When the World Wide Web was established, early websites were mostly electronic versions of documents. They did a good job at broadcasting information to a wide audience but were not effective at brokering communication. With the advent of Web 2.0 and social media platforms such as Facebook, YouTube, and Twitter, bidirectional communication became one of the key reasons to use the Web.

The adoption rate for the use of social media in our daily lives is astounding. When radio was introduced, it took 38 years to reach 50 million people. Television was faster, reaching 50 million in only 13 years. The iPod reached this milestone in three years. Facebook did it in mere months. Social media technology is changing the way the world communicates. Half of all mobile Internet traffic in the UK is for Facebook. It should be pointed out that its not just kids using social media sites. The Pew Internet amp; American Life Project reports that 46 percent of all American adults use at least one social networking site.

There are literally hundreds of social media sites on the Web today offering platforms for sharing all kinds of information, including photos, videos, status updates, and location check-ins. This has resulted in an explosion of user-generated content. Today, we create as much information in two days as we did from the beginning of time through 2003.

PITTSBURGH, Feb. 10, 2012 /PRNewswire/ –#xA0;Federated Enhanced Treasury Income Fund (NYSE: FTT) today announced the monthly distribution under its managed distribution plan.#xA0; Under the plan, the fund makes monthly cash distributions approximating 5.5% of the funds net asset value (NAV) on an annualized basis.#xA0; The fund may make distributions in excess of those required under the plan in order to meet its obligations under the Internal Revenue Code.#xA0;

Pursuant to the plan, the fund declared its monthly distribution for February. The distribution amount is based on the funds NAV of $16.30 on Jan. 31, 2012.#xA0;

Food minister K V Thomas told reporters after the conference that his ministry would analyse all suggestions before referring the bill to a standing committee of Parliament.

The ministry has also decided to hold separate discussions with all states to find a way to properly implement the food security bill, Thomas said.

The government finds itself in a Catch-22 bind over the Food Security Bill, which proposes to provide cheap grains to 63 per cent of the population, comprising 75 per cent in rural areas and 50 per cent of the urban population.

San Leon climbed 14 per cent to close at 12.5p, valuing the Dublin-based company at 141.8 million (169.5 million). The well, operated by Talisman Energy, was drilled to a depth of 2,788m, San Leon said yesterday in a statement.

Rogity-1 is San Leons second well with Talisman in Poland. The Lewino 1G-2 well encountered gas over more than 1,000m, it said on November 17th. (Bloomberg)

(Hat tip: Jerry Brito.)

Q: My wife is a naturalized American. We married while I was stationed in Germany (for 10 years). She was a bookkeeper for various German firms and paid into their national retirement system. We settled in Knoxville 20 years ago. Upon reaching age 65, she applied for and began to receive a pension from the German government. My question relates to how to report her pension income on our joint federal income tax return.

I have done some research and learned that due to a 1989 US/German treaty this income should be reported as Social Security income. If this is correct, is the entire gross amount of her pension taxable or is a portion of the gross taxable? She has a compilation of the total amount she paid into the German system over the years. I looked at the treaty (Article 18) but it is written is legalese and is undecipherable. I would appreciate any help you can provide us on this matter. EB, Eagle Creek Lane

A: I am assuming that your wifes employment was not related to government service. If not, then you are correct in that the retirement income received from the German government is taxable in the United States as Social Security benefits. You should report entire amount received on line 20a of your 2011 individual tax return.

Generally, your combined adjusted gross income after adding half of the Social Security benefit will determine how much, if any, of the amount will be taxable. Up to 85 percent of the benefit may be taxable depending on your income.

Q: I recently have purchased energy efficient appliances — gas stove, refrigerator, washer, dryer, televisions, computers, CD player — and would like to know if these can be deducted on my 2011 income tax. If so, which form or forms do I need to get? CW, Knoxville

A: Unfortunately, the residential energy credit (Form 5695) is only available for nonbusiness energy property such as exterior doors and windows, insulation, heat pumps, furnaces, central air conditioners and water heaters. The total combined credit limit for all tax years after 2005 is $500.

There also is a residential energy efficient property credit of 30 percent of the qualified cost of eligible solar electricity equipment, eligible solar water heaters, qualified small wind energy property, qualified geothermal heat pump property and fuel cell property.

Shirley Harris is a director in the Knoxville accounting firm of Bible Harris Smith PC. She is a member of the Knoxville chapter of the Tennessee Society of Certified Public Accountants and the American Institute of Certified Public Accountants. She is past chairwoman of the Services for Small Business Committee for the TSCPA and the Knoxville Chapter.

He said of the tender offers the company Informatica El Corte Ingles won the call for tenders, after technical and economic evaluations, which also included, among others, Taldor, SP Consultores and Thomsom Reuters.

Marte said the new aerial surveys will create a cadastral database on real property in the urban areas near the National District and Santo Domingo East and of the municipalities with a potential for tourism.

The official said the airplane will be flying in altitudes near zero to 10,000 feet throughout the cities’ urban as rural areas, which will create a guide for users to obtain an exact evaluation of their properties, and that further information can be obtained in the Cadastre Website, www.catastro.gob.do.

World Wide Web 2/1/12- According to the market research firm IHS iSuppli, a growing number of book buyers are reading on tablets: 65 million tablets sold in 2011, compared to 17 million in 2010. How will authors stay connected to its audience directly in the digital age? UPUB (Upublish) announces the prerelease of its Author App.

UPUB’s Author App will allow indie and self-publish authors to connect with their readers and sell their books directly. Another great feature to the app is there’s no downloading required because it is a web app.

UPUB’s Author App will give each author their specific domain that readers will access. They can include their blogs, book release announcements and all types of social media integration which allows for more direct communication. Authors’ online marketing tactics would direct their target audience traffic back to their web app. Readers would have the opportunity to leave blog comments, put links back to their website or social network outlets to drive users to get the “book buzz” going.

Whether it’s a novel, picture book or even a mystery, this agency does it all. You could promote preview chapters, press releases, book trailers etc. It’s all about driving traffic to your mobile app. Don’t get left behind in this phenomenon as many readers embraced viewing books through many mobile and tablet devices. For authors seeking to take their digital content to the next level; UPUB is taking limited preorders through their website at upubauthor.com prior to its official release.

UPUB (Upublish) is a multimedia company dedicated to assisting indie and self-publish authors by creating products and services that allow authors to connect with their audience and spread the ‘news buzz’ about their great stories. Our company provides the latest digital and media platforms that provide advertising, marketing and promotional channels that fit all budgets and publication types.

UPUB SOCIAL. INNOVATE. PUBLISH.
twitter.com/authorupub        www.facebook.com/AUTHORUPUB

On Monday, the Legislature gathered for Gov. Fallin’s State of the State address. One area I believe will be of great interest to the citizens of Oklahoma was her bold tax reform plan that will represent the most significant tax cut in state history.

According to the Governor, the Oklahoma Tax Reduction and Simplification Act will immediately cut income taxes for Oklahomans in all tax brackets, simplify the tax code, and begin the graduate elimination of the income tax. These changes will give our state the lowest income tax rate in the region besides Texas, which will make us more appealing to businesses looking to relocate or expand.

The new plan would go into effect January 1, 2013 replacing our current system. It’d reduce the seven brackets we currently have to three lower and flatter rates. Under the new plan, those couples making under $30,000 a year wouldn’t pay any state taxes. The tax rate for those making $30,000-$70,000 annually would be lowered to 2.5 percent, while those making over $70,000 would see a rate of 3.5 percent down from 5.25 percent.

In subsequent years, we’d see the tax rates continue to gradually fall an additional quarter point in any year in which the state hits a revenue growth trigger of five percent. This would protect our state in hard economic times like those experienced in the last few years.

The proposed plan would be paid for by eliminating tax loopholes, carve-outs and other exceptions; by continuing to eliminate government waste; and by capitalizing on economic growth expected to come about through pro-jobs, pro-business policies this session.

Gov. Fallin pointed out, as I have in the past, that according to Americans for Prosperity, non-income tax states have seen 59 percent economic growth over the past decade, versus just 38 percent for high income tax states. Job growth has also increased greatly in non-income tax states, while high income tax states have actually lost jobs.

It’s important when considering such issues to listen to various perspectives, not only within the state, but from across the nation. The American Legislative Exchange Council (ALEC), a nonpartisan voluntary membership association for conservative state lawmakers who share a common belief in limited government, free markets, federalism, and individual liberty, recently praised the Oklahoma Legislature for the Oklahoma Tax Reduction and Simplification Act. The following is from a letter that ALEC sent to Oklahoma legislators in support of the proposed tax reduction plan -

The elimination of Oklahoma’s personal income tax would provide a breath of fresh air to the state’s competitiveness and economic development efforts. With the abolition of the anti-growth personal income tax, small businesses will be able to focus on creating better products and services for their customers – and in the process, create jobs. In addition, taxpayers vote with their feet. When tax rates are too high, taxpayers move from the high tax rate states to low tax rate states. Oklahoma will attract not only businesses, but also people to the state with lower personal income tax rates. Having a broader tax base will help offset the costs associated with eliminating the personal income tax.

Our research in Rich States, Poor States outlines the inverse relationship between high income taxes and state economic performance. In the book, we compare the economic performance of the 9 states with no personal income tax (Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming) with the 9 states that have the highest personal income taxes. In fact, the research from Rich States, Poor States leads us to believe that personal and corporate income taxes are some of the worst taxes for state growth.

Many critics of eliminating the individual income tax argue that states will lose revenue and need to make up the difference with drastic spending cuts. To support this argument, the states with the highest income taxes saw a reasonable 62.4 percent growth in revenue over the last 10 years. However, states without an income tax saw nearly double the revenue growth, at almost 124 percent over the same period. No income tax states attract more people, thereby broadening the base from which other taxes are collected. Further, the 9 states without an individual income tax had 61.2 percent growth in Gross State Product, compared to the 44.9 percent growth in the nine states with the highest individual income tax.

Additionally, population growth was almost 14 percent in no income tax states, compared to roughly 6.5 percent in states with the highest individual income taxes. Finally, employment in the states with no individual income tax increased more than 7.5 percent as opposed to states with the highest rates, which only increased employment by less than 0.5 percent.

Other states are considering elimination of their income taxes to stimulate state economic growth and create jobs. Most recently, Governor Sam Brownback proposed a plan that limits growth in spending to 2 percent to offset the costs of phasing down the personal income tax. Missouri, another neighboring state, may see a ballot initiative in November to eliminate its individual income tax and replace it with a broader sales tax. Oklahoma should follow Kansas and Missouri’s lead and promote a pro-growth environment through its elimination of the individual income tax.

To contact me at the Capitol, please write to Senator Josh Brecheen, State Capitol, 2300 N. Lincoln Blvd. Room 513A, Oklahoma City, OK, 73105, email me at brecheen@oksenate.gov, or call (405) 521-5586.