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HAWAII
State gets high marks for tax fairness
Washington >>Most U.S. states rely on tax systems that aren't balanced enough to meet future spending demands or rely on levies that are unfair to some residents, Governing magazine reported, citing a year long survey.
Hawaii was the only state to get four stars for fairness to taxpayers, according to a Bloomberg News report. Governing magazine cited the state's general excise tax that applies to most goods and services in addition to corporate and income taxes.
Nevada received the worst overall mark based on three measures: adequate revenue to finance programs, balanced revenue sources and resources devoted to ensure tax compliance, the magazine said. The magazine said its survey was produced with the Washington-based Pew Center on the States.
Delaware, New Mexico, North Dakota, and Wyoming all received four-stars based on adequacy of revenue, the magazine said.
States depend on a combination of four main tax sources -- sales, personal income, property and corporate profits -- for the bulk of receipts and the magazine called a balance among them "ideal."
MAINLAND
WorldCom to cut 5,000 more jobs
CLINTON, Miss. >> WorldCom Inc. announced $2.5 billion in cuts today, including the elimination of 5,000 jobs, as part of the telecommunication company's plan to emerge from bankruptcy in April.
The cuts, which include 8 percent of WorldCom's workforce, are the first major moves by new chairman and CEO Michael Capellas. Details on which jobs will be cut were not released.
The savings will come by consolidating facilities, though the company said it will maintain all its major offices, including its Clinton headquarters. Industry analysts have expected WorldCom, whose MCI unit remains the No. 2 long-distance carrier, to close some units.
WorldCom has about 60,000 employees after cutting 20,700 positions last year following the largest bankruptcy filing in U.S. history amid a $9 billion accounting scandal that led to the resignations of founder and former CEO Bernard Ebbers and chief financial office Scott Sullivan.
The company is being investigated by the Justice Department and Securities and Exchange Commission.
Entrepreneurship gathers steam
As the nation's unemployed struggle to make ends meet, many are likely to consider striking out on their own as entrepreneurs.Last year, 10.5 percent of Americans were involved in launching startups or working for new businesses, down from a peak of 16.6 percent in 2000, according to the latest Global Entrepreneurship Monitor of U.S. entrepreneurial activity.
U.S. unemployment remained at an eight-year high of 6 percent last month, with many experts predicting it to rise to 6.5 percent by summer amid the so-called "jobless recovery."
ClearRock Inc., a Massachusetts-based executive and career coaching firm, recommends would-be business owners ask themselves a few questions before giving it a solo go.
Including: What are your strengths and weaknesses? No one is truly skilled at every aspect of running a business, so it's smart to start by figuring out where you'll need help.
Ex-Tyco lawyer charged with stealing $12 mil
BOSTON >> Former Tyco International Ltd. general counsel Mark Belnick was charged today with stealing $12 million from the conglomerate by accepting a special bonus the board of directors had not approved.The indictment adds three new charges against Belnick, who served as Tyco's top legal counsel until last year. He faces up to 25 years in prison if convicted of the new felony larceny charge, which stems from a bonus he allegedly received in the form of $2 million cash and 200,000 Tyco shares.
In New York, Manhattan District Attorney Robert Morgenthau unveiled the superseding indictment against Belnick. It was the latest revelation in an investigation that helped drive down shares of Bermuda-based Tyco more than 70 percent last year.
The indictment includes the original six counts brought against Belnick last year. He has pleaded innocent to those charges.
Airline performance improved in '02
WASHINGTON >> Major airlines arrived on time more and passengers complained less about service last year, thanks to traffic-control changes, good weather and fewer people flying.The 10 biggest U.S. airlines posted their best on-time record since 1995, when the government started keeping comparable records.
Flights on those airlines arrived within 15 minutes of schedule 82.1 percent of the time last year, up from 77.4 percent in 2001, the Transportation Security Administration reported today.
During 2002, the Transportation Department received 43 percent fewer complaints about airline service than in 2001, according to the report.
"We haven't had the kind of weather problems in recent years that we had in 2000," said David Smallen, the transportation statistics bureau spokesman. Weather causes about two-thirds of all delays.
