Important Moments in History

Tuesday, July 31, 2012

Fewer own guns, but now they own more

A decreasing number of American gun owners own two-thirds of the nation's guns and as many as one-third of the guns on the planet -- even though they account for less than 1% of the world's population, according to a CNN analysis of gun ownership data.
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Americans sicker than ever, report finds

msnbc.com: Top msnbc.com headlines
More than one in five middle-aged U.S. adults, and nearly half of adults over age 65, have more than one chronic health condition, such as hypertension and diabetes, according to a new government report.

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What Impact Would Eliminating the Payroll Cap Have on Social Security?

The Rundown News Blog

ative Commons photo courtesy flickr user 401 2012.

Monday's post featuring Boston University economist Larry Kotlikoff and his "34 Social Security Secrets" is attracting viewers like a new Lady Gaga video -- at least by Making Sen$e standards. Tens of thousands of you have flocked here in the past 24 hours and you're spending many minutes on what is, Larry forgive me, a moderately wonky stretch of prose.

Considering that Larry has himself been refining his "secrets" list for about a month now, and working on the issue for many years, there are bound to be questions. As a close FOM$*, he's willing to answer them. So please pose yours in the comments box below.

Paul Solman frequently answers questions from the NewsHour audience on business and economic news on his Making Sen$e page. Here is Tuesday's query:

Name: Judith

Question: How much revenue would come into the Social Security Trust Fund each year and how far out would Social Security solvency be extended if the payroll cap were to be eliminated?

Making Sense

Paul Solman: I've just gone back to a story we did on this very subject back in 2005 with Columbia finance professor Stephen Zeldes, "Raising Tax Cap Explored as Way to Close Social Security Gap," and here's what I reported at the time:

"Removing the cap entirely, thereby imposing a flat tax of 12.4 percent on all earnings -- essentially a $100 billion a year tax increase on the wealthy -- would more than completely close the funding gap."

More recently , here's what Janemarie Mulvey wrote in a report for the Congressional Research Service:

"If all earnings were subject to the payroll tax, but the base was retained for benefit calculations, the Social Security Trust Funds would remain solvent for the next 75 years."

For those readers who don't fully grasp the question, or my answer, here's Ms. Mulvey's statement of the problem, upon which I can't much improve:

Social Security taxes are levied on covered earnings up to a maximum level set each year. In 2010, this maximum -- or what is referred to as the taxable earnings base -- is $106,800. [For 2012, the cap will be $110,100.] The taxable earnings base serves as both a cap on contributions and a cap on benefits. As a contribution base, it establishes the maximum amount of each worker's earnings that is subject to the payroll tax. As a benefit base, it establishes the maximum amount of earnings used to calculate benefits.

Since 1982, the Social Security taxable earnings base has risen at the same rate as average wages in the economy. However, because of increasing earnings inequality, the percentage of covered earnings that are taxable has decreased from 90% in 1982 to 85% in 2005. The percentage of covered earnings that is taxable is projected to decline to about 83% for 2014 and later. Because the cap was indexed to the average growth in wages, the share of the population below the cap has remained relatively stable at roughly 94%.

*- Friend of Making Sen$e

This entry is cross-posted on the Making Sen$e page, where correspondent Paul Solman answers your economic and business questions.

Follow @paulsolman

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Obama announces new Iran sanctions

AL JAZEERA ENGLISH (AJE)
Executive order used to unveil measures meant to force Islamic republic to meet its international nuclear obligations.
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Netflix seeks permission to appeal order to comply with ADA

National Law Journal
Netflix Inc. asked a federal judge in Massachusetts for permission to appeal his ruling that the Americans with Disabilities Act of 1990 requires the company to provide closed-captioning text for its web-only streaming video.
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Monday, July 30, 2012

Mattress survey shows price does not equal quality

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New tolls: But sales tax isn't going anywhere

Jacksonville Local News – Jacksonville.com and The Florida Times-Union

Tolls are coming back to the Jacksonville for the first time in over a generation.

But because of financial commitments, a half-cent sales tax Jacksonville voters approved in 1988 to get rid of tolls won't be going anywhere for at least another quarter century.

Last month, the Florida Department of Transportation announced it would widen three sections of Interstate 295 and turn those new lanes into tolled express lanes. It will be the first toll road in Northeast Florida since the sales tax passed.

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Research group pans Florida financial disclosure

An ethics research group says Florida doesn't require public officials to disclose enough about their personal finances.

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US 'wasted' $200m on training Iraqi police

AL JAZEERA ENGLISH (AJE)
Report from auditors finds that massive US programme to train Iraqi police was unwanted and led to 'de-facto waste'.
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Saturday, July 28, 2012

Tougher standards may worsen science-teacher shortage

OrlandoSentinel.com - Florida News
Looking to boost the quality of science education, Florida has just made it tougher for aspiring teachers to pass required certification exams.


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Friday, July 27, 2012

Obama signs bill for Israel missile defence

AL JAZEERA ENGLISH (AJE)
US president releases an additional $70 million aid timed to upstage Republican rival Mitt Romney's trip to Jerusalem.
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More Background Checks for Online Dating Sites

Discovery News - Top Stories
Online dating could get a whole lot safer with new legislation requiring better safety measures.
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Wednesday, July 25, 2012

Ancient Poop Gives Clues to Diabetes Epidemic

Discovery News - Top Stories
Native Americans of the desert Southwest subsisted on a diet that was much higher in fiber than our modern foods.
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TARP banks use fed loans to repay government

msnbc.com: Top msnbc.com headlines
Hundreds of bailed-out banks are struggling to repay taxpayers and will soon find it even harder to make required dividend payments to the Treasury, according to a government watchdog's report.

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Study: 1 in 6 sex offenders lives digital double life

msnbc.com: Top msnbc.com headlines

Nearly one in six convicted sex offenders is using sophisticated techniques invented by identity thieves to avoid their legally mandated registration requirements, a new study has found.Nearly one in six convicted sex offenders is using sophisticated techniques invented by identity thieves to avoid their legally mandated registration requirements, a new study has found.




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Many drugs remain legal after "bath salts" ban

People are inventing so many new, legal ways to get high that lawmakers can't seem to keep up.

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France unveils plan to revive auto industry

AL JAZEERA ENGLISH (AJE)
Government plan will boost support for environmentally-friendly cars amid growing concern for crisis-hit sector.
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Tuesday, July 24, 2012

Canada crime at lowest since 1972

BBC News - US & Canada
The rate of police-reported crime in Canada in 2011 dropped by 6% in 2011, reaching its lowest since 1972, according to data from Statistics Canada.
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How a $140 bill snowballed into foreclosure

msnbc.com: Top msnbc.com headlines

For Dominick Vulpis, a $140 sewer bill has become a $50,000 nightmare. That debt snowballed to the loss of his home after the town sold the lien on his property to an investor.For Dominick Vulpis, a $140 sewer bill has become a $50,000 nightmare. That debt snowballed to the loss of his home after the town sold the lien on his property to an investor.




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Sunday, July 22, 2012

Super rich hiding up to $32 trillion offshore

AL JAZEERA ENGLISH (AJE)
Up to $280bn is lost in tax revenues as wealthy individuals park financial assets in offshore tax havens.
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Saturday, July 21, 2012

State revises 24 school grades in Northeast Florida

Jacksonville Local News – Jacksonville.com and The Florida Times-Union

School grades for 24 Northeast Florida schools have been bumped up after they were miscalculated by the state, whose exam and evaluation process has faced a bevy of criticism.

Two schools, Eugene Butler Middle School and School of Success Academy charter school, both in Jacksonville, saw their grades improved from Fs to Ds.

Thirteen of the Northeast Florida school improvements went from Bs to As, six were revised from Cs to Bs and three went from Ds to Cs.

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