Unlawful Internet Gambling Enforcement Act

The Unlawful Internet Gambling Enforcement Act or UIGEA outlaws certain activities associated with online gambling. It prohibits those who engage in the gambling business from accepting payments. The payments mentioned here refer to the ones coming from online gambling that’s unlawful. Violations can attract imprisonment up to five years.

It may also lead to imposition of a hefty fine on the violator. The act has not defined the business of betting or wagering, but it certainly defines what it is not. A business involved in betting or wagering can only be prosecuted if it participates in unlawful online gambling.

Illegal Gambling Business Act

This act applies to anyone managing, financing, supervising, directing, or owning any part of an illegal gambling business. Such individuals or businesses may violate laws of a political sub-division or a state where they conduct their activities. The Illegal Gambling Business Act may also apply to offshore gambling operations taking wagers from bettors in the United States.

This requires the fulfilling of certain conditions. They mostly have a connection with the state laws and the Congress.

The Wire Act

Generally, the Wire Act covers those in the business of gambling. The act outlaws the ones in this business who use interstate telephone facilities for transmitting bets. It also outlaws those in the gambling business who use interstate telephone facilities for transmitting information associated with gambling.

Offenders have to face imprisonment for up to two years. Additionally, imposition of a hefty fine may also follow. When one compares this to the other federal gambling statutes, the act has been used more sparingly. This is why it lacks certain interpretative benefits and can’t be useful for prosecuting simple bettors.

Racketeer Influenced and Corrupt Organizations

The provisions of Racketeer Influenced and Corrupt Organizations or RICO may apply in case of illegal gambling. Violations of the Wire Act, the Travel Act, and Illegal Gambling Business Act are RICO predicate offenses. The RICO violators are subject to imprisonment of up to twenty years. Additionally, they may also have to pay a hefty fine. The property used for the conducting the criminal activities might also be confiscated. The one committing a RICO offense need not be a human. The offender can also be an entity, such as a partnership or corporation.

Travel Act

The elements of this act cover those who travel in inter-state or foreign commerce. Using a facility in inter-state or foreign commerce to distribute the proceeds of business involving gambling violates the act. The Travel Act might serve as the basis for prosecution under the statutes of RICO and money laundering.

The Supreme Court once determined that this act is not applicable to ordinary customers of an illegal gambling business. It might cover inter-state solicitation of such customers.

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The amount of tax savings you can have also depends on the type of tax benefit that you claim. Each of them offers a different type of savings. Here we present the different ways of enjoying tax benefits:

1. Tax savings with deductions

You can reduce the amount of your income that’s taxable when you claim a tax deduction. This is one of the most common types of tax benefits that you can have. The amount you’re eligible to claim as deduction is the amount of reduction to your taxable income. Medical expenses, state income taxes, tuition cost and fees, and charitable contributions are the deductions that taxpayers frequently claim.

2. Tax credits

You can claim tax credit for a variety of expenses that you might incur during the year. They include everything from college tuition to the installation of equipment for energy efficiency in your home. It might not be wrong to say that tax credits have more tax-saving potential than deductions. The reason is that it offers a dollar-for-dollar reduction in the income tax amount.

This is much more beneficial than merely reducing the amount of taxable income. You’re must prepare a separate credit-specific form by the IRS when claiming a tax credit. Additionally you need to calculate your eligible amount, which is regardless of the amount you’re claiming.

3. Exclusion from tax

Exclusions classify some of the income types as tax-free. An exclusion from tax gives you the ultimate tax benefit as the income won’t show on your tax return. If it does end up on your tax return, it generally comes off in another section. Foreign earned income exclusion is among the largest exclusions that are available to the taxpayers.

The law now allows you to exclude up to $108,700 of income earned outside the United States. For this you must have stayed in a foreign country for most part of the tax year. Exclusions are not subject to reductions or limitations unlike the deductions. You’ll either meet the requirements to exclude your income or you’ll not.

4. Capital losses

There’s no denying that losing money is not a pleasant experience, but what if there’s an advantage to it? In fact, a loss might give you the opportunity to reduce your tax. Taxpayers often sell their stocks during the year. What’s interesting about this is they sell for an amount lesser than what they had paid for them.

This is called ‘capital loss’. You can use it to offset other capital gains made during the year. If the amount of your losses are more than your gains, you have an advantage. You can then utilize up to $3,000 of your loss every year as a normal tax deduction.

This can be done until you’ve deducted the complete amount of loss. For claiming the loss, you’ll need to calculate all of your capital gains and losses. This is done on Schedule D that you attach to your personal income tax return.

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This was largely due to the income inequalities and other social issues that cropped up as consequences of industrialization. The excesses and abuses that resulted from capitalism and liberal individualism in these economies led to the rise of socialism. This economic and political system is characterized by collective or common ownership.

Under the socialist system, there’s public ownership of the means of production. They include factories, machinery, and tools that are used for producing goods with the aim of satisfying people’s needs. It is the government that takes all the legal decisions related to production and distribution in a purely socialist economy. The common people rely on the state for fulfilling their needs, right from food to healthcare.

It is the government that takes decisions on matters related to output and prices of goods and services. Socialism aims to ensure central planning and shared ownership of resources. The intention is to achieve equality in the distribution of goods and services for the society’s benefit. The major features of socialism are detailed below:

1. State plans the economic activities

The laws of demand and supply don’t operate in a socialist economic system. This makes it possible for a socialist country to enjoy speedy economic growth. Besides, the responsibility of distributing wealth is solely of the state, the society prospers as a whole. The state plans all the economic activities such as production, distribution, exchange, and consumption under a socialist economy.

2. Government ownership

Many would also like to describe this as public ownership or collective ownership. Under socialism, the ownership of all the means of production and distribution lies with the state. Here, the basic motive of the government is to meet its objectives of equal wealth distribution and public welfare. The state owns, controls, and regulates all the economic activities under the socialist economic system.

3. Non-existence of classes

In a pure socialist society, everyone is equal with regards to economic status. There’s no upper, middle, and lower classes under socialism unlike a capitalist economic system. As far as capitalism is concerned, the financial positions of individuals determine the country’s social structure.

4. State meets the basic needs of people

The basic needs of people in modern times are food, clothing, shelter, health, education, and employment. In a socialist economic system, these six basic needs are the responsibility of the state. So, the government meets all these basic needs of the public without any form of discrimination.

5. Absence of competition and limited choices in consumer products

Competition doesn’t exist in a socialist economy. This is because the government has total control over the production and distribution of goods and services. If you’re living in a socialist country, you’ll have limited choices in consumer products. As a socialist economy focuses only on life’s necessities, mostly the essential items are available as consumer products.

6. Equal opportunities for every individual

Socialism aims to provide equal opportunities to every individual who has the required abilities. It gives importance to the skills and talents of an individual and they also determine his or her success. The duties of individuals automatically protect their economic rights. Thus, socialism meets the basic needs of all individuals and ensures that no one suffers from deprivation.

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A greater emphasis is placed on the importance of human dignity and values. It suggests the use of reason and science for the resolution of problems. One of the major aims of humanism is to help people achieve personal growth. It also intends to make this world a better place in this process. This philosophy is considered important in several fields, including psychology.

The psychology of humanism

There’s a greater stress on free will, self-actualization, self-efficacy, and other such concepts in humanistic psychology. It makes constant efforts to help individuals achieve their fullest potential and enhance their well-being. This is much better than concentrating on human dysfunction. The origins of humanistic psychology dates back to the mid-20th century.

During those times, it emerged as a reaction to behaviorism and psychoanalysis. These were the two concepts that had dominated psychology during the first-half of the 20th century. Behaviorism involved the study of the conditioning processes that were instrumental in producing behavior. The unconscious motivations that were responsible in driving behavior were studied through psychoanalysis.

According to humanist thinkers, behaviorism and psychoanalysis took a pessimistic approach. The humanist thinkers felt that the focus of these two fields were on the most tragic of emotions. They thought that both behaviorism and psychoanalysis failed to acknowledge the role of personal choice.

One might get the impression that these three schools of thought compete against each other. However, the truth is that each of these branches of psychology are doorways to understanding human mind and behavior.

Types of Humanism

1. Renaissance Humanism

Renaissance humanism developed towards the end of the middle ages. This development was the result of a revival of classical letters. It also developed owing to the renewed confidence in human beings’ ability to determine truth and falsehood for themselves.

2. Western Cultural Humanism

Originating to a great extent in ancient Rome and Greece was this rational and empirical tradition. It gradually evolved throughout the history of Europe. Today, it is a basic part of the Western world’s approach to science, ethics, political theory, and law.

3. Christian Humanism

Many see Christianity as a more human-oriented faith. So, Christian humanism advocates a human being’s self-fulfillment through the Christian principles. This type of humanism was in most part the product of Renaissance. A part of it also hints at the influence of Renaissance humanism.

4. Modern Humanism

This type of humanism is also called Scientific Humanism, Naturalistic Humanism, Democratic Humanism, and Ethical Humanism. Corliss Lamont was among its greatest proponents. He saw it as a naturalistic philosophy. According to him, it relies mainly on science, reason, human compassion, and democracy. It rejects all forms of supernaturalism. Modern humanism includes both religious and secular elements.

5. Philosophical Humanism

It’s an outlook or a way of life that’s centered on human interests and needs. Philosophical humanism’s sub-categories include modern humanism and Christian humanism.

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While they’re undoubtedly beneficial, property taxes can often be burdensome. You’ll see them rising steadily over time. Even after paying off the entire amount of your mortgage, the property tax bills will keep coming. So, here we’ve suggested a few tactics that can help you lower your property tax bills.

1. Study tax implications before making changes to property

A permanent addition to your home, such as a pool, a deck, or a shed can increase your property’s value. Any of these structural changes will increase the amount of your property tax. Hence, you must investigate how much a new addition will add to your property tax bill.

This must be done before starting the construction work. The best way to do this is calling the local building and tax departments. You can then get an estimate from them. This will help you understand the tax implications before making any additions to your house.

2. Look for any discrepancies in your property tax card

Your property card contains information about the number and type of fixtures within your home. It also includes information about the precise dimensions of rooms and the size of the lot. The card may have a section on special features or notes on any structural changes that have been made.

Not many homeowners know that the local assessor’s office can give them a copy of their property tax card. For this, they’ll need to go to the office and request for it. The property tax card contains information that the town has gathered about their property.

While reviewing this information, look for any discrepancies in it. If you come across any, raise the issue with the tax assessor. This will result in a correction or a re-evaluation. It’s possible that this will reduce your property tax by a certain amount.

3. Research other homes in your area

You must know the general statistics about the evaluation results and assessments of other homes in the area. All such information is available to the public in many cases. Upon researching the comparable homes in your area, you can find discrepancies that can lower your property taxes.

You can understand this quite easily with the help of an example. Let’s say you have a home with four bedrooms and a one-car garage. The assessment of your home has been done at $240,000. Your neighbor also has a home with four bedrooms. However, his house has a two-car garage, a swimming pool, and a 130-square-foot shed.

Despite this, the assessment of your neighbor’s home has been done at $225,000. In this case, the assessor has probably made an error. When such errors are identified, you must bring it to the assessor’s attention immediately.

4. Guide your tax assessor through your home

One of the mistakes homeowners make is that they allow the tax assessor to wander through their home unguided. It’s possible that some assessors will only notice the good points in the home. During the process of evaluation, they’ll overlook certain facts.

For example, they may not see some small cracks in the ceiling. So, make sure that you guide your tax assessor through your home. While doing this, don’t forget to point out the deficiencies along with the good points. This will ensure a fair valuation of your home.

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Socialism also focused more on the betterment of working class, and common ownership of key productive resources. Very few among socialism’s adherents of today understand its true meaning. Besides, there are many who completely reject the ideology citing the historical examples of failed socialist economies.

Nevertheless, there are some countries that call themselves socialist and have been quite successful in recent times. Here are some of the top socialist countries in the world today:

1. China

One can’t forget the great famine of China that caused the death of millions. Despite this, socialism eventually won in this country. This happened when Deng Xiaoping came to power in the late 1970s. He was instrumental in introducing a Chinese-style socialism. During his rule, the farmers could sell the crops they grew. The country’s enterprising individuals were able to start their own business.

Foreign companies were given permission to invest in the Chinese economy. Many criticized that these things were not in line with China’s ideals of socialism and communism. However, Deng Xiaoping was able to convince most of them that he was right in his actions.

2. Cuba

Socialism was declared as ‘irrevocable’ in the referendum of 2002 in Cuba. The first referendum happened in 1976. It approved the Cuban constitution enshrining the socialist system. Many from the local population see the Cuban Communist Party as the vanguard of the nation. It works towards organizing and directing common efforts. All of these efforts aim towards achieving the country’s objectives through socialism.

The greater goal is to advance towards a strong communist society. This is why many consider Cuba as the greatest example of socialism in action. It is a socialist republic with the Cuban Communist Party as the only political force. The state employs most of the Cubans and gives them subsidized food, housing, and healthcare.

3. Vietnam

In Vietnam, the Communist Party allows markets to exist in the country. However, they must operate through enterprises with state ownership or under strict supervision of the state. Thus, Vietnam is, in a way, a market economy with a socialist orientation. Although the country has been officially communist, it had to adopt capitalist elements.

This was for building the economic infrastructure for enhancing Vietnam’s wealth producing capabilities. In this process, private capital had the opportunity to grow. This was only to the extent in which the capital helped in developing the country.

4. Laos

It was only after the Soviet Union’s fall that this country began opening up to the world. The only disappointment is that Laos still remains poor and depends greatly on foreign aid. This is despite the economic reforms that were brought about in the country.

Until the mid-20th century, it was a French colony. The communist forces were instrumental in overthrowing its monarchy in the 1970s. Today, this socialist country controls its media, including the print media.

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There are many in the United States who question whether a socialist system would improve the existing conditions. The reason that they give is that socialism would help everyone in meeting the basic needs. It will prevent massive rewards going only to certain sections of the society.

Public ownership of resources

Under socialism, there’s no incentive given to anyone for managing things. This prevents certain ‘privileged’ individuals or organizations from pocketing additional revenues. The government decides how the resources would be managed. Every individual’s essential needs is taken care of and there’s public ownership of all resources.

Socialism gives state the right to own all sorts of businesses, means of production, and property. There’s no presence of private investors and stock market. So, there’s effective prevention of all the distortions that come with them.

Significant dominance of market forces

In capitalist economies, you need to pay for anything that you want. Theoretically speaking, it’s the market demand and supply that determine the price. Capitalism relies greatly on market forces. They call it ‘the invisible hand’. There’s a great dependence on market forces for allocation of resources.

Under the capitalist models, the government need not make plans for private enterprises. If an entrepreneur comes up with an idea, he or she can work towards putting it to practice. The entrepreneurs thus build their businesses based entirely on their plans and hard work.

If the business succeeds, it will give the business owner outsized rewards. Such rewards also act as a compensation for all the risks that the entrepreneur has taken. On the other hand, if the businesses fails, it is the business owner who bears the loss.

The existence of socialism in the United States

Currently, there’s a presence of certain socialist elements in the American system. The intention behind their inclusion is to enable the government to provide certain benefits for the citizens’ welfare. Let’s take the Social Security system as an example.

It makes payments to the American workers after the age of their retirement. The government gives back a certain amount of the taxes it has collected from them when they were working. When workers lose their jobs during situations like an economic downturn, the government pays them unemployment benefits.

The United States also has a healthcare system that the government manages. The United States government also provides other essential facilities, such as public education and national security. This makes the society function smoothly and much more efficiently.

Pure socialism might harm the United States

After the detailed discussions on capitalism and socialism, one can conclude that pure socialism is not for the United States. Socialism might sound like an ideal system in theory, but its practical application may be disastrous in the long run. You might be aware of countries that tried out pure socialism and failed miserably. One big example would be the Soviet Union.

It seemed that everyone was equal in the former U.S.S.R., but the reality was quite different. The nation suffered under the rule of corrupt politicians occupying the government’s top positions. Of course, capitalism hasn’t been able to ensure equal distribution of wealth in the United States. Despite this, the government has been successful to a great extent in providing certain facilities to the country’s citizens.

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Every individual in the society contributes according to his or her ability and receives the benefits in return. This motivates everyone to work hard and get fair rewards for the efforts that they put in. There are several benefits that make socialism an appealing system for many across the globe:

1. Need-based production

In the socialist economies, production depends on the basic needs of the people. This ensures that production benefits everyone in the country. This is not the case with capitalist economies. In capitalist countries, production is based on the purchasing power of a certain section of people. These are mostly the ones who enjoy great privileges.

As a result, you’ll see members of the elite living an ultra-luxurious life while the poor continue to live under terrible conditions. Socialism, if properly followed, can prevent such scenarios from happening.

2. Social justice

There’s a fair distribution of national wealth among people in a socialist economy. This is, perhaps, one of the biggest advantages of socialism. It provides equal opportunity to every individual and thus prevents exploitation. The advocates of socialism see it as a highly effective tool for elimination of economic inequalities. Socialism also ensures that everyone benefits from the fair share of national wealth.

3. Rapid economic growth

A central authority plans the use of resources in a socialist economy. The quick decision-making and optimum utilization of resources in these economies ensure minimal wastage. One of the greatest examples in this regard would be the Soviet Union in its early years.

Owing to its socialist approach the USSR made rapid development. In socialist economies, development can happen in a much more balanced manner. This can only be possible with effective economic planning. Under socialism, the focus of development is on all regions, including the backward ones.

4. Equitable distribution of wealth

As the socialist economies are committed to providing equal opportunities, there’s no exploitation. Wealth is distributed to the workers according to their contribution to the economy. This is unlike the capitalist economies, where a few members of the society amass vast fortunes.

They create wealth with the help of workers. The business owners keep a large portion of the profits and workers are paid only a small fraction of it.

5. Economic stability

Planning is of great importance in socialist countries, which leads to a more stable economy. There’s no private investment, which prevents economic fluctuations to a considerable extent. Capitalist economies often experience economic fluctuations.

Due to such upheavals, there are higher levels of unemployment and wastage of resources in these countries. So, it won’t be wrong to say that socialism minimizes the risk of economic instability.

6. Social welfare

A socialist state takes care of all the basic needs of its people. The state provides food, clothing, housing, healthcare, education, and employment to every individual. Let’s say you meet with an accident at work, the state will care and provide for your family. You won’t have to worry about anything while you’re recovering.

In such countries, people can work without any worries about their future. This makes them highly productive. In capitalist countries, you might be employed and yet your income might not be enough to get a house. You might even struggle to pay for healthcare.

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It’ll be quite helpful for the purpose of taxation to understand what is realized and unrealized gains. A realized gain is when you sell your investment or asset at a profit. On the other hand, an unrealized gain refers to a potential profit. This is something which exists on paper, but you haven’t yet cashed it out. An individual has to pay the capital gains tax only when the asset or investment is sold.

In the United States, the long-term investors benefit greatly from the country’s tax system. You’ll have to pay a higher rate of tax on the short-term investments. There are some effective strategies that you can employ for reducing your capital gains tax:

1. Having a Roth IRA account

IRA is an acronym for Individual Retirement Account. A Roth IRA account allows qualified withdrawals that are tax-free. However, this is subject to certain conditions. This account is quite similar to the traditional IRAs. The difference between these two accounts is the way they are taxed. Besides, Roth IRA is less restrictive than the other types of accounts.

You’ll have to pay income tax when you withdraw money from the traditional IRAs during retirement. The only condition is that you must follow certain rules associated with it. One of them is that you must be at least 59 years and six months old. Second is that it must be at least five years since you first contributed to your Roth IRA.

2. Making long-term investments

If you’ve purchased the stocks of some great companies, you must hold them for the long term. This is because you’ll then pay the lowest rate of capital gains tax. Unfortunately, this is easier said than done. The company’s fortunes can change over a period of time.

Besides, you might want to sell the stocks earlier than you had planned. This is usually when it hits a certain price target that you’ve wanted. You might also want to sell when you see the fundamentals of the company deteriorating.

3. Offsetting gains using your capital losses

If you’re experiencing an investment loss, you can use it to your advantage. This is with regards to the gains that you might be making on other investments. Using the loss you’re making on some of your investments, you can decrease the capital gains tax. For example, let’s take a scenario where you own two stocks. One is currently worth 15 % more than you paid for it and the other is worth 10% less.

Upon selling both the stocks, the loss you make on one would reduce capital gains tax on the other. Of course, all your investments would appreciate in an ideal situation, but losses can happen. If your capital losses are more than your capital gains, you’d benefit from it. You can utilize up to $3,000 of it for offsetting your ordinary income for the year.

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In a country that’s under a dictator’s rule, it is the dictator or the king who possesses all the power. A democratic society guarantees liberty, justice, and equality to its people. Now, let’s take a look at some of the main characteristics of a democratic society:

1. Freedoms

One of the most important characteristics of a democratic society is that individuals enjoy certain freedoms. Among them are freedom of speech, freedom of the press, and freedom of association. The democratic countries have certain limits of power and authority, especially when deciding things for its citizens. Without the existence of such freedoms, a society can’t be truly democratic.

2. Pluralism

In a democracy, a society doesn’t function according to a certain religion. There’s clear separation of a religious institution and state. Tolerance, neutrality, and inclusion are some of the founding principles of a democratic society. They allow different political parties, ethnic groups, religions, and worldviews to co-exist peacefully.

3. Individual rights

Individual rights form the basis of a democracy. The right to run for political office and the right to vote are some of the examples of such rights. Besides this, every individual has the right to his or her safety and security.

4. Rule of law

There are a set of laws that everyone has to abide by in a democracy. There’s no exception in this regard. In sharp contrast, countries where there’s dictatorship have an absence of well-established laws. The dictator or the ruler generally decides how the laws would apply to the country’s common people.

5. Minority rights

There are certain foundational rules in democratic societies. They usually find mention in the constitution. Such rules prevent the majority community in the country from oppressing the minorities.

6. Bureaucracy

Democracies worldwide have elected representatives controlling the bureaucracies of the state. There’s greater accountability and monitoring of the individual who derives authority from the state. This is done through an appropriate process, which investigates complaints coming from the public. Even before entering into international agreements, the state requires the consent of its people.

7. Accountability

Democracies have a proper system in place for holding the decision-makers accountable for the results. Let’s say a particular government department overspends or fails to achieve its goals. In this case, the heads of this department are held accountable.

8. Legal process

The state has to follow an established legal process. This ensures fairness and equality in the justice system. In a democratic society, even the state can’t override a set of legal procedures.

9. Civility

Democratic countries have some efficient mechanisms for resolving issues, such as peaceful protests, laws, and norms. This is also known as civility. It is the culture of resolving the differences without using violence.

10. Checks and balances

Every representative of the government has independent oversight and limited power in democratic countries. This is ensured with the help of checks and balances. It refers to a government system, which empowers separate departments that keep an eye on other departments. This avoids a particular department from wielding too much power.

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