Friday, April 25, 2008
Tax Free Tennessee
Today marks the start of Tennessee's own economic stimulus: a three day weekend eerily similar to Senator John McCain's proposed gas tax holiday for this summer.
As with the Republican nominees, there is a lot of sizzle and excitement in the news, but not very much substance. Nationally, Senator McCain's proposal broadly sweeps through federal coffers. For consumers, however, there is much more to be happy about.
Senator McCain's proposal won't even allow someone buying 15 gallons of gas to offset the retail price of a single gallon. Sure, saving $2 or $3 for a single fill-up is nice, but not enough to cause a shift in consumer spending.
The same holds true for Tennessee's annual tax free weekend. A second weekend was added this year, and if you're reading this before Monday, you're still in the window. Just remember to check out the
tax-free rules before you start hog-wild spending.
A school item, for example, that is $100 or less is tax-exempt this weekend,. but if the item is $101, you owe sales tax for the entire amount, not just the single dollar over $100. Likewise, a computer under $1500 (think online retailers don't love this?) is tax-exempt, but you had better be under $1500 when all the extras are added. And, like every local tax authority, the good folks in the Tennessee government are happy to remind their constituents that use tax, as always, applies.
Labels: economy, taxes, Tennessee
When Will I Get My Stimulus Check?
Consumers who qualify to receive economic stimulus rebates from the government were told today that the calendar had been moved up for the payments.
The Internal Revenue Service maintains a
terrific resource on all things stimulus payment.
The page includes all of the information consumers need to know about receiving cash from Uncle Sam soon. Highlights you want to know are the phase out amounts (well over $100K for most two income couples), direct deposit of the payment if you had a refund already and even a calendar for payments (some taxpayers receive money as early as next week).
Remember: don't bank on the whole amount. Get a copy of your federal return, and use the IRS calculator to determine how much of the $600 per adult and $300 per child under the age of 17 you will receive.
Labels: economy, IRS, taxes
Saturday, April 05, 2008
[travel] Third Airline Shuts This Week: Skybus Ceases Operating
Tiny Skybus Airlines, based in Ohio, ceased operations today, making the company the third U.S airline to stop flying this week.
ATA and Aloha, both companies that had struggled for years, stopped flying earlier this week. Vacationers with early summer travel plans by air will undoubtedly face more crowded planes as existing airlines fight growing economic issues by cutting flights.
In an announcement posted on the company's website, Skybus said that the company "...struggled to overcome the combination of rising jet fuel costs and a slowing economic environment. These two issues proved to be insurmountable for a new carrier."
Several airlines, notably US Airways and JetBlue, were reportedly offering standby or low cost alternatives for travelers who were stranded at their destination. This is a relatively common occurrence when airlines, even iconic names like PanAm and Eastern, have failed over the years. While consumers can never rely on such gestures, most carriers make the effort to help others.
Labels: airline, economy, Skybus, travel
