Posts belonging to Category taxation



Obamacare: US senate votes down ‘skinny repeal’ of health act

The revolt of John McCain

Arizona senator John McCain provided a historic and critical vote to torpedo the Obamacare repeal bill – and with it Donald Trump’s legislative agenda – in a night of high drama on Capitol Hill. McCain, who only returned to Washington earlier this week after a diagnosis of brain cancer, joined fellow Republicans Susan Collins of Maine and Lisa Murkowski of Alaska in voting down the so-called “skinny repeal” bill 51-49. The six-term senator, who was his party’s 2008 presidential candidate against Barack Obama, told reporters “wait for the show” before arriving for the vote in the Senate chamber.

Once there, McCain was lobbied by vice-president Mike Pence, who was on the floor of the Senate to preside in case of a tie, for over 20 minutes. The two went back and forth and occasionally disappeared from the chamber altogether. But as the votes were cast, McCain, who had long nurtured a reputation as a maverick willing to buck party lines, delivered a black eye to Trump, who had famously mocked McCain as “not a war hero” during the 2016 campaign. The dramatic conclusion ended months of furious negotiating that exposed a party riven over how to dismantle a law that extended healthcare coverage to millions of Americans and has taken root in several states, in some cases with the help of Republican governors.

http://www.theguardian.com…   Fri.,  28  July 2017

Foxconn unveils $10 billion plan to build LCD display plant in US

Trump announces that Apple’s top supplier is building a $10 billion factory in Wisconsin

Taiwanese electronics manufacturer Foxconn Technology Group announced at the White House Wednesday its plans to invest $10 billion to build a massive display panel plant in Wisconsin that could employ up to 13,000 workers but would require up to $3 billion in subsidies from state taxpayers.

“America does not have a single LCD plant to produce a complicated system. We are going to change that,” Foxconn chairman Terry Gou said at a news conference. “It starts today with this investment in Wisconsin.”

Foxconn is a major supplier of Apple iPhones and other Apple devices and comes a day after President Donald Trump told the Wall Street Journal that Apple CEO Tim Cook promised him the company would build “three big plants, beautiful plants” in the U.S.

The Wisconsin-based Foxconn plant will focus on display panels used in televisions and other devices. Last year, Foxconn bought Japanese electronics maker Sharp Corp.

http://www.usatoday.com…   Thu.,  27  July 2017

Paris, Franckfurt, Dublin, Amsterdam fight to poach post Brexit businesses

France outlines plans to attract business post-Brexit

  • producing a set of measures to attract financial business due to Brexit
  • Paris has great potential
  • will cancel planned extension of tax on share trading to intra-day trading
  • will review on a case-by-case basis those French laws that go beyond the EU financial regulations they implement
  • EU financial rules will in the future be implemented in France without additional constraints, to ensure fair level playing field across single market
  • plans to scrap highest bracket of payroll tax for firms like banks that do not pay VAT
  • bankers bonuses will no longer be taken into account when labour courts calculate unfiar dismissal compensation

France out the blocks post-election in the bid to secure any spoils of Brexit fallout. Given the latest French-German alliance/initiatives then we must guess that these plans have been run past Merkel & Co. A joint share of the spoils perhaps?

http://www.forexlive.com…   Fri.,  07  July 2017

Making the Planet great again

Global climate change problems can have local solutions

When President Donald Trump withdrew the United States from the Paris agreement, the landmark climate accord signed by 196 nations that came into force in November 2016, the decision caused a significant negative backlash among other signatory countries.

Given that the US is one of the world’s largest greenhouse gas emitters, its June 1 reneging on the deal delivered a blow to the global agreement. But, as many commentators were quick to point out, as long as other leaders didn’t follow Trump’s lead, it was largely a symbolic one.

So far, the international response has confirmed this: a chain reaction of support for climate change mitigation, from grassroots up to the highest ranks of government.

http://www.theconversation.com…   Fri.,  30  June 2017

Draft bill to replace Obamacare would cut Medicaid

Senate Republicans release healthcare bill that will affect coverage for millions

After weeks of secret negotiations, the US Senate has released its draft of a bill that could upend the healthcare system for millions of Americans.

The Senate’s 142-page proposal, unveiled on Thursday, would eliminate or reduce key benefits provided by Barack Obama’s Affordable Care Act; lower taxes for the wealthy; strip funding from the women’s reproductive health provider Planned Parenthood; and dramatically cut and restructure Medicaid, America’s public health insurance program for low-income and disabled Americans.

The legislation mirrors the bill that the House of Representatives passed narrowly last month, with modest changes intended to win support from moderate senators. Meanwhile, Republican Senate leaders emphasized that the legislation is subject to change as they negotiate details in an effort to win 50 votes, the minimum required for the bill to pass.

http://www.theguardian.com…   Fri.,  23  June 2017

“Soft Brexit” looks more likely

Britain’s political outlook seems toxic to investors

The combination of a weak Conservative prime minister and the potential for a Corbyn government does not look attractive. Suddenly Britain looks a lot less attractive as a home for international investors. The Conservative party under Theresa May gambled on a snap election to deliver a “mandate for Brexit”. It unveiled a muddled manifesto that alienated voters and was out-campaigned by the veteran left-winger Jeremy Corbyn. The party lost its overall majority and will now be propped up by the very odd ducks in Ulster’s Democratic Unionist party.

The markets reacted less severely than might have been expected. That seems to be based on the view that a “soft Brexit” looks more likely. But it is far from clear that this is the case. David Davis, Britain’s Brexit minister, seems to be ploughing ahead with plans to leave the single market and the and the Labour leadership is unlikely to oppose this.

http://www.economist.com…   Tue.,  13  June 2017

A thousand US CEOs and mayors: ‘we will continue to fight climate change’

The Paris Agreement is a blueprint for job creation, stability and global prosperity

Over a thousand mayors, businesses, investors, and academic institutions have signed a pact to continue fighting climate change in the US despite Donald Trump’s withdrawal from the Paris Agreement.

Last week, Mr Trump pulled out of the Paris accord, stressing that it puts American workers at an “economic disadvantage” and that it is “unfair” for the US economy.

The “We Are Still In” initiative represents $6.2 trillion of the US economy – composed of bipartisan “drivers of the real economy,” Lou Leonard, World Wildlife Fund’s Senior Vice President of Climate Change and Energy, told The Independent.

http://www.independent.co.uk…  Tue.,  06  June 2017

Cyber attack

Hacking group threatens to sell code

Governments turned their attention to a possible new wave of cyber threats on Tuesday after the group that leaked U.S. hacking tools used to launch the global WannaCry “ransomware” attack warned it would release more malicious code. The fast-spreading cyber extortion campaign, which has infected more than 300,000 computers worldwide since Friday, eased for second day on Tuesday, but the identity and motive of its creators remain unknown. The attack includes elements that belong to the U.S. National Security Agency and were leaked online last month.

Shadow Brokers, the group that has taken credit for that leak, threatened on Tuesday to release more recent code to enable hackers to break into the world’s most widely used computers, software and phones. A blog post written by the group promised from June to release tools every month to anyone willing to pay for access to some of the tech world’s biggest commercial secrets. It also threatened to dump data from banks using the SWIFT international money transfer network and from Russian, Chinese, Iranian or North Korean nuclear and missile programs. “More details in June,” it promised.

http://www.reuters.com …  Wed.,  17  May 2017

Trump delaying decision on Paris climate deal

Uncertainty remains in the emissions-cutting deal

President Donald Trump is delaying a decision on whether to withdraw from a landmark climate deal until after an international summit later this month. The move means the president will head to the G7 summit in Italy at the end of May amid continued global uncertainty over whether the United States will remain in the emissions-cutting deal struck in Paris under the Obama administration.

White House spokesman Sean Spicer said Tuesday that Trump wants to “continue to meet with his team,” seeking advice from both an economic and an environmental perspective as he works to make a decision..

http://www.timesunion.com…  Fri.,  12  May 2017

Oil price dives

Oil at its lowest levels since late November

Crude futures slumped anew on Friday, at one point tumbling 3% within minutes, reflecting fast-deteriorating confidence in ongoing production cuts.

Prices tumbled nearly 5% as of Thursday’s settlement in New York, putting oil at its lowest levels since late November, when the Organization of the Petroleum Exporting Countries agreed to cut output for six months. After nearly eight hours of subsequently steady trading, prices started to slightly ease before slumping shortly after 11 p.m. Eastern Thursday. At one point in Asia, prices slid 3% quickly.

No immediate catalyst was identified, but “the selloff means Asian investors are resonating with the bearish sentiment saw overnight in New York,” said Gao Jian, an energy analyst SCI International. He estimated price could drop another dollar or two before staging a mild rebound.

http://www.marketwatch.comFri.,  05  May 2017