Where's the best state for you to retire? Here's a good place to start your search: These five impose the lowest taxes on retirees in the contiguous U.S., according to our research. All these retiree tax heavens exempt Social Security benefits from state income taxes. Many of them exclude government and military pensions from income taxes, too, or offer blanket exclusions up to a specific dollar amount for a wide variety of retirement income.

Although relocating to an income-tax-free state such as Florida or Texas may sound appealing, sometimes the best retirement destination is a state that imposes an income tax but offers generous exemptions for retirement income.

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This is the first article I read when I opened my yahoo mail today. I am not really very sure if this article is 100% right but it is the opinion of the writer. It has a lot of comments from yahoo users, saying that it is not really true..keep reading!

10 Best and Worst States to Make a Living

The job market is finally picking up some steam, providing hope to long-suffering job seekers everywhere. But if you're among the applying masses, you probably want to do more than just get a job.

If you want to make a living -- in other words, make enough after tax and fixed expenses to prosper -- your chances of getting a job that pays enough to live in comfort varies dramatically based on the state where you live and work. MoneyRates.com pulled unemployment rates, average wages, tax rates and cost of living from all 50 states and found that the best places to find a job were not necessarily the best places to make a living.
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SPECIAL REPORT-Civil fine in Gulf spill could be $4,300 a barrel
* Clean Water Act allows per-barrel fines for oil spillers
By Joshua Schneyer

NEW YORK, May 25 (Reuters) - Just how many barrels of oil are gushing into the Gulf of Mexico from the Deepwater Horizon spill is a billion dollar question with implications that go beyond the environment. It could also help determine how much BP (BP.L) and others end up paying for the disaster.

A clause buried deep in the U.S. Clean Water Act may expose BP and others to civil fines that aren't limited to any finite cap -- unlike a $75 million limit on compensation for economic damages. The Act allows the government to seek civil penalties in court for every drop of oil that spills into U.S. navigable waters, including the area of BP's leaking well.

As a result, the U.S. government could seek to fine BP or others up to $4,300 for every barrel leaked into the U.S. Gulf, according to legal experts and official documents.

So far, analysts and experts calculating potential oil spill liabilities have mostly concentrated on the cost of the clean-up and compensation for economic damages to affected parties. Some have also discussed criminal liabilities.
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Isn't this a good news for American people?? this is an interesting news I read today from yahoo..for more details, keep reading guys..

Obama unveils $75 billion mortgage relief plan

MESA, Ariz. – President Barack Obama says his $75 billion plan to tackle "a crisis unlike any we've ever known" in home foreclosures is necessary to help save the economy.

Obama unveiled the plan in Arizona, hard-hit by the housing crunch. More expensive than expected, it aims to keep 9 million people from losing their homes.

One part will ease refinancing for people who owe more on their mortgages than their homes are currently worth. Another provides incentives for mortgage lenders to help those on the verge of foreclosure.

Speaking at a high school outside Phoenix, Obama said the plan won't save every home but it will prevent "the worst consequences of this crisis from wreaking even greater havoc on the economy."

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We already know what's happening to America's Economy now. To know more infos read this news courtesy of yahoo.news.com..

WASHINGTON – Wild gyrations on Wall Street, a loss of confidence in the U.S. banking system and worries the economy will be weak for some time are raising Americans' anxiety level.

Against this backdrop, President Bush on Friday was to give the nation a more detailed explanation of what the government is doing to battle the worst financial crisis in more than a half-century.

Despite a flurry of radical actions by the Bush administration and the Federal Reserve, banks in the United States and abroad are still wary of lending money to each other and to their customers. The credit clog is depriving the wheezing U.S. economy of oxygen.

Financial and credit problems have dragged on for more than a year and took a dangerous turn for the worse last month. All the fallout threatens to plunge the U.S. economy — as well as the world economy — into a painful recession.

White House officials said Bush didn't intend to put forward any new policy actions. The president was delivering his address at the U.S. Chamber of Commerce headquarters across from the White House.

Earlier this week, the Treasury Department announced it would inject up to $250 billion in U.S. banks in return for partial ownership stakes, something that hasn't been done since the Great Depression of the 1930s. The government hopes banks will use the capital infusions to rebuild their reserves and bolster lending to customers.

Bush and his top economic aides have repeatedly asked Americans to be patient and give the government's relief efforts time to work. Democrats on Capitol Hill, though, insist another round of economic stimulus is needed.

So far this year, 15 banks have failed, compared with three last year. And Wall Street's five biggest investment firms were swallowed by other companies, filed bankruptcy or converted themselves into commercial banks to weather the financial storm.

At the same time of the Treasury announcement, the Federal Deposit Insurance Corp. said it would temporarily guarantee new issues of bank debt — fully protecting the money even if the institution fails.

The FDIC also said it would provide unlimited deposit insurance for non-interest bearing accounts, which are mainly used by small businesses to cover payrolls and other expenses. Frequently, these accounts exceed the current $250,000 insurance limit, so the expanded insurance should discourage nervous companies from pulling their money out.

Last week, the Fed and the world's other major central banks joined forces to slice interest rates, the first coordinated action of that kind in the Fed's history. The United States and other top economic powers adopted a five-point action plan last week and pledged to do all they can to stem the crisis.

Even with so many unprecedented steps taken, Wall Street has convulsed. On Thursday, the Dow Jones industrials finished up 401.35 points, after falling 380 points early in the session. A day earlier, the Dow fell a staggering 733 points. The index started the week with a record-shattering 936-point gain.

Fed Chairman Ben Bernanke warned this week that even if financial markets were to stabilize, the economy would not quickly snap back to good health.

Unemployment — now at 6.1 percent — could hit 7.5 percent or higher by next year. Many analysts predict the economy will shrink later this year and early next year, meeting the classic definition of a recession. Some believe the economy already jolted into reverse during the July-to-September quarter.

Americans are feeling strained as their paychecks shrink and their savings shrivel. That's causing shoppers to cut back, one of the reasons the economy is losing traction. Economic slowdowns overseas, meanwhile, are expected to crimp demand for U.S. exports, which has been a main force keeping the economy afloat.

source: http://news.yahoo.com/s/ap/20081017/ap_on_bi_ge/financial_meltdown