Terrel L. Shields
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I hope it was...
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Global Economy Bursting?
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Randolph Kinney
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- Retired Appraiser
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- North Carolina
Rising Student-Loan Delinquencies Hurt Young Homebuyers
http://www.bloomberg.com/news/2013-...loan-delinquencies-hurt-young-homebuyers.html
More people borrowing for education are failing to pay off their loans.
Almost a third of student-loan borrowers in repayment were delinquent at the end of last year, up from about a quarter in 2008 and 20 percent in 2004, according to a report on household debt and credit today by the Federal Reserve Bank of New York.
The amount of educational debt, which includes federally backed and private loans taken out by students and parents, has almost tripled in the past eight years to $966 billion, the bank said. With costs to attend college continuing to outpace the inflation rate, more borrowers are struggling to pay. That makes it harder for people -- especially those between 25 and 30 -- to secure other types of credit, including home mortgages.
http://www.bloomberg.com/news/2013-...loan-delinquencies-hurt-young-homebuyers.html
More people borrowing for education are failing to pay off their loans.
Almost a third of student-loan borrowers in repayment were delinquent at the end of last year, up from about a quarter in 2008 and 20 percent in 2004, according to a report on household debt and credit today by the Federal Reserve Bank of New York.
The amount of educational debt, which includes federally backed and private loans taken out by students and parents, has almost tripled in the past eight years to $966 billion, the bank said. With costs to attend college continuing to outpace the inflation rate, more borrowers are struggling to pay. That makes it harder for people -- especially those between 25 and 30 -- to secure other types of credit, including home mortgages.
Randolph Kinney
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- Retired Appraiser
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- North Carolina
California gasoline excise tax to rise
What happens when gasolines sales volume drops? Raise excise taxes to make up the difference.
http://www.sfgate.com/business/article/California-gasoline-excise-tax-to-rise-4318879.php
The statewide excise tax on gasoline will rise by 3.5 cents to 39.5 cents per gallon starting July 1. The California Board of Equalization approved the increase by a 3-2 vote Thursday.
This is by far the biggest annual increase since the Legislature approved a convoluted system for setting gasoline taxes in 2010 as a way to help fill a hole in the general fund that year.
The legislation lowered the sales-tax rate on gasoline to 2.25 from 8.25 percent and raised the excise-tax rate to 35.3 cents from 18 cents per gallon starting July 1, 2010. It required the fuel-tax swap to be revenue neutral, meaning the tax revenue generated by the two taxes combined should not change as a result of the swap. The legislation required the board to adjust the excise tax by March 1 each year to achieve revenue neutrality, with the change taking effect July 1.
Because the sales-tax rate is a percentage, not a per-gallon amount like the excise tax, sales-tax revenue varies considerably based on gasoline prices and consumption.
The annual adjustment is based on several factors including how much the sales tax actually generated over a two-year look-back period and how much it will probably generate in the future based on gasoline price and consumption projections.
"Obviously, it's the wrong time to put additional taxes on Californians when they are already paying record (gas) prices."
What happens when gasolines sales volume drops? Raise excise taxes to make up the difference.
http://www.sfgate.com/business/article/California-gasoline-excise-tax-to-rise-4318879.php
The statewide excise tax on gasoline will rise by 3.5 cents to 39.5 cents per gallon starting July 1. The California Board of Equalization approved the increase by a 3-2 vote Thursday.
This is by far the biggest annual increase since the Legislature approved a convoluted system for setting gasoline taxes in 2010 as a way to help fill a hole in the general fund that year.
The legislation lowered the sales-tax rate on gasoline to 2.25 from 8.25 percent and raised the excise-tax rate to 35.3 cents from 18 cents per gallon starting July 1, 2010. It required the fuel-tax swap to be revenue neutral, meaning the tax revenue generated by the two taxes combined should not change as a result of the swap. The legislation required the board to adjust the excise tax by March 1 each year to achieve revenue neutrality, with the change taking effect July 1.
Because the sales-tax rate is a percentage, not a per-gallon amount like the excise tax, sales-tax revenue varies considerably based on gasoline prices and consumption.
The annual adjustment is based on several factors including how much the sales tax actually generated over a two-year look-back period and how much it will probably generate in the future based on gasoline price and consumption projections.
"Obviously, it's the wrong time to put additional taxes on Californians when they are already paying record (gas) prices."
Randolph Kinney
Elite Member
- Joined
- Apr 7, 2005
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- Retired Appraiser
- State
- North Carolina
Wage Recession Hits 5 Years; Worse Than Jobs Drought
http://news.investors.com/economy/022813-646108-wage-recession-worse-than-jobs-slump.htm?p=full
As bad as the current job recovery has been — and it's by far the weakest since World War II — the recovery in wages has been far worse.
Five years after the recession began in December 2007, total wages in the economy have yet to fully recover in real terms, Commerce Department data show. In other words, the wage recession continues.
By comparison, the longest previous post-war wage recession, which began with the 2001 downturn, was over in 2-1/2 years, even though that jobs recession lasted four years.
In recoveries past, wage recessions have ended long before payrolls hit new highs. But in the current expansion, wages and employment are on the same slow track to recovery. Both remain about 2% below their old peaks.
The simplest explanation as to why wages have been so sluggish in this recovery is that the depth of job losses eroded employee bargaining power more than usual.
Another factor has been the underlying job shift since the end of 2007, with the bulk of the lingering losses in industries that tend to pay pretty well.
By contrast, midwage occupations made up 60% of the job losses in the recession but just 22% of the jobs recovered in its aftermath.
Another factor at play may be a move toward more part-time work. The Labor Department reports that 7.8 million workers are holding part-time jobs because they can't find full-time ones, up from 4.6 million at the end of 2007.
http://news.investors.com/economy/022813-646108-wage-recession-worse-than-jobs-slump.htm?p=full
As bad as the current job recovery has been — and it's by far the weakest since World War II — the recovery in wages has been far worse.
Five years after the recession began in December 2007, total wages in the economy have yet to fully recover in real terms, Commerce Department data show. In other words, the wage recession continues.
By comparison, the longest previous post-war wage recession, which began with the 2001 downturn, was over in 2-1/2 years, even though that jobs recession lasted four years.
In recoveries past, wage recessions have ended long before payrolls hit new highs. But in the current expansion, wages and employment are on the same slow track to recovery. Both remain about 2% below their old peaks.
The simplest explanation as to why wages have been so sluggish in this recovery is that the depth of job losses eroded employee bargaining power more than usual.
Another factor has been the underlying job shift since the end of 2007, with the bulk of the lingering losses in industries that tend to pay pretty well.
By contrast, midwage occupations made up 60% of the job losses in the recession but just 22% of the jobs recovered in its aftermath.
Another factor at play may be a move toward more part-time work. The Labor Department reports that 7.8 million workers are holding part-time jobs because they can't find full-time ones, up from 4.6 million at the end of 2007.
Randolph Kinney
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- North Carolina
Incomes track jobs and wages
Randolph Kinney
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- State
- North Carolina
Welcome to Taxafornia - Now pay up suckers!
Terrel L. Shields
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- May 2, 2002
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- Arkansas
Like I said.... a lot of the cost of a gallon of gas is taxes.
You tax the producer a 7% or so "severance" tax (Lord only knows why a state thinks they deserve a bite out of that apple) right off the top. And in the few states that don't have a severance tax, there is usually a "conservation" tax or " production" tax or like Texas, a "school tax" that is higher than a cat's back.
You tax that same crude oil income as "income" and in most states "ad valorem" tax
Then you tax the gasoline that comes out of a bbl. of oil.
When gasoline got to $1 a gallon about 1999 before bouncing up in the waning months of Clinton's term, in some states 50% of the price of gasoline was in direct and indirect taxes. And when gasoline went to $1.25 (the same price it was in 1980-20 years earlier) there were letters to the editors complaining about how the oil companies were screwing the public but nary a word about the fact that in that time frame the government took advantage of falling prices to jack up taxes like mad...something totally invisible to the public that saw the price only pause on the way down.
You tax the producer a 7% or so "severance" tax (Lord only knows why a state thinks they deserve a bite out of that apple) right off the top. And in the few states that don't have a severance tax, there is usually a "conservation" tax or " production" tax or like Texas, a "school tax" that is higher than a cat's back.
You tax that same crude oil income as "income" and in most states "ad valorem" tax
Then you tax the gasoline that comes out of a bbl. of oil.
When gasoline got to $1 a gallon about 1999 before bouncing up in the waning months of Clinton's term, in some states 50% of the price of gasoline was in direct and indirect taxes. And when gasoline went to $1.25 (the same price it was in 1980-20 years earlier) there were letters to the editors complaining about how the oil companies were screwing the public but nary a word about the fact that in that time frame the government took advantage of falling prices to jack up taxes like mad...something totally invisible to the public that saw the price only pause on the way down.
Randolph Kinney
Elite Member
- Joined
- Apr 7, 2005
- Professional Status
- Retired Appraiser
- State
- North Carolina
Covered California's plan to partner with Wal-Mart is criticized
Buying Obamacare health insurance at Wal-Mart
http://www.latimes.com/business/la-fi-healthcare-walmart-20130307,0,7440164.story
California officials face mounting criticism from union leaders over plans to let retail giant Wal-Mart Stores Inc. enroll shoppers in President Obama's healthcare expansion.
The state wants employees at Wal-Mart and other retailers to help consumers learn about their options and assist them in buying federally subsidized private insurance. These plans are part of state efforts to implement the federal healthcare law and reach out to 5 million Californians eligible for new coverage starting in January.
Labor unions as well as some consumer advocates protest the idea of government officials partnering with Wal-Mart and paying for its help. They contend that the nation's largest retailer has no place advising others on health coverage when so many of its workers don't qualify for company benefits and end up in taxpayer-funded programs such as Medi-Cal.
Even some of Wal-Mart's critics say these complaints are misguided because the opportunity to reach huge numbers of the uninsured while they're shopping is too good to pass up. California is ahead of other states in implementing the Affordable Care Act, and this fight over retailers' role could portend future battles across the country.
Exchange officials are expected to finalize the details on these retail partnerships soon.
Buying Obamacare health insurance at Wal-Mart
http://www.latimes.com/business/la-fi-healthcare-walmart-20130307,0,7440164.story
California officials face mounting criticism from union leaders over plans to let retail giant Wal-Mart Stores Inc. enroll shoppers in President Obama's healthcare expansion.
The state wants employees at Wal-Mart and other retailers to help consumers learn about their options and assist them in buying federally subsidized private insurance. These plans are part of state efforts to implement the federal healthcare law and reach out to 5 million Californians eligible for new coverage starting in January.
Labor unions as well as some consumer advocates protest the idea of government officials partnering with Wal-Mart and paying for its help. They contend that the nation's largest retailer has no place advising others on health coverage when so many of its workers don't qualify for company benefits and end up in taxpayer-funded programs such as Medi-Cal.
Even some of Wal-Mart's critics say these complaints are misguided because the opportunity to reach huge numbers of the uninsured while they're shopping is too good to pass up. California is ahead of other states in implementing the Affordable Care Act, and this fight over retailers' role could portend future battles across the country.
Exchange officials are expected to finalize the details on these retail partnerships soon.
Randolph Kinney
Elite Member
- Joined
- Apr 7, 2005
- Professional Status
- Retired Appraiser
- State
- North Carolina
Lancaster, California: Solar Panels On All Homes Will Be Required By 2014
http://www.huffingtonpost.com/2013/...rnia-solar-panels-power-energy_n_2822539.html
Starting on Jan. 1, 2014, all newly constructed single-family homes must include a 1.0 kW solar system at bare minimum.
http://www.huffingtonpost.com/2013/...rnia-solar-panels-power-energy_n_2822539.html
Starting on Jan. 1, 2014, all newly constructed single-family homes must include a 1.0 kW solar system at bare minimum.
Randolph Kinney
Elite Member
- Joined
- Apr 7, 2005
- Professional Status
- Retired Appraiser
- State
- North Carolina
MetLife to move jobs from California to North Carolina
Bye-Bye California
http://www.latimes.com/business/la-fi-metlife-jobs-20130307,0,7702131.story
Insurance giant Metropolitan Life Insurance Co. said Thursday it will move 2,600 jobs from offices in five eastern states and California to lower-cost locations in two North Carolina cities, while also getting tax breaks and other incentives that could reach $100 million.
The insurer is shifting the jobs from Aliso Viejo and Irvine in California, and from Massachusetts, Connecticut, Pennsylvania, New Jersey, Rhode Island, MetLife spokesman John Calagna said. The positions will be consolidated in Charlotte, which will become the U.S. headquarters for MetLife's retail business, and at a global technology and operations hub in the Raleigh suburb of Cary. The company's retail segment sells and services life, disability, auto and other insurance.
The new jobs, paying average salaries of nearly $82,000 a year, would include product management, marketing, sales and customer support in Charlotte and information technology positions in Cary. The company had about 140 workers in Charlotte before Thursday's announcement.
Bye-Bye California
http://www.latimes.com/business/la-fi-metlife-jobs-20130307,0,7702131.story
Insurance giant Metropolitan Life Insurance Co. said Thursday it will move 2,600 jobs from offices in five eastern states and California to lower-cost locations in two North Carolina cities, while also getting tax breaks and other incentives that could reach $100 million.
The insurer is shifting the jobs from Aliso Viejo and Irvine in California, and from Massachusetts, Connecticut, Pennsylvania, New Jersey, Rhode Island, MetLife spokesman John Calagna said. The positions will be consolidated in Charlotte, which will become the U.S. headquarters for MetLife's retail business, and at a global technology and operations hub in the Raleigh suburb of Cary. The company's retail segment sells and services life, disability, auto and other insurance.
The new jobs, paying average salaries of nearly $82,000 a year, would include product management, marketing, sales and customer support in Charlotte and information technology positions in Cary. The company had about 140 workers in Charlotte before Thursday's announcement.
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