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IN AN ordinary American presidential election, a candidate who had earned a fortune in business and then paid an absurdly low tax rate would barely raise eyebrows. Americans have long considered wealth something to admire and pursue, not vilify and redistribute. Alexis de Tocqueville said he knew �of no country�where a profounder contempt is expressed for the theory of the permanent equality of property.�
But this is no ordinary election. That so much scrutiny has fallen both on how Mitt Romney earned his fortune (in the ruthless world of private equity) and his tax rate (15%, less than what some middle-class families pay) is a sign something has changed. For that, credit a decade in which the median family in America saw its real income fall by 7%, even as the top 1% grabbed a share of national income unseen since the 1920s (see article), and a level of unemployment that, though falling, remains troublingly high. Not many Americans like the tactics or fashion choices of Occupy Wall Street, but quite a few share the movement�s opinion that the economy is tilted in favour of the wealthy.
And so the rich are now a campaign issue. Barack Obama calls for �millionaires and billionaires� to �pay their fair share�: introduce a minimum tax rate on millionaires and return the top income-tax rate to 39.6% from 35%, and the other 98% of Americans would not have to pay more, he claims. Republicans shoot back that raising any taxes would destroy jobs and business confidence. They think you can fill the budget hole by spending cuts alone; many want to cut taxes further.
Neither side is talking sense. America�s rich should indeed pay more tax; but marginal rates should not go up.
History shows that deficit reduction works best when most of the burden falls on spending cuts. That means that middle-class entitlements will have to be reduced, no matter what Mr Obama tells his supporters. But, just as in every other budget squeeze, a portion must come from higher taxes, no matter what the Republicans say.
Democrats say only the top 1% need pay more; that�s misleading. Others will have to pay too. But more of the increase should be shouldered by the rich who have done so well from recent trends. Technological change and globalisation have sharpened demand for the most skilled workers, in particular superstars, be they athletes or hedge-fund managers, thus sharply increasing inequality. Tax policy has exacerbated this trend instead of mitigating it. George Bush junior slashed top income-tax rates as well as rates on dividends and capital gains, which explains why Warren Buffett and Mr Romney have such low tax rates.
Follow the money
However, restoring the top income tax rates, as Mr Obama proposes, is not the best way of extracting extra revenue from the rich. It would raise revenues of about 0.3% of GDP and do nothing to make America�s grotesquely complicated tax system more efficient. It would be far better to close or limit loopholes and deductions, currently worth up to 7% of GDP, which distort behaviour (by, for example, encouraging people to take out big mortgages) and mostly benefit the affluent. Some deductions, including mortgage relief, would have to be phased out in stages; but many could go immediately. In a similar way, equalising the rates on capital, dividends and ordinary income would make it possible to lower America�s corporate tax rate, currently one of the rich world�s highest.
The result would be lower rates, more revenue and a more efficient and progressive tax system. If that�s where the debate about wealth ends, it will have been worth it.
while the parties hope Berry to show sincerity.
In new network on 11 April,lancel, according to the United States of America's "world news" reports compiled,air jordan, American former Washington mayor Berry to Washington area eighth Asian shops to talk a public outcry,franklin marshall, the sides of the face encirclement,abercrombie france, he issued a statement stating that he is "some Asian shopkeeper" are not full,louboutin pas cher, hoped to resolve the crisis,moncler, but failed,louboutin.
In this regard, Asian groups believe their apologies for the lack of sincerity,supra.Berry claimed that he only regretted not to use "a better word" performance of his ideas, but to offend others or say sorry,supra shoes, is a typical non apologize apologize,louboutin, while the parties hope Berry to show sincerity,piumini moncler.
The 37 Washington area and national groups jointly issued a statement,, asked Berry to "sincerely apologize,sac longchamp, and ensure that our community to do meaningful communication".The statement said: "city councilman Berry do not acknowledge and appreciate Asian business and other ethnic community services to the city,sac lancel, his conversation seem to incite ethnic differences in flame, and suggested that Asian Americans of development benefit all inhabitants of the powerful economic interest,sac longchamp pas cher.
""Our organization is also extremely concerned about the conversation may have contributed to this other Asian Americans work stereotype of community members,louis vuitton, caused by racism and hostility......""In the light of these concerns,louboutin pas cher, we asked the city councilman Berry do meaningful apology, and formally retracted his conversation; don't on Asian and other immigrant community published harmful argument with us in the Columbia district,; the district developing meaningful relationships,franklin marshall, to understand the community member's contribution and the challenges they face,.
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The State Flood Control and Drought Resistance Headquarters issued 19 announced that,moncler, by the recent rainfall influence, the upper reaches of the Yangtze River tributary Jialing River,outlet hogan, river and the river has an alarm flood,abercrombie, a tributary of the Jialing River canal river, tributary of the Hanjiang River river dam and the river was record flood in upper reaches of the Yangtze River trunk stream, generating guarantee ultra water flood, and continue to rose; the middle reaches of the Yangtze River main control station in Jiujiang, chase reach still exceed the warning level,louboutin pas cher; the water level of Dongting Lake with basically the same as yesterday,abercrombie, the Poyang Lake water level drop slightly.
The upper reaches of Huaihe River flood occurred over warning, Taihu water level continued to rise,sac louis vuitton.A tributary of the Jialing River Jiang Department of hydrology station four thirty on the 19 flood peak appeared, than the guaranteed level of 5.
46 meters, the water level and flow were recorded over since 1977; its downstream control stations Luo Duxi hydrological station 19 days 8 when the water level and flow were recorded over since 1953,louboutin; the Jianggan stream of Beibei hydrological station in 19 days 8 when exceeding the alert water level 2.
73 meters, is expected to 19 days afternoon peak,louboutin pas cher.19 days 8 when, the upper reaches of the Yangtze River main stream Cuntan hydrological station water level rose to 183,jordan.56 meters,Moncler Sito Ufficiale, than the guaranteed level of 0,abercrombie paris.
06 meters,air jordan; Three Gorges reservoir water level rose to 146,hogan.93 meters, 1.93 meters above flood level.Jiujiang hydrographic station 0.61 meters above the warning level; the lower Yangtze River in Datong Hydrometric Station 0,chaussure jordan.
09 meters above the warning level,abercrombie france; Dongting Lake Chenglingji hydrological and water level flat; Huaihe upper reaches mainstream Wangjiaba station water 0,louboutin.12 meters, Taihu average water 0,louis vuitton pas cher.25 meters, Taihu river network area of 20 hydrological stations over warning, super the range of 0.
01 to 1,abercrombie.61 meters.According to the Bureau of hydrology of irrigation works ministry of the upper reaches of the Yangtze River, is expected in Cuntan hydrological station in the afternoon of the 19 day before and after of 67000 cubic meters per second flood,air jordan, the Three Gorges Reservoir in the early morning of 20 69000 cubic meters per second or so before and after storage of Three Gorges reservoir built since the peak, is the largest flood peak flow, storage will exceed 1998 maximum flow,franklin marshall.
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but the geography questions harder than last year increase, particularly a "one in four", time and space calculation and change part is the liberal arts examinee weakness, examinee scores compared with last year will surely drop.
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Anita Mui's friend, after undergoing leg cut operation TVB actor Luo Junzuo, although the inconvenience of ability to walk, but also specially came to visit Anita Mui, the scene on crying tears, very excited.
in this a prostitution scandal
Eachevening news reporter Zhang Lei reported with comprehensive investigation has been carried out, the United States Secret Agent in the Columbia a prostitution scandal out more details ,.
According to American media coverage ,the agents and military personnel that day will have 21 women back to the hotel ,including prostitutes ,,even in front of them speak to boast himself as president of the United States service .
With 21 women back to the hotel for the night prior to the report, in this a prostitution scandal ,11 secret service agents with prostitutes ,military personnel did not violate compasses phenomenon .
However ,abercrombie,the United States of America Washington Post quoted investigators news, 11 secret service agents and 9 military personnel were involved in the prostitution scandal .The United States of America senior senator ,Senate Committee on homeland security and government affairs Susan Collins 16 days late to listen to the secret service director Mark Sullivan to report,franklin marshall, ask some questions ,including those of the United States women are hostile organizations ,whether to carry a bug or weapons ,whether the president and the United States National security threat .
Collins says 17 days ,Sullivan told her that day ,involved 20 to 21 prostitutes back to the hotel .Was brought back to the hotel in 21 women ,piumini moncler,part of the accompanying agents ,another part,air jordan, and military personnel spend the night together .
The Pentagon spokesman Littell said the scandal ,involving military personnel more than previously reported that 5 people .Another report says ,the 11 agents not only with prostitutes affair ,yet without obstruction boast himself president service .
They brag to prostitutes we are working for Obama , protect him. and other words,supra, will Obama trip table free in the hotel room ,louboutin.The white house waiting for the secret service investigation results of Collins had asked Sullivan ,if prostitution is true, given the involvement of agents who ,whether the incident shows the service atmosphere problems .
Analytic personage points out ,the scandal will bring great and negative effect to the secret service ,and even lead to the secret service and protect the president of the United States The Pentagon in the ability of questioning .
Chairman of the Joint Chiefs of staff Martin Bempsey 16 in the Ministry of defence briefing said : we feel very ashamed ,louboutin pas cher,let the boss down ,because almost all mention of Columbia ,is about the scandal .
Familiar with the investigation of the Congressional officials, after the exposure of the scandal ,11 agents aboard a commercial flight to return to Miami ,and then traveled to Washington to accept the secret service officials ,sac longchamp pas cher.
As a secret service agent in the Columbia under investigation, but was eventually identified and untold scandal unrelated ,supra shoes,then allowed to continue to participate in Obama task .The United States Secret Service announced on 16 August ,cancelled 11 agents of the highest safety qualification ,ordered them to .
According to media reports, the United States Secret Service untold scandal of the 11 people involved in the 2 Secret Service Supervisor ,and includes a sniper and explosion-proof experts, 3 counter attacks the team member .
The United States National Broadcasting Company quoted a law enforcement personnel reported, all service personnel are held Obama itinerary ,told the schedule lock in the hotel safe .
The United States will the house Homeland Security Committee Chairman Peter Kim on NBC today show that ,if the agent made the schedule stored in room ,means that it may be a catastrophic event ,sac lancel.
In 17 of the briefing ,White House spokesman Carney said ,louis vuitton,President Obama trusted Sullivan ,will wait for the secret service results came back ,and then consider how to take further measures to the secret service .
The investigation personnel to go to the United States on Columbia untold scandal investigation is not limited to the agents and military personnel ,.According to the United States of America New York Times report ,the United States Secret Service has sent agents to Columbia ,a detailed survey of 21 women in the background ,moncler.
According to Peter Kim ,the secret service investigators plan to find the women,louis vuitton outlet, and to their background investigation ,louboutin pas cher.Jin said ,since these women into the hotel once registration ID ,so the service already know about their identity information .
Because be suspected of untold scandal and soldiers ,louboutin,so The Pentagon also started to investigate . New York Times quoted the United States Southern Command spokesman Scott Malcolm ,lancel,a colonel and military lawyer has arrived in columbia .
It is reported ,involving prostitution scandal military personnel including two naval military trainers ,franklin marshall,at least a Green Beret special forces members ,as well as from the Navy and air force of the explosion proof expert .
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(the statement: "China news weekly publication" manuscript authorized in writing by the Treasury) public demand for Information Disclosure -- Interview with maximum thrust Peking University public participation in research and support center director Wang Xixin to the demands of the people can prevent information disclosure thrust from top to bottom decline this print reporter / Shen Xinwang Shi Yana / the Chinese News Weekly: you center has issued continuously the two administrative transparency report, by contrast, this year's "report" what characteristic to have?Wang Xixin: this year's "report" highlights many, for example,louboutin, we will pay more attention to the public utility enterprises incorporation were observed,abercrombie paris, such as the Red Cross,Moncler Sito Ufficiale, the electricity sector, the results found in public enterprises and institutions of information disclosure in hibernation.
For instance,air jordan, we devoted to the county government information publicity made evaluation,abercrombie, focus on how active disclosure and supervision and relief mechanism, the index system was adjusted,jordan, and the needs of the people more closely linked.
In addition, this year's another feature is to collect the first hand data,abercrombie, data acquisition requirements in addition to the network retrieval (outside of network retrieval if in doubt,hogan, must through telephone,louboutin pas cher, fax confirmation), all provinces have carried out fieldwork.
China News Weekly: how to evaluate your object?Wang Xixin: the Chinese government information disclosure of the relatively short time, but also the long-term in a relatively closed administrative culture,franklin marshall, the development of a few years should be a great progress,abercrombie.
Top thrust is more obvious,abercrombie paris, bottom-up demand is relatively exuberant,chaussure jordan.No matter be provincial or local, progress is relatively large.China News Weekly: you talk about progress, but is obviously insufficient, such as the organization of government information disclosure status remains poor.
Wang Xixin: at present insufficient mainly displays in two aspects, one is more down to open more enough; two is the State Council agencies under open condition is relatively poor,louboutin pas cher.China's open government information is from top to bottom, so there is among the most vulnerable to benefit areas, such as the provincial government whether matching system, take the initiative to open,louis vuitton pas cher, platform construction and idea changes do have a good phenomenon.
Below the provincial level, information disclosure thrust top-down decline, resulting in information disclosure comparison of weak ground.At the same time,jordan pas cher, the provincial government on the central departments, affiliated institutions because of its complicated interest, often through various channels to resolve the central thrust.
China News Weekly: we note, the scores and the level of economic development degree and not,outlet hogan?Wang Xixin: there are indicators of the rigid problems,air jordan, we only investigated these indexes it has failed to do,sac louis vuitton.
For example, information disclosure requirements of annual reports, some places even this rule does not do,louboutin.Some places will last annual report annual report released this year as wholly intact, such as the Dongguan earthquake bureau, two of the annual report of a word does not change, only changed once time.
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west of the Matanzas Province
25 May,air jordan, Cuban xinhuanet,.com Havana Labor Department published on the 25 digital display,lancel, the individual operator increases,louis vuitton, as at the end of 4,abercrombie, the Cuban national engaged in individual business had a population of close to 386000 people,supra shoes.
The labor department said,louboutin pas cher, the government allowed the 181 industry,franklin marshall, the individual operator is the most concentrated food processing and sales,louis vuitton outlet, passenger and freight transport, agricultural products sales,sac lancel, housing rental flow,moncler.
According to the provinces,piumini moncler, the capital is located in Havana Province,abercrombie france, west of the Matanzas Province,, central David Villa Clara Province,louboutin, Eastern olgin province and Santiago Province in the self-employed accounted for 65% of total,supra.
The government of Cuba from 2010 began to develop individual operators,, aims to place the state-owned sector reduction of personnel of have more than needed,louboutin.According to the plan,franklin marshall, in 2011 to 2015 1500000 reduction surplus staff in state enterprises,sac longchamp.
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Late on September 23rd, Maoming City, Guangdong Defense Department says, by “ 9·,air jordan 6; 21” torrential rains triggered mountain torrents disaster impact, local production of industrial and mining enterprises has reached 176, which mainly in hydropower station, including wood processing plants, mineral processing plant.
Map for the disaster site.News Agency reporter Liang Sheng taken late on September 23rd, Maoming City,air jordan, Guangdong Defense Department says, by &ldquo,burberry; 9· 21&rdquo,louboutin pas cher; torrential rains triggered mountain torrents disaster impact, local production of industrial and mining enterprises has reached 176, which mainly in hydropower station, including wood processing plants, such as concentrator.
Map for the disaster site.News Agency reporter Liang Sheng   uptake; carry out Wang Yang Huang Huahua about disaster relief the spirit of the instructions of Wang Yang Huang Huahua emphasizes: want to let the people with food, clean water to drink, clothes to wear, covered,burberry soldes, temporary housing, medical treatment, the proper placement of the good of the people affected by the disaster relief supplies, to ensure timely transported and distributed to victims for the implementation of the Secretary Wang Yang and governor Huang Huahua late on September 22nd held in Xinyi disaster relief work conference spirit, (Guangdong provincial government sent a province) in disaster relief work groups based on additional Provincial Disaster Relief rehabilitation group, rushed to the disaster area of Maoming on September 23rd, to help disaster relief rehabilitation and rebuilding of homes as well all the work.
Provincial Disaster Relief rehabilitation work group by water resources department to take the lead, traffic hall, agriculture hall, the home office,air jordan, censorial hall,abercrombie, a letter by the Commission, development and Reform Commission, the health department, the office of homeland, Communication Management Bureau and other departments and Guangdong power grid.
Working group on day 23 night in Xinyi met last night to research work, divided into the shelter, medical rescue, transportation and other 7 groups,mercurial vapor pas cher, and on 24 day has to go deep into the disaster area first work.
The death tolls of up to 70 for the protection of the affected people life need, the relevant departments in Gaozhou, Xinyi and spring yesterday to the disaster area of airdrop supplies.The provincial government sent to disaster areas to help disaster recovery working group to implement the CPC Central Committee Political Bureau, provincial Party Secretary Wang Yang and governor Huang Huahua on disaster relief of the spirit of the instructions, vice governor,louboutin, provincial 3-Protection commanding general Li Ronggen instructed, province Fangzong coordinate actively contact the provincial military and civil affairs, emergency organize a large number of relief supplies to Gaozhou, yesterday, Xinyi three counties disaster areas and spring operation.
As of 24 days 17 when, already dispatched a helicopter 6 sorties, dropping rice, food, mineral water and tents and other materials 9 tons in total.Because some areas still drop heavy rain yesterday, the weather condition is bad, the dropping relief materials is still difficult.
It is reported,, 24, seventeen sixteen, province Fangzong received the Maoming city new casualty report, Gaozhou Magui town areas added the death tolls 14, add the deaths are basically forces after entering the village clean debris flow site found.
So far, the province which has led to the death of 70 people in total, 65 missing.As of 24 days 18 when,mercurial vapor, Maoming, Yangjiang,mercurial, Yunfu City, a total of 22 counties (city, area) 179 villages and towns affected 1197000 people, 2399000000 yuan in direct economic losses.
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