Word: taxed
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...bank last week raised the interest rate on five-year mortgages to 5.51% and urged lenders to ratchet up the down payment they require from 20% to 30% in the most heated markets. This came just days after the announcement that investors will be hit with a capital-gains tax of 5% if they sell their Shanghai homes within a year of purchasing them. These measures were hardly severe, but Beijing's message to speculators was clear: cool...
...conventional wisdom is that the price gains might slow, at least for a while, but that only tougher measures will truly strangle speculation. Andy Xie, Morgan Stanley's resident property bear, suggested that a 50% capital-gains tax for short-term buyers might do the trick. In the meantime, the bullish mood in Shanghai and other booming Chinese cities is "just phenomenal," says Anton Eilers, regional residential director at property firm Colliers International. "Putting a couple of small rocks on the track isn't going to stop the train...
...achieve something that ambitious would require three commodities prized in Washington: visibility, access and lots of money. In this case, those ingredients came together in June 2001 in the form of a tax-exempt charity--the Korea-U.S. Exchange Council (KORUSEC), which Buckham's firm formed and Kim funded. But if KORUSEC's goal was to make important people start paying attention to Kim, it may have worked too well. KORUSEC is one of a number of nonprofit organizations that have been caught in the controversy that now surrounds DeLay, who's facing questions about his fund raising...
KORUSEC finds itself in the spotlight just as tax-exempt groups are coming under new scrutiny. The Senate Finance Committee last week opened a probe into the charities set up by lobbyist Jack Abramoff, who is already under investigation on separate matters by another committee and the Justice Department. One issue is whether Abramoff improperly used nonprofits to pay for overseas trips to places other than South Korea for DeLay and House Administration Committee chairman Robert...
...some tax-exempt organizations, the question is whether their charitable works are an end in themselves--or a means to one. KORUSEC's stated goals included working for peace on the Korean peninsula and building stronger ties between U.S. and Korean leaders. But KORUSEC strengthened Kim's own ties in Washington as well. As chairman of KORUSEC, Kim--virtually its only donor--was host to a procession of congressional delegations through Korea, sat in the House gallery as DeLay's guest of honor at President Bush's 2003 State of the Union address and later that year met with Vice...