Word: taxed
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...part of its credit-card portfolio. When consumers are drowning in mortgage and other credit-card debt, they often ignore retail-card obligations. Rising defaults and delinquencies have dragged earnings. In 2008 credit-card profits dropped 80.5%, to $155 million, and the company incurred a $135 million pre-tax loss on its credit segment in the fourth quarter. "The company did great with its credit business when the economy was up, but now that it's down, carrying your own credit is devastating," says Davidowitz. At least Target can be grateful it made one smart move: in May, the company...
...Edward Humes makes clear in his new book Eco-Barons: The Dreamers, Schemers and Millionaires Who Are Saving Our Planet, a high income-tax bracket gives the rich another advantage: a platform on which they can advance the causes that matter to them. And believe it or not, a surprising number of super-wealthy Americans are using their money to fight for what Humes calls "a secret plan to save the earth." (See the top 10 green stories...
Could marijuana be the answer to the economic misery facing California? Democratic state assemblyman Tom Ammiano thinks so. Ammiano introduced legislation last month that would legalize pot and allow the state to regulate and tax its sale - a move that could mean billions of dollars for the cash-strapped state. Pot is, after all, California's biggest cash crop, responsible for $14 billion a year in sales, dwarfing the state's second largest agricultural commodity - milk and cream - which brings in $7.3 billion a year, according to the most recent USDA statistics. The state's tax collectors estimate the bill...
...California became one of the first states in the nation to legalize medical marijuana. Currently, $200 million in medical-marijuana sales are subject to sales tax. If passed, the Marijuana Control, Regulation and Education Act (AB 390) would give California control of pot in a manner similar to that of alcohol while prohibiting its purchase by citizens under age 21. (The bill has been referred to the California state assembly's public-safety and health committees; Ammiano says it could take up to a year before it comes to a vote for passage.) State revenues would be derived from...
...repeatedly warned Democrats against trying to pass health care in that fashion, saying it goes against the spirit of the normal legislative process for such a sweeping bill. In return, many Democrats have argued that President Bush pushed through several large initiatives by this same process, such as his tax cuts and deficit-reduction legislation. But Rockefeller recently said he worried that trying to use budget reconciliation to pass health-care reform would effectively poison the well. "If you go for budget reconciliation, you're basically going for a bill that goes nowhere," he said...