In Nevada, taxable sales dropped 17.7 percent statewide in September from the same month last year, the Department of Taxation reported Tuesday. Stephen Miller, chairman of the economics department at UNLV, said the latest numbers point to the need for long-term changes. People are buying more goods over the Internet and avoiding taxes for local and state government, he said. Congress needs to push through legislation to collect sales taxes on those transactions, Miller said. In addition, Miller said, more money is going for services, rather than goods. So the state Legislature needs to consider eliminating some of the sales tax exemptions for services to broaden the tax base, ...
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© WSJ 2009  The U.S. Senate opens debate on a broad healthcare overhaul on Monday with senators seeking an elusive compromise on thorny issues like a government-run insurance plan, abortion coverage and holding down costs.   The debate on President Barack Obama's top domestic priority, which opens at 3 p.m. EST (2000 GMT), is expected to last three weeks or more. Republicans have vowed to do whatever they can to block or delay the bill. Read more. ...
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© Reuters 2009  Dubai's debt woes could further unhinge an already fragile U.S. commercial real estate market, as it illustrates the importance of that tiny emirate to global investors in an increasingly interconnected world.  A state-owned investment conglomerate Dubai World, with $59 billion of liabilities, set off a global stock market selloff this week after it said it wants to restructure its debt, including at its property subsidiary Nakheel.  "This downturn has had more of a global impact," said Tony Ciochetti, chairman of Massachusetts Institute of Technology's Center for Real Estate in Cambridge, Massachusetts. More >>

© Crain’s Detroit Business 2009  State representative and gubernatorial candidate Rep. Alma Wheeler Smith is calling for a $6.5 billion tax reform that includes a sales tax on services and enacting a graduated income tax. Smith, D-Salem Township, on Tuesday proposed measures to enable the state to eliminate the nearly 22 percent surcharge on the Michigan Business Tax and reinstate funding for key areas cut in the current state budget, like Medicaid, revenue sharing and K-12 education. The plan would also fund her previously proposed new income tax credit to cover preschool costs and tuition at state community colleges, universities and vocational schools. The proposal include ...
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© Associated Press 2009  Arizona Gov. Jan Brewer signed legislation to eliminate about a quarter of the state's nearly $2 billion midyear budget deficit, as she and lawmakers acknowledged that the action was only a start.  "These cuts that we're making today barely make a dent in the problem," said Rep. John Kavanagh, R-Fountain Hills.  The three budget bills Brewer signed Monday include $292.6 million of spending cuts, plus funding shifts and other changes to bring the total savings to $452 million. The spending cuts target funding for K-12 schools' equipment purchases and Department of Economic Security social services. More >>

© WSJ.com 2009  The proportion of U.S. homeowners who owe more on their mortgages than the properties are worth has swelled to about 23%, threatening prospects for a sustained housing recovery.  Nearly 10.7 million households had negative equity in their homes in the third quarter, according to First American CoreLogic, a real-estate information company based in Santa Ana, Calif. Read more. ...
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© CBSNews.com 2009  The entire Senate will finally have a chance to deliberate health care reform legislation, after the Democrats on Saturday managed to eke out 60 votes to move their bill forward. Saturday's vote to start debate was an important one for Senate Majority Leader Harry Reid, who aims to pass a bill before the year's end. He faces a number of challenges, however, that could keep the Senate from catching up with the House. Read more.  ...
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©Arizona Republic 2009  When foreclosure homes come up for public auction in Phoenix, a minimum opening bid is set and bidding is open to anyone.  At least that is the way it's supposed to work.  But a Republic investigation into the daily public auctions held on the Maricopa County Courthouse steps and at some local law offices suggests a growing number of homes are sold for less than the posted opening bid. Read more. ...
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© Associated Press 2009   The Arizona Legislature on Thursday unexpectedly extended its special session into a second week after the Senate narrowly rejected a bill to cut funding for schools and social services when majority Republicans came up one vote short.  After a floor session marked by long delays and other signs of disarray among majority Republicans, the Senate adjourned until Monday. The House, which was waiting to vote after the Senate, then also adjourned.  The special session began Tuesday and had been expected to conclude Thursday with passage of Republican bills to trim the state's projected $2 billion budget shortfall by approximately $452.4 ...
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An administrative law judge in Phoenix has recommended that Arizona Public Service Co. be granted the electricity rate increase it has been seeking since March 2008. This ruling is advisory only.  The Arizona Corporation Commission will make the final decision on the rate hike. The five-member commission has tentatively scheduled hearings to begin Dec. 7. ...
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