20 Oct
2020

GOP tax plan all about wishful thinking

first_imgTo secure these small economic gains and that tiny revenue bump, Republicans would cut taxes by well over a trillion dollars, leaving a massive hole in the budget. Over time, the negative consequences of higher federal borrowing would be a serious drag on the economy. The bill Republicans present this week will look somewhat different than the older framework the Tax Policy Center’s experts assessed.But the warning should still shake Republicans who claimed to be deficit hawks when Barack Obama was president. Tax reform could be worthwhile, but only if it is paid for.Republicans such as Portman used to understand as much.The country faces a huge funding squeeze as the Baby Boomers retire, raising pension and health-care costs.The Treasury will need ample revenue merely to maintain investments in everything else – roads, college aid, national parks, scientific research.A tax plan based on hopes, prayers and fiction puts all of that at risk.More from The Daily Gazette:EDITORIAL: Beware of voter intimidationEDITORIAL: Urgent: Today is the last day to complete the censusEDITORIAL: Thruway tax unfair to working motoristsEDITORIAL: Find a way to get family members into nursing homesFoss: Should main downtown branch of the Schenectady County Public Library reopen? In a sentence, Portman erased much of the credibility he developed while decrying deficits during the Obama years or running the White House Office of Management and Budget during the George W. Bush presidency.Sen. Susan Collins, R-Maine, one of the few moderate Republicans left in Congress, was hardly more responsible.“If we have just four-tenths of 1 percent increase in our [gross domestic product], which is entirely realistic, it will cover the cost of the tax reform package,” she claimed.In fact, those growth numbers cannot be assumed, and betting the federal budget on hopes of loads of new revenue is highly risky.Just a couple days earlier, an independent report on the Republicans’ most recent tax-reform framework found that the plan would wallop the federal budget, even when effects on economic growth are considered. The Tax Policy Center concluded that cutting the corporate tax rate, encouraging business investment and enhancing incentives to work would each encourage economic expansion – modestly.The extra growth would result in maybe $50 billion in new federal revenue over 10 years. Categories: Editorial, OpinionThe following editorial appeared in The Washington Post:Republicans aim to unveil Wednesday a long-awaited tax plan, premised on the fanciful idea that slashing taxes by $1.5 trillion over 10 years will somehow leave the federal budget better off.And it is not just the GOP’s most blinkered ideologues who have bought into this wishful thinking. “I think at the end of the day this will actually be reducing the deficit because it’s going to finally get this economy moving,”Sen. Rob Portman, R-Ohio, said Sunday on “Meet the Press.”last_img read more

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28 Aug
2020

Real Madrid hold Barcelona to Copa del Rey draw

first_imgUnder-pressure Jose Mourinho saw his Real Madrid side come from behind to draw the first leg of their Copa del Rey semi-final with rivals Barcelona.Barca took the lead after a goalless first half at the Bernabeu when Lionel Messi played in Cesc Fabregas, who calmly fired past debutant Diego Lopez.Cristiano Ronaldo then sent a stooping header just wide as the hosts pushed for an equaliser.The reply finally came when the impressive Raphael Varane headed home.It was the visitors who had come closest to opening the scoring in the first half when Xavi’s free-kick hit the bar after 20 minutes.He had a second chance after a poor backpass by Ricardo Carvalho, but 19-year-old defender Varane rescued his veteran partner by clearing off the line. The league leaders deservedly went in front, however, when Fabregas fired home after 50 minutes.Only a brilliant Gerard Pique tackle denied Ronaldo a leveller, but the goal the hosts sought came with nine minutes remaining through former Lens defender Varane.The second leg is at the Nou Camp on 27 February.The other semi-final will be contested between Atletico Madrid and Sevilla.last_img read more

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18 Jul
2019

MoviePass operations under investigation by New York AG

first_img Citation: MoviePass operations under investigation by New York AG (2018, October 18) retrieved 17 July 2019 from https://phys.org/news/2018-10-moviepass-york-ag.html © 2018 The Associated Press. All rights reserved. Parent company Helios and Matheson of New York said in a prepared statement that it is aware of the investigation, but that it believes, “our public disclosures have been complete, timely and truthful and we have not misled investors.”The investigation was first reported by CNBC.Helios and Matheson has struggled financially and is facing class-action lawsuits filed on behalf of investors claiming the company failed to disclose aspects of a business model that were unsustainable.MoviePass drew in millions of subscribers, luring them with a $10 monthly rate. But that proved costly. Because MoviePass typically pays theaters the full cost of tickets—$15 or more in big cities—a single movie can put the service in the red. At one point Helios and Matheson had to take out a $5 million emergency loan to pay its payment processors after missed payments resulted in service outages.Over the summer MoviePass walked back a planned 50 percent price increase following a subscriber backlash. But the company imposed a cap of three movies per month, instead of one every day.Shares of Helios and Matheson Analytics Inc., which is in danger of being delisted by Nasdaq because they had fallen to about a penny, plunged in afternoon trading Thursday. Explore further No price hike, but new caps on MoviePass discount tix plancenter_img The company that runs the beleaguered MoviePass discount service for movie tickets is being investigated by the New York Attorney General on allegations that it misled investors. This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only. This Aug. 23, 2018, file photo shows Movie Pass debit cards and used movie tickets in New York. The company that runs the beleaguered MoviePass, a discount service for movie tickets at theaters, is being investigated by the New York Attorney General on allegations it misled investors. (AP Photo/Richard Drew, File)last_img read more

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17 Jul
2019

Saurashtra Oil Mills body seeks formation of groundnut promotion councilSaurashtra Oil Mills

first_imgSHARE SHARE EMAIL SHARE Groundnut oil trade body, Saurashtra Oil Mills Association (SOMA) is working in association with Indian Council for Agricultural Research (ICAR) to create a scientific case to popularise groundnut consumption in the country. The trade body has also demanded a formation of a groundnut promotion council seeking government support for spreading awareness about the uses of the processed groundnut in various forms such as peanut butter, table-top nuts besides edible oil. “It is heartening to note that after years of decline in groundnut consumption, for past two years, we are seeing revived interest in farmers to cultivate groundnut. Which has increased the availability of the seed and revived the value-chain which includes processors,” said Samir Shah, President of SOMA.Aimed at creating a case for a dedicated promotion council for groundnut, SOMA is working in coordination with ICAR to identify health benefits and nutritional advantages of groundnut in variety of forms. “We are asked to submit our documents and findings about groundnut to ICAR, who will conduct research to support our claim. Post that a report will be submitted to the Centre,” said Shah adding that the entire process may take about 2-3 months. “A dedicated promotion council for groundnut is extremely necessary considering the high dependence on imports to meet our edible oil requirements. Also, it will clear the air about several misconceptions about groundnut and its nutritional value,” Shah said. Gujarat witnessed bumper crop of 32 lakh tonnes of the oilseed in 2017-18 kharif season, against 29 lakh tonnes in the previous season. Takes support from ICAR to identify health and nutritional benefits of the oilseed Published on COMMENT oilseeds and edible oil July 02, 2018 COMMENTSlast_img read more

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