February 17, 2011

Legislative Update – State Personal & Corporate Tax Increase

Filed under: Uncategorized — cleavelandinsurance @ 3:43 pm

Legislative Update

January 20, 2011

 

State Personal & Corporate Tax Increase

 

On Tuesday, January 11, 2011, the Illinois General Assembly passed SB 2505, which increases Illinois’ personal and corporate tax rates. Governor Pat Quinn signed the bill on January 13, 2011.

SB 2505 (Public Act 96-1496) is retroactive to January 1, 2011.

The Illinois Personal Income Tax rate is increased from 3% to 5% between Jan. 1, 2011 and Dec. 31, 2014. The rate will revert to 3.75% from Jan. 1, 2015 to Dec. 31, 2024. The rate will then reduce to 3.25% starting on Jan. 1, 2025.

The total Corporate Income Tax rate (inclusive of the personal property replacement tax of 2.5%) is increased from the current 7.3% rate to 9.5% starting Jan. 1, 2011 through Dec. 31, 2014. It then drops to 7.75% between Jan. 1, 2015 and Dec. 31, 2024. It then reverts to 7.3% starting on Jan. 1, 2025.

Net Operating Loss absorption is suspended (except for S-corporations) for tax years ending after Dec. 31, 2010 and prior to Dec. 31, 2014. The current carry over provisions (twelve years for losses incurred on or after Dec. 31, 2003) will be extended for the number of years of the suspension.

The Illinois Estate and Generation-Skipping Transfer Tax Act has been reinstated for deaths occurring after Dec. 31, 2010. It had previously been allowed to lapse Dec. 31, 2009. The tax is equal to the full amount of the state tax credit that would have been allowed under the Internal Revenue Code in effect on Dec. 31, 2001 but limiting the exclusion amount to $2 million.

February 15, 2011

High Level of “Good” Cholesterol Alone May Not Protect Heart

Filed under: Uncategorized — cleavelandinsurance @ 1:31 pm

High Level of ‘Good’ Cholesterol Alone May Not Protect Heart

HealthDay
Jenifer Goodwin

January 13, 2011

HealthDay

How well HDL functions may matter more than how high the level is, research suggests

High levels of HDL cholesterol — the “good” kind — have long been thought to help protect against heart disease. But new research finds that having high levels of HDL cholesterol may matter less than how well the good cholesterol functions — that is, how well it works to rid the body of excess cholesterol.

HDL (high-density lipoprotein) cholesterol performs this clean-up by acting as a boat, removing unwanted cholesterol from cells called macrophages and transporting it to the liver, where the body can get rid of it. That helps prevent the cholesterol from getting stuck in the arterial walls, leading to the plaques that are a hallmark of heart disease, explained Dr. Daniel Rader, director of Preventive Cardiology at the University of Pennsylvania.

Low levels of HDL are strongly associated with an increased risk of heart disease, but the converse isn’t always the case. For years, experts were perplexed at why some of those with high levels of HDL cholesterol were still at high risk of heart attacks. In fact, a trial for torcetrapib, a drug that raised levels of HDL cholesterol, was halted in 2006 when it emerged that people taking the drug were at heightened risk of heart attacks and death.

That led researchers to surmise there might be something about the way in which a person’s HDL functioned that mattered more than HDL levels.

In the study, Rader and his colleagues took blood samples and measured the thickness of the blood vessel walls in the carotid artery of the necks of 203 healthy adults. The carotid thickness indicates arterial plaque and heart disease risk, Rader noted.

Researchers then took the HDL from the blood and applied it to macrophages derived from mouse cell lines. In humans and mice, macrophages are white blood cells that swallow invading microbes as a front line of defense; they also engulf cholesterol, thus contributing to the formation of plaques and inflammation in the walls of the arteries.

Participants whose HDL cholesterol was less able to remove cholesterol from the macrophages tended to have a thicker carotid artery.

The function of the HDL was an even better predictor of the thickness of the carotid wall than the HDL level itself,” said Rader, the senior study author. The researchers term this function “cholesterol efflux capacity.”

The study is published in the Jan. 13 issue of the New England Journal of Medicine.

In a second experiment, the researchers measured the HDL function of 442 people who had undergone bypass surgery due to a blocked artery and 351 people without heart disease.

Those with heart disease had poorer HDL function than those without it, even after adjusting for traditional risk factors, the investigators found.

“We found the people who had blockages had significantly less ability to promote cholesterol removal than those who had no blockages,” Rader said. “The measure of HDL function was a much better predictor of the likelihood of having blocked arteries than the measure of HDL cholesterol itself.”

That doesn’t mean high HDL is of no help, noted Dr. Robert Eckel, past president of the American Heart Association and a professor of medicine at University of Colorado. Generally, people with higher levels of HDL also have better function, Eckel said.

But the findings may help explain why some people with high HDL are still found to have heart disease.

“I see plenty of people who have heart disease but who also have high levels of HDL. So what is going on there? Why aren’t they protected? This study may suggest their HDL isn’t working properly to carry out its function,” Eckel said.

The converse may also be true: even someone with low levels of HDL may never develop heart disease because their HDL may work very well.

“Just because someone’s HDL level was high, doesn’t necessarily predict their function is going to be high,” Rader said. “And just because their HDL is low, doesn’t mean their HDL function, or their ability to remove cholesterol, is low.”

Statins, a popular cholesterol-lowering medication, lowers levels of LDL, or “bad” cholesterol. When LDL is engulfed by macrophages, it generally gets stuck in the arterial walls, accumulates and forms plaques.

Statins do not effect HDL cholesterol levels, Rader said.

There is no test available to the public for HDL function, nor is there likely to be one soon, Rader noted. He pointed out that researchers also don’t know what causes HDL cholesterol to function poorly in removing excess cholesterol, something that will be the subject of future research.

February 8, 2011

Aging Populatoin Could Send Cancer Costs Soaring

Filed under: Uncategorized — cleavelandinsurance @ 5:03 pm

Aging Population Could Send Cancer Costs Soaring

HealthDay
Steven Reinberg

January 13, 2011

HealthDay

U.S. report projects $158 billion spent annually on care by 2020

By 2020, the annual cost of cancer care in the United States is expected to reach at least $158 billion — a 27 percent jump from 2010, according to a report from the U.S. National Cancer Institute.

The surge in cost will be largely driven by an aging population that is expected to develop more cases of cancer in the near-term. And projected costs could go even higher if the price tag for care rises faster than expected.

“This reflects only the aging and growth of the U.S. population,” said lead researcher Angela Mariotto, chief of the Data Modeling Branch in the National Cancer Institute’s Division of Cancer Control and Population Sciences. She described the 2020 cost estimate as “on the low side.”

Cancer is a disease of aging and the population of elderly Americans is expected to rise from 40 million in 2009 to 70 million by 2030. Improvements in screening mean cancer is becoming more identifiable and treatable, but therapies are becoming increasingly expensive.

“If the trend in incidence, survival and cost continue as they have been, then the estimates could be as high as $207 billion by 2020,” Mariotto said. “That’s an assumption that the cost of treatment will grow annually at a 5 percent rate,” she added.

To estimate the cost of cancer treatment, Mariotto’s team looked at data on 13 cancers in men and 16 in women. Tracking the rate of these cancers and the current costs to treat them in 2010, they were able to project costs in 2020. In these calculations they assumed that costs would rise by only 2 percent a year.

The largest increases in cost over the period will be for breast cancer at 32 percent and prostate cancer at 42 percent, simply because more people will be living longer with these diseases, the researchers noted.

For example, while the cost of treating breast cancer remains relatively low (compared to other tumor types), by 2020 this cancer will incur the highest costs — about $20.5 billion — since there are expected to be many more women living with the disease.

The new projections do not take into account other costs associated with cancer, such as screening and other prevention measures, Mariotto noted.

“These rising costs raise a challenge for both the federal government and for the private sector,” she believes. The new data could help policymakers set priorities for managing new treatments and diagnostic technologies, she added.

Commenting on the study, Elizabeth Ward, the national vice president for Intramural Research at the American Cancer Society, said that “a big component of the rise in cost is just the growth and aging of the population. We are just going to have more people developing cancer and under treatment for cancer,” she said.

And while many new treatments do cost more, there’s debate on whether the cost is always worth the benefit, Ward said.

“Most individuals in our society value human life enough to say it’s probably worth it,” Ward said. “I think where you get more debate, if a treatment only extends life only four weeks [for example]. That’s on the borderline,” she said.