Ha pp y B ir th da y

April 24, 2007 - Business Meeting at Shirley's

May 22, 2007 - Business Meeting

Members are to call Dorothy if they are unable to attend no later than that the Friday before the monthly meeting date. If you do not call, it will be assumed that you are attending and you will be billed for that meeting.

Please contact Dorothy for the April meeting by Friday, April 20^th so that she can give Shirley our reservation numbers.

Shirley will be having our dinner catered, and the cost will remain at $20.

If you are unable to attend due to last minute circumstances, you will be billed for that meeting.

4th Annual Leadership Luncheon

When: Wednesday May 2, 11:30am - 1:00pm
Where: Midland Hills Country Club
Featured Speaker: Xcel Energy executive -Cynthia L. Lesher,
will be the keynote speaker at NYFS' fourth annual Leadership Luncheon. This year's theme is "If Not You, Then Who? Living a Life That Matters."

Peggy will be sponsoring a table at the Leadership Luncheon, so if you would like to attend, please contact her. The past events have been "sold out" so if you would like to attend, RSVP ASAP!

I received information about the North American Inter-District Seminar, to be held June 22-24, 2007 in Ann Arbor, Michigan. The seminar registration is due May 1st for the $135 fee, and $150 by June 8th. Registration includes all meals and breaks on Saturday and Sunday and a mixer on Friday. Rooms are $92 plus tax. Hotel deadline is May 31, 2007. I will bring the registration forms to the April meeting.

The seminar is a weekend of engaging and interactive workshops designed to empower you as a Zontian. The keynote speaker for the seminar is Angela Morgan, co-author of Leading from the Front. It is being held at the Eagle Crest Conference and Resort Center in Ypsilanti, Michigan.

Source: Tax Foundation.

In 1862, in order to support the Civil War effort, Congress enacted the nation’s first income tax law. It was a forerunner of our modern income tax in that it was based on the principles of graduated, or progressive, taxation and of withholding income at the source. During the Civil War, a person earning from $600 to $10,000 per year paid tax at the rate of 3%. Those with incomes of more than $10,000 paid taxes at a higher rate. Additional sales and excise taxes were added, and an “inheritance” tax also made its debut. In 1866, internal revenue collections reached their highest point in the nation’s 90-year history—more than $310 million, an amount not reached again until 1911.

The Act of 1862 established the office of Commissioner of Internal Revenue. The Commissioner was given the power to assess, levy, and collect taxes, and the right to enforce the tax laws through seizure of property and income and through prosecution. The powers and authority remain very much the same today.

In 1868, Congress again focused its taxation efforts on tobacco and distilled spirits and eliminated the income tax in 1872. It had a short-lived revival in 1894 and 1895. In the latter year, the U.S. Supreme Court decided that the income tax was unconstitutional because it was not apportioned among the states in conformity with the Constitution.

In 1913, the 16th Amendment to the Constitution made the income tax a permanent fixture in the U.S. tax system. The amendment gave Congress legal authority to tax income and resulted in a revenue law that taxed incomes of both individuals and corporations. In fiscal year 1918, annual internal revenue collections for the first time passed the billion-dollar mark, rising to $5.4 billion by 1920. With the advent of World War II, employment increased, as did tax collections—to $7.3 billion. The withholding tax on wages was introduced in 1943 and was instrumental in increasing the number of taxpayers to 60 million and tax collections to $43 billion by 1945.

In 1981, Congress enacted the largest tax cut in U.S. history, approximately $750 billion over six years. The tax reduction, however, was partially offset by two tax acts, in 1982 and 1984, that attempted to raise approximately $265 billion.

On Oct. 22, 1986, President Reagan signed into law the Tax Reform Act of 1986, one of the most far-reaching reforms of the United States tax system since the adoption of the income tax. The top tax rate on individual income was lowered from 50% to 28%, the lowest it had been since 1916. Tax preferences were eliminated to make up most of the revenue. In an attempt to remain revenue neutral, the act called for a $120 billion increase in business taxation and a corresponding decrease in individual taxation over a five-year period.

Following what seemed to be a yearly tradition of new tax acts that began in 1986, the Revenue Reconciliation Act of 1990 was signed into law on Nov. 5, 1990. As with the ‘87, ‘88, and ‘89 acts, the 1990 act, while providing a number of substantive provisions, was small in comparison with the 1986 act. The emphasis of the 1990 act was increased taxes on the wealthy.

On Aug. 10, 1993, President Clinton signed the Revenue Reconciliation Act of 1993 into law. The act’s purpose was to reduce by approximately $496 billion the federal deficit that would otherwise accumulate in fiscal years 1994 through 1998. In 1997, Clinton signed another tax act. The act, which cut taxes by $152 billion, included a cut in capital-gains tax for individuals, a $500 per child tax credit, and tax incentives for education.

President George W. Bush signed a series of tax cuts into law. The largest was the Economic Growth and Tax Relief Reconciliation Act of 2001. It was estimated to save taxpayers $1.3 trillion over ten years, making it the third largest tax cut since World War II. The Bush tax cut created a new lowest rate, 10% for the first several thousand dollars earned. It also cut the top four tax rates (28% to 25%; 31% to 28%; 36% to 33%; and 39.6% to 35%).

The Jobs and Growth Tax Relief and Reconciliation Act of 2003 accelerated the tax rate cuts that had been enacted in 2001, and temporarily reduced the tax rate on capital gains and dividends to 15%. In 2004, the U.S. was forced to eliminate a corporate tax provision that had been ruled illegal by the World Trade Organization. Along with that tax hike, Congress passed a cornucopia of tax breaks, which for individuals included an option to deduct the payment of whichever state taxes were higher, sales or income taxes.

Two tax bills signed in 2005 and 2006 extended through 2010 the favorable rates on capital gains and dividends that had been enacted in 2003, raised the exemption levels for the Alternative Minimum Tax, and enacted new tax incentives designed to persuade individuals to save more for retirement.

From Mayo Clinic Web Site.

If you usually cook for one or two you probably face such frustrations. But small-quantity cooking can be made easier and more interesting even for small numbers. Here's how:

Shop with convenience in mind. Purchase foods that are individually frozen, such as fruits, vegetables, chicken breasts or fish fillets. These foods allow you to thaw out only the amount you need. Also, keep on hand low-fat frozen meals and prepackaged single-serving foods, such as ready-to-eat, low-fat, reduced-sodium canned soups, seasoned rice, pasta and instant hot cereals.

• Take advantage of your freezer. Most foods freeze well, including breads, meats, fruits, vegetables, whole grains, and nuts and seeds. For best quality, freeze food while it's fresh. Don't wait until it's been refrigerated or on your counter for several days.
• Cook meals in advance and freeze single-size portions.
• Prepare one-dish meals. A good choice is one that includes foods from several food groups, such as meats, whole grains, legumes and vegetables. Healthy examples include beef, barley and vegetable stew; chicken, vegetable and rice casserole; or vegetarian chili with diced vegetables.
• Use leftovers wisely.
• Redefine a 'meal.' If you're short on time or energy, make a nutritious snack rather than a full meal. For example, spread a brown rice cake with ricotta cheese and fresh strawberries or low-sugar, spreadable fruit. Or try spreading it with herbed goat cheese and sliced olives.
• Invite others to eat with you. Make cooking more rewarding by inviting friends or relatives to join you for a meal. Or recruit people for a cooking club, which provides a good opportunity to try new recipes and makes preparing meals more enjoyable.
• Look into cookbooks designed especially for one to two people. Not only are cookbooks a good source for recipes, they also can provide practical advice and helpful tips on such things as selecting healthy foods, planning menus, shopping and reading food labels.

If you're cooking for one or two, don't settle for peanut butter and jelly sandwiches or a bowl of cereal every night. Get creative. Try new recipes and experiment with what works for you. With a little planning and some quick cooking, you can create healthy meals for you and your dining partner.

If you have anything that you would like included in the newsletter, please let Peggy know. I know we would all be glad to hear what is going on with you!

See you April 26th!!