Word: taxed
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Dates: during 2000-2009
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Russia needs foreign companies to plug a huge hole in Putin's economic policies. In his first term as President, Putin introduced modern tax and corporation laws. But he failed to spur the development of a business infrastructure that would enable Russia to diversify away from its over-reliance on energy and metals. Now, as the crisis starts to bite, the Kremlin is reacting by increasing its control over broad swathes of the economy. Through the state-controlled banks, it is bailing out selected business executives who are having trouble paying their debts - including Oleg Deripaska, a metals tycoon...
...already paid—and continues to pay—its social debts in kind, so to speak; that the work the University does in educating young people and contributing to the world’s research constitutes an unquantifiable sum far beyond what we might provide with a tax from the endowment. “If the endowment were smaller, we would have to do less,” she noted, and then connected this “less” to a string of unassailable endeavors: stem cell research, public service schools, the arts, global engagement, and sustainability...
...first address at commencement, the University’s most symbolically significant ceremony of the year. The historian chose in this historical moment not to make an abstract address about the location of Harvard and its students in the world, but instead to present a political case for the tax-exempt status of the endowment. It was, all told, an eloquent and well-argued speech, drawing a clever equivalence between the strength of our ledger books and the munificence of our deeds. But in choosing to dedicate her speech to warding off the specter of taxation, President Faust betrayed...
...nobody ever suggests that these corporations should not be taxed. The reason, of course, is that they are private institutions whose day-to-day operations are accountable only to their shareholders, even when the consequences of those operations are socially beneficial. Our basic political assumptions about the interface between the private and public spheres of interest require these corporations to formally support the work of the common good through the mechanism of taxes. This is a mechanism that has its share of functional problems. But it is the best mechanism we have, and Americans—including most academics?...
That’s not to say Harvard should be taxed at standard corporate tax rates and its funds be deposited into the government’s general accounts. One good compromise would tax the endowment at a lenient rate and use the funding exclusively for public higher education. Such a program would redirect a sliver Harvard’s income in a way that would still, in Faust’s words, “enable students and faculty of both today and tomorrow to search for new knowledge...