Feb 5, 2011
Money Fact
If we spent a dollar a second, it would take more than 31,000 years to spend a trillion dollars. A trillion $10 bills, if they were taped end to end, would wrap around the globe more than 380 times. In 2010, the U.S. government issued almost as much new debt as the rest of the governments of the world combined. The latest budget anticipates $5.08 trillion in deficits over the next 5 years.
Jan 28, 2011
Taxing Matters
Here are a few of the tax changes you might be affected by this year.
• Income taxes. Same as 2010, but the brackets are a bit higher Expires: end of 2012.
• 'Stealth' income taxes. Affluent taxpayers won't have deductions reduced. The old Pease limit cut 3% of itemized deductions and PEP cut the personal exemption, which is $3,700 for 2011. Expires: end of 2012.
• Investment taxes..For taxpayers in the 15% income tax bracket and below, the rate is zero. For those in the 25% bracket and above, the rate is 15% Expires: end of 2012.
• Estate and gift taxes. Top rate of 35% and one exemption of $5 million per individual for estate, gift and generation-skipping taxes. Expires: end of 2012. The annual exclusion for tax-free gifts remains $13,000 per donor. A giver may make an unlimited number of $13,000 gifts, as long as they are to different individuals. Gifts of tuition and payments for medical care also are exempt.
• Payroll taxes. A temporary two-percentage-point cut in the employee's share of Social Security taxes, saving a maximum of $2,136 per worker.No upper limit and each partner of a married couple can get the rebate. Expires: end of 2011. Will show up as an automatic adjustment to withholding. For the self-employed (whose tax rate falls to 10.4% from 12.4%), it will be built into a quarterly withholding worksheet the IRS hopes to release soon.
• Alternative Minimum Tax (AMT). The AMT exemption limit is $47,450 for single filers and $74,450 for married couples Expires: end of 2011.
• Roth IRA conversion. The income limit for conversions has been permanently removed, so this year all taxpayers may still convert ordinary IRAs into Roth IRAs. But taxpayers who convert to Roth IRAs in 2011 no longer have the option of deferring conversion income into later years, as was true for 2010 conversions. Those who converted in 2010 do have until next Oct. 17 to decide whether to use this deferral.
• Foreign-account reporting. A new IRS reporting requirement on those with foreign financial assets above $50,000 in 2011. Details remain unclear, as the IRS hasn't yet issued regulations.
• Medical expenses. Workers with Flexible Spending Accounts (FSAs) may no longer use pretax funds to pay for many over-the-counter medicines—aside from insulin—without a prescription. But FSA funds may still be used for other, nonprescription medical items such as crutches, contact-lens solution or a wig after chemotherapy, if the individual plan allows it.
• Energy tax credits for homeowners. Extended the "25(C)" credit for energy-efficient improvements, but in a way that will be useful to few. The amount of the credit has shrunk to a maximum of $500 per taxpayer per lifetime, so those who took last year's $1,500 credit under this provision don't qualify. The current version expires at the end of 2011.
• Other changes. A deduction for state sales taxes in lieu of the state income tax deduction; and the tax-free donation of IRA proceeds to charity. They expire at the end of 2011. The American Opportunity Tax Credit of up to $2,500 for education expenses was renewed for 2011 and 2012.
• Income taxes. Same as 2010, but the brackets are a bit higher Expires: end of 2012.
• 'Stealth' income taxes. Affluent taxpayers won't have deductions reduced. The old Pease limit cut 3% of itemized deductions and PEP cut the personal exemption, which is $3,700 for 2011. Expires: end of 2012.
• Investment taxes..For taxpayers in the 15% income tax bracket and below, the rate is zero. For those in the 25% bracket and above, the rate is 15% Expires: end of 2012.
• Estate and gift taxes. Top rate of 35% and one exemption of $5 million per individual for estate, gift and generation-skipping taxes. Expires: end of 2012. The annual exclusion for tax-free gifts remains $13,000 per donor. A giver may make an unlimited number of $13,000 gifts, as long as they are to different individuals. Gifts of tuition and payments for medical care also are exempt.
• Payroll taxes. A temporary two-percentage-point cut in the employee's share of Social Security taxes, saving a maximum of $2,136 per worker.No upper limit and each partner of a married couple can get the rebate. Expires: end of 2011. Will show up as an automatic adjustment to withholding. For the self-employed (whose tax rate falls to 10.4% from 12.4%), it will be built into a quarterly withholding worksheet the IRS hopes to release soon.
• Alternative Minimum Tax (AMT). The AMT exemption limit is $47,450 for single filers and $74,450 for married couples Expires: end of 2011.
• Roth IRA conversion. The income limit for conversions has been permanently removed, so this year all taxpayers may still convert ordinary IRAs into Roth IRAs. But taxpayers who convert to Roth IRAs in 2011 no longer have the option of deferring conversion income into later years, as was true for 2010 conversions. Those who converted in 2010 do have until next Oct. 17 to decide whether to use this deferral.
• Foreign-account reporting. A new IRS reporting requirement on those with foreign financial assets above $50,000 in 2011. Details remain unclear, as the IRS hasn't yet issued regulations.
• Medical expenses. Workers with Flexible Spending Accounts (FSAs) may no longer use pretax funds to pay for many over-the-counter medicines—aside from insulin—without a prescription. But FSA funds may still be used for other, nonprescription medical items such as crutches, contact-lens solution or a wig after chemotherapy, if the individual plan allows it.
• Energy tax credits for homeowners. Extended the "25(C)" credit for energy-efficient improvements, but in a way that will be useful to few. The amount of the credit has shrunk to a maximum of $500 per taxpayer per lifetime, so those who took last year's $1,500 credit under this provision don't qualify. The current version expires at the end of 2011.
• Other changes. A deduction for state sales taxes in lieu of the state income tax deduction; and the tax-free donation of IRA proceeds to charity. They expire at the end of 2011. The American Opportunity Tax Credit of up to $2,500 for education expenses was renewed for 2011 and 2012.
Arkansas Tattoo Tax
Since 2005, anyone in Arkansas wanting to get a tattoo or a nose ring has to pay an additional 6 percent, as the state included tattooing and body piercing in its list of services subject to sales taxes.
Looking Back
Rrrewind provides a way to look back at social media's past, letting you browse the archives of the most popular items posted to sites like delicious, Reddit, YouTube, Hulu, and more.
Using Rrrewind is pretty simple. Upon visiting the site you'll be presented with the popular posts from yesterday, currently defaulting to delicious. You can switch between different sites via the left hand menu, or visit the archives by clicking the link in the upper right hand corner. Currently Rrrewind's archives date back to June 29th, 2009 for delicious, but it varies depending on the site. If you're looking for old, popular social media, Rrrewind is a great place to find it.
Using Rrrewind is pretty simple. Upon visiting the site you'll be presented with the popular posts from yesterday, currently defaulting to delicious. You can switch between different sites via the left hand menu, or visit the archives by clicking the link in the upper right hand corner. Currently Rrrewind's archives date back to June 29th, 2009 for delicious, but it varies depending on the site. If you're looking for old, popular social media, Rrrewind is a great place to find it.
What's in a Name
Austin, Texas was originally named Waterloo until the capital of the Republic of Texas was moved there in 1839. That same year, Texas became the first nation in the world to enact a homestead exemption, under which a person's primary residence could not be seized by creditors. In 1845, the United States annexed Texas. As part of the deal, Texas dropped claims to parts of Colorado, Kansas, Oklahoma, New Mexico, and Wyoming,
Jan 25, 2011
Nutrition Labels
Another benefit of the new Healthcare Reform (Patient Protection and Affordable Care Act) mandate is more labels for us to read. Get ready for those small print signs and menus in fast food places and restaurants to get smaller. The new government labeling for nutritional value is upon us. Restaurants are required to post mandated nutrition labels on menus if they have 20 locations or more. Rules vary by state. Home delivery packages are exempted from the label rules.
According to "Choices" magazine, 54 percent of consumers say they read nutrition labels and use the information to make purchasing decisions. That number is up 24 points since 1990, but there's been no observed decrease in obesity rates.
If it is true that two thirds of the people in this country are overweight, then it is logically also true that the remaining third are abnormal. Maybe this is really a reverse psychology to bring them up to normal.
Letting consumers know exactly how many calories are in their food is likely to do little to change their eating habits. Study results show that adding nutritional information to menus does not change consumer behavior. Average sales and average calories per sale did not change. One study suggests that some restaurants may reduce their portion size to keep the calories down. Hmmm, do I really want that juicy steak that I came here for, or should I just have a celery stick? Maybe I should stick to places with less than 20 locations.
According to "Choices" magazine, 54 percent of consumers say they read nutrition labels and use the information to make purchasing decisions. That number is up 24 points since 1990, but there's been no observed decrease in obesity rates.
If it is true that two thirds of the people in this country are overweight, then it is logically also true that the remaining third are abnormal. Maybe this is really a reverse psychology to bring them up to normal.
Letting consumers know exactly how many calories are in their food is likely to do little to change their eating habits. Study results show that adding nutritional information to menus does not change consumer behavior. Average sales and average calories per sale did not change. One study suggests that some restaurants may reduce their portion size to keep the calories down. Hmmm, do I really want that juicy steak that I came here for, or should I just have a celery stick? Maybe I should stick to places with less than 20 locations.
Speaking of Nutrition
Bottled water companies are notoriously loathe to provide any information on their labels, other than saying the bottle contains water. This site LINK shows what follow-up calls from the 'Environmental Working Group' to various makers of bottled water phone numbers as listed on the labels. I will sum it up for those who don't have time to read the details. No Information, Nothing, Zip, Nada, Zero, Bupkus - Seems like a whole bunch of deception to me.
Mass Murder
Decided to look this up after the Arizona incident a few weeks ago. Mass murders are usually described as four or more murders in a particular location during a relative short period of time. There were three mass murders in 2010. Eight people were killed in Appomattox, Virginia on January 20, 2010. Nine people, including the killer were killed on August 20, 2010 in Manchester, Connecticut. Four people were killed in Buffalo, New York on August 16, 2010. (Fort Hood murders took place in 2009)
The person credited with killing the most was Mao Zedong (Chairman Mao). From 32 to 45 million people were worked, starved, or beaten to death in China during four years from 1958 - 1962. For comparison, the worldwide death toll of the Second World War was 55 million, and Hitler's total was between 11 and 17 million, While Stalin's number ranged between 20 and 60 million, but has not been completely documented.
The person credited with killing the most was Mao Zedong (Chairman Mao). From 32 to 45 million people were worked, starved, or beaten to death in China during four years from 1958 - 1962. For comparison, the worldwide death toll of the Second World War was 55 million, and Hitler's total was between 11 and 17 million, While Stalin's number ranged between 20 and 60 million, but has not been completely documented.
High Tech Glasses
Virginia-based PixelOptics takes that notion quite literally. It produces emPower or what it says are the world's first "electronic corrective eyeglasses" capable of replacing conventional progressive lenses and bifocals.
Hidden in the frames of the otherwise normal-looking glasses, are a microchip, micro-accelerometer and miniature batteries. Each lens has a transparent LCD layer that can electronically change its molecular structure, changing the focus only as needed. If you tilt your head down say to read a book or peek at an object up close, the accelerometer automatically detects the motion, sending a signal to the LCD that alters how light is refracted, change the prescription quietly and in, well, a blink of the eye. You can also put the glasses in manual mode.
I briefly donned the glasses to sample the effect, which worked, but of course I was not wearing a pair that matched my actual prescription.
So why would you choose these glasses compared to conventional progressive lenses? One answer: With ordinary progressives, you might be lying on a couch or bed and tilting your head up to watch TV, which would otherwise be a challenge if you're peering out of that portion of the lens that isn't meant for distance viewing. With emPower, you'd only summon a lens optimized for reading or closeups when you needed to.
PixelOptics has been teaming up with Panasonic Healthcare in Japan for about three years. A pair of glasses based on its technology will be available in the southeastern U.S. in March, the company says, for about $1,200 at retail or about a 30% premium compared with regular glasses. The price includes the cradle that charges the glasses up.
Hidden in the frames of the otherwise normal-looking glasses, are a microchip, micro-accelerometer and miniature batteries. Each lens has a transparent LCD layer that can electronically change its molecular structure, changing the focus only as needed. If you tilt your head down say to read a book or peek at an object up close, the accelerometer automatically detects the motion, sending a signal to the LCD that alters how light is refracted, change the prescription quietly and in, well, a blink of the eye. You can also put the glasses in manual mode.
I briefly donned the glasses to sample the effect, which worked, but of course I was not wearing a pair that matched my actual prescription.
So why would you choose these glasses compared to conventional progressive lenses? One answer: With ordinary progressives, you might be lying on a couch or bed and tilting your head up to watch TV, which would otherwise be a challenge if you're peering out of that portion of the lens that isn't meant for distance viewing. With emPower, you'd only summon a lens optimized for reading or closeups when you needed to.
PixelOptics has been teaming up with Panasonic Healthcare in Japan for about three years. A pair of glasses based on its technology will be available in the southeastern U.S. in March, the company says, for about $1,200 at retail or about a 30% premium compared with regular glasses. The price includes the cradle that charges the glasses up.
Jan 21, 2011
Happy Friday
Man is in possession of his own life when he can control his thoughts, rule his passions, and govern his habits.
I can hardly control my thoughts about my passion for the habit of making a Happy Friday!
I can hardly control my thoughts about my passion for the habit of making a Happy Friday!
Modern Medicine
A study in the New England Journal of Medicine found that when nearly 1,700 patients were discharged for heart failure and had intensive telemonitoring (daily call-in to deliver weight and symptoms info), there was no benefit in mortality or hospital-readmission rates. Seems the government and insurance companies love new bureaucratic rules because it makes them feel good.
What's in a Name
Many of us have employer benefits that include some healthcare coverage. Since the healthcare bill, companies have looked at their coverage and have been making changes. Two words you will be seeing more and more are Defined Contribution and Defined Benefit.
A "defined contribution" is a payment toward your coverage. We will give you $1000 a month to go buy insurance. A "defined benefit," guarantees specific coverage regardless of cost. We will give you this kind of insurance, it has co-pays, deductibles, and covers these illnesses, etc.
A "defined contribution" is a payment toward your coverage. We will give you $1000 a month to go buy insurance. A "defined benefit," guarantees specific coverage regardless of cost. We will give you this kind of insurance, it has co-pays, deductibles, and covers these illnesses, etc.
I Feel Better Now
There will be no more narcissists or paranoids by 2013. The upcoming fifth revision of the Diagnostic and Statistical Manual of Mental Disorders, which has not been updated in 10 years, will exclude "narcissistic and paranoid personality disorder" from its list of designated psychiatric diagnoses. I knew they would eventually find out how great I am and stop coming after me.
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