News Briefs - Oct. 22
The Latest Headlines:
- Senator Eyes Estate Tax Reduction
- Transportation Companies Reflect Economic Growth, WSJ Says
- Ryder System Earnings Up 11% in Quarter
- C.H. Robinson Posts Increased 3Q Net Income
- New Jersey to Crackdown on E-ZPass Speeders
- Transportation Companies Reflect Economic Growth, WSJ Says
Senator Eyes Estate Tax Reduction
A U.S. senator is proposing to raise the estate tax exemption to $15 million and $30 million for couples, and to lower the tax rate on inherited assets above those levels to 15%, the same as the capital-gains tax rate, the Washington Post reported Wednesday.Sen. Jon Kyl (R-Ariz.), an opponent of the estate tax, did not comment directly to the newspaper, which cited “internal e-mails” and business lobbyists as sources for the proposals.
In 2001, Republicans helped push through a law that would end the estate tax in 2010 but allow it to return in 2011, the Post reported. Since then, Republicans have tried to end the tax permanently, it said.
Under the 2001 law, the estate tax rate will drop to 45 percent and the exemption will rise to $3.5 million in 2009, the Post said. By 2010 the tax will disappear, but will reappear at a 55 percent rate in 2011 when the $1.35 trillion tax-cut legislation expires, the paper reported. Transport Topics
Transportation Companies Reflect Economic Growth, WSJ Says
Many of the largest freight transportation companies in the United States are showing signs of improvement, reflecting strengthening economic growth, the Wall Street Journal reported Wednesday.Economists often look to the performance of transportation companies as a leading indicator for future economic growth because much of what they haul is used in industrial production or to replenish retail inventories, the paper said.
Transportation companies have said they have seen increased demand for freight hauling services in all sectors from manufacturing and chemicals to retailing and lumber, the paper reported.
The Journal cited trucking companies UPS Inc. and Yellow Corp. and railroad Burlington Northern Santa Fe Corp. as three companies whose strong performance has been indicative of gains across the sector. Transport Topics
Ryder System Earnings Up 11% in Quarter
Ryder System Inc. said Wednesday it posted earnings of 58 cents per share in the third quarter, up 11% from the 54 cents a share it reported in the 2002 quarter.The Miami-based company had net earnings of $37.5 million in 2003 vs. $33.8 million last year on slightly lower revenue. In the third quarter, the company reported revenues of $1.19 billion, about 2% lower than the $1.21 billion it posed in the 2002 quarter.
A transportation and supply chain management company, Ryder ranked No. 3 on the 2003 Transport Topics 100 listing of the largest trucking companies in the United States and Canada. Transport Topics
C.H. Robinson Posts Increased 3Q Net Income
Logistics provider C.H. Robinson Worldwide Inc. said Tuesday that for the 2003 third quarter, it had net income totaling $28.9 million, up 11.4% from the 2002 quarter.The Minneapolis-based firm said its per share earning increased to 34 cents from 30 cents in the 2002 quarter.
The company said that these positive results were made despite significant challenges form the East Coast blackouts and Hurricane Isabel.
For the quarter, total profit from C.H. Robinson’s transportation segments rose 10.7% to $115.4 million, the company said. Transport Topics
New Jersey to Crackdown on E-ZPass Speeders
State highway officials said they will soon begin cracking down on drivers who speed through E-ZPass tollbooths, the Associated Press reported.By November, drivers who fail to observe the 15-mph speed limit at tollbooths on the Garden State Parkway, the New Jersey Turnpike and the Atlantic City Expressway will start receiving warnings in the mail as the first step toward suspending their privileges, according to AP.
Under the state’s plan, drivers will get two warnings. A third violation would result in a 60-day suspension of the E-ZPass tag. A fourth violation would result in a 180-day suspension and a fifth would result in a one-year revocation of the account, AP said.
Officials said the decision to focus on lane speeders was made after several other problems with the system were fixed in recent months. Transport Topics
