Wednesday, February 16, 2005

The Tax Policy Center has published a table that states that taxpayers earning more than $10,000,000 in 2004 paid lower tax rates than taxpayers earning between $1,000,000 and $10,000,000. Among other things, it breaks down the average tax rate by cash income into various income tax categories.

According to the Tax Policy Center, the average tax rate paid by the 9,000 taxpayers earning over $10,000,000 in 2004 was 20.1%, more than 2% lower than the nearly quarter million taxpayers earning between $1,000,000 and $10,000,000. If taxpayers earning over $10,000,000 were taxed at 22.3%, the rate of those earning between $1,000,000 and $10,000,000, the federal government would have received an additional $4.8 billion in revenue.

Taxpayers who earned more than $10,000,000 paid a lower average rate than any category of taxpayer earning over $100,000. Although taxpayers in the $75,000 to $100,000 range paid 18.9% of their income in taxes, 1.2% less than those making over $10,000,000, taxpayers in the $100,000 to $200,000 range paid an average of 20.6%, or 0.5% more than those making over $10,000,000.

Furthermore, the Tax Policy Center’s analysis is described by David Cay Johnston, New York Times columnist and author of Perfectly Legal as “understating the real economic gains of those at the very top, who have perfectly legal ways to defer reporting income for tax purposes.”

The Tax Policy Center is a nonpartisian joint venture of the Urban Institute and Brookings Institution and comprised of nationally recognized experts in tax, budget, and social policy who have served at the highest levels of government.

Friday, October 10, 2008

Stock markets across the world have fallen sharply with several seeing the biggest drop in their history.

Asian markets saw the biggest sell-off. The Nikkei dropped 9.62% to reach a 20 year low. Japan also saw a collapse of a mid-size insurance company, Yamato Life Insurance Company, which declared bankruptcy. The Hang Seng, which was one of the few markets that was positive yesterday, fell 7.19%. Australia dropped by 8.4% and South Korea saw a 9% fall.

In Europe, markets dropped at the open with the FTSE losing 11%. They have recovered only sightly with all European markets losing more than 5%. The European sell off was more about the Asian lows then any specific news. European banks and financial institutes saw the most selling. Also, oil related companies saw large drops as an result of an expected decrease in oil consumption.

The U.S. markets opened lower with the Dow Jones Industrial Average falling below 8,000, before recovering slightly. President George W. Bush made an address on the economy and said markets were being “driven by uncertainty and fear.”

Oil has seen losses of more than US$6 in trading with the current price of a barrel of oil less than $80. This is a year low for oil. News also came out that OPEC will hold an emergency meeting on November 18 to discuss the falling price of oil.

Charities, such as Cats Protection, today said that they have lost much of their funds in collapsing banks. Cats Protection had a total of £11.2 million saved in the now-collapsed Kaupthing bank.

The British National Council for Voluntary Organisations said that 60 of its 6,500 have lost money due to the collapse of banks.

The Dow Jones Industrial Average fell to its lowest level in five years at 8,579.19, falling 679 points in one day. This, at 7.3%, is the eleventh largest percentage fall in the history of the index. The growth then continued, with the index being up over 150 points on the start of the day at one point.

The index, did however, recover, and as of 19:30 UTC was up 17.68 points, or 0.21%, pushing the index up to almost 8600.

Peter Cardillo, chief market economist at Avalon Partners, commented on these massive falls. “What we’ve seen here was one big margin call that just kept feeding on itself, so the opposite could happen. But you need a catalyst,” he said. “I’m more convinced now than ever that this market has made a bottom. The capitulation came when we breached 8,000,” he continued. “It doesn’t mean we can’t go back and revisit that level.”

The UK’s FTSE 100 index fell dramatically to close below 4000, in the index’s worst week in history. This is despite the fact that just a few days ago the index was above 5000, and the index peaked above 5500 in September.The FTSE 100 index has fallen by 41% this year.

Barclays Wealth analyst Henk Potts commented on this massive fall. “We are drowning in a sea of red numbers,” he claimed. “Investors are concerned about the exacerbation of the credit crunch and the gloomy forecasts for economic growth. The reality is that most investors have been spooked by the sheer pressure that the credit crunch is putting on the global economy.”

The Japanese Nikkei 225 has recorded it’s third biggest drop in history with a massive sell-off in the exchange that has resulted in USD 250 billion being knocked of the index’s value.

Toyota, which is the second largest carmaker in the world, fell by the largest amount in 21 years, while Elpida Memory, the world’s largest manufacturer of computer memory, dropped in value to a record low.

Masafumi Oshiden, a fund manager in Toyota commented on the drop.”It’s capitulation,” he said. “There are lots of forced sellers. If you’re a fund that’s going bust you need to close out all your positions.”

George W. Bush commented on the financial situation earlier today. “Over the past few days, we have witnessed a startling drop in the stock market — much of it driven by uncertainty and fear,” he said. “This has been a deeply unsettling period for the American people. Many of our citizens have serious concerns about their retirement accounts, their investments, and their economic well-being.”

Bush then continued by promoting the government’s plan’s to get through the crises. “Here’s what the American people need to know: that the United States government is acting; we will continue to act to resolve this crisis and restore stability to our markets. We are a prosperous nation with immense resources and a wide range of tools at our disposal. We’re using these tools aggressively.”

Gordon Brown, the UK Prime Minister, also spoke on the economy. “I think we quickly realised that we cannot solve the problems we have got as a result of the sub-prime market collapse simply by improving liquidity,” he said speaking in Birmingham to business leaders earlier today. “That would simply not be enough to deal with the bigger problem of rebuilding the banking system for the future and restoring trust is a fundamental element of that.”

Jim Flaherty, the Canadian minister for finance, also commented today on the recent incidents in the economy. “It is important to underline that Canada’s banks and other financial institutions are sound, well capitalized and less leveraged than their international peers,” he claimed. “Our mortgage system is sound. Canadian households have smaller mortgages relative both to the value of their homes and to their disposable incomes than in the U.S.”

“”However, it is becoming increasingly clear that the continuing disruption of global credit markets, which has been severe and protracted, is making it difficult for our financial institutions to raise long-term funding. This is beginning to affect the availability of mortgage loans and other types of credit in Canada,” he continued. “The Government has therefore decided to act to address the current scarcity of private sector lending to Canadian mortgage markets and lending markets overall. This is going to make loans and mortgages more available and more affordable for ordinary Canadians and businesses.”

Thursday, July 7, 2005

A Florida man is being charged with 3rd degree felony for logging into a private Wi-Fi (Wireless Fidelity) Internet access point without permission. Benjamin Smith III, 41, is set for a pre-trial hearing this month in the first case of its kind in the United States.

This kind of activity occurs frequently, but often goes undetected by the owners of these wireless access points (WAPs). Unauthorized users range from casual Web browsers, to users sending e-mails, to users involved in pornography or even illegal endeavours.

According to Richard Dinon, owner of the WAP Smith allegedly broke into, Smith was using a laptop in an automobile while parked outside Dinon’s residence.

There are many steps an owner of one of these access points can take to secure them from outside users. Dinon reportedly knew how to take these steps, but had not bothered because his “neighbors are older.”

Tuesday, October 16, 2007

“We’re only two days in and we’re already fucking tired,” says Sune Rose Wagner to David Shankbone as he walks into the dressing room at the Bowery Ballroom. Wagner and Sharin Foo comprise the Raveonettes, a group made for “nostalgists who long for Everly Brothers 45’s and diner jukeboxes, the Raveonettes tweak “American Graffiti”-era rock with fuzzed-out surf-guitar riffs,” said The New York Times. They recently left Columbia and signed with Fierce Panda because they felt constrained by their Columbia contract: “The major label system sometimes doesn’t allow for outside “help” to get involved, meaning that we don’t get to choose who we wanna work with. That can be a pretty terrible thing and bad things will surely come of it,” said the band on their MySpace site. Originally from Denmark, both musicians live in the United States now.

Their first EP, Chain Gang of Love, was a critical and commercial success. “Few albums provoke such amazing imagery,” said the BBC. “Pretty in Black is virtually fuzz-free,” said Rolling Stone of their next album, “highlighting the exquisite detail in the Raveonettes’ gift for pastiche: the prowling, garage-surf guitars in Love in a Trashcan; the ghost dance of Red Tan, wrapped in Phil Spector-style sleigh bells.” Of their current album, Lust Lust Lust, set to be released on November 5th (although Amazon says March 4, 2008), Sune told NME that, “There are a lot of songs that deal with desire, restlessness and the tough choices you have to make sometimes.” Fans can hear some of the new material at MySpace.com/TheRaveonettes.

Below is Wikinews reporter David Shankbone’s interview with Sune Rose Wagner and Sharin Foo.

Thursday, March 24, 2011

Both the Dravida Munnetra Kazhagam (DMK) and the All India Anna Dravida Munnetra Kazhagam (AIADMK) parties have announce “freebies” as part of their election manifestos in the lead-up to the vote in the south Indian state of Tamil Nadu. Freebies have been a success from the 2006 Tamil Nadu elections when DMK lured voters by announcing free colour televisions to households. That triumph led the major opposition AIADMK to announce similar freebies in their manifesto published Thursday.

DMK has announced free laptops to college students, kitchen appliances and modern networks to rural regions. The AIADMK, publishing their manifesto later, expanded on each of the promises of the DMK, plus offering 4g gold mangalsutra for the poor, monetary help for rural households and fishermen, free rice, and more.

AIADMK manifesto addresses larger issues, such as taking on the near-monopoly of the cable industry television industry, starting new Power generation plants to address power shortages in recent years.

Saturday, April 23, 2011

Yao Jiaxin, a 21-year-old student at the Xi’an Conservatory of Music, was sentenced to death on Friday. Yao, from Xi’an in China’s Shaanxi province, was convicted of homicide after stabbing a cyclist to death.

On the night of October 20, 2010, Yao ran into 26-year-old cyclist and mother of a two-year-old, Zhang Miao, while driving his car. After he saw her writing down his vehicle’s license plate number following the accident, he feared she would report him, and proceeded to murder her by stabbing her six times. Prior to her murder, Zhang had suffered only minor injuries in the accident, according to police.

On October 23, after being accused of murdering her, Yao went to the local police station with his parents and confessed to the crime. He said he killed Zhang because she had seen his license plate number, and he feared that the “peasant woman would be hard to deal with.”

During a three-hour trial on March 23, 2011, Yao’s lawyer pleaded for a lenient sentence, saying it was a “crime of passion.” Yao tearfully described how he had been forced to play the piano, leading him to thoughts of suicide. But prosecutors and judges said Yao did not deserve leniency, as he had not attempted to help the woman after the accident but instead murdered her.

Public passions were raised and some thought Yao would get off through the influence of his family. The case triggered a public debate over the death penalty.

“The motive is extremely despicable … the measures are extremely cruel … and the consequence is extremely serious,” said the court in its judgment.

[edit]

Thursday, September 6, 2012

London, England— Tuesday, following her team’s 62–37 win over Mexico in the quarter-finals at the North Greewich Arena, Wikinews interviewed Amber Merrit of the Australian women’s national wheelchair basketball team.

In their next match, the Gliders will face the victors from the United States versus Canada, having suffered their first loss of this year’s Games to Canada on Sunday night by seven points.

((Laura Hale)) I’m excited to see you in London, because you were so fantastic in that interview.

[Wikinews previously interviewed Merrit, and teammates in July. —Ed.]

Amber Merrit: Thank you.

((WN)) Which state are you from?

AM: I’m from WA. [Western Australia —Ed.]

((WN)) You wheel change! What was wrong with your wheel?

AM: I smashed out three spokes. Someone hit me, and I lost three spokes in my chair.

((WN)) was that because you were playing really aggressively against Mexico?

AM: Yeah, or they were playing really aggressive against us.

((WN)) Watching that game it didn’t seem that they were playing that aggressive, in terms of they came in with set pieces; they weren’t doing the full-court press; they didn’t seem prepared for your offensive and defensive tenacity. ((Hawkeye7)) You kept on all holding them out, where they weren’t even getting across the centre line

AM: I think we have a really physical style of basketball where we’re going to press, and when we press we try to stop chairs and make sure they don’t get over that halfway line. They’re going to come out and play as hard as they can against us and sometimes there is that odd mishap where they might smash a few spokes cause they hit us. It happens.

((WN)) You tipped a lot in previous games. You haven’t tipped so much in this series.

AM: No, I’ve managed to keep my balance this time. Or maybe they haven’t hit me hard enough to put me down on the floor.

((WN)) Part of the appeal of wheelchair basketball, and I feel guilty admitting it, it watching you guys tip.

AM: And fall out. It’s embarrassing but I like it.

((WN)) You’ve got your next game coming up, which is going to be against the winner of the United States or Canada later today

AM: We’re not 100% sure yet who that’s going to be.

((WN)) Looking forward to meeting them?

AM: Yeah! Looking forward to coming up against them.

((WN)) Who would you prefer?

AM: I don’t know if I have a preference, to be honest. Whoever its going to be, we’re still going to go out there and play as hard as we can and take it to them as a team.

((WN)) Do you think you’ve been adequately prepared coming in to this, with your tournament in Sydney, your tournament in the Netherlands?

AM: Yeah, I think we’ve come in very well prepared for this tournament. We’ve been together for a while now as a team. Of course we had the Gliders and Rollers world challenge. We also went to Arnheim in the Netherlands for a pre-tournament, and we’ve trained together in Cardiff. And then after Cardiff we came in to London; so we’ve had that time together as a team and we’re doing really well.

((WN)) Does that give you an advantage over other teams?

AM: I’m not sure, because I don’t know what other teams have been doing behind the scenes as their training.

((WN)) Thank you very much.

AM: No worries!

Saturday, November 13, 2010

A plane crash at about 6:00 pm local time yesterday at the Palm Beach International Airport in West Palm Beach, Florida killed four people. The aircraft involved in the incident was a twin-engine Piper PA-44 registered to FIT Aviation LLC, a Melbourne, Florida flight school.

According to the National Transportation Safety Board when the plane took off it encountered trouble with the left engine. It crashed into the tarmac, causing a fiery explosion. The dead have been identified as 26-year-old flight instructor Dheni Frembling, 21-year-old and 22-year old flight students Jordyn Agostini and 22-year-old Kristopher Henegar, and his 26-year-old brother Kyle Henegar.

The plane was flying a training flight from the Bahamas to Melbourne via Palm Beach when it crashed.

Tuesday, July 17, 2007

Pittsburgh, Pennsylvania — Local caterers get ready for big business, as almost three thousand fans converge on the David L. Lawrence Convention Center over the Independence Day weekend for the world’s largest ever furry convention, Anthrocon 2007.

Many hope to renew acquaintances, or meet new friends. Others look to buy from dealers and artists, or show off new artwork or costumes. Some attend to make money, or even learn a thing or two. But one thing unites them: They’re all there to have fun.