work in rural
areas or with senior citizens.
(Source: PayScale salary survey. Methodology:
Annual pay is for bachelor's graduates without higher degrees. Typical
starting salaries are for graduates with two years of experience; mid-career
salaries are for graduates with 15 years of experience. PayScale
also provides salary information by college; for more information, check out PayScale's Best Colleges Report.)
http://education.yahoo.net/articles/the_path_to_100k_jobs.htm?kid=12OIK
The
Path To A $100K Career
The Path To $100K Jobs
The Path To $100K Jobs
The Path To A $100K Job
If your goal is to
make $100,000, consider one of these 5 career paths.
By Tony Moton
Think making your way to a six figure salary
is impossible?
With the right education, and the right
career roadmap, you can make it happen.
Take Debbie Tay, a
nurse practitioner who started her path to career success by earning a bachelor's degree in nursing; worked for a year
as a registered nurse (RN); then returned
to the classroom to earn her master's degree in nursing. She's now making
$100,000 per year as a board-certified Family Nurse Practitioner.
We're not saying it's easy - or that it will
happen overnight - but if you'd like to work your way towards a six figure
salary, check out our career roadmap for these 5 hot jobs.
CAREER 1 - NURSE PRACTITIONER
Top Salary Destination: $101,098*
These nursing professionals often serve as
key liaisons between doctors and patients, but they also can develop
treatment plans, prescribe medications, and diagnose or treat acute
illnesses.
The Path to $100K:
1.
Experience as a registered nurse (RN) is an excellent
starting point. To become an RN, you'll need to earn your nursing diploma or degree, then
get licensed. RNs have an average salary of $65,130.
2.
To get to the next level in your career, you'll need to obtain a
master's degree (it's considered a
must by employers) and relevant industry certifications.
3.
Entering the profession, seek out areas of interest and gain
experience in specified fields.
Get started on your Nursing career
at one of these top schools.
CAREER 2 - ADVERTISING AND MARKETING MANAGER
Top Salary Destination: $105,960**
The responsibility of coordinating a
company's market research, marketing strategy, sales, and advertising belongs
to specialists who promote products and services. It's a high-visibility
field in which the top candidates must demonstrate creativity and strong
communications skills.
The Path to $100K:
1.
A bachelor's degree with course work in accounting, business, or marketing, can get you started
on the right road.
2.
A public relations specialist earns $58,960 a year.
To improve your earning potential and gain a more sophisticated set of tools
and skills, you'll need to earn a master's of business administration
degree (MBA).
3.
Solid work experience in marketing, advertising, public
relations, and sales positions is key for
advancement along a management track. Larger firms might offer management
training programs, but colleges, universities, and professional associations
offer training programs as well.
Search for Marketing and Business
schools now.
CAREER 3 - MEDICAL AND HEALTH SERVICES MANAGER
Top Salary Destination: $137,800***
Management positions in this field require
applicants to have abilities to plan, direct, coordinate, and supervise the
administration of health care. They might run a specific clinical department
or a hospital. A number of facilities might be under the supervision of a
manager in charge of an entire system.
The Path to $100K:
1.
Earn a bachelor's degree in health care administration or business administration.
2.
Obtaining a master's degree generally is the most
common route for advancement to management positions. Some MBA programs now specifically focus
on health management.
3.
Graduate students entering the field in health services administration
might begin as department managers or members of the supervisory staff (a
family practice office manager makes $47,152 annually). Students with bachelor's degrees have opportunities to
work as assistants or assistant department heads in bigger hospitals before
moving up the ladder.
Search for top Health Care schools
now.
CAREER 4 - MANAGEMENT ACCOUNTANT
Top Salary Destination: $102,380***
Accountants work for companies,
government agencies, and individuals who need someone to track and analyze
their finances. Job responsibilities vary greatly, but preparing and
verifying financial documents takes up the bulk of the work for most in the
field.
1.
A bachelor's degree in accounting or related field opens
the door to entry-level jobs, allowing beginning accountants (with an average
annual salary of $48,993) to work under experienced accountants.
2.
Accounting job duties are broken down into four major fields:
public accounting, government accounting, internal auditing, and management
accounting. Consider becoming a Certified Public Accountant (CPA), an
accountant who has obtained licensure to file reports with the Securities and
Exchange Commission (SEC).
3.
Earning a master's degree in accounting or a master's degree in business
administration (MBA) with a concentration in accounting can help lead to a
management position.
Search for online and local
Accounting degree programs.
CAREER 5 - EDUCATION ADMINISTRATOR
Top Salary Destination: $124,250***
Top-level education administrators provide
instructional leadership and manage services (academic and otherwise) at
elementary schools, secondary schools, and colleges. Among their duties would
be developing academic programs; training and managing teachers and staff
members; and overseeing budgets and the financial aspects of an educational
institution.
The Path to $100K:
1.
A bachelor's degree in education or a relevant subject
field (such as science, liberal arts, or social sciences), along with
teaching experience, might open the door to jobs as principals or assistant
principals in private schools.
2.
Most public school administrators start their careers as teachers, who have an annual
average salary of $47,100 to $51,180.
3.
To continue on the path to administration, a candidate must
complete a master's degree in education and look for
opportunities to move into more general administrative positions.
Search for online Education and
Teaching programs now.
Unless otherwise
noted, all salary data is from the U.S. Department of Labor.
*The average annual salary represents the
highest ten percent of workers in this field. Salary data from Salary.com.
**The average annual salary represents
the median average of workers in this field. Salary data from U.S.
Department of Labor.
***The average annual salary represents
the highest ten percent of workers in this field. Salary data from U.S.
Department of Labor.
http://education.yahoo.net/articles/education_tax_credits.htm?wid=7
$2,500
in Tax Credits for Education
Education Tax Credits
Get Tax Credits For Education
Tax Credits For School
Extra help is here
for students navigating tax time.
By Chris Kyle
The IRS estimates that people will spend
21.4 hours filling out their 1040 at tax time. That's a daunting amount of
effort for students who are juggling many different responsibilities.
Want to save some time - and money - this
year? Check out our Q&A on the two most common tax credits available to
students pursuing college, graduate school, or vocational training.
The American Opportunity Credit
Potential Benefit: $2,500
What is the American Opportunity Credit?
The American Opportunity Credit, a product of the 2009 stimulus package, is
an expanded and renamed version of the already-existing Hope Credit for 2009
and 2010.
Where the Hope Credit applies to the first
two years of undergraduate college, the American Opportunity Credit allows
undergraduate students to claim expenses for the first four years of college.
It offers a credit of up to $2,500 per
student who is enrolled in a qualifying college, online school, or trade school.
And remember, that $2,500 is a tax credit
and not a deduction.
"It comes directly off of your tax
liability and is a dollar for dollar reduction in the actual taxes that you
pay," John W. Roth, a senior tax analyst, told Forbes magazine.
What's covered?
For each eligible student, the maximum credit of $2,500 includes:
·
100% of the first $2,000 of qualifying expenses
·
25% of the next $2,000 of qualifying expenses
Qualifying expenses include tuition, fees,
books, supplies, and equipment. This includes a computer, if one is required
as a condition of enrollment, which is the case for many campus-based and online schools.
Another change: even those who owe no
federal tax can now qualify for up to $1,000.
Who qualifies?
The credit covers four years of tuition and related school expenses for
taxpayers who earned $80,000 or less ($160,000 if filing jointly).
A reduced credit is available if you made
between $80,000 and $90,000. Earn more than that and you're out luck.
Students in their fifth year of post-secondary education also do not qualify.
For more information, check with the IRS or
contact a tax professional.
Search for local and online degree programs.
The Lifetime Learning Credit
Potential Benefit: $2,000
What is the Lifetime
Learning Credit?
The Lifetime Learning Credit credits taxpayers with up to $2,000 for college,
graduate school, and individual
course expenses such as continuing education.
Unlike the American Opportunity Credit, you
are eligible any number of years. However, you cannot claim the Lifetime
Learning Credit in the same year as the American Opportunity Credit.
Typically, the Lifetime Learning Credit is
used by those who have exhausted their American Opportunity and Hope
eligibility.
What's covered?
The Lifetime Learning Credit covers 20% of the first $10,000 in eligible
education expenses. The maximum amount of credit is $2,000 per household.
The credit can be claimed by the taxpayer,
the taxpayer's spouse, or a dependent. But unlike the American Opportunity
Credit, the Lifetime Learning Credit can only be claimed once per tax return,
regardless of how many students in the family may qualify.
Who qualifies?
Just about anyone with education expenses who earns $80,000 or less ($160,000
or less for joint filers) is eligible.
And unlike the American Opportunity Credit,
a student enrolled in just one adult continuing education class would
qualify, as do students in a full degree program. This also covers
students enrolled in online courses and certificate programs.
As always, check with the IRS or consult a
tax professional for more information.
And don't forget to file by April 15!
http://money.cnn.com/2009/12/04/pf/taxes/estate_tax/index.htm
 Estate tax: Cancel the death knell
A permanent estate tax extension was
OK'd by the House may not pass muster in the Senate. But it is expected that
lawmakers will keep the estate tax for good.
By Jeanne Sahadi,
CNNMoney.com senior writer
December 4, 2009: 7:18 AM ET
NEW YORK (CNNMoney.com) -- Next year was
supposed to be a great year for you to die. Not great for you, of course, but
for your heirs who would inherit your wealth completely tax free.
It turns out that
probably won't be the case.
The federal estate
and gift tax is set to expire on Dec. 31 and be repealed for all of 2010.
But no one expects
lawmakers will let that happen.
And those who have
been campaigning for its permanent repeal are likely to be disappointed, too.
The debate is no
longer whether to get rid of the estate tax altogether, but rather what the
parameters should be for the long run.
The House on Thursday
voted 225 to 220 in a mostly party-line vote to permanently extend the tax in
its current form.
That means the first $3.5
million of a person's estate - and the first $1 million of gifts - would
be exempt
from the tax. And the highest rate applied to the taxable portion of an
estate would be 45%.
Those levels don't
snag a lot of folks. Of the roughly 2.5 million Americans expected to die in
2009, only 5,500 - or 0.25% - will
have estates large enough to be taxable, the Tax Policy
Center
estimates.
The House bill would
increase the deficit by $234 billion over 10 years, according to the Joint
Committee on Taxation. That's because even though current law would repeal
the tax for one year, it reinstates it by 2011 at an exemption level of just
$1 million, which would mean an increasing number of estates would be subject
to the tax as years went by.
The House bill now
moves to the Senate, but its prospects there are less clear.
For one thing, there
are competing ideas in the upper chamber for what a permanent estate tax
should look like. One leading bipartisan proposal in the Senate would set the
exemption amount at $5 million and set the top estate tax rate at 35%.
Most Republicans
advocate for the lowest estate tax possible, but Democrats "are not of
one mind on this," said Clint Stretch, managing principal of tax policy
at Deloitte Tax.
So there is a chance
that a lower estate tax could garner sufficient support when the Senate takes
up the issue.
Practically speaking,
however, it's unlikely to do so before the end of the year. With health care
dominating the day, it will be hard to get serious legislation in edgewise.
But don't be fooled:
The Senate is likely to rally around a short-term fix and pass a one-year
extension of the tax at 2009 levels by Dec. 31.
"The Senate is a
wondrous place. The impossible becomes possible when it has to," Stretch
said.
Here's why: If
Congress waits until next year to temporarily extend the tax, making it
retroactive to Jan. 1, it creates a lot of headaches.
Consider the person
who makes a large gift in early 2010 before lawmakers act. He would make the
gift assuming that it has no tax consequences because, in fact, that would be
the case when the gift is made.
But if lawmakers then
turn around and restore the tax, making it retroactive to Jan. 1, the gift
could be retroactively subject to tax or reduce the gift-giver's $3.5 million
lifetime exemption.
If that's the case,
lawmakers can expect to hear some serious what-for from wealthy constituents.
Of course, while the
federal estate tax may be a headache for the few, far more Americans will
have to pay another estate tax. Nearly half of all
states have an
estate tax, an inheritance tax or both. And typically states' exemption
levels are much lower than the federal estate tax exemption. 
Quick Vote
What should happen to the estate
tax?
 $3.5
million exemption/45% top rate
$5
million exemption/35% top rate
$1
million exemption/55% top rate
 Repeal
it
 or
View results
1. What should happen to the estate
tax?
|
$3.5 million exemption/45% top
rate
|
18%
|
|
|
$5 million exemption/35% top
rate
|
28%
|
|
|
$1 million exemption/55% top
rate
|
10%
|
|
|
Repeal it
|
44%
|
|
http://money.cnn.com/2009/12/04/news/economy/state_tax_increases/index.htm
Taxes, taxes everywhere
Strapped states hike taxes and fees by
$24 billion for fiscal 2010. Residents pay more for speeding, entering horses
in races and digital downloads.
By Tami Luhby, CNNMoney.com senior
writer
December 4, 2009: 7:25 AM ET
NEW
YORK
(CNNMoney.com) -- Speeders doing more than 85 miles per hour in Georgia
will soon pay an additional $200 in fines. Racehorse owners in New York now must fork
over $10 to enter their steeds in events. And Massachusetts started charging a 5% tax on
broadcast satellite service.
These measures are
part of a record $23.9 billion in tax and fee hikes and $7.7 billion in other
revenue increases enacted by states in fiscal 2010, according to a report
released this week. This is a massive jump over the $8.1 billion in revenue
hikes instituted the previous year.
"These are the
highest tax increases ever," said Scott Pattison, executive director of
the National Association of State Budget Officers, which co-produced the
semi-annual report with the National Governors Association.
And more taxes
increases are likely on the way, experts said.
States are wrestling
with some of the worst budget deficits since the Great Depression. Rising unemployment has wreaked havoc on their vital revenue
streams of
personal income, corporate profits and sales taxes.
Though governors and
lawmakers are reluctant to raise taxes, particularly in bad economic times,
the current fiscal situation has left them little choice, Pattison said.
Some 29 states
enacted revenue hikes for fiscal 2010, which began on July 1 in nearly all
states. Personal income tax hikes accounted for the largest portion, some
$10.7 billion. Corporate levies declined by $202.2 million.
Taxing the wealthy
An increasingly
popular measure is the so-called "millionaire's tax" levied on
wealthy residents.
Connecticut, for instance, raised its
personal income tax rate to 6.5%, from 5%, for single filers with income
greater than $500,000 and married couples earning more than $1 million. The
increase in rates is expected to bring in $594 million.
Wisconsin hopes to collect an additional
$278.5 million with a new tax bracket of 7.75% for its highest income earners
- single filers making more than $225,000 and married couples earning more
than $300,000. It also decreased the threshold of capital gains subject to
tax to 30%, down from 60%. (The state maintained the 60% exclusion for gains
on sales of farm assets.)
Another common
revenue raiser is hiking cigarette taxes. Florida
added a $1 per pack surcharge, while Delaware
upped its levy by 45 cents. Kentucky
increased its cigarette tax by 30 cents and doubled the tax on other tobacco
products.
Many states added a
slew of new taxes and fees to refill government coffers. New
Hampshire now taxes gambling winnings, while Rhode Island instituted a $100 fee for the
expunging of criminal records. Vermont
extended its sales and use tax to digital downloads.
As part of a fee frenzy, New
York established a $10 charge on horses entered in
races, as well as a $50 bad check charge and a $100 fee on tax preparers who
complete 10 or more returns. Those wanting to be certified as a security
guard instructor now must pay a $500 initial fee and another $250 every five
years.
"These were some
of the difficult actions that were necessary to help address a record budget
deficit," said Matt Anderson, spokesman for New York's Division of the Budget.
The Empire State was facing a
shortfall of more than $20 billion. And despite these measures, another $3.2
billion mid-year gap has opened.
Super speeders
Georgia drivers had better not put the
pedal to the metal or they will face a $200 fine and be labeled a "super
speeder." The charge will be levied on those who drive more than 85
miles per hour, or 75 miles per hour on a two-lane road. The fee takes effect
on Jan. 1 and is expected to bring in $23 million.
Seeking to eliminate
a $2.5 billion budget gap going into fiscal 2010, Massachusetts officials searched for new
ways to raise money. They found one in creating a tax on direct broadcast
satellite services' revenues, which is expected to generate $25.9 million.
"The state was
looking for some additional sources of revenue," said Bob Bliss,
spokesman for the Massachusetts Department of Revenue.
The 5% tax will be
levied on the satellite companies, but they are expected to pass it along to
their subscribers.
These tax increases
likely won't be the last. Only five months into their fiscal year, another
$14.8 billion in shortfalls has opened. And lawmakers and governors must
contend with an estimated $21.9 billion gap for fiscal 2011, according to the
report.
"I wouldn't be
surprised if we see more tax increases," Pattison said. "We haven't
hit bottom."
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