Auma Obama, half-sister of former U.S. President Barack Obama, was tear-gassed by Kenyan police during protests against a new tax bill. The protests turned violent with police firing on demonstrators, resulting in at least five deaths, dozens injured, and parts of the parliament building set ablaze.
The Labour Party’s proposed policy to remove tax breaks for private schools in the UK is generating significant discussion, with potential implications for both private and state education. The policy aims to raise funds for state schools but could lead to higher fees and potential closures of some smaller private institutions. While the impact on private school attendance remains uncertain, some experts believe state schools could accommodate additional pupils, although challenges related to teacher shortages persist.
The Indian government is proposing a new Central Excise law to replace the existing eight-decade-old law. The new law will focus on simplifying compliance and promoting ease of doing business. The proposed law has been released for public consultation and is expected to be introduced in the upcoming budget session.
President Biden’s proposed tax hike would have severe consequences for American families and the economy. The hike would reverse the benefits of the Trump tax cuts, which led to significant economic growth and wage increases. Biden claims that his tax hike will only affect millionaires, billionaires, and large corporations, but this is misleading. The hike would also significantly impact middle-class families and small businesses. Businesses may be forced to lay off workers or move operations overseas due to the increased tax burden, resulting in fewer opportunities for Americans. Biden’s proposed tax increase is unnecessary and would harm the economy and American families. It is essential to prevent Biden’s reelection to ensure that the Trump tax cuts remain in place.
The issue of economic inequality and wealth redistribution has become a central theme in India’s election discourse. However, the Congress party’s manifesto, which promised to ‘redistribute’ wealth, has been met with criticism from Prime Minister Narendra Modi, who alleges that it entails taking away people’s gold, mangalsutras, and imposing new taxes on the poor. Despite the absence of such references in the manifesto, the debate has sparked a public discussion on India’s growing inequality and the need for bridging the gap between the rich and the poor.
Senior Congress leader P Chidambaram on Sunday clarified the party’s stance on taxation, countering criticism from PM Modi and other BJP leaders. He emphasized that the phrase ‘inheritance tax’ is not included in the Congress manifesto, dismissing allegations made by the prime minister. Chidambaram outlined the party’s promises to enhance transparency, equity, and clarity in tax administration, maintain stable personal income tax rates for five years, and reduce the tax burden on MSMEs. He also pledged to eliminate the ‘cess’ system implemented by the Modi government and provide significant tax relief to shopkeepers and retail businesses. Chidambaram urged the prime minister to engage in discussions on the actual issues addressed in the Congress manifesto,而不是想象中的对手。
Education ministers have presented a united front, demanding an additional $12 billion in public school funding from the federal government over the next decade. States like Victoria and New South Wales have expressed concerns that the proposed conditions would burden teachers with more administrative tasks, reducing their time with students.
The Federal Board of Revenue (FBR) is considering abolishing the Non-Active Taxpayer List (Non-ATL) and imposing a hefty tax rate of 10-15% on sales to unregistered retailers. This move aims to make it unviable for businesses to remain unregistered and incentivize them to join the tax net. The FBR is also exploring the option of making Computerised National Identity Cards (CNICs) mandatory for all buyers of goods in bulk to further discourage unregistered businesses.
Sam Pitroda, Chairman of the Indian Overseas Congress, recently shared his views on inheritance tax. He emphasized the importance of addressing wealth inequality and ensuring a fair distribution of resources.
India, once a global economic powerhouse, has experienced a significant decline in its economic standing since its colonization by Britain. However, with its vast population and recent liberalization policies, India has the potential to regain its place among the top economies. To achieve this, India needs to address key challenges such as deepening liberalization, enhancing tax collection, boosting research and development, addressing inequality, and strengthening governance at all levels. Building a consensus among diverse stakeholders and bridging the gap between rural and urban areas is crucial for India to sustain its growth and become a major engine of growth for the world.
