Word: taxed
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...statistics show that subprime-caliber borrowers weren't the only takers for those notorious no-money-down, interest-only, adjustable-rate mortgages. Purchasers with high credit scores, who could have qualified for the standard 30-year mortgages, were also enticed by the exotic loans because they offered substantial initial tax deductions and freed up cash for other big-ticket purchases. "Why pull your money out of the bank for a down payment when someone is willing to give you all the money and structure payments that initially are significantly lower?" asks Johnson. With home values increasing by double digits annually...
...Congestion is a major problem for urban areas worldwide and New York is no exception. Traffic jams cost the city an estimated $13 billion every year in wasted time and fuel, in addition to being a major source of pollution. The proposed congestion tax promises to reduce the number of cars on the road while increasing the average speed of vehicles that remain. Meanwhile, the funds collected from the tax will be used to bolster public transportation, offering more eco- and traffic-friendly alternatives. While critics charge that the tax is regressive, since the proposed eight dollar fee will present...
...Many other cities around the world, such as Singapore, Stockholm, and London have successfully turned to congestion pricing in order to combat their traffic woes. London Mayor Ken Livingstone initially faced heavy resistance when he introduced a congestion tax to his city, but Londoners changed their tune after the program simultaneously reduced traffic delays by 30 percent and provided $360 million in public transportation improvements. There is no reason to believe that New Yorkers won’t warm to Bloomberg’s plan as well once they see the positive results...
...congestion tax presents a viable solution to the problems of urban areas because it is built on sound economic principles. A congested road is a common resource; due to the self-interest of drivers it gets overused and society suffers the consequences. By instituting a tax, the government is effectively transforming crowded city streets into private goods. Those who need the roads the most can do so uninhibited by traffic by paying for the privilege. Additionally, cars (especially cars that idle frequently while attempting to negotiate rush-hour gridlock) confer negative externalities due to the pollution they emit. By giving...
...likes paying for something that was once free. The fight over the transformation of the open road into the taxed road epitomizes the conflict between the cool rationality of economic logic and the messier domains of human intuition and emotion. In this case, we should go with our heads, not our guts, and learn to love the congestion tax...