Tuesday, October 4, 2011
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Wall Street protesters enter 3rd week
An Occupy Wall Street protestor rests Sunday in Zucotti park the morning after police arrested over 700 marchers on the Brooklyn bridge for blocking traffic and disorderly conduct, Sunday, Oct. 2, 2011, in New York. Protestors have occupied the financial district park for three weeks in opposition of corporate greed. (AP Photo/John Minchillo)
An Occupy Wall Street protestor rests Sunday in Zucotti park the morning after police arrested over 700 marchers on the Brooklyn bridge for blocking traffic and disorderly conduct, Sunday, Oct. 2, 2011, in New York. Protestors have occupied the financial district park for three weeks in opposition of corporate greed. (AP Photo/John Minchillo)
Demonstrators with Occupy Boston gather near the entrance to their encampment on the Rose Kennedy Greenway across the street from the Federal Reserve building, in Boston, Sunday, Oct. 2, 2011. The group is part of a nationwide grassroots movement in support of the ongoing Wall Street protests in New York. (AP Photo/Josh Reynolds)
In this Oct. 1, 2011 photo, protesters sit with arms linked on New York's Brooklyn Bridge before police began making arrests during Saturday's march by Occupy Wall Street. Protesters speaking out against corporate greed and other grievances attempted to walk over the bridge from Manhattan, resulting in the arrest of more than 700 during a tense confrontation with police. The majority of those arrested were given citations for disorderly conduct and were released, police said. (AP Photo/Stephanie Keith)
In this Oct. 1, 2011 photo, police make their way a crowd of protesters who were the front line on New York's Brooklyn Bridge when police began making arrests during Saturday's march by Occupy Wall Street. Protesters speaking out against corporate greed and other grievances attempted to walk over the bridge from Manhattan, resulting in the arrest of more than 700 during a tense confrontation with police. The majority of those arrested were given citations for disorderly conduct and were released, police said. (AP Photo/Stephanie Keith)
A pedestrian takes copies of the Occupy Wall Street protest's self-published newspaper "The Occupied Wall Street Journal," in the financial district's Zuccotti park, Sunday, Oct. 2, 2011, in New York. The newspaper is paid for by funds gathered online via crowd-sourcing websites. (AP Photo/John Minchillo)
NEW YORK (AP) ? The arrests of 700 people on Brooklyn Bridge over the weekend fueled the anger of anti-Wall Street protesters camping in a Manhattan park and sparked support elsewhere in the country as the campaign entered its third week Sunday.
Occupy Wall Street started with fewer than a dozen college students spending days and nights in Zuccotti Park, a plaza near the city's financial center. But a day after Saturday's mass arrests, hundreds of protesters were resolute and like-minded groups in other cities had joined in.
New York City officials "thought we were going to leave and we haven't," 19-year-old Kira Moyer-Sims of Portland, Ore., said. "We're going to stay as long as we can."
Police said the department will continue its regular patrols of the area. And "as always, if it is a lawful demonstration, we help facilitate and if they break the law we arrest them," NYPD spokesman Paul Browne said.
A map of the country displayed on the plaza identified 21 places where other protests were organized.
Wall-Street style demonstrations with names like Occupy Los Angeles, Occupy Chicago, and Occupy Boston were staged in front of Federal Reserve buildings in those cities. A group in Columbus, Ohio, also marched on the capital city's street. And signs of support were rearing up outside the U.S. In Canada, a Wall Street rally is planned for later this month in Toronto.
"It was chaos here" two weeks ago, said Jackie Fellner, a marketing manager from Westchester County, north of the city.
Now campers take turns organizing a "general assembly" on the plaza where they divide tasks among themselves. They have "a protocol for most things," Moyer-Sims said, including a makeshift hospital and getting legal help for people who are arrested. They rally around a website called OccupyWallSt.org, and they even started printing a newspaper ? the Occupied Wall Street Journal.
Police watched Sunday as activists awoke in their makeshift beds. Later, members of the NYPD moved in and ordered some of them to dismantle what police said were "dwellings."
"A dozen officers came walking toward us with NYPD video cameras pointed at us," said John Dennehy, who was back in the park after spending hours in police custody.
He flashed a police desk appearance ticket charging him with disorderly conduct and prohibited use of a roadway. On Saturday, the 29-year-old United Nations employee joined thousands of protesters who tried to cross the bridge after marching through Manhattan's Financial District.
Dennehy and three others had built what they called their "box castle" using cardboard mailing boxes to delineate their space on the plaza. But police told them to remove the structure, they said. Plastic tarps they were using to stay dry in a pouring rain also were not acceptable, they said.
Under clear skies Sunday afternoon, protesters could help themselves to food that unnamed supporters donated to keep the encampment running. Some ate pizza they said was ordered for them by a man in Egypt who phoned a local shop to have the pies delivered.
The campers also have been fueled by encouraging words from well-known figures, the latest actor Alec Baldwin, who posted videos on his Twitter page that had already been widely circulated. One appeared to show police using pepper spray on a group of women, another a young man being tackled to the ground by an officer.
"This is unsettling," Baldwin wrote. "I think the NYPD has a PR problem."
Fellner said she has an issue with "big money dictating which politicians get elected and what programs get funded."
But "we're not here to take down Wall Street," she insisted. "It's not poor against rich."
Still, the protesters chose Wall Street as their physical rallying point, speaking against corporate greed, social inequality, global climate change and other concerns.
School teacher Denise Martinez said most of the children she teaches in Brooklyn live at or below the poverty level, and her classes are jammed with up to about 50 students.
"These are America's future workers, and what's trickling down to them are the problems ? the unemployment, the crime," she said. She blamed Wall Street for causing the country's financial problems and said it needed to do more to solve them.
Beside the mass arrest Saturday, police arrested about 100 people Sept. 24 when protesters marched to other parts of the city and got into a tense standoff with officers.
Some said protesters on the Brooklyn Bridge were lured onto the roadway by police, or they didn't hear the calls from authorities to head to the pedestrian walkway. Police said no one was tricked into being arrested, and that those in the back of the group who couldn't hear were allowed to leave.
The NYPD released video footage Sunday to back up its stance. In one of the videos, an official uses a bullhorn to warn the crowd. Marchers can be seen chanting, "Take the bridge."
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Monday, October 3, 2011
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Finance And Business | Sources of Taxes in Less and More ...
Corporate Income Taxes: Taxes on corporate profits, of both domestically and foreign-owned companies, amount to less than 3% of GDP in most developing countries, compared with more than 6% in developed nations. LDC governments tend to offer all sorts of tax incentives and concessions to manufacturing and commercial enterprises. Typically, new and foreign enterprises are offered long periods (sometimes up to 15 years) of tax exemption and thereafter take advantage of generous investment depreciation allowances, special tax write-offs, and other measures to lessen their tax burden. In the case of multinational foreign enterprises, the ability of LDC governments to collect substantial taxes is often frustrated. These locally run enterprises are frequently able to shift profits to partner companies in countries offering the lowest levels of taxation through transfer pricing.
Indirect Taxes on Commodities: The largest single source of public revenue in developing countries is the taxation of commodities in the form of import, export, and excise duties. These taxes, which individuals and corporations pay indirectly through their purchase of commodities, are relatively easy to assess and collect. This is especially true in the case of foreign-traded commodities, which must pass through a limited number of frontier ports and are usually handled by a few wholesalers. The ease of collecting such taxes is one reason why countries with extensive foreign trade typically collect a greater proportion of public revenues in the form of import and export duties than countries with limited external trade. For example, in open economies with up to 40% of gross national income (GNI) derived from foreign trade, an average import duty of 25% will yield a tax revenue equivalent of 10% of GNI. By contrast, in countries like India and Brazil with only about 7% of GNI derived from exports, the same tariff rate would yield only 2% of GNI in equivalent tax revenues. One further point about these taxes, often overlooked, must be mentioned. Import and export duties, in addition to representing a major source of public revenue in many LDCs can also be a substitute for the corporate income tax. To the extent that importers are unable to pass on to local consumers the full costs of the tax, an import duty can serve as a proxy tax on the profits of the importer (often a foreign company) and only parity a tax on the local consumer. Similarly, an export duty can be an effective way of taxing the profits of producing companies, including locally based multinational firms that practice transfer pricing. But export duties designed to generate revenue should not be raised to the point of discouraging local producers from expanding their export production to any significant extent.
In selecting commodities to be taxed, whether in the form of duties on imports and exports or excise taxes on local commodities, certain general economic and administrative principles must be followed to minimize the cost of securing maximum revenue. First, the commodity should be imported or produced by a relatively small number of licensed firms so that evasion can be controlled: Second, the price elasticity of demand for the commodity should be low so that total demand is not choked by the rise in consumer prices that results from the tax. Third, the commodity should have a high income elasticity of demand so that as incomes rise, more tax revenue will be collected. Fourth, for equity purposes, it is best to tax commodities like cars, refrigerators, imported fancy foods, and household appliances, which are consumed largely by the upper-income groups, while forgoing taxation on items of mass consumption such as basic foods, simple clothing, and household utensils, even though these may satisfy the first three criteria. The conventional wisdom in recent years has been that switching to a broad-based value-added tax (VAT) would improve economic efficiency; encouraged by development agencies, such tax reforms have accordingly been undertaken in several LDCs. However, this approach has been challenged recently. In particular, welfare may be worsened when the ability of the informal economy to remain effectively untaxed introduces new distortions in the economy. The impact on human capital accumulation raises further complexities.
Article Source:?http://www.BharatBhasha.com
Article Url: http://www.bharatbhasha.com/finance-and-business.php/326260
Article Added on Sunday, October 2, 2011
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Source: http://www.bharatbhasha.com/finance-and-business.php/326260
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