Time to respect Chavez's merits?








By Samuel Moncada, Special to CNN


February 18, 2013 -- Updated 1218 GMT (2018 HKT)







One Venezuelan official says the reforms enacted in Hugo Chavez's 14-year tenure deserve respect.




STORY HIGHLIGHTS


  • Despite perceptions, Hugo Chavez has brought social progress to Venezuela

  • Moncada: Venezuela's critics have engineered a false narrative of impending disaster

  • Venezuela has used its vast oil reserves to transform lives of ordinary people

  • Ambassador says Chavez's most significant achievement is his empowerment of the majority




Editor's note: Samuel Moncada has been the Ambassador of Venezuela to the United Kingdom since 2007 and holds a PhD in Modern History from Oxford University. He is solely responsible for the content of this analysis.


(CNN) -- Reading the international press, one would be forgiven for thinking that Venezuela is on the verge of collapse.


Over the past decade, all sorts of predictions have been made, ranging from catastrophic election defeats to the implosion of the Venezuelan economy. But the fact these predictions have failed to materialize has not deterred many of Venezuela's most fervent critics in their quest to engineer a constant and misleading narrative of impending disaster.


More: Chavez returns after Cuba cancer treatment


The reality is that ever since President Hugo Chavez was first elected, Venezuela has defied these negative predictions and brought unprecedented social progress to the country over the last 14 years. Since 2004 poverty has been reduced by half and extreme poverty has been cut by 70%. University enrolment has doubled, entitlement to public pensions has tripled, and access to health care and all levels of education have been dramatically expanded.


Venezuela now has the lowest levels of economic inequality of any Latin American country as measured by the Gini coefficient. Our country has already achieved many of the Millennium Development Goals, and is well on target to achieve all eight by the 2015 deadline.


This progress has been achieved by using Venezuela's vast oil revenues to transform the lives of ordinary people. The sheer scale of our oil reserves -- the world's largest -- guarantees the complete sustainability of the model in which the country's resources are used to stimulate growth in the economy and aid development.


But Chavez's most significant achievement has been to trigger the awakening and empowerment of the majority. A majority of Venezuelans have seen vast improvements in their living standards and, as a consequence, they have continued to defend their interests at the ballot box.


The Venezuelan people are very clear about what they want. President Chavez was re-elected in October 2012 with 54% of the vote in an election that boasted an 81% turnout. The Venezuelan people showed their support for the government again in December 2012 in the gubernatorial elections, which saw Chavez's political party win 20 out of 23 states.


Governments in Europe and other parts of the world could only dream of these levels of support after 14 years in power. This shows that social progress in Venezuela has been consolidated and that there is a desire to further expand this progress.


In the coming years, the Venezuelan government will continue to respond to the needs of the Venezuelan people. Hundreds of thousands of new homes have been built over the last two years which have not only greatly improved living standards but also provided jobs and contributed to a boom in the construction industry. The government is well on its way to meeting its target of building three million new homes by 2019.


While many economies around the world are shrinking, the Venezuelan economy grew by 5.5% in 2012. Against the backdrop of a continuing international financial crisis, commerce in Venezuela grew by 9.2% and communications by 7.2%, manufacturing grew by 2.1% and the oil sector grew by 1.4% -- making Venezuela one of the fastest growing economies in Latin America.


At a time when many countries are attacking the rights of the most vulnerable sectors of society, Venezuela is providing ever greater protection for low-income senior citizens and single-parent families with younger children or disabled dependents.


The failed development models of previous governments condemned millions of Venezuelans to poverty. Before the election of Chavez in 1998, Venezuela suffered years of falling GDP. The country had one of the worst economic records in the world -- a record that led to mass social unrest and violent military crackdowns.


Venezuela will continue on its path of social progress and empowering ordinary citizens. The greatest hope for the future is the people know that they alone hold the power to determine the direction the country will take.


After so many failed predictions, isn't it time to respect Venezuela's democracy and the will of the people?












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The Price Tag for Obama’s Antipoverty Moonshot







If there was a moonshot moment in President Obama’s State of the Union speech, it involved global development. The U.S., Obama pledged, “will join with our allies to eradicate extreme poverty in the next two decades.”  Part of that effort would involve saving the world’s children from preventable deaths and “realizing the promise of an AIDS-free generation.”


In one short paragraph, Obama committed the U.S. and its partners to ending absolute poverty planetwide and saving millions of lives each year. Even more astounding is that the goal is plausible—if, that is, the U.S. is willing to spend the same as we did on the original moonshot and ask the rest of the world to do the same.






The goal of eliminating $ 1.25-a-day poverty over the next 20 years may be the most straightforward part of the president’s package. It also demands the least of the American taxpayer. Forecasts of poverty rates from Martin Ravallion of the World Bank and the Center for Global Development suggest that economic growth in developing countries alone will be rapid enough to reduce the number of people in the developing world living below the $ 1.25-a-day line from 20 percent to 3 percent. Even a slight “bending of the curve” through more rapid growth, lower inequality, or (even) transfers from richer countries would get us to zero. This can be accomplished with minimal assistance from the West, if the record of the past 20 years is anything to go by. The decline in the proportion of people in absolute poverty from 43 percent to 21 percent worldwide between 1990 and 2010 was led by China and India, both countries that receive aid worth a fraction of a percent of their GDP.


The health goals pose bigger challenges. We’ve seen immense progress in the fight against child mortality over the past 50 years, for example—and particularly heartening improvement in Africa over the past 10. But we’re still a long way from the level considered necessary to avoid easily preventable deaths. The child mortality rate in developing countries today averages close to 5 percent. In Africa it averages 12 percent. The United Nations forecasts that Africa is likely to continue to see child mortality of 8.5 percent in 2030. Forecasts I created with colleagues at the Center for Global Development last year were more optimistic: We suggested Africa might see a rate of 6.6 percent in 2030. Either way, Obama has called for Africa to reach a rate less than one-third the predicted level within two decades.


That’s not to say it’s impossible—just very, very difficult. We have the technology to keep nearly all kids healthy. Vaccines already prevent 2 million to 3 million deaths a year, and 1.5 million more children could be protected if everyone worldwide got their shots, according to the WHO. Add in a few other techniques, such as breastfeeding, hand washing, access to antibiotics, providing zinc and micronutrient pills, and mixing oral rehydration salts alongside bed nets, and you are close to declaring success. The problem is that all of the above rely on overburdened, underskilled, poorly run health systems in the developing world to provide, regularly and universally, the basic package of care that’s also required. Outside finance is only one small part of the story.


Still, more money would surely help save more kids. A recent study in the medical journal The Lancet suggested that for each $ 1 million invested in equity-focused national health programs, 81 deaths of children under age five could be prevented. That implies that reducing the current 7 million child deaths worldwide by two-thirds might cost as much as $ 86 billion a year. Much of that money will come from parents and national governments, but aid accounts for nearly a fifth of health spending in low income countries—a share that would have to rise were such ambitious health targets to be met.


If the U.S. takes on just 10 percent of the likely full additional costs of reducing child mortality by two-thirds, that’s $ 8.6 billion a year. And as a first step toward an AIDS free-generation, UNAIDS estimates we need a little more than $ 7 billion in additional annual spending in low and middle-income countries by 2015. If the U.S. were to keep its current share of overall spending in those countries, budget allocations would need to rise by about $ 1.7 billion—or about 26 percent. Add the two together, and that’s $ 10.4 billion in additional spending on health aid.


So to return to the moonshot analogy: How would the costs of substantially ending deaths from AIDS and preventable childhood diseases stack up against what the U.S. spent to put a dozen men on a lifeless orbiting rock? In total, the Apollo Program amounted to $ 98 billion over 14 years. If the president is serious about his State of the Union pledges, this year’s White House budget proposal should show a commitment on a similar scale—perhaps $ 7 billion in additional health spending this year, rising something more than $ 10 billion (less than 0.3 percent of the federal budget) in the near future.


Anything less, and it might be hard to take his soaring rhetoric seriously.



Kenny is a fellow at the Center for Global Development and the New America Foundation.


Businessweek.com — Top News





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Renowned Washington DC Plastic Surgeon Speaks to Women for Fab Over 50 Event






WASHINGTON, DC–(Marketwire – Feb 19, 2013) – Dr. Mark Richards, a Washington DC plastic surgeon, has received national acclaim for helping women turn back the clock. At Ageless Impressions Plastic Surgery Institute, he offers women a wide range of procedures ranging from breast lift surgery to non-surgical skin treatments in order to assist them in achieving their cosmetic ”natural looking” beauty goals. He has been asked to speak at the Fabulous at Any Age Beauty Bash, an event coordinated by Fab Over 50 and the American Society of Plastic Surgeons (ASPS).


Fab Over 50 is an organization for women over the age of 50 to share lifestyle tips and advice. The event, Fabulous at Any Age Beauty Bash, is being run by Fab Over 50 founder Geri Brin in conjunction with the American Society of Plastic Surgeons (ASPS). Dr. Richards is one of a limited number of board-certified plastic surgeons presenting at the event that will take place at the National Press Club in Washington, DC on Saturday February 23rd.






Dr. Richards will present two 20-minute talks. The first presentation will address cheek lift surgery as the key to rejuvenating the face. A cheek lift, often referred to as a mid-facelift, is a relatively new procedure that addresses an area of the face that traditional facelifts often fail to restore effectively. The benefits of the procedure include:


  • More oval-shaped cheeks and face

  • Reduced appearance of lines from the nose to the edges of the mouth

  • Restored fullness to the upper cheek under the eyes to eliminate the tired appearance of lower eyelids

The second presentation Dr. Richards will deliver addresses bio-identical hormone therapy for women. The benefits of bio-identical hormone therapy include:


  • Alleviating the symptoms caused by decreased production of hormones

  • Re-establishing the protective benefits provided by higher tissue levels of naturally occurring hormones for the heart, brain, bones, joints, etc.

  • The reversal of many of the diseases and difficulties associated with aging

Dr. Richards hopes to educate the participants of Fabulous at Any Age Beauty Bash on two procedures that have had a relatively low public awareness. At Ageless Impressions Plastic Surgery Institute, he hopes to show his Washington DC plastic surgery patients that regardless of age, they have a community of professionals who want to help them continue to look and feel their best.


About Mark E. Richards, MD
Dr. Mark Richards is a graduate of Yale University and earned his medical degree at the School of Medicine at the University of Maryland. He is a board-certified surgeon and has been recognized in the Consumer’s Research Council of America’s Guide to America’s Top Surgeons annually since 2002. Dr. Richards is available for interview upon request.


Marketwire News Archive – Yahoo! Finance





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European shares edge higher, euro flat ahead German data

LONDON (Reuters) - European shares edged higher and the euro was steady on Tuesday ahead of German economic sentiment data, while the yen rose after Japanese ministers played down talk the Bank of Japan might buy foreign bonds to loosen credit.


Following last week's GDP figures showing that the euro zone saw a weaker end to 2012 than expected, forecasters see a pick-up in Germany's ZEW survey of investors and analysts at 1000 GMT, which may point to rebound in the bloc's biggest economy.


European stock markets, which have lost around 1.5 percent since the end of January, bounced backed from Monday's weak session in early trading, with the FTSEurofirst 300 <.fteu3> up 0.4 percent led by 0.7 and 0.5 percent gains on Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi>.


Underscoring the drag Europe's economic sluggishness is creating, new figures showed car firms had their weakest January since the records of the Association of European Carmakers began in 1990, with sales dropping 8.5 percent.


Berkeley Futures associate director Richard Griffiths said the Euro STOXX 50 and German DAX <.gdaxi> equity index could fall by between 3 and 4 percent over the coming month as economic weakness acts to cap investor sentiment.


"Any inroads to the upside will be hard to come by," he said. "We're in for a period of consolidation, with the risk more to the downside."


In the bond market, benchmark German Bunds edged up as demand for low-risk debt was also supported by concerns over the possibility of an inconclusive outcome to the Italian parliamentary election on Sunday and Monday, though gains were capped ahead of the German sentiment data.


The euro was little changed against the dollar at $1.3345 by 0900 GMT after European Central Bank President Mario Draghi reiterated on Monday that the bank would continue to monitor whether the currency's recent strength was likely to push inflation below its comfort zone.


The yen rose after Japanese ministers played down talk of foreign-bond buying by the country's central bank, a day after Prime Minister Shinzo Abe said such a policy could be one option for monetary easing.


Finance Minister Taro Aso told a news conference that he was not considering foreign-bond purchases as a part of monetary easing, while Economy Minister Akira Amari said Abe's comments on Monday simply referred to policy options countries have in general.


Their comments sent the dollar down to 93.39 yen. The euro eased 0.6 percent to 124.70 yen, well below its peak since April 2010 of 127.71 yen touched on February 6.


(Reporting by Marc Jones; Editing by Alastair Macdonald)



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Danica Patrick wins pole for NASCAR's Daytona 500


DAYTONA BEACH, Fla. (AP) — Danica Patrick is at her best in the spotlight.


Good thing, too, because she's going to be there all week.


Patrick won the Daytona 500 pole Sunday, becoming the first woman to secure the top spot for any race in NASCAR's premier circuit. It's by far the biggest achievement of her stock-car career. She's braced for the attention that will follow.


"I think when pressure's on and when the spotlight's on, I feel like it ultimately ends up becoming some of my better moments and my better races and better results," Patrick said. "I just understand that if you put the hard work in before you go out there that you can have a little peace and a little peace of mind knowing that you've done everything you can and just let it happen."


Patrick, who taped interviews Sunday with CNN, ESPN and Good Morning America, was the first woman to lead laps in the Indianapolis 500. She finished third in 2009, the highest finish in that illustrious race for a woman. And she became the only woman to win an IndyCar race when she did it in Japan in 2008.


Her latest stamp in the history books came with a lap at 196.434 mph around Daytona International Speedway. Patrick went out eighth in the qualifying session, then had to wait about two hours as 37 fellow drivers tried to take her spot.


Only four-time Cup champion Jeff Gordon even came close to knocking her off the pole. Gordon was the only other driver who topped 196 mph in qualifying. He locked up the other guaranteed spot in next week's season-opening Daytona 500.


"It's great to be a part of history with Danica being on the pole," said Gordon, who joked that at least he was the fastest guy. "I think we all know how popular she is, what this will do for our sport. Congratulations to her. Proud to be on there with her."


The rest of the field will be set in duel qualifying races Thursday.


However the lineup unfolds, all drivers — including boyfriend Ricky Stenhouse Jr. — will line up behind Patrick's No. 10 Chevrolet SS.


"I was brought up to be the fastest driver, not the fastest girl," she said. "That was instilled in me from very young, from the beginning. Then I feel like thriving in those moments, where the pressure's on, has also been a help for me. I also feel like I've been lucky in my career to be with good teams and have good people around me. I don't think any of it would have been possible without that.


"For those reasons, I've been lucky enough to make history, be the first woman to do many things. I really just hope that I don't stop doing that. We have a lot more history to make. We are excited to do it."


Even before her fast lap, Patrick had been the talk of Speedweeks. Not only did she open up about her budding romance with Stenhouse — Patrick officially filed to end her seven-year marriage to 47-year-old Paul Hospenthal in January — but she was considered the front-runner for the pole after leading practice sessions Saturday.


Now, she will garner even more hype.


"That's a huge accomplishment," team owner and fellow driver Tony Stewart said. "It's not like it's been 15 or 20 years she's been trying to do this. It's her second trip to Daytona here in a Cup car. She's made history in the sport. That's stuff that we're proud of being a part of with her. It's something she should have a huge amount of pride in.


"It's never been done. There's only one person that can be the first to do anything. Doesn't matter how many do it after you do, accomplish that same goal. The first one that does always has that little bit more significance to it because you were the first."


The result surely felt good for Patrick, especially considering the former IndyCar driver has mostly struggled in three NASCAR seasons. Her best finish in 10 Cup races is 17th, and she has one top-five in 58 starts in the second-tier Nationwide Series.


She raced part-time in 2010 and 2011 while still driving a full IndyCar slate. She switched solely to stock cars last season and finished 10th in the Nationwide standings.


She made the jump to Sprint Cup this season and will battle Stenhouse for Rookie of the Year honors.


Starting out front in an unpredictable, 500-mile race doesn't guarantee any sort of result, but securing the pole will put her in the limelight for at least the rest of the week.


"I don't think about Danica as a female race-car driver," defending Cup champion Brad Keselowski said. "I think of her as a rookie and someone that hasn't won races or proved that she is competitive."


Patrick won the pole at Daytona for last year's Nationwide race.


But this is considerably different, significantly bigger.


The previous highest female qualifier in a Cup race was Janet Guthrie. She started ninth at Bristol and Talladega in 1977.


"It's obviously a history-making event that will last a long, long time," Guthrie said, praising Patrick's feat. "It's a different era, of course. Different times. I can't imagine what I would do with a spotter or somebody telling me how to drive. It's rather a different sport now. Back then, there was a much greater difference from the front of the field to the back."


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Model: Getting what I don't deserve






STORY HIGHLIGHTS


  • Model Cameron Russell's TED Talk has been viewed more than a million times

  • She says, as winner of "genetic lottery," she has been able to have a modeling career

  • Her looks fit a narrow definition of beauty, she says

  • Russell: I work hard but my modeling career gives my views undeserved attention




Editor's note: Cameron Russell has been a model for brands such as Victoria's Secret, Calvin Klein, Ralph Lauren and Benetton and has appeared in the pages of Vogue, Harpers Bazaar and W. She spoke at TEDx MidAtlantic in October. TED is a nonprofit dedicated to "ideas worth spreading" which it makes available through talks posted on its website.


(CNN) -- Last month the TEDx talk I gave was posted online. Now it has been viewed over a million times. The talk itself is nothing groundbreaking. It's a couple of stories and observations about working as a model for the last decade.


I gave the talk because I wanted to tell an honest personal narrative of what privilege means.


I wanted to answer questions like how did I become a model. I always just say, " I was scouted," but that means nothing.


The real way that I became a model is that I won a genetic lottery, and I am the recipient of a legacy. What do I mean by legacy? Well, for the past few centuries we have defined beauty not just as health and youth and symmetry that we're biologically programmed to admire, but also as tall, slender figures, and femininity and white skin. And this is a legacy that was built for me, and it's a legacy that I've been cashing in on.


Some fashionistas may think, "Wait. Naomi. Tyra. Joan Smalls. Liu Wen." But the truth is that in 2007 when an inspired NYU Ph.D. student counted all the models on the runway, of the 677 models hired, only 27, or less than four percent, were non-white.


Usually TED only invites the most accomplished and famous people in the world to give talks. I hoped telling a simple story -- where my only qualification was life experience (not a degree, award, successful business or book) -- could encourage those of us who make media to elevate other personal narratives: the stories of someone like Trayvon Martin, the undocumented worker, the candidate without money for press.



Instead my talk reinforced the observations I highlighted in it: that beauty and femininity and race have made me the candy of mass media, the "once you pop you just can't stop" of news.


In particular it is the barrage of media requests I've had that confirm that how I look and what I do for a living attracts enormous undeserved attention.


Do I want a TV show? Do I want to write a book? Do I want to appear in a movie? Do I want to speak to CNN, NBC, NPR, the Times of India, Cosmo, this blogger and that journal? Do I want to speak at this high school, at that college, at Harvard Law School or at other conferences?


TED.com: A teen just trying to figure it out



I am not a uniquely accomplished 25-year-old. I've modeled for 10 years and I took six years to finish my undergraduate degree part-time, graduating this past June with honors from Columbia University. If I ever had needed to put together a CV it would be quite short. Like many young people I'd highlight my desire to work hard.


But hard work is not why I have been successful as a model. I'm not saying I'm lazy. But the most important part of my job is to show up with a 23-inch waist, looking young, feminine and white. This shouldn't really shock anyone. Models are chosen solely based on looks. But what was shocking to me is that when I spoke, the way I look catapulted what I had to say on to the front page.


Even if I did give a good talk, is what I have to say more important and interesting than what Colin Powell said? (He spoke at the same event and his talk has about a quarter of the view count.)




TED.com: Isaac Mizrahi on fashion and creativity


Like many young people I believe I have potential to make a positive impact in the world. But if I speak from a platform that relies on how I look, I worry that I will not have made room for anyone else to come after me. I will have reinforced that beauty and race and privilege get you a news story. The schoolteacher without adequate support, the domestic worker without rights, they won't be up there with me.


So what do I do? I am being handed press when good press for important issues is hard to come by. These outlets are the same outlets that spent two years not reporting a new drone base in Saudi Arabia while press in the UK covered it.


They are the same organizations that have forgotten New Orleans and forgotten to follow up on contractors who aren't fulfilling their responsibilities there -- important not only for the people of NOLA, but also for setting a precedent for the victims of Sandy, and of the many storms to come whose frequency and severity will rise as our climate changes.


TED. com: Amy Tan on where creativity hides


Should I tell stories like these instead of my own? I don't feel like I have the authority or experience to do so.


How can we change this cycle? The rise of the Internet and the camera phone have started to change what stories are accessible. And we now have the ability to build more participatory media structures. The Internet often comes up with good answers to difficult questions. So I ask: How can we build media platforms accessible to a diversity of content creators?


On a personal note, what should I talk about? Do I refuse these offers outright because of my lack of experience, because I'm not the right person to tell the stories that are missing from the media? Can I figure out a way to leverage my access to bring new voices into the conversation? Right now I'm cautiously accepting a few requests and figuring out what it all means.


I'm listening, tweet me @cameroncrussell


Follow @CNNOpinion on Twitter.


Join us at Facebook/CNNOpinion.


The opinions expressed in this commentary are solely those of Cameron Russell.






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Japan shares up on weaker yen hopes







Continue reading the main story






Japanese shares have risen after finance ministers of the G20 group of nations avoided singling out Japan for criticism over the recent yen weakness.


The yen has dipped nearly 15% against the US dollar since November amid Japan’s efforts to stoke inflation.


There were concerns that a criticism from G20 may prompt Japan to alter its aggressive stance. The fears were that it would result in the yen rising again and hurt Japan’s plans to spur growth.


Japan’s Nikkei 225 index rose 2%.


Meanwhile, the Japanese currency continued to weaken. It fell 0.6% to 94.12 yen against the US dollar.


It also dipped 0.5% to 125.50 yen against the euro in early Asian trade.


“At the G20 meeting, there wasn’t as much criticism from emerging countries about the recent yen’s weakness as feared. That spurred yen selling,” said Kyoya Okazawa, head of global equities at BNP Paribas.


Further weakness?


Analysts say the G20 communique at the end of its meeting in Moscow on Saturday was an endorsement for Japan’s recent monetary moves.


The policies have seen Japan’s central bank, the Bank of Japan, double its inflation target to 2% in attempt to spur domestic consumption.


The central bank has also expanded a key stimulus measure aimed at keeping long term interest rates low.


Analysts say that as Japan continues to pursue these policies, the yen is likely to weaken further.


Continue reading the main story


“With Japan, as yet, using various measures to ease monetary conditions domestically, we do not expect a large international backlash against its efforts and look for the Japanese yen to continue to decline gradually as the easier monetary conditions feed through,” Barclays Capital said in a note.


A weak yen bodes well for the Japanese exporters and its economy on various fronts.


To begin with, it makes their goods more affordable to foreign buyers. It also helps boost the exporters’ profits when they repatriate their foreign earnings back home.


And as firms see their profits rise, they are likely to have a bigger cash pile to invest in research and development or expansion of their facilities.


Investment in research helps the firms become more competitive as they develop new products. Meanwhile, increased capital investment helps boost Japan’s overall economic growth.


BBC News – Business





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Take advantage of the sales tax deduction






Taxes » Tax Deductions » Take Advantage Of The Sales Tax Deduction


Most states and cities get a good portion of their operating revenue from sales taxes tagged onto just about everything you buy. But on the federal level, Uncle Sam lets taxpayers use those taxes to help reduce their IRS bills.






The sales tax deduction is particularly welcomed by taxpayers in states that do not collect income taxes but do levy state sales taxes. It also could benefit taxpayers who face substantial local sales taxes. Even some residents of states with both types of taxes might find the sales tax deduction is more valuable to them than the income tax write-off.


Most people typically pay more in state income taxes than in state and local sales taxes. But double check just in case. Depending on your state’s income tax rate and how much you made (and paid), your sales tax amount could be greater. You can only deduct income or sales taxes, but not both.


But regardless of your state’s tax collection practices, to take full advantage of the sales tax deduction, you have to know exactly how to file for it and just which taxes you can claim.


Choosing your tax deduction method


The process begins with your answers to two filing questions. First, do you plan to itemize? If so, then which write-off — sales taxes or income taxes — will give you the biggest break?


Deciding whether to itemize deductions or claim the standard amount is always a key tax-time choice. The Internal Revenue Service says that most people take the standard deduction. It’s easy to claim; there are no forms or work sheets to fill out and each year the standard deduction increases, thanks to inflation adjustments.


But if you use the standard deduction, you can’t take the sales tax break. To claim the sales taxes you paid, you must itemize.


If sales taxes are your only deductible expense, then it’s not worth it to itemize. This one itemized deduction will likely be much less than your standard deduction, and you always want to take the largest tax deduction amount you’re allowed.


Taxpayers who itemize expenses will have to decide which option — deducting sales taxes or income taxes — will give them the biggest break.


Writing off the right amount


Then there’s the issue of just how much in sales taxes you can claim. If you have the documentation, there is no limit on the deduction amount.


Even if you don’t have all your receipts, you still might be able to recreate many of your sales tax payments. William Abrams, a partner in the law firm Abrams Garfinkel Margolis Bergson LLP, with offices in California and New York, notes that many types of records, such as credit card statements, are available online. By accessing them, he says, taxpayers could improve the accuracy of their annual sales-tax computations.


The actual receipt calculation might be worthwhile if you made a lot of purchases last year. Scenarios involving costly and taxable expenditures include:


  • You bought a lot of electronic equipment.

  • You moved to your first or a new home and furnished it.

  • You bought expensive jewelry, such as an engagement ring.

  • You paid for the wedding that followed that ring purchase.

“You’re more likely to have kept receipts for these items for insurance purposes or because they were mind-boggling,” says Bob D. Scharin, senior tax analyst from the Tax and Accounting business of Thomson Reuters. “Basically, you’re looking for spending that’s disproportionate to your income.”


Most filers, however, will claim the amount that the IRS has figured for them in special sales-tax tables; one for each applicable state. The deduction amounts are based on the average consumption by taxpayers, taking into account filing status, number of dependents, adjusted gross income and rates of state and local general sales taxation.


The IRS tables with standard sales tax deduction amounts can be found in the Schedule A instructions. The IRS also offers an online sales tax deduction calculator.


Counting all your income


But even with the tables, it’s not quite that simple. In using the data, you need to keep a couple of things in mind to get the biggest deduction.


First, don’t rely solely on your 1040 information when you read the table. The figure you enter on your federal return is taxable income, but Scharin says that the sales tax table amounts are based on total income, not just your adjusted, taxable income. You should take nontaxable income amounts into account for sales tax deduction purposes, he says, because the larger your total income, the larger your sales tax deduction.


These other types of income include municipal bond or other tax-exempt interest, workers’ compensation, nontaxable combat pay, the nontaxable portion of Social Security and other retirement benefits, as well as the nontaxable parts of an IRA, including a Roth IRA distribution.


Also, most of the tables only cover the state rates. “If you have a local sales tax, which many people don’t realize, you could be sacrificing some of the deduction if you use only the table amount,” says Scharin.


To account for local sales taxes, you’re going to have to do some extra calculating. If you’re not using tax software, a work sheet, also in the Schedule A instructions, will help you determine the correct number.


You also could have some extra math to do if you lived in different states that collected sales taxes. In this case, you must determine each state’s sales tax amount to arrive at your appropriate, combined deduction.


Sales taxes you paid on the purchase of motor vehicles, boats, aircraft and, in some cases, building materials for a substantial addition to or renovation of an existing structure also can be counted on top of your sales tax table and local tax amounts. These additional amounts will be accounted for in the previously mentioned sales tax work sheet.


While all these considerations will definitely mean more work for some taxpayers, Scharin says, “If you went this far and you’re itemizing, you might as well get your full deduction.”


More From Bankrate.com


Yahoo! Finance – Personal Finance





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Euro, dollar up after G20, stocks ease on growth concern

LONDON (Reuters) - The euro and the dollar rose against the yen on Monday after the G20 decided not to criticize Japan for its expansionist policies, but shares eased as Europe's weak growth outlook weighed on sentiment.


Financial leaders from the world's 20 biggest economies promised on Saturday not to devalue their currencies to boost exports, aiming to defuse talk of currency wars that had been roiling the markets.


The euro gained 0.2 percent to 125.32 yen, edging up toward a 34-month high of 127.71 yen hit earlier this month, while the dollar rose 0.6 percent to 94 yen, closer to its highest level since May 2010 of 94.46 hit on February 11.


"Future yen direction will continue to be driven by domestic monetary policy from the Bank of Japan and improving international investor confidence, which are both driving the yen weaker," said Lee Hardman, currency analyst at Bank of Tokyo-Mitsubishi UFJ.


Japanese Prime Minister Shinzo Abe is poised to nominate a new BOJ governor. Sources told Reuters that former financial bureaucrat Toshiro Muto, considered likely to be less radical than other candidates, was leading the field.


Abe said on Monday that buying foreign bonds was a future option for the Bank of Japan, which would entail selling of the yen by the central bank.


The euro was also rising against the dollar, gaining 0.1 percent to $1.3375 ahead of address by European Central Bank president Mario Draghi to the region's parliament which may touch on the outlook for the single currency after the G20 meeting.


In European markets, attention was also switching to the release of euro area Purchasing Managers' Indexes for February and German sentiment indices due later in the week, and the upcoming general elections in Italy.


Analysts expect Thursday's euro area flash PMI indices, which point to economic activity around six months out, to show growth stabilizing across the recession-hit region, leaving hopes for a recovery in the second half of the year intact.


Concerns over an inconclusive outcome in Italian elections at the end of the week added to the weaker sentiment as a fragmented parliament could hamper a future government's reform efforts.


The worries about the outlook for Italy were encouraging investors back into safe have German government bonds on Monday, with 10-year Bund yields easing 3.6 basis points to be around 1.63 percent.


"Political uncertainty will keep Bunds well bid this week," ING rate strategist Alessandro Giansanti said, adding that only better than expected economic data could create selling pressure on German debt near term.


EARNINGS HIT


European equity markets were taking their lead from corporate earnings reports which have been reflecting the sluggish economic conditions across the region.


Danish brewer Carlsberg , which generates just over 60 percent of its sales in western Europe, became the latest company to report a weaker-than-expected quarterly profit, sending its shares to lowest level in nearly a month.


The 5 percent drop in price for shares in the world's fourth biggest brewery helped send the FTSEurofirst 300 index <.fteu3> of top European shares down 0.4 percent in morning trade. Germany's DAX <.gdaxi>, the UK FTSE <.ftse> and France's CAC-40 <.fchi> were all also slightly weaker. <.l><.eu/>


Earlier, the effect of the G20 statement and the comments from Abe indicating a renewed drive to stimulate the economy lifted the Nikkei stock index <.n225> by 2.1 percent, near to its highest level since September 2008.


U.S. stock futures were barely changed and are expected to stay little changed as Wall Street will be closed on Monday for the Presidents' Day holiday. <.n/>


MSCI's world equity index <.miwd00000pus> was flat as markets extended two-week period of consolidation that has followed the big run up in January when demand was buoyed by the efforts of global central banks to stimulate the world economy.


Data from EPFR Global, a US-based firm that tracks the flows and allocations of funds globally, shows investors pulled $3.62 billion from U.S. stock funds in the latest week, the most in 10 weeks after taking a neutral stance the prior week.


But demand for emerging market equities remained strong, with investors putting $1.81 billion in new cash into stock funds, the fund-tracking firm said.


CHINA RETURN


In the commodity markets traders played catch up after a week-long holiday last week in China, the world's second biggest consumer of many raw materials, had kept activity subdued, with worries about the euro zone economy weighing on sentiment.


Copper, for which China is the world's largest consumer, fell 0.8 percent to $8,135 a metric ton (1.1023 tons) on the London futures market.


Gold rebounded by 0.3 percent from a six-month low to be $1,614 an ounce as jewelers in China returned to the physical market after the Lunar New Year holiday.


Crude oil markets were mostly steady after some weak U.S. industrial production data on Friday [ID:nL1N0BF44A] was seen dampening demand, while tensions in the Middle East lent some support.


U.S. crude fell 20 cents to $95.66 a barrel but Brent inched up two cents $117.86.


(Reporting by Richard Hubbard; editing by Philippa Fletcher)



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No. 2 Duke falls to Maryland 83-81


COLLEGE PARK, Md. (AP) — As the final horn sounded and Maryland fans rushed the court to celebrate a rare victory over its bitter rival, weary Duke had just enough energy left to escape the mayhem for the safety of its locker room.


Seth Allen broke a tie by making two free throws with 2.8 seconds left, and the Terrapins stunned the second-ranked Blue Devils 83-81 Saturday night to end a six-game skid in the series.


Coming off a five-day break, Maryland notched its most significant win of the season at the expense of a tired Duke playing its fourth game in 10 days.


The Blue Devils were worn out, and it showed.


Duke was outrebounded 40-20, never led in the second half and got only four points and three rebounds from 6-foot-10 senior center Mason Plumlee.


"This has been an exhausting schedule for our team," coach Mike Krzyzewski said. "We're playing on fumes and I think you could tell that with Mason. I thought he looked exhausted the whole game. He's been great. Obviously not good tonight."


The Terrapins (18-7, 6-6 Atlantic Coast Conference) did not trail after halftime but never could pull away.


Duke (22-3, 9-3) was down by 10 with 3:39 left but pulled even when Rasheed Sulaimon made three foul shots with 16.7 seconds to go. Quinn Cook then fouled Allen as the freshman guard drove through the lane, and Allen made both shots.


After a Duke timeout, Cook's desperation 30-footer bounced off the back rim. Chaos ensued as the fans immediately rushed the court.


"I thought it was in when I got it off," Cook said of his final attempt.


Alex Len had 19 points and nine rebounds for Maryland, and Allen scored 16. The Terrapins had lost 12 of 13 against Duke, including a 20-point embarrassment last month.


"I told our players before the game, there's a lot of pride in Maryland basketball," coach Mark Turgeon said. "There's also a lot of passion about Maryland basketball. We talked about playing with those two things for us and for our fans. Our fans were just tremendous."


From the end of the Star Spangled Banner to the final buzzer, the crowd never stopped shouting for the Terps, who rewarded their fans with a memorable victory in a rivalry that appears destined to end when Maryland leaves for the Big Ten in 2014.


"I have a great deal of respect for Maryland," Krzyzewski said. "If it was such a rivalry they'd still be in the ACC. Obviously they don't think it's that important or else they wouldn't be in the Big Ten."


Oh, but it's very important to Maryland and its coach.


"This win was for my family and the fans," Turgeon said. "I know what this win means for our fan base, and I really wanted to beat Duke."


The Blue Devils had their six-game winning streak end. Seth Curry scored 25 and Cook added 18. But Plumlee was completely outplayed by the 7-1 Len, who went 6 for 8 from the field and 7 for 8 at the foul line.


"There's so much pressure for Mason to play outstanding," Krzyzewski said. "That wears on you as the season goes on. He just didn't look fresh tonight."


Said Plumlee: "I didn't show up to play today and I let my teammates down. It's all on me."


Maryland committed a whopping 26 turnovers, eight by Allen. The Terrapins shot an impressive 60 percent from the floor and finished with a 40-20 rebounding advantage.


Maryland played without reserve guard Pe'Shon Howard, who was suspended for violating team rules. Despite being demoted from his starting role last month, Howard still leads the Terrapins in assists.


Maryland led 66-63 before Allen scored on a drive. Dez Wells then stole the ball from Cook and went in for a dunk for a seven-point lead with 5:20 left. After the Blue Devils closed to 71-63, James Padgett made a layup for Maryland and Wells made two foul shots for a 10-point cushion.


The crowd increased its volume with every subsequent basket by the Terrapins, whose previous win over Duke came in March 2010, when Greivis Vasquez celebrated Senior Night with a 20-point performance.


In this one, it was 80-72 before Curry made two straight 3-pointers to bring Duke to 80-78 with just under a minute left. After Wells was called for a charge, Curry had a 15-footer bounce in and out of the basket.


It was that kind of night for the Blue Devils.


This score was 39 all before Allen hit a 3-pointer to spark a 10-2 run that included five points from freshman Shaquille Cleare. It was 53-43 before Curry bagged a 3-pointer, Alex Murphy made a layup and Curry drove the lane following Maryland's third turnover in a 60-second span.


That cut the gap to three points, and seconds after a 3-pointer by Cook got the Blue Devils to 55-53.


After the Terrapins went up by six, they committed turnovers on three straight possessions. That enabled Duke to close to 59-57 on a dunk by Murphy, but four straight free throws by Len gave Maryland a 64-59 advantage with 7:20 remaining.


The first half featured two ties, 10 lead changes and ended with the Terrapins up 35-34. Curry (14 points) was one of only four Duke players to score before halftime.


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