Розділ: Повідомлення

Blinken Meets Uyghurs, Seeks Advice on Handling China

Secretary of State Antony Blinken met virtually on Tuesday with Uyghur Muslims who were detained in camps in China’s Xinjiang region to hear about their experiences and seek advice on how best to pressure China to halt repression there. The State Department said Blinken wanted to hear directly from the seven former detainees, relatives of others and advocates about conditions that they and the Uyghur community more broadly face. “The secretary thought it important to meet with these individuals to hear firsthand their stories, to hear firsthand their impression of the ongoing atrocities in Xinjiang and the internment of a million Uyghurs,” department spokesperson Ned Price said. “Also, it’s an opportunity for these participants to offer any recommendations they may have.” FILE – Demonstrators hold a protest in front of the State Department to urge the U.S. and the international community to take action against China’s treatment of the Uyghur people, May 5, 2021.China has come under severe international criticism and sanctions for detaining more than 1 million Uyghurs and other minorities for political reeducation in Xinjiang. Price said the meeting showed continuity in American policy on the matter between the widely divergent Biden and Trump administrations.  Both administrations have termed the campaign in Xinjiang a “genocide” and slapped sanctions on China for human rights abuses. Former Secretary of State Mike Pompeo met several times with Uyghur ex-detainees during his tenure as America’s top diplomat. “America has spoken out very clearly and consistently about the abuses, about the atrocities, about the ongoing genocide that is taking place in Xinjiang,” Price said. “And, as we deem appropriate, I suspect we’ll be employing additional tools going forward to hold to account those officials responsible for what has taken place there.” Since the Trump administration, the U.S. has steadily ramped up pressure on China on a number of fronts, notably over repression in Xinjiang and a clampdown on political dissent and human rights in Hong Kong. Actions have included travel bans, financial sanctions and commercial restrictions on Chinese imports to the U.S. 
 

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By Polityk | 07/07/2021 | Повідомлення, Політика

Biden Goes for Cherries Not Speeches on Campaign-style Michigan Trip

President Joe Biden focused on cherries Saturday during a trip to Michigan — and cherry pie and cherry ice cream — and voters who were mask-free as coronavirus restrictions have eased. It had all the hallmarks of a campaign stop that he couldn’t make last year.Democratic Gov. Gretchen Whitmer greeted Biden when he arrived midday in Traverse City, which is hosting the National Cherry Festival, an event that attracted Presidents Herbert Hoover and Gerald Ford in the past.They skipped the festival in favor of a cherry farm in nearby Antrim County, where Biden pitched his immigration plans while chatting with two couples from Guatemala who were picking fruit. He then greeted a long line of enthusiastic supporters stretched out behind a rope.President Joe Biden holds an ice cream cone as he visits Moomers Homemade Ice Cream in Traverse City, Mich., July 3, 2021.His trip was billed as part of a broader campaign by the administration to drum up public support for his bipartisan infrastructure package and other polices geared toward families and education. But the president was out for direct contact with voters and refrained from delivering remarks about his policy proposals.Whitmer told reporters she spoke to Biden about infrastructure, although not about any projects for Michigan specifically.”I’m the fix-the-damn-roads governor, so I talk infrastructure with everybody, including the president,” she said. In recent flooding, she said the state saw “under-invested infrastructure collide with climate change” and the freeways were under water.”So this is an important moment. And that’s why this infrastructure package is so important. That’s also why I got the president rocky road fudge from Mackinac Island for his trip here,” she said.Michigan Sen. Debbie Stabenow also said she spoke with the president about the infrastructure package as they toured the cherry farm, noting that her cellphone signal dropped to one bar and that the proposed broadband buildout was needed.Biden’s host at King Orchards, Juliette King McAvoy, introduced him to the two Guatemalan couples, who she said had been working on the farm for 35 years. He told them he was proposing a pathway to citizenship for farmworkers. Biden then picked a cherry out of one of their baskets and ate it. He later bought pies at the farm’s market, including three varieties of cherry.Before leaving Michigan, he stopped at Moomers Homemade Ice Cream in Traverse City, where he bought Cherries Moobilie cones for Stabenow and Gary Peters, Michigan’s other Democratic senator. But for himself it was vanilla with chocolate chips in a waffle cone.Told it was cherry country, Biden said, “Yeah, but I’m more of a chocolate chip guy.”Preparations take place for an Independence Day celebration on the South Lawn of the White House in Washington, July 3, 2021.First lady Jill Biden also was on the road Saturday, traveling to Maine and New Hampshire, while Vice President Kamala Harris was visiting a union training center in Las Vegas.The president has said the key to getting his $973 billion deal passed in Congress involves taking the case straight to voters. While Republicans and Democrats might squabble in Washington, Biden’s theory is that lawmakers of both parties want to deliver for their constituents.White House officials negotiated a compromise with a bipartisan group of senators led by Republican Rob Portman of Ohio and Democrat Kyrsten Sinema of Arizona.The agreement, announced in June, features $109 billion on roads and highways, $15 billion on electric vehicle infrastructure and transit systems and $65 billion toward broadband, among other expenditures on airports, drinking water systems and resiliency efforts to tackle climate change.It would be funded by COVID-19 relief that was approved in 2020 but unspent, repurposed money for enhanced unemployment benefits and increased enforcement by the IRS on wealthier Americans who avoid taxes. The financing also depends on leasing 5G telecommunications spectrum, the strategic petroleum reserve and the potential economic growth produced by the investments.Biden intends to pass additional initiatives on education and families as well as tax increases on the wealthy and corporations through the budget reconciliation process. This would allow the passage of Biden’s priorities by a simple majority vote, avoiding the 60-vote hurdle in a Senate split evenly between Democrats and Republicans. 

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By Polityk | 07/04/2021 | Повідомлення, Політика

Wealthy Americans Scramble as Biden Targets Protected Assets for Taxation 

As U.S. President Joe Biden looks for revenue sources to fund his proposed social spending programs, America’s richest people are facing the possibility that popular methods of passing enormous wealth from generation to generation while avoiding taxes could be disappearing.The Biden administration has made no secret of its belief that capital gains — money earned from the sale of assets, like stocks, that have appreciated in value — don’t deserve to be taxed at a lower rate than earnings from labor as they are under current law.Capital gains are taxed at a maximum of 20%, compared with a maximum federal marginal tax rate of 37% for income acquired through labor.However, raising tax rates is a politically poisonous task in Washington.As an alternative, the administration is pushing an effort to make more capital gains subject to taxation in the first place, and it is tying that effort to the president’s American Families Plan, a legislative initiative that would fund child care, early childhood education, higher education, health care and more.’People want to get ahead of this’The outline of a plan to capture taxes on capital gains has come into sharper focus in recent weeks, and appears to go further than many observers realized at first.In March, the Treasury Department revealed a proposal to do away with a controversial treatment of inherited assets — called the “step-up in basis” — and paired it with proposed changes to the tax treatment of trusts, the estate planning vehicles that the wealthy would most likely turn to as an alternative.FILE – A Fidelity Investments office in Los Angeles, June 16, 2016. Wealthy individuals are checking in with financial advisers about suggested changes in tax treatment of capital gains and trusts.As a result, attorneys who help wealthy individuals with estate planning are being besieged by clients demanding to know what to expect in the future and how to minimize the impact of any pending changes.“It’s the busiest I’ve been in 25 years,” said Randall A. Denha, who runs a boutique estate planning firm in Michigan. “There are a lot of people asking questions, especially those that have a more substantial estate, because people want to get ahead of this.”’Basis’ explainedUnder current law, appreciated assets that are passed from generation to generation receive special treatment that eliminates what, in some cases, would otherwise be huge tax obligations for wealthy Americans.Purchased for $315 in 1980, a single share of Berkshire Hathaway, the giant holding company run by billionaire Warren Buffett, would have been worth nearly $420,000 when the markets closed on June 30 of this year. If the owner were to sell that stock today, he or she would have to pay capital gains tax on the difference between the current share price and the “basis” cost —the $315 that was paid for it in 1980.If that same owner were to die today and pass the share on to an heir, the gain would be effectively wiped away because of what is called a “step-up in basis.” Heirs inherit an asset at its market value at the time of inheritance. If an heir sold that share of Berkshire Hathaway immediately on receipt, the $420,000 would be the heir’s virtually tax-free.By eliminating the step-up in basis, hundreds of thousands of dollars suddenly become taxable where previously they were not.A rich person’s problemPractically speaking, the changes the Biden administration is considering would have no real effect on the overwhelming majority of Americans. The proposals being considered would exempt the first $1 million in gains from capital gains taxes, a far larger amount than the entire value of the average estate.FILE – For the very wealthy, one way of shielding assets from taxation is to place them in a trust, which is a legal entity that holds the assets without transferring ownership.For the very wealthy, one way of shielding assets from taxation is to place them in a trust, which is a legal entity that holds the assets on behalf of beneficiaries without transferring ownership. Some, known in the financial industry as “dynasty” trusts, can span generations, allowing enormous wealth to grow tax-free for decades.In a world in which the step-up in basis rules cease to exist, trusts would be the obvious solution for wealthy individuals looking to protect valuable assets from taxation — something the Biden administration has plainly anticipated.The reason, said Beth Shapiro Kaufman, a partner with the law firm Caplin & Drysdale in Washington, is simple: “The trust never dies.” And the Biden administration, she said, “doesn’t want trusts to be the loophole if they go forward” with changes to capital gains taxes.New treatment of trustsUnder current law, assets held in trust are not taxed as they appreciate, and even when the trustee decides to transfer ownership of some of the trust’s assets, such as stocks, to a beneficiary, no tax is paid on the gains until the beneficiary actually sells the asset.The Biden administration proposes treating that interim step — the transfer of ownership — as a “realization” event, requiring the beneficiary to treat the transaction as income subject to capital gains tax.Even more significant for the extremely wealthy is a requirement that all trust assets be taxed on their appreciation once every 90 years. It’s a way of getting around the fact that the trust never dies by effectively creating the equivalent of a “death” once in what amounts to a longer than average lifetime.Uncertain futureIf the administration is able to push these changes through, it will face some challenges implementing them, warned Garrett Watson, senior policy analyst at the Tax Foundation in Washington.“There have to be adequate provisions for folks who don’t have the cash to pay taxes when there is a ‘realization event,’ ” he said. Additionally, there will inevitably be cases where heirs have no way of knowing the basis for an asset that they have inherited. “Is there going to be sufficient protection in the law for those folks who are in good faith in a situation where they don’t have that information?” he said.And further, he pointed out, what policymakers in Washington do during one administration can be undone in another, meaning there is no guarantee that changes in the tax treatment of inherited wealth will endure.“I think even advocates will want to make sure they get it right, because they are relying on it as a revenue source to fund permanent programs,” he said.

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By Polityk | 07/03/2021 | Повідомлення, Політика

Women Make Up 60% of White House Staff, Diversity Total at 44%

Women make up 60% of the White House staff appointed by President Joe Biden, while people from racially or ethnically diverse communities account for 44%, the White House said Thursday as it released an annual personnel report to Congress. The White House said the report — which includes the names, titles and salaries of all political appointees — showed that the Biden administration was the most diverse in U.S. history, in line with the Democratic president’s commitment to build an administration that looks like America. The report also showed a pay gap between men and women of just under 1%, with the women earning $93,752 on average, while men earn $94,639. White House press secretary Jen Psaki and chief of staff Ron Klain are among the top earners, drawing a salary of $180,000 a year, as is Elizabeth Hone, a longtime Federal Communications Commission attorney hired as a special adviser on broadband, who gets $183,164 a year. The administration hired 1,500 presidential appointees across the federal government in the first 100 days in office, double the number hired by any prior administration in that time period. The Biden administration’s “roughly equal” pay for women and men stands in sharp contrast to the former Trump administration, which had a gender pay gap of 20%, and the Obama administration, which had a gender pay gap of 11% in its final year in office. The Pew Research Center reported in May that the overall pay gap for women and men in the United States was about 16%, which means it would take an average woman 42 extra days of work a year to earn what a man did. Women and people of color have slightly less representation in the 59 senior staff members at the White House, with women accounting for 56%, and people from racially and ethnically diverse backgrounds accounting for 36%. 
 

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By Polityk | 07/02/2021 | Повідомлення, Політика
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