Word: taxed
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...Republicans say they haven't seen any downside yet to opposing reform. Brown actually stepped into Obama's populist trap by opposing the bank tax, and it didn't seem to help his opponent, Martha Coakley, even though internal polling gave her a 21-point advantage when it came to "taking on Wall Street." Why? "People thought Democrats in Washington would not deliver on these issues," says her pollster, Celinda Lake...
...Obama's bank tax - designed not only to make taxpayers whole but also to discourage excessive risk-taking - came from Geithner. And so did most of the Administration's plans to address the too-big-to-fail problem, create an independent consumer agency for financial products and otherwise overhaul the regulatory system that failed so dramatically in 2008. Geithner sees big banks not as evil empires to be toppled but as moneymaking machines to be restrained, so that the panic and bailouts of two years ago are never repeated. Just because it's populist, he likes to say, doesn...
...political aides were eager to adopt a more populist tone, urging Treasury to give them something they could use. The bank tax was already in the works, but after Volcker made his case at a White House meeting in October, the rest of the Administration started shifting his way. Giant firms like Goldman Sachs were raking in record profits, and financiers ranging from British central banker Mervyn King to former Citigroup chairman John Reed were endorsing the Volcker rule. (See the worst business deals...
...India's edge is due to the different stimulus programs adopted by the two countries to support growth during the downturn. China implemented what Walker calls "the biggest stimulus program in global history." On top of government outlays for new infrastructure and tax breaks, Beijing most significantly counted on massive credit growth to spur the economy. The amount of new loans made in 2009 nearly doubled from the year before to $1.4 trillion - representing almost 30% of GDP. The stimulus plan worked wonders, holding up growth even as China's exports dropped...
...India, meanwhile, isn't experiencing nearly the same degree of fallout from its recession-fighting methods. The government used the same tools as every other to support growth when the financial crisis hit - cutting interest rates, offering tax breaks and increasing fiscal spending - but the scale was smaller than in China. Goldman Sachs estimates that India's government stimulus will total $36 billion this fiscal year, or only 3% of GDP. By comparison, China's two-year, $585 billion package is roughly twice as large, at about 6% of GDP per year. Most important, India managed to achieve its substantial...