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Excise Taxes on Tobacco Are Going Overboard

March 31, 2009 | Business Analysis, Business News, Taxation | Comments (0)

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Commonwealth Brands, Inc., the Nation’s fourth largest tobacco manufacturer, with manufacturing facilities in Reidsville, North Carolina, speaks out against Governor Bev Perdue’s push for an increase in the state excise tax on tobacco products. Within the Governor’s plan, she has announced support for a $1 per pack increase, which has been followed by members of North Carolina’s state legislature proposing Bills for increases to take effect by July 1, 2009.

Commonwealth Brands, Inc. which has already been proactive against the proposed smoking ban in North Carolina, has expressed its concerns with the SET increase by writing to Governor Purdue, and to Representative Weiss, who has most recently introduced a Bill to raise the tax by .75 cents per pack. Commonwealth Brands, Inc. employs over 200 people in Reidsville, NC and is concerned for their North Carolina consumers.

In an interview Anthony Hemsley, Vice President of Government and Corporate Affairs, said, “It is a disgrace to continually target legitimate, adult smokers who choose to purchase a legal product.” He continued with, “It is disappointing that states, especially one like North Carolina which has benefited from tobacco for so many years, continue to persecute our smokers to cover state deficits.”

Commonwealth Brands, Inc. is concerned about how the proposed state tax on cigarettes will reflect negatively for North Carolina, especially given the huge Federal tax increase that comes into effect on April 1, 2009. “State budget projections based on historical tobacco sales volumes will lead to significant shortfalls.”

Commonwealth Brands, Inc. is the fourth largest tobacco manufacturer in the United States. Its cigarettes include Davidoff, Sonoma, Montclair and USA Gold, the nation’s eighth best seller*. Its portfolio of fine tobaccos consists of the Premier, McClintock, Rave and Bali Shag brands. The Company also manufactures a range of tobacco related products, which include Premier, Rizla, and El Rey cigarette tubes and E-Z Wider and Joker cigarette papers. Commonwealth Brands, Inc. is based in Bowling Green, Kentucky, and employs over 900 people across 50 States. The Company is committed to its employees, its brands and its consumers.

(Source) Press

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Tax Cuts to Aid Businesses and Consumers

January 5, 2009 | Business Administration, Business Analysis, Business News, Taxation | Comments (0)

Tax CutsBusinesses and consumers need all the break they can get. And as far as U.S. President-elect Barack Obama is concerned, it is a step in the right direction prior to his transition as the next president of America.

It is no secret that all businesses and people are suffering from the economic turmoil beset upon us and any form of aid and help would be most certainly welcome. The economic plague has reached most parts of the world and among the notable indicators point towards bankruptcy and unemployment rise.

Obama is asking that tax cuts make up 40 percent of a stimulus package, the people say. The measure may be worth as much as $775 billion, a Democratic aide says, meaning tax cuts may constitute more than $300 billion of the legislation.

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Taxpayers Money Bailing Out Big Three from Financial Debacle

December 10, 2008 | Business Administration, Business Analysis, Business Management, Business News, Politics, Taxation | Comments (0)

It was announced that the U.S. government is in its final stages of perhaps providing a $15 billion proposal to save Detroit’s car industry and avoid the collapse of these three automakers. General Motors and Chrysler are the ones in dire need of financial assistance to avoid bankruptcy while Ford just has not yet pushed the panic button and just wants some assistance just in case business does not pick up.

As far as the financial assistance that is being given, it shall be taken out of the taxpayers’ money. But hold on. Isn’t that fund the same as what the laid off employees were being deducted off when they were connected with some of these companies? The big three have cut off thousands of workers and while that did not draw much attention it looks ironic that they will be the ones who technically rescue these automakers and allow the millionaires survive for another day.

Prioritizing the economy’s state and the businesses that evolve around it is understandable. But what has the government have in store for the laid off workers who are now facing problems as far as surviving in the financial part of their lives?

The scenario does indeed look weird. A lot of people are in need of help. But as of now, it seems that the millionaires are getting the aid over the not so fortunate ones. Are we sure the owners of these large auto companies are really in need of help or just don’t want to infuse money to their companies so that they can invest it somewhere else.

These are some things you should ponder on folks. Business is still a dirty game and the wealthy know how to play it wisely.

The bailout is designed to allow GM and Chrysler to avert threatened bankruptcy through March with short-term loans. Ford Motor Co is not requesting immediate help but would like a line of credit in case its finances worsen.

Lawmakers fear if automakers collapse, it would deepen the U.S. recession. But many say market forces, not a government saddled with a record deficit, should determine their fate.

There also is reluctance to provide another federal rescue in the wake of the voter backlash against Congress for its passage of a $700 billion bailout for Wall Street in October.

At the same time, many argue that if Congress provided relief for millionaires in the U.S. financial industry, it should also help blue-collar autoworkers facing unemployment.

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Borrowers Hurting Despite Efforts of Federal Reserve

May 2, 2008 | Basics of Business, Business Management, Taxation | Comments (0)

Money Reserves

Despite the walk of business that you are involved in, chances are that you’ve been paying close attention to the evolution of the credit crunch in the United States and the efforts that the Fed has undergone in an attempt to alleviate some of the conditions that have been created as a result of the crunch. It’s just simply good business to be kept up to date on something that affects the economy at such a deep level, but at the same time the news seems to be nothing but depressing.

The latest thing the Federal Reserve has been doing is unfreezing bank funding markets in order to alleviate the cost of borrowing. However, that has not been helping matters that much as a recent report suggests that the cost of borrowing over the last quarter rose by almost a third of a percentage. That is not good news for people that are on variable rate mortgages because it means that not only are they going to be paying more money in interest charges for the same loan, but they are also doing it at a time when economic growth is stifled and upward mobility vis-à-vis take home wages is down. That is not a good combination for anyone and in an economic system like the US where the entire system is based in some way or another on the continual expansion of credit, it is not surprising that such bad conditions have been created.

The Federal Reserve will need to step up their efforts in the unfreezing process, or things might get worse in the near future.

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Are You Looking Forward to Tax Rebates?

April 16, 2008 | Business News, Careers, Taxation | Comments (2)

Tax Filing

As far as filing your taxes properly this month, many of us will have our share of tax rebates due to erroneous computations or overpayment from the previous months. But while others are trying to settle their tax obligations, would you be looking forward to a tax rebate?

Normally, you will answer this with a simple “Of Course!” But mind you, these tax rebates are not reimbursed immediately. There is due process and if you are the impatient type, chances are you may not even wait for your tax rebate to fall right into your waiting hands.

Most likely, you don’t need to do anything extra to get your rebate; it will come automatically after you file your 2007 tax return. But even if the filing deadline has passed, there are plenty of things you can do to ensure you’re getting as big a check as possible and to make the money stretch further.

(Source) Yahoo Finance

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