Democrat local weather plan provides tax breaks for EVs that price as much as $80,000

Cavan Pictures | Getty Images

Democratic MPs on Wednesday reveals a revised Social Spending and Climate Protection, which expands an electric vehicle tax credit of up to $ 12,500 for more expensive cars and suggests a lower income limit for buyers who are eligible for the credit.

The House Democrats update makes vans, sport utility vehicles, and trucks eligible for full tax credit at a cost of up to $ 80,000. The previous bill capped loans for vans priced at $ 64,000, SUVs priced at $ 69,000, and trucks priced at $ 74,000.

The proposal also limits the full tax credit for individual taxpayers reporting a modified adjusted gross income of $ 250,000 or $ 500,000 on joint tax returns. The previous plan had caps of $ 400,000 for individual submissions and $ 800,000 for joint submissions.

The transportation sector is one of the largest emitters of US greenhouse gas emissions, accounting for around a third of its emissions annually. The transition from gas vehicles to electric cars and trucks will be critical to tackling climate change.

The Democratic proposal includes a $ 4,500 tax incentive on purchases of an electric vehicle made in a unionized factory. Above all, car manufacturers would benefit from the regulation, such as General Motors and fordwhose workers in production are represented by the United Auto Workers union.

Read more about electric vehicles from CNBC Pro

Republicans have spoken out against tax incentives for buying electric vehicles that are union-made.

The optimized legislation that is part of President. is Joe BidenThe $ 1.75 trillion social and climate spending package would give the electric vehicle market a significant boost. According to industry forecasts, EV sales this year are expected to represent less than 4% of US sales.

Democrats want to finalize negotiations on the president’s Build Back Better plan this week. The House could vote in the next few days on the invoice.

Arizona Privatized Jail Well being Care to Save Cash. However at What Value?

In 2017, Walter Jordan wrote a memo to a federal judge from the Arizona State Prison Complex in Florence. “Notice of Impending Death,” it said in a shaky hand.

Jordan told the judge that Arizona corrections officials and Corizon Health, the state prison system’s private health care contractor at that time, delayed treating his cancer for so long that he would be “lucky to be alive for 30 days.” Jordan, 67, had a common form of skin cancer that is rarely life-threatening if caught early, but said he experienced memory loss and intense pain from botched care. Other men in his unit were also denied treatment, he wrote, “all falling, yelling, screaming of pain.”

Jordan was dead eight days later.

Reviewing his medical records later, Dr. Todd Wilcox, a physician hired by lawyers for the state’s prisoners, agreed that Jordan’s death was likely preventable. Corizon’s treatment of Jordan’s “excruciating needless pain,” was “the opposite of how cancer pain should be managed,” he said.

Wilcox will take the stand in a landmark trial that begins Monday in Phoenix, the latest chapter in an almost decade-long struggle to determine whether Arizona’s prisoners are getting the basic health care they are entitled to under the law.

The trial pits Arizona against the people held in its prisons, who argue in a class-action lawsuit that the medical services they receive are so poor, they constitute cruel and unusual punishment. The state’s current health care contractor, Centurion, is the latest in a string of companies that have failed to pass muster with the courts.

None of the companies have been named as defendants in the lawsuit, because, the claimants say, the state is ultimately responsible for their care. The suit was originally filed in 2012, shortly before private contractors took over Arizona’s prison medical services. But whether privatization can provide decent care is one of the biggest issues looming over the trial.

The Arizona Department of Corrections declined to comment on pending litigation. Centurion of Arizona and Corizon, based in Tennessee, did not respond to multiple requests for comment.

Arizona is one of around two dozen states that use a private, for-profit contractor to provide prison medical care, and almost all have been sued. But a trial is rare, as most states settle to avoid this kind of exhaustive public scrutiny.

Health care in Arizona prisons is “grossly inadequate,” the prisoners have said in court papers, with crisis-level understaffing, delayed or denied treatments, and unreliable access to medication.

Attorneys have chronicled a man who died after his swollen legs split open, the wounds weeping pus and swarmed by flies; a man with mental illness who was in such distress that he chewed off parts of his fingers; a man who entered prison with a small bump on his face that went untreated and became a disfiguring baseball-sized tumor; and several people denied access to regular mental health care who later killed themselves.

The trial could spell the end of privatized care in Arizona prisons — or, in a more extreme outcome, the end of Arizona’s control over its prison health care entirely. U.S. District Court Judge Roslyn Silver could appoint an outside official to run it who would answer to her, or she could impose additional financial sanctions against the state. Ultimately, Silver will have to decide: How much cost-cutting is too much when lives are at stake?

Although the trial will not directly affect other state systems, experts say the outcome could show officials across the country that courts are serious about enforcing health standards in prison — and that not providing adequate care can have real consequences.

The case is “a great example of why we have it all wrong,” said Homer Venters, a correctional health care consultant who spent years as the medical director for the New York City jail system. Instead of a judge looking over administrators’ shoulders, “the jail has to stop operations if the conditions are inhumane or if the care is not adequate,” he said.

Few prison health care systems get high marks for quality care, regardless of whether the government or a private company provides services. At least 47 states have been the target of major lawsuits. The judge in a landmark case in California — where health care was not privatized — was so appalled by medical services in prisons there that in 2006, he appointed an outside official to take over the state’s $1.2 billion prison health care system.

But bringing companies with a profit motive into the mix poses additional problems, some experts warn, especially in a setting where patients have so little control over their care. “They’ve got every incentive to delay treatment or provide more minimal treatment, or to count something as treatment when it’s not really treatment,” said Michele Deitch, a University of Texas senior lecturer who studies prison conditions. “It would be so much cheaper to just do the things than spend the money on fighting it.”

Until the 1970s, every state provided medical care in its own prisons. But these services were “inadequately available and frequently primitive,” said Douglas McDonald, a researcher at health consulting firm Abt Associates. There were few doctors on staff, and scant health care standards. Prisoners without medical training were known to pull teeth, dispense medications and perform minor surgery on each other, according to one case in Alabama.

Then in 1976, the Supreme Court found that “deliberate indifference by prison personnel to a prisoner’s serious illness or injury” was cruel and unusual punishment, forbidden by the Eighth Amendment. A series of cases in the decades that followed clarified that people in prison are entitled to routine and emergency medical, dental and mental health care that is “adequate … at a level reasonably commensurate with modern medical science.”

These court decisions forced prisons to hire hundreds of medical personnel and pay for hospital stays and expensive procedures. Just as health care in broader society began relying on “managed care” to limit costs, some states started privatizing prison medical care, using small contractors to provide hard-to-hire staff and negotiated rates with hospitals, specialists and pharmacies, McDonald said.

Arizona began contracting out its prison health care in 2012, around the time several of these small companies combined to create the major industry players of today.

The newly merged and fast-growing companies were an attractive investment for private equity, says Dan Mistak, acting president of Community Oriented Correctional Health Services, a nonprofit that helps prisons and jails improve health care. Unlike hospitals and other settings subject to Medicare’s strict quality standards, Mistak said, prison health care is paid for almost entirely from state coffers, which eliminates many requirements that drive up cost — and quality — on the outside.

Medicare provides “stringent accreditation processes and data transparency,” says Monik Jiménez, an epidemiologist at the Harvard T.H. Chan School of Public Health. In prisons, “we don’t have any of that with these private providers.”

Arizona has employed three prison health care contractors over the past decade: Pittsburgh-based Wexford Health, then Corizon, and now Centurion. Allegations of subpar care and chronic understaffing have dogged all three companies.

The number of medical staff decreased by 11% from 2012 to 2019, despite Arizona’s prison population remaining relatively flat, leaving prisons with hundreds of fewer providers than they needed, according to court documents. During its six-year tenure, Corizon paid the state more than $3 million in fines for failing to hire enough doctors and nurses.

After years of fighting in court, in which the state denied all allegations, officials agreed to settle the case on the eve of trial in 2014. The Arizona Department of Corrections pledged to improve care by ensuring its health care provider met more than 100 benchmarks, including: providing adequate access to counseling and mental health care, providing timely referrals to specialists and following instructions of hospital doctors who release patients.

“When prison officials settle a case of this nature, it’s usually because they recognize that there is a problem, and there’s some commitment to fix it,” said ACLU National Prison Project Director David Fathi, who represents the incarcerated people suing the state.

But the problems have persisted. Two judges have separately held the state in contempt and levied fines totaling $2.5 million for failing to meet the quality standards it had agreed to.

News Inside

The print magazine that brings our journalism behind bars.

In a recent whistleblower account — the latest in a string of such stories — a former prison nurse alleged that the company directed her to lie on a medical report in order to save Centurion $100,000 in court sanctions.

The state has spent years contesting the evidence, pushing back on recommendations from court-appointed experts, and appealing court orders, losing most of them.

Finally, this year, Judge Silver rescinded the settlement agreement and set the case for trial, writing in a scathing order that she could no longer trust the state was making a good-faith effort to meet the terms of the settlement.

Dustin Brislan says Arizona’s failure to meet health care standards nearly cost him his life.

Brislan, 39, who is serving 17 years at the state prison in Tucson on various charges including armed robbery, is a named plaintiff in the lawsuit. Among other care issues, he said, medical staff switched him from an antipsychotic medication that helped stabilize him to an anti-anxiety drug he told them had not worked in the past.

As a result, Brislan said, his mental health deteriorated into a yearslong cycle of self-harm: cutting himself, then being placed in isolation for weeks or months as a result of the cutting, which led to additional self-harm. At one point, he almost bled to death.

“They are trying to cut corners and save money,” he said, “rather than give us the medications we need.”

Arizona state Rep. John Kavanagh sponsored the 2011 legislation that privatized health care in state prisons. One of the main goals “was always to save money in tough economic times,” he told The Arizona Republic in 2012.

But cost savings have been elusive from the start.

An earlier version of the bill required that privatization save the state money, but when no company could do that, Kavanagh removed the requirement. The legislature pressed ahead with privatization, and the lowest bidder, Wexford, got the initial contract, which cost the state about $116 million a year, about $5 million more than the state spent the previous year.

Since then, costs have increased each year and with each vendor change. For the 15-month period that began in July, Arizona agreed to pay more than $216 million to Centurion. That doesn’t include the more than $21 million the state has spent on attorney’s fees and other costs of litigation to defend its care in court.

A similar scenario played out in Florida, where an outside auditor said privatization both decreased the quality of care in Florida’s prisons and cost the state more money.

In 2017, the Pew Charitable Trusts published a report that detailed how each state structured its prison health care, and how much each state spends.

Centurion’s health care contract was the most common structure. The state pays the company a set amount per incarcerated person per day, creating what critics say is a perverse incentive: If the company spends less, it pockets the difference.

We Are Witnesses

Intimate portraits of people who have been touched by the criminal justice system

Pew’s findings underscore the question of whether privatization actually saves states money. Data from the report showed no meaningful difference in per-patient spending between states with privately-run and publicly-run health care.

Arizona was near the bottom of the pack, spending $3,529 per patient per year, compared to a national median of $5,720. Only five states spent less. Of those, two provide their own care, two have a contractor providing care, and one uses a mix of both.

In 2019, Dr. Marc Stern, a correctional health care expert appointed by Judge Silver to review Arizona’s prison health care system, identified tens of millions of dollars in state spending on privatization instead of health care. The spending ranges from the vendor’s profit margin, to lawyers to manage and oversee the contract, to duplication of services, to the hundreds of hours that staff on both teams spend facilitating transitions from one vendor to another.

“Privatization has not served, and will continue to not serve, [Arizona Department of Corrections] well,” Stern said.

Maria Schiff, a health policy analyst and one of the authors of Pew’s report, said the money a state spends on health care is only one piece in a much larger equation. The state’s oversight of care, high and measurable quality standards, and efficient use of resources all matter, too.

“What kind of care is a state (and more importantly, its incarcerated individuals) getting for the money it does spend?” she said.

The upcoming trial is set to last three weeks. Eight incarcerated people will take the stand alongside state officials and medical experts.

Among the voices who will not be heard is Walter Jordan, who sent notice of his impending death to the court. But his experience — a litany of mismanagement and incompetence that led directly to his death — was “was sadly predictable,” wrote Wilcox, the outside expert.

According to Wilcox, as someone who already had skin cancer in the past, Jordan should have been provided extra-strong sunscreen, but a Corizon nurse denied it. When Jordan developed a scalp lesion, Corizon sent him to a dermatologist, who should have sent him immediately to an oncologist because the lesion had grown so large. But they didn’t.

The dermatologists’ attempts to remove the growth on Jordan’s head “burn[ed] a hole in his skull bone,” allowing the skull to become infected and the cancer to invade his brain. A provider wrote in Jordan’s chart, “THE WOUND IS HORRIFIC.”

One explanation for such poor decision-making, according to Wilcox: The legislature had set unreasonably low caps on how much the state was willing to pay outside specialists, a problem compounded by millions of dollars in bills to outside hospitals and providers that Corizon left unpaid.

“The completely foreseeable result of not paying specialists, or paying them very little, is that there is an ever-shrinking pool of specialists willing to see prisoners, and the quality of those willing specialists can be lower, as was the case here,” Wilcox wrote.

Wilcox warned more people would have similar experiences unless there were drastic changes.

So far, the lawsuit has outlasted lawyers, Department of Corrections directors, the original judge, and even the original plaintiff in the case, known as Parsons v. Ryan.

Victor Parsons had a stomach infection in prison that went undiagnosed for so long it caused permanent damage. After his release, at the age of 42, he was shot and killed by police in Tucson in 2019 after a standoff at his girlfriend’s apartment.

In an interview conducted while still behind bars, Parsons said he was proud to be part of the case. “Even though people forgo their freedoms when they come to prison,” he said, “they shouldn’t have to forgo their lives.”

Southwest Airways’ October flight cancellations value provider $75 million

Passengers check in for a Southwest Airlines flight at Orlando International Airport in Orlando, Florida, the United States, on October 11, 2021.

Joe Skipper | Reuters

Southwest Airlines on Thursday said mass flight cancellations and delays that disrupted travel for tens of thousands of customers earlier this month cost $ 75 million.

Southwest based in Dallas more than 2,000 flights canceled between October 8th and October 13th, with Florida bad weather, air traffic control and staff shortages being blamed for the problems.

The hit came from flight cancellations, customer refunds and “gestures of goodwill”.

The airline reported a profit of $ 446 million on Thursday.

“Our active (as opposed to inactive) and available staff fell short of the plan and, along with other factors, caused us to miss our operational performance targets for on-time performance, resulting in additional costs,” said Gary Kelly, CEO of Southwest. That, along with a surge in Covid-19 cases, resulted in a $ 300 million drop in sales, he said.

Here’s how Southwest performed compared to Wall Street expectations in the third quarter, based on Refinitiv average estimates:

  • Adjusted earnings per share: a loss of 23 cents versus an expected loss of 27 cents.
  • Total sales: $ 4.68 billion versus an expected $ 4.58 billion.

Pretend Job Listings Value North Texans Time, Cash – NBC 5 Dallas-Fort Value

Fake job offers have increased during the pandemic, according to the pandemic Better business office. In 2020 the FBI’s Internet Crime Complaint Center data showed that 16,012 people were victims of employment fraud. They said they lost more than $ 59 million.

We told you about cyber criminals who fake legitimate companies and post on popular job boards to deceive job seekers.

Now a man from North Texas says a job fraud cost him potential unemployment benefits. Read on to learn more about how to spot the signs of fraud.

“To be too good to be true”

After being laid off last year, Moises Duke was in training for a new job. It was not in his area and it did not provide the full benefit. So when another company looked for a graphic design position with full health and dentures, Duke said he grabbed the chance.

“When I got the offer letter, I thought, okay, I’ll file my resignation with the other company,” Duke said.

Duke said all negotiations with the new company were handled via email. The company informed him that it would be discontinued this way because of the pandemic.

“I tried to sell myself through the emails and everything went well,” said Duke. “At some point they said that due to COVID we are going to send you a check so you can buy the computers and everything. Everything was a little too good to be true. “

He later learned that the second offer was a scam. Since he had quit his job, he could not apply for unemployment benefits.

“The problem is, I quit this company, the other one was fake, so I have no unemployment or a job,” said Duke.

Cyber ​​criminals use sophisticated tricks

Cyber ​​criminals go to extra lengths to make the scam more believable. They can fake legitimate companies – even pull up public information to impersonate actual employees.

According to the latest BBB to learn In job fraud, victims are usually contacted via email or text message, and most believe that the contact was the result of their online job search.

“A lot of people post their résumés when they apply for jobs without knowing that this information is readily available to everyone, including scammers,” said Erica Mendoza, investigations manager for BBB Serving North Central Texas.

Mendoza said that cyber criminals are after your personal information and money. A common trick is to send a job seeker a check with deposit instructions and then purchase equipment for work from home from a provider of their choice. The “seller” is also a fraud.

Once the victim sends money for equipment, the money is gone from their account. Later, the original check fails and the victim’s money is gone.

The Federal Trade Commission explained Just because you can see the balance in your account after you deposit a check, it does not mean that the check has been “cashed”. While banks are required to provide funds from deposited checks within a few days, it can take weeks before they discover that the check is a fake.

“In the end, you transfer your own money to these scammers and then you’re on the hook for the money,” Mendoza said.

Recognize red flags

Moises Duke didn’t lose any money in the end. The scam ended when his alleged new boss sent Duke a check to pay for equipment to work from home. Duke, a graphic designer, said he could see that the bank logo on the till check was not quite right.

“Usually the banks are the ones who make their logo look perfect,” Duke said.

He broke off contact with the fraudster, reported the system to the BBB and posted fraud warnings on his accounts. Although Duke did not return any cash, he had provided the scammer with personal information after they insisted on a background check.

“It’s a bit daunting because you’re trying to work hard to get a job,” said Duke.

He wants to share his story so that another job seeker doesn’t get thrown back by a scam.

“If it all sounds too good to be true, it’s not true,” said Duke. “Take care.”

Other red flags include grammatical and spelling mistakes, vague job descriptions, and the promise of immediate hiring without an interview.

The FBI warns job seekers to be careful about interviews that are not conducted in person or through a secure video call.

If asked to buy start-up equipment or pay for your own background check or check, it is likely a scam – according to the FBI.

The BBB said working from home, where packages are received and re-sent, is a fraud.

Be careful about providing personal information – including your full address, date of birth, and financial information – on your resume or to unverified recruiters and online applications.

The FBI advises that after hiring employees, legitimate companies will ask for direct deposit information for payroll purposes. It is safer to do this in person. Even reputable companies shouldn’t ask for your credit card number.

How to protect yourself

Check the job posting directly through the company. Don’t use a stranger’s contact information. Instead, call or go directly to the company’s website for contact information to validate the job posting.

If you can find multiple websites for the same company, or if the web address is just a few letters away from the URL of an actual company website, it may have been spoofed.

If a job posting appears on job boards but not on the company website, it could be a scam.

Check the Settings Manager email address. Does it match the web addresses used by the actual company? Scammers can use a similar looking address.

You can also do an internet search with the name of the employer and the word “scam” to look for reports of similar job fraud cases.

If a new employer sends you a check asking you to send money to a third party – either via wire transfer, cash app, or gift cards, don’t do it.

What to do if you are a victim of job fraud

Contact your bank or credit card company immediately. If you’ve used a cash app to send money to a stranger, contact the bank associated with the account and notify them of the fraudulent charge. It may be too late to stop the transaction, but law enforcement agencies recommend that you notify your financial institutions immediately.

The Federal Trade Commission highlights additional steps you can take here if you have been the victim of fraud.

Report the scam to Cybercrime Complaints Office.

Notify the FTC on-line or call 877-FTC Help

You can also use the BBB and report the scam of the website that featured the job posting and the company that the cybercriminals impersonated.

NBC 5 Responds is committed to investigating your concerns and getting your money back. Our goal is to give you answers and, if possible, solutions and a solution. Call us at 844-5RESPND (844-573-7763) or Fill out our customer complaint form.

Pasco trainer receives paycheck again after he says part-time DoorDash job price him cash

TAMPA, Fla. (WFLA) – Jospeh Hall, a Pasco County teacher who worked part-time for DoorDash this summer, says the company finally refunded money it withdrew from its bank account.

This is after Hall reached out to Better Call Behnken for help getting through To the company.

Hall says the $ 72.76 was refunded for one day of payment. Hall says this fight was about the principle that anyone who works for pay should get the money they made.

“I know it’s not a lot of money, but I worked because I needed extra money over the summer,” Hall said. “If you work you should be paid, and I have chosen to fight to help people who depend on such a job for all of their income.”

Sarasota woman receives full refund for repairs after contaminated gasoline damaged her SUV

Hall says he enjoyed delivering food for DoorDash until one of his paychecks was canceled.

Hall said he received Suncoast Credit Union and DoorDash on a conference call and the grocery company asked for something in writing to say the payment will be reversed.

As reverb for the first time Better to call Behnken, he showed this letter and said he sent it to DoorDash but “they still say they can’t see they did the opposite” so they don’t give the money back.

Olympus Pools threatens to sue more than 100 customers for breach of contract

A DoorDash spokeswoman said she would investigate and called back to say her team was working with Hall to get the money back. She blamed a “technical error”.

Halle forwarded an email to Better to call Behnken which he received from DoorDash that there is an issue with the company processing payments and that the outage affected all accounts linked to a Visa.

Hall said he was pleasantly surprised when he checked his bank account to see the money was refunded.

Vaccine inequality might value the worldwide financial system trillions: Report

A woman reacts when she is vaccinated against Covid-19 with a dose of the Covishield vaccine on August 12, 2021 at a vaccination center in Mumbai.

PUNIT PARANJPE | AFP | Getty Images

The global economy will lose trillions of GDP due to late vaccination deadlines, with developing countries bearing the most losses due to uneven introduction, the Economist Intelligence Unit said in a report.

Countries that fail to vaccinate 60% of their populations by mid-2022 will lose $ 2.3 trillion between 2022 and 2025, the EIU predicted.

“The emerging economies will shoulder about two-thirds of these losses, which will further delay their economic convergence with the more developed countries,” wrote Agathe Demarais, EIU’s global forecasting director.

There is little chance that the vaccine access gap will ever be bridged.

Agathe Demarais

Global Forecasting Director for the Economist Intelligence Unit

Asia will be “by far the hardest hit continent” in absolute terms, with losses of $ 1.7 trillion, or 1.3% of the region’s forecast GDP. Countries in sub-Saharan Africa will lose around 3% of their forecast GDP, the highest percentage, according to the report.

“These estimates are striking, but they only partially capture missed economic opportunities, especially in the long run,” the EIU said, noting that the impact of the pandemic on education was not included in this forecast. Richer countries turned to distance learning during the lockdown, but many in developing countries did not have that option.

More than 213 million people have contracted Covid-19 and at least 4.4 million have died during the pandemic, data compiled by Johns Hopkins University showed.

Rich-poor divide

Wealthy nations are moving far in their Covid vaccination rates, moving towards a booster and reopening their economies, while poorer countries are drastically lagging behind in the race for vaccination.

As of August 23, around 5 billion doses of the vaccine had been given worldwide, but according to Our World in Data, the figure was only 15.02 million of those doses in low-income countries.

“The vaccination campaigns are advancing at an icy pace in low-income economies,” says the EIU report.

The report said that vaccine injustice was due to global shortages of manufacturing capacity and vaccine raw materials, logistical difficulties in transporting and storing vaccines, and hesitation due to suspicion of vaccines.

Many developing countries cannot afford vaccines for their residents either, and hope for donations from richer countries, but global initiatives have not been entirely successful in providing vaccines to those in need.

“There’s little chance the vaccine access gap will ever be bridged,” EIU’s Demarais said in a statement. COVAX, the WHO-sponsored initiative to ship vaccines to emerging countries, has not lived up to (modest) expectations. “

“Despite flattering press releases and generous promises, donations from rich countries have only covered a fraction of the need – and often they are not even delivered,” she wrote.

Covax aimed to ship around 2 billion doses of vaccine this year but has only shipped 217 million doses to date. according to the UNICEF tracker.

Some of the deliveries went to developed countries such as Great Britain, Canada, Australia and New Zealand, reported the Associated Press.

Effects of Inequality

Poorer countries are likely to recover from the pandemic more slowly, especially if restrictions have to be reintroduced due to lower vaccination rates, the EIU said.

Tourists could also avoid countries with large unvaccinated populations for safety reasons, while political resentment is likely to increase, the report said. Residents may be unhappy that their local governments cannot provide vaccines and see states richer than hoarders of the shots.

“Social unrest is very likely in the months and years to come,” wrote Demarais.

Additionally, the virus situation continues to evolve, with herd immunity likely out of reach due to the highly transmissible Delta variant and vaccination being sought “more modestly” to reduce severe cases, hospitalizations and deaths, the report said.

Political leaders are busy responding to short-term emergencies such as the rapid rise in infection rates, but now need to develop a longer-term strategy, Demarais wrote.

“Here, too, the rich-poor contrast will be strong: vaccinated, richer states have a choice, unvaccinated, poorer ones don’t,” she said.

Keep away from The Tax Breaks That Price You Cash

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People often tell me that they took at least some of the financial measures “because they would save some tax money”. Too often, a careful analysis of the situation shows that the action leaves them with less after-tax money.

A classic case is the mortgage interest deduction. People often believe that owning a home with a mortgage will face a lower tax burden than paying off their mortgage or not owning a home because of the deduction for mortgage interest.

A few years ago that was true in most cases. Many people were in an income tax bracket of 50% or higher. After tax, for every dollar paid, interest was only fifty cents or less. In fact, the government paid at least as much of the interest as they did.

But things have changed.

Tax rates are much lower for most Americans. When you’re in the 22% tax bracket, every dollar of interest paid saves only 22 cents in tax. You have 78 cents out of your pocket. If you are in an even lower tax bracket, which many people are, you are paying even more interest yourself.

It is even worse under the Tax Act 2017. The standard deduction has been doubled. You will only deduct itemized expenses, including mortgage interest, if your total itemized expenses exceed the standard deduction. Because of this, only a minority or Americans can deduct individual expenses. You receive little or no tax advantage from the mortgage interest deduction, as the total expense is only slightly above the standard deduction.

Of course, there can be good reasons for a mortgage loan. But saving taxes is usually not an essential factor.

The same analysis applies to some other tax deductions. Too many people believe that an expense is free or nominal if it is deductible. The deduction can mean your out-of-pocket expenses are less than a dollar for every dollar spent, but you still bear most of the cost at today’s tax rates.

Tax deferral is another strategy that can now cost more money than it saves.

Most people still believe in the traditional rule of not paying tax until you have to and deferring tax as long as possible. This is a major reason why many people are choosing traditional IRAs or 401 (k) s over their Roth counterparts and choosing not to convert traditional IRAs to Roth IRAs.

But a tax deferral is usually not a good idea if you are in a higher tax bracket in the future than you are today. Many younger people would benefit greatly from Roth accounts as they are in the lowest tax bracket today. If they distribute the contributions and the accumulated investment income in the future, they will likely be in a much higher tax bracket.

Also, many people overlook the fact that distributions from a traditional IRA or 401 (k) are taxed as normal income, even if the distributions are investment income that was tax-privileged capital gains or qualified dividends. By depositing money into a traditional IRA or 401 (k) in lieu of a Roth account or a taxable account, you convert tax-deferred investment income into ordinary income. That could mean you have to pay more taxes in the long run.

Tax-exempt income, such as interest on government and municipal bonds, is another area where tax breaks can cost money.

The interest on these bonds is exempt from federal income tax. But the interest rate is also lower than the interest rate on taxable bonds. Unless you are in the highest tax bracket, tax-exempt bonds often give you less after-tax money than taxable bonds.

It is good practice to look for tax savings, but it is important to analyze all the effects of potential tax strategies. Make sure they leave you with more after-tax wealth than other strategies. Some strategies will lower taxes but will not result in more after-tax wealth.

Factbox: Cash, cash, cash: the price of Tokyo’s pandemic-delayed Video games

The Tokyo 2020 Olympic Games logo, postponed to 2021 due to the coronavirus disease (COVID-19) outbreak, can be seen through a traffic sign in the Tokyo Metropolitan Government Office building in Tokyo, Japan, Jan. 22, 2021. REUTERS / Issei Kato / File Photo / File Photo

TOKYO, June 23 (Reuters) – Despite local opposition amid the coronavirus pandemic, the Tokyo Olympics, which were postponed last year, will begin in exactly one month – with the exception of “Armageddon,” a member of the International Olympic Committee said.

But the delay so far has been costly in many ways. Here are some areas where costs have increased and expected revenues will not materialize.

OLYMPIC COST

Organizers said last December that the total cost of running the Games would be about $ 15.4 billion, including $ 2.8 billion for the unprecedented postponement from 2020. Since then, the forecast bill has been up for the shift increased to $ 3 billion.

Ticket revenue is likely to be reduced by more than half its previously expected 90 billion yen ($ 815 million), Tokyo 2020 CEO Toshiro Muto said at a briefing on 21.10. Overseas viewers are prohibited.

The organizers initially sold around 4.48 million tickets and the government had expected a tourist stroke of luck. Around 840,000 tickets have now been refunded, but the caps mean a further decrease to 2.72 million tickets.

SPONSORS

More than 60 Japanese companies combined paid a record more than $ 3 billion to sponsor the Games. Sponsors paid another $ 200 million to renew contracts after the Olympics were postponed.

That doesn’t include partnerships with Japanese companies Toyota, Bridgestone, and Panasonic, as well as others like South Korea’s Samsung, which have separate deals worth hundreds of millions of dollars with the International Olympic Committee (IOC) through a separate high-level sponsorship program.

INSURANCE

Although the cancellation scenario is getting less likely every day, if this happens, global insurers would face a heavy bill, with estimates putting a loss of $ 2-3 billion.

The IOC hedges around $ 800 million for each summer game, which covers the majority of the roughly $ 1 billion investment in each host city.

Local organizers in Tokyo will have another policy that is valued at around $ 650 million.

Analysts at the financial services firm Jefferies estimate the 2020 Olympics insured costs, including TV rights and sponsorship, at $ 2 billion, plus $ 600 million for hospitality.

MEDIA

NBCUniversal had a record $ 1.25 billion in national US ad spend on the Games before they were postponed in 2020, and has spent the past year attracting sponsors to bring them back this year support, reported the entertainment business magazine Variety.

The parent company of NBCUniversal Comcast (CMCSA.O) agreed to pay $ 4.38 billion for U.S. media rights to four Olympics from 2014 to 2020, she added.

Discovery Communications, the parent company of the television broadcaster Eurosport, has agreed to pay 1.3 billion euros (1.4 billion US dollars) to broadcast the Olympic Games across Europe from 2018 to 2024.

BLOW FOR THE ECONOMY

The Olympics were originally intended to be a major tourist attraction, but the ban on foreign spectators thwarted hopes for an early recovery in incoming tourism, which has been frozen since last year.

In 2019, Japan hosted 31.9 million foreign visitors spending nearly 4.81 trillion yen ($ 44 billion). The number fell 87% in 2020 to just 4.1 million, a 22-year low.

Although very unlikely at this point, a complete cancellation would mean a loss of 1.8 trillion yen, or 0.33% of GDP, the Nomura Research Institute said in a recently released report.

However, Nomura Research Institute’s senior economist Takahide Kiuchi said the loss would pale compared to the economic impact of the emergency caps if the games turned into a super-spread event.

“If the (Olympic Games) triggered the spread of infections and required another declaration of emergency, then the economic loss would be much greater,” said Kiuchi.

($ 1 = 110.4000 yen)

Reporting by Elaine Lies; Editing of Lincoln Fest.

Our standards: The Thomson Reuters Trust Principles.

Refinancing to economize? Right here’s how a lot it is going to price you

Our goal here at Credible Operations, Inc., NMLS number 1681276, hereinafter referred to as “credible”, is to give you the tools and confidence you need to improve your finances. Although we promote products from our affiliate lenders who compensate us for our services, all opinions are our own.

Refinancing your mortgage to a mortgage with a lower interest rate can help save you money over the life of the loan. Refinancing also costs money. So weigh the benefits against the costs. ((iStock)

If you want to save money on your mortgage or get better loan terms, you may be interested in refinancing. How much it costs to refinance a mortgage depends on several factors. Knowing these factors can ensure that the benefits of refinancing your mortgage outweigh the potential costs.

How does the refinancing work?

Refinancing involves taking out a new mortgage to repay your original loan. If you already have a mortgage you have a good idea about it What does the refinancing look like? because the process is very similar to taking out a mortgage.

To get the best deal, you should check out various lenders. You can then compare your best deals against your current mortgage to confirm that you want to move on with the refinance. If you have improved your balance since you took out your first mortgage, you may get better terms and interest rates from refinancing.

Credible makes it easy to compare refinancing rates from multiple mortgage lenders.

How much does it cost to refinance a mortgage?

If you refinance a mortgageYou pay the closing costs exactly as you did when you bought your home on your original mortgage. The closing costs are usually 2% to 6% of your loan amount.

You should consider these costs before refinancing and make sure your new interest rate is low enough that you can still see long-term savings after paying the closing costs.

The average acquisition cost is approximately $ 5,000. However, this number can vary widely and can be influenced by the following factors:

  • Size of your loan
  • Your credit score and history
  • Payment history of your existing loan
  • income
  • Employment history
  • Lender
  • How much equity do you have in the apartment
  • Where do you live (state and county)
  • Current value of the house
  • Debt utilization

Lenders study these factors to determine how much risk you pose to them. The stronger these factors are, the stronger better prices and terms you are likely to get.

HOW TO BUY A HOME IN 2021: 8 TIPS FOR WINNING THE COVID HOMEBUYING SEASON

What are some common refinancing fees?

Fees add to the cost of refinancing a mortgage. Some of the common refinancing fees you can expect include:

  • Registration fee: A refinancing application fee can range from $ 250 to $ 500 and covers administration costs. You can ask your lender to waive this fee.
  • Origin Fee: In general, borrowing fees shouldn’t be more than 2%. If your fee is higher, try to negotiate.
  • Evaluation fee: Typically, home appraisal fees cost anywhere from $ 300 to $ 500. This fee covers the cost of hiring a qualified third party to determine the fair market value of your home, thereby qualifying the home for the new loan.
  • Legal fees: If a solicitor helps close the home, whether you or the lender hires, fees will apply that will be used to offset your closing costs.
  • Title search fee: This fee covers the cost of a title search that confirms that your home’s title is free from defects. This can cost anywhere from $ 500 to $ 1,000 if you’re working with a title company. Your lender may also require you to purchase property insurance.
  • Survey fee: Properties that haven’t recently been surveyed may need one prior to refinancing.
  • Admission fee (depending on the location): State and local government agencies have different record-keeping needs, but may require you to legally record your mortgage, deed, and other important documents associated with your mortgage.
  • Taxes: Property taxes can be tough on refinancing, but the cost of these varies depending on the value and location of the home.
  • Other billing fees: Other handling fees may apply during the closing process to secure the loan. These fees vary by location and lender and can be negotiated.
  • Private mortgage insurance: If you have less than 20% equity in your home, your lender may also ask you to purchase a PMI to protect the lender in case you default on the loan.

Finding a cheap mortgage refinance rate could help offset the cost of joint closing fees. You can compare the refinancing rates for mortgages below Credible.

Reasons To Refinance A Mortgage

You can refinance a mortgage for a number of reasons, including:

  • Lower interest rates: Lower interest rates can save and earn money over the life of the loan monthly mortgage payments smaller.
  • Change of rate type: If you have a variable rate mortgage, refinancing to a new fixed rate mortgage protects your monthly payment from market fluctuations.
  • Use equity: A Disbursement Refinancing This option allows you to capitalize on your home equity by refinancing yourself into a loan that is worth more than what you owe on your existing mortgage. Doing this will give you extra cash, but this will result in a larger loan amount on the new mortgage which can increase your monthly payments.

It’s worth noting that when it comes to refinancing, there is no guarantee that your new loan will be offered on better terms. Not only does your creditworthiness play a big role in refinancing, but also the current market conditions.

Different types of refinancing

Homeowners most commonly pursue two types of refinancing:

  • Interest and term refinancing: If you’re looking for a lower interest rate, lower monthly payments, or shorter term, an interest rate and term refinance loan might be for you. You can also use this type of loan to switch from a fixed rate loan to an adjustable rate loan.
  • Disbursement refinancing: If your goal is to develop equity, a payout refinance loan can make it possible.

How can I reduce my refinancing costs?

Unfortunately, there is no way you can completely avoid refinancing costs, but you can take steps to lower yours.

Improve Your Credit Score

The higher your credit score, the better credit terms and interest rates lenders are likely to offer. If you have the time, try improving your credit score before applying for refinancing. A higher credit score can also help you qualify for reduced fees.

Comparison shop for mortgage offers

Before you decide on a lender to refinance, take a look around who is offering you that best interest rates and loan terms. Also, consider how much fees each lender charges. Credible can show you mortgage refinance rates and quotes from multiple lenders.

Ask the lender to waive any fees

Refinancing fees aren’t always set in stone. Try negotiating with your lender to either cut refinance fees or eliminate them entirely.

Consider refinancing the cost without completing it

Some lenders will market theirs Mortgage refinancing as “free”, which can help you avoid upfront costs. However, it’s important to know that refinancing with no closing costs will not get you completely out of the closing costs. Instead of charging you up front for closing costs, the lender will simply add them to your mortgage amount or give you a higher refinancing rate.

Consider buying mortgage points

If your credit score is on the lower side, you can buy mortgage points to secure a better interest rate. Essentially, mortgage points are fees that you can pay to get a lower interest rate on your mortgage. Mortgage points often cost around 1% of the home loan and typically only lower the refinance rate by a quarter of a percentage point.

How Taking Tax Deductions Can Price You Cash

Sometimes deductions are not worth juggling.

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With the federal tax return postponed until mid-May, Americans have some leeway and could come up with more things they think they should write off. But Rick Kahler, President of Kahler Financial Group in Rapid City, SD, shows us how some deductions can actually make you worse off:

Larry Light: How much is a tax deduction worth?

Rick Kahler: Maybe less than you think. There are several ways that overemphasis on deductions can lower your tax burden, but actually cost you more money than you save.

Light: Sounds threatening. What are you?

Bald: First, let’s talk about a mortgage. I hear people say, “I could pay off my mortgage, but I would lose the interest deduction.” Keep this in mind: On average, an interest deduction is worth 12 cents for every dollar paid. This means that the net outlay costs are 88 cents.

If you don’t have a mortgage, you will now pay 12 cents more in tax for every dollar you stop spending on interest – but you also have to keep 88 cents more. Reducing your net worth by a dollar to save 12 cents is not a good money decision.

Light: What if you get a raise?

Bald: Some even refuse income to avoid a higher tax bracket. A married couple with taxable income of $ 81,050 belong to the 12% tax bracket. A $ 1 increase would place them in the 22% tax bracket. Should they take the raise? Absolutely.

Those who would oppose the hike would likely expect their taxes to rise from $ 9,726 – that’s 12% of $ 81,050 – to $ 17,831, or 22%, to $ 81,051. Fortunately, tax brackets don’t work that way. The higher bracket applies only to income greater than $ 81,050. The dollar increase would be taxed at 22 cents, bringing the total tax burden to $ 9,726.22.

Light: What about retirement accounts?

Bald: Some people don’t carefully compare traditional and Roth IRAs. Bringing pension funds into a traditional IRA offers an instant deduction, but choosing a non-deductible Roth IRA and paying some taxes might make more sense.

For example, a young couple with taxable income of $ 19,900 is in the 10% tax bracket. With a good chance, your retirement income will be significantly higher. If 10% tax savings are made today, it could mean paying 12%, 15%, or even 37% when those funds are withdrawn. With a Roth IRA, this couple would pay 10% tax on their contribution today in exchange for paying zero tax on their future withdrawals.

Light: There is an aversion to turning into one red among many.

Bald: It often makes financial sense to convert some or all of the traditional IRAs into Roth IRAs. If you find yourself in a lower tax bracket today than you expected when you retire, it usually makes sense to pay lower tax on the amount converted now rather than paying higher tax later.

Light: What about municipal bonds?

Bald: Bonds issued by municipalities are tax-free. Why pay taxes on interest on corporations and US Treasuries when you couldn’t pay taxes on interest on bonds used to fund local community ventures?

Here’s why. The current average interest rate on high quality 10 year municipal bonds is 1.1%. The average interest rate on high quality 10 year corporate bonds is 2.1%. Even if you are in the highest federal tax bracket, owning the taxable corporate bond would get you 1.32% net, which is still higher than the municipal bond. It is important that you do the math before investing in tax-free municipal bonds.

Light: Such strategies that you mentioned are difficult for some people to control their minds.

Bald: Spending a dollar to save some of the taxes will only decrease your net worth. Such behavior is not in your best financial interests, although it is completely rational based on the beliefs and emotions behind it. These beliefs could include distrust of the government, a desire to punish or control the government by reducing its revenues, inaccurate assumptions about how tax brackets work, and a belief that taxing less is always the best choice.

Tax deductions only make sense if you actually need or want to spend money on deductible items such as property taxes, interest, charitable donations, or necessary business expenses. Reducing taxes by overvaluing deductions only diminishes your own financial well-being.