Alaska could be the next state to legalize marijuana

Supporters of marijuana legalization are hoping that Alaska will follow the example set by Colorado and Washington state.

Timothy Hinterberger told the Anchorage Daily News that his ballot initiative to legalize the recreational use of marijuana in Alaska is about halfway there. Hinterberger, who sponsored the ballot initiative, and his supporters need to gather about 30,000 valid signatures by December 1 to qualify for next year’s primary ballot.

“In a free society, prohibition of popular substances is just bad public policy,” Hinterberger said. If approved by voters, the measure would allow those 21 and older to use and possess up to 1 ounce of marijuana for recreational use. Medical marijuana has been legal in the state since 1998.

The ballot measure is similar to two successful initiatives in Colorado and Washington state. Residents of both states voted to legalize marijuana in 2012. Read more >>

10 States That Are Maxxed Out on Credit Cards

Finance.yahoo.com


Here are the top 10 states with the highest bankcard utilization ratios.

10. Louisiana
Average Balance: $3,503
Average Limit: $16,257
Average Utilization: 21.55%

Louisiana comes in last on our list, with a decently low average balance per consumer. The Bayou state could benefit from asking their credit card issuers to up their limits though — a tactic that can lower your utilization without forcing you to cut spending.

9. Texas
Average Balance: $4,072
Average Limit: $18,857
Average Utilization: 21.59%

The saying goes that “everything’s bigger in Texas” and that must be true of the state’s credit cards too, as the Lone Star state has the highest average limit of all of the states on our list. The high credit limit doesn’t mean that Texans aren’t spending though, as they also have the third highest balance.

8. South Carolina
Average Balance: $3,786
Average Limit: $17,351
Average Utilization: 21.82%

7. Oklahoma
Average Balance: $3,579
Average Limit: $16,396
Average Utilization: 21.83%

6. Arkansas
Average Balance: $3,469
Average Limit: $15,751
Average Utilization: 22.02%

Arkansas takes the prize for lowest average balance of any state that made our list. Perhaps residents of the Natural state could use a new credit card, which can add to their overall limit and decrease their utilization ratio.

5. Nevada
Average Balance: $3,999
Average Limit: $18,047
Average Utilization: 22.16%

4. Alabama
Average Balance: $3,618
Average Limit: $16,085
Average Utilization: 22.49%

3. Georgia
Average Balance: $4,246
Average Limit: $18,520
Average Utilization: 22.93%

Though Texas took the highest average limit of all the states on our list, Georgia wasn’t far behind. The state could try to skim more money off their monthly expenses to cut their utilization ratio.

2. Mississippi
Average Balance: $3,384
Average Limit: $14,644
Average Utilization: 23.11%

Though this state comes in second in our rankings, its residents aren’t charging more dollars, on average, than any other state on our list. The high utilization ratio in Mississippi is due primarily to the fact that its average limit per consumer is very low.

1. Alaska
Average Balance: $4,563
Average Limit: $16,453
Average Utilization: 27.73%

While all of the other states in our rankings stayed below a 25% utilization ratio, Alaska broke that barrier. This should come as no surprise to those who pay attention to Alaskans’ personal finances. The 49th state has recently topped lists of the highest credit card balances and highest revolving account debt. Read more >>

A look at tax breaks that expired this year

While much of Washington is consumed by the debate over tax cuts scheduled to expire next year, a big package of tax breaks already expired this year. Among the biggest, along with the cost to retroactively extend each one for 2012 and 2013:
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Individual tax breaks

— Relief from the Alternative Minimum Tax. The tax is designed to ensure that wealthy people can't use tax breaks to avoid paying any federal taxes. However, it was never indexed for inflation, so Congress routinely adjusts it to keep it from imposing hefty tax increases on millions of middle-income families. Cost: $132 billion.

— State and local sales tax deduction. Taxpayers can take this itemized deduction instead of deducting state and local income taxes. It is geared for people who live in states without state income taxes: Alaska, New Hampshire, Tennessee, Florida, South Dakota, Washington, Nevada, Texas and Wyoming. Cost: $4.4 billion.

— A deduction of up to $4,000 for qualified higher education expenses: Cost: $4.2 billion.

— A tax credit for improvements to make homes more energy efficient. Cost: $2.4 billion. Read more >>

Second F-22 Raptor Squadron Heading to Persian Gulf

DEBKA-Net-Weekly’s military sources report a second F-22 Raptor squadron will be heading to the Gulf in the coming days. If not for logistical delays, such as getting hangars ready for the incoming planes and crews, they would have landed in the third or fourth week of April.

Those preparations broke surface with the Aviation Week disclosure of the USAF’s deployment of the first batch of its premier penetrating strike fighter, the F-22 Raptor, to a United Arab Emirates base across the Gulf from Iran.
 
Debkafile’s military sources added that the Raptors from the 302^nd Fighter Squadron’s Joint Elmendorf-Richardson Base in Alaska were destined for the Al Dhafra Air Base (click on the attached map). More...

Food Stamp Usage Soars Among Working Families

Data from the U.S. Department of Agriculture reviewed by The Associated Press shows that 32 states have adopted rules making it easier to qualify for food stamps since 2007. In all, 38 states have loosened eligibility standards.

Eligibility for food stamps varies from state to state, with the 11 most generous states allowing families to apply if their gross income is less than double the federal poverty line of $22,050 for a family of four on the U.S. mainland. The threshold is higher in Alaska and Hawaii.

With more than 1 in 8 Americans now on food stamps, participation in the program has jumped about 70 percent from 26 million in May 2007, while the nation's unemployment rate rose from 4.3 percent to 9.2 percent through September of this year. More...

Oceanography professor: oil spill already greater than Exxon Valdez

washingtonpost.com
No one is sure how much oil is leaking. The Coast Guard initially said there was no leak, then said there was a leak of 1,000 barrels a day, then upped the estimate to 5,000 barrels. Adm. Thad W. Allen, the leader of the federal response and commandant of the Coast Guard, has cautioned against putting too much credence in any estimate.

Ian MacDonald, a professor of oceanography at Florida State University, has calculated the amount of oil based on satellite imagery and established models of oil dispersion and believes that the quantity is already greater than that dumped in Alaska by the Exxon Valdez in 1989. He estimated last week that 9 million gallons of oil are already in the water, compared with 10.8 million gallons in the Valdez disaster.

But he acknowledged that the real amount could be different. In any case, he said, the comparison to the Valdez spill is misguided, because the coastal gulf is far more economically significant than the sparsely populated coast of Alaska. More...