Word: taxed
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...times, wondering if he might have miscalculated. Indeed, he believes the true figure for remittances this year is probably closer to $350 billion, since migrants are estimated to send one-third of their money using unofficial methods, including taking it home by hand. That money is never reported to tax officials, and appears on no records. One reason for the growth in recorded remittances has its origins in the global war on terrorism. To stop terrorist networks using informal transfer systems like hawala in Africa, the Middle East and South Asia (where it's referred to as hundi), European...
...Vital though the flow of remittances may be, it cannot, on its own, lift entire nations out of poverty. Those who study the impact of remittances argue that the money allows poor countries to put off basic decisions of economic management, like reforming their tax-collection systems and building decent schools. "Everyone loves money that flows in with no fiscal implications," says Devesh Kapur, a specialist on migration and professor of government at the University of Texas in Austin. "They see it as a silver bullet." But bullets wound; and skilled workers often understandably put the interests of their families...
...core of France’s lacking economic performance are a high tax burden, a large public service sector, and a rigid economy that is held down by powerful unions and restrictive legislation. Together, the distorted incentives produced by such a system account for the fact that the total number of work hours is only one half of what it would have been if all working-age French were employed. In contrast the labor supply ratio in the U.S. is 20 percent higher, indicating the sharp advantage the American economy has when it comes to its worker productivity...
Washington approved $62.3 billion to help hurricane victims after the trifecta of Katrina, Rita and Wilma. With an additional $8.6 billion in tax breaks and programs for the region, the total tab of nearly $71 billion is far beyond the $43.9 billion dedicated to emergency spending after the 9/11 attacks. But congressional Republicans are picking up strong signals from the White House that the Administration is not going to move forward with any grand coastal plan. "There's not a sense of urgency anymore," says a senior House Republican aide...
...Olivier, Louisiana's secretary of economic development, points out that Katrina devastated a far larger area--23,000 acres--than 9/11 did and destroyed nearly 284,000 homes. With 71,000 businesses shut down by Katrina and a further 10,000 by Rita, and with local governments short on tax revenues, he says, "We're looking at potentially the largest business insolvency since the Depression, and a government insolvency...