Word: taxed
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...Hiking taxes is the less traumatic course, though it will only be accepted as the cost of inaction rises. "Congress only responds to financial crisis or some other external shock," says Bill Gale, co-director of the Tax Policy Center in Washington. "Nothing will be done in Obama's first term to substantially increase tax revenue." (See the top 10 bankruptcies...
...analogy about tobacco is a really important one. We were up against really powerful corporations, and ultimately they had great connections to government. But when we began to learn that nicotine really wasn't good for us, we were eventually able to put laws in practice that could tax and charge the real price for that product. I think as we start to understand these high, unseen costs, hopefully we'll start to put the real price on cheap food. We're paying for it with our tax dollars for subsidies and we're paying for it with our tax...
...certain extent, mounting sovereign debt is a natural outcome of the recent recession. As in any downturn, tax revenues shrank but government spending increased to stimulate sagging economies. The result: budget deficits and more borrowing. Expensive banking-sector bailouts made the burden even heavier. That's not automatically dangerous. There is no particular level of debt that acts as a trip wire and tosses an economy into crisis. Different economies can bear different levels of government debt, depending on their ability - real or perceived - to finance it. While Greece's small and uncompetitive economy is struggling to stay afloat, Japan...
...That help has a price. European ministers are insisting that Greece implement a severe austerity plan to quickly reduce its fiscal deficit. Papandreou has already promised pay cuts for public employees and tax hikes, but his European counterparts are demanding an even stricter program. That presents a huge test to his regime. Government workers have already staged strikes to protest Papandreou's plans. So far, he's held firm. A recent poll showed that two-thirds of Greeks believe the Prime Minister's measures are necessary; only 41% think they go far enough. "The government has seen the problem...
...where, for example, a user in Memphis, Tenn., is looking to trade a new pair of boots for a kitchen faucet. But there's a complication to all this happy swapping: the IRS views bartered goods and services as reportable income. The agency has even set up the Bartering Tax Center. So does everyone need to report every little swap? "There are no tax implications for the type of bartering happening on our site," says Carl Schwartz of Swaptree, which trades only books, CDs, video games and DVDs. The rule of thumb, according to the IRS: if you're bartering...