Tag Archives: Middle Class Dismissed

Gas In Egypt Is 78 Percent More Expensive Now Than Last Week

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“The anger stems from a controversial decision by the government of Egypt’s new president, Abdel-Fattah el-Sissi, to cut energy subsidies in order to address the country’s staggering deficit.  Egypt spends a quarter of its budget on a subsidy system that discounts basic necessities for its citizens. But three years of political turmoil has devastated the crucial tourism industry and scared off foreign investment.  The new price hikes on fuel — which came into effect over the weekend — are between 40 and 78 percent. The government is also raising electricity prices, with plans to end power subsidies in five years. Taxes on beer doubled and also increased on cigarettes.”

http://www.npr.org/blogs/parallels/2014/07/09/330038075/gas-in-egypt-is-78-percent-more-expensive-now-than-last-week

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9 NYC Stores Fined for Propping Air-Conditioned Doors Open [2010]

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“Nine stores in Manhattan and the Bronx have been hit with $200 fines for leaving their doors open on hot days in the hope that the escaping cool air will lure sweaty customers. They are the first fined as part of a new law passed in 2008.  Last year, only warnings were given out. Fines start at $200, and go up to $400 for any further infractions. The legislation states that any business larger than 4,000 square feet or part of a chain with five or more stores in the city must keep doors closed when using an air-conditioning system.  A digital thermometer read a refreshing 79 degrees 10 feet away from a Zara’s on 17th Street and Fifth Avenue, despite it being a muggy 97 degrees two blocks away.”

http://cityroom.blogs.nytimes.com/2010/07/08/9-stores-fined-for-propping-doors-open/

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Ten percent of Venezuelans are taking steps for emigrating

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“The figure exceeds the numbers pertaining to the highest peaks of emigration from Venezuela in the last decade: after the coup of 2002 and after the presidential recall referendum in 2004.  The president of Datanálisis argues that in this continent the poorest strata of the population are often the natural emigrants (for economic reasons rather than political reasons). In Venezuela, however, most people aiming to live in other countries belong to the highest strata of the population.  Datanálisis’ latest survey determined the common profile of Venezuelan emigrants: they are young people (aged 18-35), professionals or equity holders whose contribution to the country GDP is high.”

http://english.eluniversal.com/nacional-y-politica/140816/ten-percent-of-venezuelans-are-taking-steps-for-emigrating

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UK government ‘mansion tax’ proposal will include property over £2m

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“Labour is refining its plans for a mansion tax, saying, in common with the Liberal Democrats, that it would introduce new tax bands on properties above £2m.  But the shadow chancellor, Ed Balls, also promised there would be concessions to ensure the tax does not hit those who are asset-rich but cash-poor.  It is likely Labour will propose two lower bands, one between £2m and £5m, and another between £5m and £10m.  The reassurance from Balls may be designed to soothe the fears of Londoners who are seeing house prices rising much faster than ever imagined, widening the net of people likely to be affected.”

http://www.theguardian.com/politics/2014/jun/23/labour-refines-mansion-tax-new-bands-property-2m

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Where Do Your Air Fare Taxes and Fees Really Go?

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“In July, when a hike in the security fee takes effect, the typical $300 domestic airline ticket will include $63 in ticket taxes and other government levies. That’s effectively 26 percent of the base fare of $237.40. You not only get dinged by the 7.5 percent federal ticket tax, but a ‘flight segment tax,’ an airport passenger charge and the aforementioned security fee. In its budget, the White House is proposing even more tax hikes on your ticket. And for international travel it’s even more confusing, with a mess of charges like ‘user fees’ for Customs and immigration.  That means flying is getting close to sin tax territory— with punitive levies partly aimed at discouraging consumption.”

http://www.cntraveler.com/stories/2014-05-15/where-your-air-fare-taxes-and-fees-really-go

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Foodflation – Since QE3, Breakfast Is Up Over 24%

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“Having pointed out the ‘surges’ in the cost of your 4th of July burger at the behest of Greenspan and Bernanke, we thought a reflection on the soaring costs of ‘the most important meal of the day’ were in order. As the following chart illustrates in words and pictures even a PhD Fed economist or CNBC pretend-economist could understand – food-flation is here from breakfast through dinner (no matter how many iPads we try and eat).”

http://www.zerohedge.com/news/2014-07-06/foodflation-qe3-breakfast-over-24

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UK savers could be forced to pay death tax while they are still living

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“Under plans put out for consultation, HM Revenue & Customs would have powers to subject people minimising inheritance tax to ‘accelerated payment’ laws, meaning they would be forced to pay up front if officials suspect them of using new schemes to avoid tax.  Experts have warned that under the rules, taxpayers will be treated as ‘guilty until proven innocent’.  Ministers are concerned that growing numbers of people are setting up trusts to shield their estates from inheritance tax.  Treasury forecasts suggest that rising house prices and the recovering economy will push tens of thousands more people over the £325,000 threshold for paying the duty.”

http://www.telegraph.co.uk/finance/personalfinance/11025017/Savers-could-pay-death-tax-while-they-are-still-living.html

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Fed’s Zero Interest Rate Cost Savers A Trillion Dollars

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“While there is a lot of support for low interest rates – from stock market investors, home buyers, business borrowers, etc. – it has not been a cost-free policy.  While bank savings rates have traditionally been able to earn savers a little more than inflation, they have consistently lagged behind inflation during this era of extraordinarily low interest rates. That means that depositors in CDs, savings accounts and money market accounts have been losing purchasing power. This lost purchasing power is the hidden cost of the Fed’s policies.  The question is, what has this three-quarters of a trillion dollars in lost purchasing power bought us?”

http://www.investorsinsight.com/blogs/forecasts_trends/archive/2014/05/13/fed-s-zero-interest-rate-cost-savers-a-trillion-dollars.aspx

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In Europe, Job Protections for Older Generation Are Barriers for Youth

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“The older generation benefited from decades of rock-solid job protection, union-guaranteed salary increases and the promise of a comfortable retirement. All this has allowed them to weather Europe’s longest postwar crisis reasonably well.  By contrast, many younger Europeans can hope for little more than poorly paid, short-term contracts. Employers in many countries are reluctant to hire on permanent contracts because of rigid labor rules and sky-high payroll taxes that go to funding the huge pension bill of their parents. The breach is widening: Median income for people over 60 rose between 2008 and 2012 in nearly every EU country; it declined for people under 25 in almost half.”

http://online.wsj.com/articles/in-europe-job-protections-for-older-generation-are-barriers-for-younger-workers-1407541533

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U.S. government waging war on school bake sales?

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“The homemade brownies, cupcakes and Rice Krispies treats that parents prepare for these fundraisers will come under extra scrutiny because of new federal regulations that took effect July 1.  The Healthy, Hunger-Free Kids Act of 2010 puts the USDA in charge of monitoring whether schools meet the new healthy meal standards. The USDA also has the authority to set nutritional standards for all foods regularly sold in schools during the school day, including vending machines, the ‘a la carte’ lunch lines, school stores and the traditional K-12 bake sale.  More bake sales are offering processed, pre-packaged goods because the nutritional contents are clearly labeled.”

http://finance.yahoo.com/news/is-the-government-waging-war-on-bake-sales-152746335.html

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