Word: taxed
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Local smokers expressed mixed opinions about the federal tobacco tax increase that took effect yesterday. The tax, which increased the levy from $.39 per pack to $1.01 per pack, was approved earlier this year. For Massachusetts residents, this hike comes on top of the hefty $2.51 per pack state tax on cigarettes. Paul J. MacDonald, owner of Harvard Square tobacco shop Leavitt & Peirce, said that he was unhappy with the substantial tax increase. “We treat everybody like rockstars here [at Leavitt & Peirce.] And obviously the government feels the same way--they think that they have money like...
...same time, there is an enormous potential windfall in the taxation of marijuana. It is estimated that pot is the largest cash crop in California, with annual revenues approaching $14 billion. A 10% pot tax would yield $1.4 billion in California alone. And that's probably a fraction of the revenues that would be available - and of the economic impact, with thousands of new jobs in agriculture, packaging, marketing and advertising. A veritable marijuana economic-stimulus package! (Read "Is Pot Good...
...fiscal stimulus issue neatly sidelined, the crucial sticking points are around how to remedy the structural and regulatory problems that led to the crisis. Merkel and Sarkozy expressed fears at their joint appearance that there will be insufficient commitment to regulating the financial markets and to clamping down on tax havens. A list of such havens could be published at the summit "or in a couple of days," said Sarkozy yesterday, but further delay would be unacceptable. British officials say they support publication of such a list. The point of disagreement is on timing, but there's optimism this rift...
...American officials tell it, the real hero of the hour, proving his mettle at his first summit, was President Barack Obama. The remaining point of disagreement, which threatened until the last minute to derail the consensus so devoutly wished for by all parties, centered on tax havens. Sarkozy was determined that a list of tax havens that refuse to provide information to foreign tax authorities on request should be published immediately by the Organization for Economic Co-operation and Development (OECD) as part of a clampdown on such havens. China, not a member of the OECD, was stalling because...
...others. Under the deal, hedge funds and other financial-market players will be subject to far greater - and properly coordinated - international scrutiny, as will big banks with activities in several countries. "We'll begin to crack down on cowboys in global markets," said Australian Prime Minister Kevin Rudd. The tax-haven issue that almost sank the summit means that those not complying with international standards on exchanging information will be publicly named and shamed. (See a TIME video from outside the G-20 summit...