Archive for the ‘Spend Page’ Category

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Where do they use the Euro?

Sunday, July 5th, 2009

While the answer may seem obvious – they use the euro in Europe – it’s actually not. They do use it in Europe, but not in all of Europe, and not even in the whole of the European Union. As of 2009, 16 of the 27 EU member countries have adopted the euro as their national currency. It began in 1999 with Belgium, Germany, Ireland, Spain, France, Italy, Luxembourg, the Netherlands, Austria, Portugal, and Finland switching their currencies over. Greece followed suit in 2001, Slovenia in 2007, Cyprus and Malta in 2008, and Slovakia in 2009. Combined, these areas are called the “eurozone.” A country must meet strict criteria in order to qualify for the euro standard. That’s why countries gradually join the eurozone instead of all at once.

329 million people living in these 16 countries use the euro daily. Additionally, some neighbor countries and former colonies use the euro as an unofficial currency as well. For these reasons, the euro has become the second most important international currency just behind the dollar.

Tax Evasion is…

Thursday, July 2nd, 2009

Tax evasion is a general term for the deliberate and illegal act in which a person, company, or any other entity avoids or underpays taxes. Tax evasion includes declaring less income and more tax-deductibles than you really have to the IRS.

A Credit Card is…

Wednesday, July 1st, 2009

A credit card is a card used to buy products on credit – get the item you want now, pay later. Credit card companies make money by charging high interest rates every time a customer fails to pay their bill in full each month and also by taking a very small percentage of each purchase.

Moral Cleanup Or Reckless Crackdown?

Wednesday, July 1st, 2009

Here’s an interesting topic for debate: how should anti-vice programs be carried out? Below is the Russian government’s solution to the problem, but it’s a very controversial one.

  • In accordance with Prime Minister Putin’s anti-vice plan, the Russian government is closing every casino and slot-machine parlor in the country. This move will result in the loss of hundreds of thousands of jobs.
  • Casinos’ only option will be to relocate to one of four remote, backwoods areas of the country. However, none of these regions are prepared for such a move, and it is expected to take at least several years before a casino will be able to reopen there.
  • The gambling industry has proposed the creation of a regulatory body to keep the casinos clean and safe, but the government has refused to compromise.

Facts & Figures

  • The World Bank estimates that the Russian economy will decline by 7.9% in 2009.
  • According to the gambling industry, 400,000 workers will be thrown out of work as a result of the ban.
  • The gambling industry pays an estimated $1 billion in taxes annually.

Best Quote

“The authorities are taking this step without thinking at all. They have not considered what this decision means for the workers. With the crisis, it is going to be very difficult for us.” – Irina Mysachka, Supervisor at Moscow’s Shangri-La Casino

The Truth About Bagging Your Groceries

Tuesday, June 30th, 2009
You might not have realized that you can change the world, save or destroy the environment with just two little words: paper or plastic.
  • Plastic grocery bags were introduced 30 years ago and today, hundreds of billions are dispensed each year.
  • A major problem with plastic bags is that they are rarely recycled and often end up becoming deadly traps for fish and birds.
  • It is generally agreed that paper bags pose less of a litter problem, but they require more water and energy to produce than plastic bags.

Facts & Figures

  • The plastic industry estimates that only 10% of Americans don’t reuse plastic bags, but the Environmental Protection Agency points out that they are recycled at less than one-third the rate of paper bags.
  • There have been some instances of discouraging plastic bag use: Ireland imposed a tax on plastic grocery bags in 2002, San Francisco banned plastic grocery bags in 2007, and China banned the distribution of free plastic grocery bags in 2008.
  • Recycling rates for plastic bags exceed 30% in some European countries.

Best Quote

“There is simply zero justification for manufacturing them anymore, anywhere.” – Achim Steinger, Executive Director of the U.N. Environment Program

Taking Netiquette To A New Level

Tuesday, June 30th, 2009
This is just a quick, fun piece about an interesting new business. See if you want to give it a try!
  • Alexa and James Hirshfeld, two siblings living in New York City, have started Paperless Post, a Web-based business that allows users to design and send invitations through e-mail.
  • The business was created to cater to the needs of people who want something more upscale than Facebook invites but don’t want to go through the time and expense necessary for printed invitations.
  • Paperless Post seems to be growing in popularity, boasting such clients as Zac Posen and Diane Von Furstenberg.

Facts & Figures

  • The Hirshfelds have sent out 60,000 invitations since January 2009, and 150,000 since the previous fall.
  • Paperless Post boasts a variety of letterhead templates, fonts, motifs, border patterns, paper colors, sizes, stock, and textures, as well as an RSVP tracking system.
  • The carbon footprint of Paperless Post is virtually zero.

Best Quote

“The Internet has been a kind of vacuum in terms of aesthetics. We wanted to leverage functionality with design.” — Alexa Hirshfeld, Co-Founder of Paperless Post

An I.O.U. From The Government?

Wednesday, June 24th, 2009

Everyone is cutting back now that we’re in a recession, even the government. You might want to know what this means for you, but also how it is going to affect your community and neighbors – it isn’t that great.

  • States are experiencing huge budget deficits because the recession has slashed their tax revenues by billions of dollars. To close these budget gaps, states are proposing and approving policy measures that would never otherwise be considered.
  • Many state governors and legislatures are not able to come to a consensus and so several states are still struggling to approve a budget for next year.
  • Even if the recession were to quickly end, states would continue to experience budget shortfalls for many years because of high unemployment, lower tax collections, and increased demand for government safety net programs.

Facts & Figures

  • In the 2010 fiscal year, states will have a $121 billion budget gap.
  • Budget schemes include taxing candy and cellphone ring tones, releasing prisoners early, increasing sales taxes, selling state parks, and having state workers work for free three days a month.
  • Governors have proposed increasing taxes by roughly $24 billion dollars for the 2010 fiscal year.

Best Quote

“We still don’t know how bad it will be. The story is yet to be told, because in the next couple of weeks we will see some of the states with the biggest gaps have to wrestle this thing to the ground and make the tough decisions they’ve all been dreading.” – Susan K. Urahn, Managing Director of the Pew Center on the States

The Peso is…

Tuesday, June 23rd, 2009

The peso is the currency of several Central and South American countries (Argentina, Chile, Colombia, Cuba, Dominican Republic, Mexico) and the Philippines, but each country’s peso is its own unique currency with its own value. It’s like how the Canadian dollar and the U.S. dollar share the same name, but they are definitely different currencies.

A Tax-Deduction is…

Tuesday, June 23rd, 2009

A tax-deduction is any expense that can be removed from your annual reported income, which reduces the amount of taxable income (also called adjusted gross income). People usually talk about this as “writing something off.” For example, any money donated to a 501c3 organization can be subtracted from your annual reported income.

A Lease is…

Tuesday, June 23rd, 2009

A lease is an agreement between two entities for the transfer of a real or valuable property from one to the other, in exchange for a payment or something similar. A lease is basically when you rent something from another person or a company – you can lease a car, lease (rent) an apartment, etc.

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