Word: taxed
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...country - between hard-nosed capitalists, who believe the market should decide, and public-policy types who view the economy as something far more organic than a balance sheet. But ultimately, whether GM is dead or alive, the taxpayers are on the hook for billions, for everything from lost tax revenues to higher unemployment costs to taking over GM's pension obligations. The decision that Washington has to make is whether we pay for GM's survival or for its funeral...
Reaping What We Sow Re "Life Without Credit" [Nov. 3], Bill Powell is spot on in identifying what this financial mess is all about: too much debt. But it is distressing that the only proposed solutions involve rewarding more debt. Let's, at least for the short term, raise taxes on well-off corporations and wealthy individuals, stop senseless wars financed by debt and eliminate the income-tax deductions for home-mortgage interest. Plus, don't artificially lower interest rates - this punishes those who saved sensibly. And we must all prioritize our spending wisely. I'd rather have fewer mortgage...
...foreign-currency borrowing. Shortly afterward, the Bank of Korea finalized a currency-swap agreement with the Federal Reserve to ensure a supply of dollars for the economy, which gave a big boost to confidence. In early November, the Finance Ministry announced an $11 billion stimulus package that included tax breaks and new infrastructure spending. The moves have recently brought some stability to stock and currency markets and eased foreign financing for South Korean banks. "I think we did the right things," says the FSC's Yi. That may be enough to lift South Korea's economy but not, perhaps...
...concerns about his refuge woes. Several countries, he has claimed, have offered him honorary citizenship. Although Thaksin didn't specify his possible future home, the Bahamas did express initial willingness to host the former premier when he fled Thailand this summer after his wife was found guilty of tax evasion. Thai media have also reported that the Central African Republic might take Thaksin in if he's willing to invest some of his fortune in one of Africa's poorest countries...
...reality is that without any representation on the city council, Jerusalem's tax-paying Arab residents are given short shrift in the allotment of schools, clinics and such basic services as mail delivery and garbage pick-up. Jerusalem's new pragmatic mayor Barkat made his huge fortune mastering the intricacies of cyberspace. He may find that virtual world a cinch compared to Jerusalem's seething complexities. - with reporting by Jamil Hamad and Aaron J. Klein/Jerusalem...