Word: taxed
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With eight weeks left in office, President Bush commuted two prison sentences and granted 14 pardons--most of them to people convicted of crimes like tax evasion, drug offenses and fraud. The coming end of his term has led to speculation as to whether Bush will consider higher-profile petitions, including requests from disgraced former Olympian Marion Jones and "junk-bond king" Michael Milken...
...charged. His recent troubles make him the latest high-profile tycoon to run afoul of authorities. The ranks of recent years' rich lists read like a police blotter. In 2003 Yang Bin, an agribusiness and real estate tycoon once named the mainland's second-richest man, was convicted of tax evasion and sentenced to 18 years in prison. Gu Chujun, once head of a leading appliance company, was ranked China's 20th richest businessperson by Forbes in 2001. In January, he was convicted of falsifying corporate reports and sentenced to a 12-year prison term. And Zhou Zhengyi, a Shanghai...
...disagree. On Nov. 24, for example, Britain announced an eye-popping $30 billion plan that aims to borrow and spend its way out of the worst recession to hit the nation in 17 years. Wide-ranging measures include offering aid to homeowners and small businesses, and cutting value-added tax (VAT) 2.5 points, to 15%, to stimulate consumer spending...
...reaction to the plan was swift - and far from the general applause Britain's leaders received for their bank-bailout plans just six weeks ago. "A general decrease in value-added tax is perhaps the answer for some countries, but for Germany and France it is not," said German Chancellor Angela Merkel, following a meeting with French President Nicolas Sarkozy on a common European response to the economic downturn. Asked Sarkozy: "Should we use up our available room for maneuver on reducing prices when prices are already falling...
...proposals include a plan to tax nations based on their carbon emissions, two versions of an international cap-and-trade system, and the idea of abandoning one over-arching international climate accord in favor of a system of more specific agreements...