Friday Financial Five – March 6, 2015
Email to a friend
Permalink
Friday, March 06, 2015
Dan Forbes, GoLocalWorcester MINDSETTER™
State universities face budget cuts and higher tuitions
Bloomberg has a report on states opting to reduce funding for their universities due to budget shortfalls. For example, Arizona has cut almost half of what they spend per student since the recession of 2008, and forty eight of the fifty states have decreased spending. Only Alaska and North Dakota have increased spending, with North Dakota, the beneficiary of the booming energy economy, upping funding by almost forty percent.
Business tax filing deadline approaches
March 16th (as the 15th is a Sunday) is the deadline for filing corporate tax returns without extension, and there are several areas that can present problems. Expenses should be well documented and capital expenditures should be properly classified. Owners need to ensure that deductions are handled properly, including the deduction of health insurance premiums versus the medical out-of-pocket hurdle for standard employees. For those seeking an automatic six month extension, Form 7004 is necessary for those with matching fiscal and calendar years.
Household income from Sentier Research
It’s generally accepted that an improvement in the income inequality gap would propel economic recovery and growth. Sentier Research’s latest data details median household income as of January 2015. The report cites an increase in median income of $321 since December of last year, mainly from the decrease in energy costs. The group has created an index using income from January 2000 as the baseline of 100. The most recent index reading is 96.1, indicating that income is 3.9 percent lower than fifteen years ago but rising.
Quantitative Easing in Europe
While the United States ended their bond buying program last year, the European Central Bank recently provided details on a trillion dollar bond buying program starting next week. Several of the member country economies are hurting, leading to proactive measures. The ECB does project that GDP is growing ahead of estimates, while inflation for the year was revised downward to be flat due to decreased energy prices. The buying program will begin March 9th.
The Forbes list of billionaires
Forbes (no relation) has compiled the 2015 list of billionaires. With a net worth of over $79 billion, Bill Gates tops the list of over 1,800 billionaires worldwide. There are 290 new billionaires added to last year’s total, with the youngest being Evan Spiegel, CEO of Snapchat, who is only 24 years old. The wealthiest woman on the list is Christy Walton of Walmart, amassing nearly $42 billion.
Dan Forbes is a regular contributor on financial issues. He is a CFP Board Ambassador. He leads the firm Forbes Financial Planning, Inc in East Greenwich, RI and can be reached at [email protected].
Related Slideshow: Massachusetts Business Rankings
See how Massachusetts stacked up.
Prev
Next
WalletHub
Massachusetts has 2015's 28th highest insurance premium penalties for high risk drivers, according to a WalletHub report.
Mass is behind Colorado and New Mexico who come in at 26 and 27 spots respectively while Mass is ahead of Tennessee and the District of Columbia who rank 29 and 30 respectively.
Massachusetts ranks 14th overall in the category of DUI conviction annual premium increase with an amount of $756.
Massachusetts ranks 20th overall in the category of speeding over 20 mph annual premium increase with a total of $261 while ranking 21 overall in the category of two accidents annual premium increase with a total of $1,364.
Prev
Next
WalletHub
Massachusetts has been ranked as the 5th most eco-friendly state in the country, according to a recent study by WalletHub.
Mass ranks tenth in environmental quality and fourth in Eco-Friendly Behaviors landing them in 8th overall.
Mass is behind Minnesota and New York who are in the fourth and third spots respectively, and in front of Washington and New Hampshire who come in at the six and seven spots.
Prev
Next
The Economist
Small Business Friendliness Grade: D+
The Economist grades states on an A+ to F grading scale for its small business climate. Massachusetts ranks near the bottom of the nation, joining New Mexico and New York in receiving D+ grades. 9 states scored worse than a D+ in the Economist rankings.
Overbearing bureaucracy and excessive licensing is stifling small business in America.
Read More About The Economist Grade Here
Prev
Next
CNBC
#25 CNBC
CNBC ranks each state in cost of doing business, economy, technology and innovation.
Massachusetts' unemployment rate as of May 2014 was 5.6 percent. The state added 9,100 jobs in the month of May.
Read More About CNBC Ranking Here
Prev
Next
Forbes
#13 Forbes
Forbes ranks each state in business costs, economic climate, and growth prospects.
The most damning in the commentary:
Massachusetts’ business costs, including labor, energy and taxes, are the highest of the 48 contiguous states—only Hawaii is higher—at 20% above the national average.
Read More About Forbes Ranking Here
Prev
Next
ChiefExecutive.net
#47 ChiefExecutive.net
ChiefExecutive.net ranks each state in taxations and regulations, workforce quality, and living environment.
The most damning in the commentary:
Taxation and regulation are always the key barometers. Massachusetts and Oregon are the worst.
Read More About ChiefExecutive.net Ranking Here
Prev
Next
Wallet Hub
#10 Wallet Hub
Wallet Hub ranks each state in ROI rank, state tax rank, and overall government services.
Massachusetts ranked #49 in worst roads and bridges, but ranked #7 in overall government services.
Read More About Wallet Hub Ranking Here
Prev
Next
ALEC
#41 ALEC
ALEC ranks each state in economic performance and outlook.
Although Massachusetts ranked low in economic performance, a forward-looking forecast is based on the state’s standing in 15 important state policy variables. Some of these variables include top marginal personal income tax rate and sales tax burden.
Read More About ALEC Ranking Here
Prev
Next
Kauffman Foundation
#29 Kauffman Foundation
Kauffman Foundation ranks each state in entrepreneurship.
Entrepreneurial activity generally is highest in Western and Southern states
and lowest in Midwestern and Northeastern states.
Read More About Kauffman Foundation Ranking Here
Prev
Next
Free Enterprise
#18 Free Enterprise
Free Enterprise ranks each state in performance, exports, innovation + entrepreneurship, business climate, talent pipeline, infrastructure.
Massachusetts's reputation as a hotspot for science and technology endures in this year's rankings. The commonwealth is a center for STEM jobs and university research and development, ranking 4th and 2nd, respectively, in those two categories. It also ranks 6th as a center for high-tech establishments. Massachusetts is taking aggressive steps to bolster economic activity with high-impact university-industry R&D projects and new tools for tech-based startup companies.
Read More About Free Enterprise Ranking Here
Related Articles
- Friday Financial Five – October 17th, 2014
- Friday Financial Five-October 10, 2014
- Friday Financial Five – October 31st, 2014
- Friday Financial Five – November 7th, 2014
- Friday Financial Five: November 14, 2014
- Friday Financial Five-October 3, 2014
- Friday Financial Five – September 26, 2014
- Friday Financial Five - August 29, 2014
- Friday Financial Five - September 5, 2014
- Friday Financial Five - September 12, 2014
- Friday Financial Five - September 19, 2014
- Friday Financial Five: November 21 2014
- Friday Financial Five: November 28th, 2014
- Friday Financial Five – January 30th, 2015
- Friday Financial Five - January 23, 2015
- Friday Financial Five – February 6, 2015
- Friday Financial Five – February 13, 2015
- Friday Financial Five – February 20, 2015
- Friday Financial Five – January 16th, 2015
- Friday Financial Five- Jan. 9, 2015
- Friday Financial Five: December 5, 2014
- Friday Financial Five – December 12th, 2014
- Friday Financial Five – December 19th, 2014
- Friday Financial Five – January 2nd, 2015
- Friday Financial Five – February 27, 2015
Enjoy this post? Share it with others.
Email to a friend
Permalink
Follow us on Pinterest Google + Facebook Twitter See It Read It