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Davis' plight is grim, but it's hardly unique. States across the nation are struggling with falling revenues and budget crises, and overall spending by the states is set to decline for the first time in 20 years. New York is hiking income and sales taxes, Alaska is charging higher fees on studded tires, and Nevada Governor Kenny Guinn is suing the state assembly for failing to pass a budget on time. In 2000, the states had rainy-day funds that totaled nearly $50 billion; last week only $6 billion of that was left. But California, with its $38 billion...

Author: /time Magazine | Title: Can The Terminator Save California? | 7/14/2003 | See Source »

...Republican Administration. Several weeks ago, at a Dean speech in San Francisco, a woman approached me and said, "I've been a moderate, Clinton-Gore Democrat, but no more." I asked her why. She said, "Grover Norquist," referring to the Republican taxophobe lobbyist who helped forge the President's tax cuts. "He said, ?Bipartisanship is date rape.' Well, I don't like being raped...

Author: /time Magazine | Title: Are Voters in the Mood for an Angry Democrat? | 7/13/2003 | See Source »

...that people weren’t getting paid enough,” he says. According to Halpern, workers’ wages were cut the same year that Harvard’s endowment rose by approximately 5 million dollars—and he has a photograph of the tax return...

Author: By Ryan J. Kuo, CRIMSON STAFF WRITER | Title: Show Turns Lens on Harvard Staff | 7/11/2003 | See Source »

Dumb ideas never suffer a bear market on Wall Street. And one of the most durable of all dumb business ideas is the notion that investors have to overhaul their portfolios every time Congress tinkers with the tax laws. Now that the Job and Growth Tax Relief Reconciliation Act of 2003 has reduced the maximum tax rate on dividends from 38.6% to 15%, Wall Street is flogging dividend-paying stocks as if they were the best way to pump up performance since Viagra...

Author: /time Magazine | Title: Money: Looking For A Bounce | 7/7/2003 | See Source »

...TAX FOOLISH. James Seidel, a tax expert at RIA in New York City, points out that in most cases you will qualify for the lower dividend tax rate only if you own your shares for at least 60 days before the dividend is paid. What's more, says Seidel, the fat yields on preferred stocks can nudge some middle-income investors past the point at which the dreaded alternative minimum tax kicks in. Check with your accountant first. --With reporting by Tara Kalwarski

Author: /time Magazine | Title: Money: Looking For A Bounce | 7/7/2003 | See Source »

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