Monday, April 15, 2013

The 55% who say their taxes are fair is lowest since 2001

The 55% who say their taxes are fair is lowest since 2001

by Jeffrey M. Jones
PRINCETON, NJ -- This Tax Day, 55% of Americans regard the income taxes they have to pay as fair, the lowest percentage Gallup has measured since 2001.
Trend: Do you regard the income tax which you will have to pay this year as fair?
The results are based on Gallup's Economy and Personal Finance poll, conducted April 4-7, and annually since 2001. The recent high in Americans' perceptions that their taxes were fair, 64%, came in 2003, after President Bush signed tax cuts into law and weeks after the Iraq war began.
Gallup's history of asking this question stretches back to the 1940s. From 1943 through 1945, during World War II, few Americans complained about their taxes, with an average of 87% of Americans saying their taxes were fair. That dropped down to an average of 61% in 1946, the first year after the war.
Gallup resurrected the question in the late 1990s, when an average 48% said their income taxes were fair, including the historical low of 45% in 1999. Americans' views of their taxes as fair improved from 51% in 2001 to 58% in 2002, shortly after the Bush administration put into place a round of tax cuts.
Perceptions of income tax fairness, perhaps surprisingly, vary little by household income level. Fifty-seven percent of those whose annual household income level is below $75,000 say their taxes are fair, as do 54% of those whose income is $75,000 or above.
In fact, there are no notable differences by most major demographic groups. The biggest differences are based on political affiliation, with Democrats and political liberals much more likely than Republicans and conservatives to believe their taxes are fair.
Belief That Income Tax Paid This Year Is Fair, by Political Party and Ideology, April 2013
The gaps by party and ideology have expanded modestly since President Barack Obama took office. In 2008, the last full year of the Bush administration, 67% of Democrats and 55% of Republicans said their taxes were fair, a gap of 12 percentage points, compared with 17 points today. In 2003, the recent high point in Americans' belief that they pay fair taxes, there were essentially no party differences (66% among Democrats, 62% among Republicans).
Thus, the decline in Americans' belief that their taxes are fair is due mostly to Republicans' changing views. Taxes have been at the forefront of much of the debate over economic and budgetary policy in recent years, although, in reality, federal income taxes have not changed for most Americans since Obama took office, because the president has preserved the Bush-era income tax cuts for all but the highest-income Americans.
Half Say Their Taxes Are Too High
The poll also finds half of Americans saying their income taxes are "too high," with most of the rest (45%) saying they are about right. Two percent believe their taxes are "too low."
Last year, 46% of Americans said their taxes were too high, tying the record low in the Gallup trend dating back to 1956. A record-high 69% of Americans said their taxes were too high in 1969.
Trend: Do you consider the amount of federal income tax you have to pay as too high, about right, or too low?
Americans are also more likely this year (64%) than last year (53%) to believe that their taxes will be "changed so that they are higher" during the next 12 months. Thirty-one percent expect no change in their taxes and 3% expect to pay lower taxes.
Gallup has asked this question periodically over the years -- in 1977 and 1978, in 1994, and three times since 2010. In almost every instance, at least a plurality of Americans have expected their taxes to be raised.
Implications
Although a majority of Americans still believe the income taxes they pay are fair, the 55% who say so is the lowest Gallup has measured since 2001, before the first of two rounds of federal income tax cuts went into effect. Since the second round of tax cuts in 2003, income taxes have held at about the same level, though Congress and the president did agree to raise income taxes on the wealthiest Americans as part of the agreement to avoid the "fiscal cliff" tax increases that were scheduled to go into effect this year.
It is possible that this tax increase affected how Americans perceive their own federal income taxes, even though very few Americans on a percentage basis would likely have seen an increase. However, nearly all working Americans are now getting less take-home pay since the Social Security payroll tax holiday expired at the beginning of this year.
The percentage of Americans who say their federal income taxes are too high is on the low end of what Gallup has measured historically, but more Americans than in 2012 expect their taxes to go up this year. It is unclear whether taxes will change this year, given that President Obama and the Republicans in Congress disagree on the need for, and the desirability of, tax increases.
Survey Methods Results for this Gallup poll are based on telephone interviews conducted April 4-7, 2013, with a random sample of 1,005 adults, aged 18 and older, living in all 50 U.S. states and the District of Columbia.
For results based on the total sample of national adults, one can say with 95% confidence that the margin of sampling error is ±4 percentage points.
Interviews are conducted with respondents on landline telephones and cellular phones, with interviews conducted in Spanish for respondents who are primarily Spanish-speaking. Each sample of national adults includes a minimum quota of 50% cellphone respondents and 50% landline respondents, with additional minimum quotas by region. Landline telephone numbers are chosen at random among listed telephone numbers. Cellphone numbers are selected using random digit dial methods. Landline respondents are chosen at random within each household on the basis of which member had the most recent birthday.
Samples are weighted to correct for unequal selection probability, nonresponse, and double coverage of landline and cell users in the two sampling frames. They are also weighted to match the national demographics of gender, age, race, Hispanic ethnicity, education, region, population density, and phone status (cellphone only/landline only/both, cellphone mostly, and having an unlisted landline number). Demographic weighting targets are based on the March 2012 Current Population Survey figures for the aged 18 and older U.S. population. Phone status targets are based on the July-December 2011 National Health Interview Survey. Population density targets are based on the 2010 census. All reported margins of sampling error include the computed design effects for weighting.
In addition to sampling error, question wording and practical difficulties in conducting surveys can introduce error or bias into the findings of public opinion polls.
View methodology, full question results, and trend data.

Thursday, April 11, 2013

Bank of Cyprus big savers to lose up to 60 percent

Big depositors at Cyprus' largest bank may be forced to accept losses of up to 60 percent, far more than initially estimated under the European rescue package to save the country from bankruptcy, officials said Saturday.
Deposits of more than 100,000 euros ($128,000) at the Bank of Cyprus will lose 37.5 percent in money that will be converted into bank shares, according to a central bank statement. In a second raid on these accounts, depositors also could lose up to 22.5 percent more, depending on what experts determine is needed to prop up the bank's reserves. The experts will have 90 days to figure that out.
The remaining 40 percent of big deposits at the Bank of Cyprus will be "temporarily frozen for liquidity reasons," but continue to accrue existing levels of interest plus another 10 percent, the central bank said.
The savings converted to bank shares would theoretically allow depositors to eventually recover their losses. But the shares now hold little value and it's uncertain when — if ever — the shares will regain a value equal to the depositors' losses.
Emergency laws passed last week empower Cypriot authorities to take these actions.
Cyprus' Finance Minister Michalis Sarris said the measures were taken to put the Bank of Cyprus on a solid footing.
"We suffered a serious blow without doubt ... but we now have a bank which is reformed and ready to assume its role in the Cypriot economy," the state-run Cyprus News Agency quoting him as saying.
Analysts said Saturday that imposing bigger losses on Bank of Cyprus customers could further squeeze already crippled businesses as Cyprus tries to rebuild its banking sector in exchange for the international rescue package.
Sofronis Clerides, an economics professor at the University of Cyprus, said: "Most of the damage will be done to businesses which had their money in the bank" to pay suppliers and employees. "There's quite a difference between a 30 percent loss and a 60 percent loss." With businesses shrinking, Cyprus could be dragged down into an even deeper recession, he said.
Clerides accused some of the 17 European countries that use the euro of wanting to see the end of Cyprus as an international financial services center and to send the message that European taxpayers will no longer shoulder the burden of bailing out problem banks.
But German Finance Minister Wolfgang Schaeuble challenged that notion, insisting in an interview with the Bild daily published Saturday that "Cyprus is and remains a special, isolated case" and doesn't point the way for future European rescue programs.
Europe has demanded that big depositors in Cyprus' two largest banks — Bank of Cyprus and Laiki Bank — accept across-the-board losses in order to pay for the nation's 16 billion euro ($20.5 billion) bailout. All deposits of up to 100,000 are safe, meaning that a saver with 500,000 euros in the bank will only suffer losses on the remaining 400,000 euros.
Cypriot officials had previously said that large savers at Laiki — which will be absorbed in to the Bank of Cyprus — could lose as much as 80 percent. But they had said large accounts at the Bank of Cyprus would lose only 30 to 40 percent.
Asked about Saturday's announcement, University of Cyprus political scientist Antonis Ellinas predicted that unemployment, currently at 15 percent, will "probably go through the roof" over the next few years.
"It means that (people) ... have to accept a major haircut to their way of life and their standard of living. The social impact is yet to be realized, but they will be enormous in terms of social unrest and radical social phenomenon," Ellinas said.
There's also concern that large depositors — including many wealthy Russians — will take their money and run once capital restrictions that Cypriot authorities have imposed on bank transactions to prevent such a possibility are lifted in about a month.
Sarris, the finance minister, said that foreign branches of the Bank of Cyprus and Laiki Bank in countries such as Britain, Russia, Ukraine and Romania will eventually be sold. He also said that Cypriots would seek out new markets like China and the Arab countries while maintaining good business relations with Russians, "despite their bitterness."
Cyprus agreed on Monday to make bank depositors with accounts over 100,000 euros contribute to the financial rescue in order to secure 10 billion euros ($12.9 billion) in loans from the eurozone and the International Monetary Fund. Cyprus needed to scrounge up 5.8 billion euros ($7.4 billion) on its own in order to clinch the larger package, and banks had remained shut for nearly two weeks until politicians hammered out a deal, opening again on Thursday.
 http://news.yahoo.com/bank-cyprus-big-savers-lose-60-percent-135608668--finance.html

Wednesday, April 10, 2013

Weiner considering return from exile to run for NYC mayor

Weiner considering return from exile to run for NYC mayor

Reuters - ‎44 minutes ago‎
By Edith Honan. NEW YORK | Wed Apr 10, 2013 12:11pm EDT. NEW YORK (Reuters) - Former U.S. Congressman Anthony Weiner, who resigned after tweeting lewd pictures of himself, is considering a run for New York City mayor, in what many see as wide ...

Hermit: 1000 burglaries by one guy in Maine?

Christian Science Monitor - ‎39 minutes ago‎
Authorities say a man who lived like a hermit for decades in the woods of central Maine and may be responsible for more than 1,000 burglaries has been captured.

MTV cancels 'Buckwild' in wake of Shain Gandee's death

Los Angeles Times - ‎35 minutes ago‎
A week after the death of "Buckwild"reality-TV star Shain Gandee, MTV has decided to cancel the series. Production on the show's second season was suspended after news broke last week that the 21-year-old had been found dead in his truck, along with his ...

Test-tube baby pioneer Sir Robert Edwards dies

BBC News - ‎1 hour ago‎
The world's first test-tube baby, Louise Brown, has led the tributes to the pioneer of IVF, who has died aged 87. Prof Sir Robert Edwards was knighted in 2011, five decades after he began experimenting with IVF.

Japan's capital living in shadow of North Korea's belligerence

CNN International - ‎7 hours ago‎
Tokyo (CNN) -- Two PAC 3 Patriot anti-missile batteries currently occupy what is normally a baseball pitch in the leafy grounds of Japan's Ministry of Defense.

Syrian Islamist group acknowledges ties to Al Qaeda

Los Angeles Times - ‎1 hour ago‎
BEIRUT - The leader of Al Nusra Front, militant Islamist fighters whose role in the Syria uprising has raised concerns in Washington, acknowledged Wednesday for the first time his group's affiliation with Al Qaeda and the extremist movement's Iraq affiliate.

The West's dilemma: Who is the official opposition in Syria?

Globe and Mail - ‎1 hour ago‎
Aron Lund is a Swedish researcher who writes on Syrian jihadists for the Swedish Institute for International Affairs. He is also one of the best-informed observers of the insurgency in Syria.

Malaysia Chooses May 5th for Election Day

Wall Street Journal - ‎1 hour ago‎
KUALA LUMPUR—Malaysia set May 5 to hold what could be its closest general elections ever, pitting the National Front coalition and its decades-long rule amid strong economic growth against the opposition and its pledge to boost living standards and ...

Military Tightens Media Rules in Case of Private Who Leaked Files

New York Times
16 minutes ago

Written by
Charlie Savage

FORT MEADE, Md. - The military on Wednesday tightened rules on reporters covering the court-martial proceedings against Pfc. Bradley Manning because of a bootleg recording of him speaking at a pretrial hearing in February that surfaced online.

6-year-old New Jersey boy dies after being shot in head by playmate

Los Angeles Times - ‎2 hours ago‎
A 6-year-old boy shot in the head by his 4-year-old playmate died of his wounds as investigators in a New Jersey town tried to determine how the younger boy got hold of a loaded .22-caliber rifle and whether charges would be filed.

NY man charged with killing woman, raping her 10-year-old daughter faces trial ...

Fox News - ‎50 minutes ago‎
SYRACUSE, N.Y. - A New York man charged with killing a woman and raping her 10-year-old daughter during a carjacking last month is scheduled to stand trial in June on child pornography charges.

Entitlement Proposals Hit Social Security, Medicare

Wall Street Journal - ‎1 hour ago‎
President Barack Obama's proposed changes to entitlement programs to curb federal spending already have sparked opposition from seniors and liberal groups, but they may still fall short of cuts sought by Republicans for any bipartisan agreement on deficit ...

With Dow and S&P closing in on record highs, global markets rally after Fed ...

Washington Post - ‎23 minutes ago‎
LONDON - Stock markets rallied on Wednesday, pushing the Standard & Poor's 500 to a record high, after the release of the minutes to the last policy meeting of the U.S.

S&P sets new milestone, led by tech and financials

Reuters - ‎9 minutes ago‎
By Angela Moon. NEW YORK | Wed Apr 10, 2013 12:47pm EDT. NEW YORK (Reuters) - Stocks rose on Wednesday, with the S&P 500 climbing to a new all-time intraday record as investors scooped up technology and financial shares that recently lagged ...

Economists React: Surprise Chinese Trade Deficit

Wall Street Journal - ‎1 hour ago‎
China posted an unexpected trade deficit of $884 million in March as imports surged by more than 14% following the Lunar New Year holiday.

Horsemeat scandal: Dutch uncover large-scale meat fraud

BBC News - ‎32 minutes ago‎
Some 50,000 tonnes of meat supplied by two Dutch trading companies and sold as beef across Europe since January 2011 may have contained horsemeat.

Dropbox rebrands to promote its new business-friendly features

VentureBeat
15 minutes ago

Written by
Christina Farr

In February, we reported that Dropbox was snapping up large corporate accounts, and had released some new security controls. Since then, the cloud storage company has received innumerable requests from IT admins for an integration with Active Directory ...

Google building tower of Babel to meld messaging tools

Ars Technica
28 minutes ago

Written by
Sean Gallagher

As Google's I/O developer event approaches, details about a new unified messaging service linking all of Google's platforms have been emerging through internal developer conversations, brief glimpses behind the curtain provided by error messages, and ...

How Apple's App Store crackdown could hurt mobile game discovery

NBCNews.com - ‎16 minutes ago‎
Earlier this week in a peculiar sudden change of direction, Apple removed the app-discovery application AppGratis from the iTunes App Store —l eaving AppGratis CEO Simon Dawlat "in total disbelief," seeing as the tech giant had approved an iPad version ...

Kate Upton dating Diddy? Diddyup!

USA TODAY
18 minutes ago

Written by
Ann Oldenburg

Diddyup! Kate Upton on Feb. 12 in New York City. (Photo: Gilbert Carrasquillo, FilmMagic). A "hot couple alert" may be in order.

Taymor settles 'Spider-Man: Turn Off the Dark' suit

New York Daily News - ‎29 minutes ago‎
The intense tangle of litigation between director Julie Taymor and the producers of Broadway's “Spider-Man: Turn Off the Dark” has been settled, the parties announced Wednesday.

Justin Timberlake Gets Obamas Singing Along During White House Performance

MTV.com - ‎1 hour ago‎
While the singer donned his signature suit and tie, his White House performance was a pretty casual affair. By Emily Blake. Over the past few months, it seems Justin Timberlake wouldn't be caught dead in an unpressed suit or tousled hairdo.

Lindsay Lohan makes rehab arrangements in New York, sources say

Los Angeles Times
51 minutes ago

Written by
richard winton

Law enforcement sources said Wednesday Lindsay Lohan has made arrangmeent to enter a rehab in New York state in May. Lohan's legal team is not disclosing the details, but during a late-night appearance with David Letterman during an appearance on ...

Richard Sherman: 'About half the league' uses Adderall

NFL News - ‎4 hours ago‎
The attention deficit hyperactivity disorder medication Adderall has become the excuse du jour for players testing positive for a banned substance in the NFL.

Suns' O'Neal goaltends winning trey

FOXSports.com - ‎38 minutes ago‎
It's not often you see a game-winning goaltending call. How about one on a 3-pointer!?! Cue up the atrocious Suns. With the score tied Tuesday night, Rockets star James Harden heaved a 3-pointer as time expired.

Kobe Bryant makes Lakers give it to Pau Gasol

Los Angeles Times - ‎2 hours ago‎
During a timeout in Tuesday's game against New Orleans, Kobe Bryant had a talk with Pau Gasol. "I basically told him, dude, especially when I'm not in the game, you just gotta go to the block and not move," Bryant recalled.

How a Leafy Folk Remedy Stopped Bedbugs in Their Tracks

New York Times - ‎17 hours ago‎
Generations of Eastern European housewives doing battle against bedbugs spread bean leaves around the floor of an infested room at night.

'Dark Lightning' Zaps Airline Passengers with Radiation

LiveScience.com - ‎4 hours ago‎
"Dark lightning" that is almost invisible within clouds may regularly blast airline passengers with large numbers of gamma rays, scientists find.

Health budget raises spending for reform, mental health

Reuters - ‎19 minutes ago‎
WASHINGTON | Wed Apr 10, 2013 12:37pm EDT. WASHINGTON (Reuters) - President Barack Obama's proposed 2014 budget includes an increase of $3.9 billion to support the administration's healthcare overhaul, and cuts programs such as immunizations ...

Alzheimer's gene ABCA7 linked to increased disease risk in African-Americans

CBS News - ‎19 minutes ago‎
A new study has revealed that a gene that was once thought to be weakly associated with Alzheimer's disease risk in white people may almost double the risk of developing the debilitating neurological disease when it's present in African-Americans.

Stephen Hawking talks about unified theory and his biggest 'blunder'

Los Angeles Times - ‎3 hours ago‎
Humans are on the cusp of discovering how the universe works on its biggest and smallest scales, Stephen Hawking said during a lecture Tuesday in Los Angeles.