Archive for June, 2017

Leading US House Republican rejects tax cuts without reform – Reuters

WASHINGTON The top Republican on tax policy in the House of Representatives rejected the possibility of cutting taxes without fundamental changes to the U.S. tax code on Thursday, as the main actors in the tax reform debate prepared to meet for a fourth time.

With the window for tax reform narrowing, lobbyists and analysts say Congress could abandon comprehensive tax reform for simple tax cuts to reduce the U.S. corporate tax rate from 35 percent to 28 percent, well above the 15 percent advocated by President Donald Trump.

But House Ways and Means Chairman Kevin Brady, one of six principals involved in closed-door efforts to agree on legislation, told CNBC that such a measure would not meet the Republican goals of bolstering economic growth and enhancing U.S. business competitiveness overseas.

"It's not acceptable to me. I don't think it's acceptable to the House or anyone else, for that matter. Look, that won't make us competitive," Brady said. "Just doing low rates is a little like putting supercharged fuel in an old clunker of a tax car. There's no question it'll go faster. It can't keep up with the newer models on the road," he added. "We've got to go after a competitive design."

Brady spoke as principals prepared to meet later on Thursday. Members of the group have vowed to make good this year on a top Republican campaign pledge to overhaul the U.S. tax system. But while the principals have met three times, the discussions have major issues to resolve.

"How low we can get these rates; how do we stop businesses from continuing to leave the U.S.; and more importantly, how do we bring those supply chains back; how we deal with issues like full and unlimited expensing those are still parts of this discussion, Brady said.

Brady and House Speaker Paul Ryan are pushing for changes outlined in the "A Better Way" agenda released a year ago, including a border adjustment tax that would tax imports but exempt export revenues from federal tax.

The measure could raise more than $1 trillion in revenue to help pay for tax cuts and effectively resolve the problem of corporations shifting profits overseas. But it is opposed by some industries and unpopular with Republicans in the House and Senate who fear it would raise consumer prices.

(Reporting by David Morgan and Doina Chiacu; Editing by Andrea Ricci)

More than 80 percent of Americans want to limit firearms access for people with mental illness and require background checks at gun shows and in private sales, according to a Pew Research Center survey released on Thursday.

Former Manhattan U.S. Attorney Preet Bharara, known for pursuing a series of cases targeting public corruption and crime on Wall Street before President Donald Trump fired him in March, has struck a book deal.

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Leading US House Republican rejects tax cuts without reform - Reuters

Live Blog: The Senate Republican Health Care Bill Is Revealed – Slate Magazine (blog)


Slate Magazine (blog)
Live Blog: The Senate Republican Health Care Bill Is Revealed
Slate Magazine (blog)
Senate Republicans have finally revealed their draft health care bill. We'll be live-blogging events throughout the day as voices on the Hill and elsewhere take stock of the legislation. Loading... Are Slate's comments not loading even after a few seconds?

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Live Blog: The Senate Republican Health Care Bill Is Revealed - Slate Magazine (blog)

Steven Brill: Republican ‘repeal and replace’ health-care efforts do neither – MarketWatch

Lawyer, author and longtime media entrepreneur and watchdog Steven Brill has this to say about the Senate repeal and replace health-care law set for its big reveal Thursday:

Dont miss: Why the financial markets are obsessed with health-care legislation

Capitol Report: Sen. Bernie Sanders says Republican health-care bill wont see light of day

Key Words: Why one Democratic governor is not willing to give up on Senate in health-care debate

Also: Senate Democrats hold scavenger hunt to find Republican health-care bill

The founder of CourtTV (which evolved into truTV) and the magazines American Lawyer and the late Brills Content, whose latest book is the best-selling Americas Bitter Pill: Money, Politics, Backroom Deals, and the Fight to Fix Our Broken Healthcare System, told MSNBCs Stephanie Ruhle that what the anticipated bill instead does is strip out Medicaid funding to deliver tax cuts.

As to the replace component, Brill has been every bit as dismissive.

Back in January, also as a guest on MSNBC, Brill had said he was willing to be that 10 years after the 2010 passage of the Affordable Care Act, a.k.a. Obamacare, there would still be no replacement in large part because Obamacare was a Republican-style plan at its inception, rendering redundant any Republican replacement.

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Steven Brill: Republican 'repeal and replace' health-care efforts do neither - MarketWatch

Democracy Must Prevail, Always – Social Europe

Thorvaldur Gylfason

Diversity is desirable in human affairs, as in nature. Most countries strive toward economic and political diversification.

Economic diversification is a way of escaping dependence on a narrow economic base so as to spread risk. Political diversification is another side of the same story. Political diversification is a way of escaping dependence on a narrow political base to spread risk. Fortification of democracy involves political diversification to escape domination by exclusive elites. Too many eggs in one basket is never a good idea.

In 1848, the US was still the worlds sole democracy. Then, after Europe was swept by revolution, democracy gradually began to gain ground. After 1945, structures were put in place to preserve and to spread democracy, with good results.

The number of democracies has remained unchanged, however, since 2002. Moreover, the US was recently downgraded by Freedom House to a democracy grade that is lower than that given most countries in Western Europe. The Guardian newspaper in the UK recently designated the Chancellor of Germany as the new leader of the free world.

Within the EU, Hungary and Poland show signs of disrespect for democracy and human rights. This is why now is a particularly unfortunate time for Icelands Parliament to show similar disregard for democracy and human rights by failing to ratify a new constitution accepted by 67% of the voters in a national referendum called by Parliament in 2012.

Put differently, now is a particularly good time for Iceland to send the rest of the world an uplifting signal about the beauty and utility of inclusive democracy, a signal that would be welcomed by advocates of democracy and human rights around the world. For four years now, Parliament has neglected to transmit such a signal, inviting the rest of the world to wonder why.

We need to stay awake. In a letter to his friend John Taylor in 1814, John Adams, US President 1797-1801, evoked Aristotle: Democracy never lasts long. It soon wastes, exhausts, and murders itself. There never was a democracy yet that did not commit suicide.

For four years now Icelands Parliament, led since early 2017 by a Prime Minister straight from the Panama Papers, has been trying to trump the will of the people by turning the new crowd-sourced constitution drafted on Parliaments initiative by 25 directly elected representatives of the people into a constitution for political parties and their paymasters. Too many Icelandic MPs take their cue from the oligarchs in the fishing industry who cannot reconcile themselves to the new constitutional provision that declares that Icelands natural resources belong to the people, a polite way of saying that they do not belong to the oligarchs. This provision was accepted by 83% of the voters in a national referendum in 2012. Too many MPs also cannot bear the prospect of equal voting rights, i.e., equal weight of votes in urban and rural constituencies, because equal rights according to the new constitution would render some of them unelectable. That provision was accepted by 67% of the voters in the referendum as was the bill in toto.

Those two key provisions, on the peoples right to the rents from their natural resources and on equal voting rights, involve human rights and, therefore, can be brought before international courts of justice if Parliament persists in refusing to respect the will of the people. In a binding opinion issued in 2007, the United Nations Human Rights Committee instructed Iceland to remove from its fisheries management regime the discriminatory element favoring the oligarchs at others expense. The government of Iceland promised to oblige by enacting a new constitution that would address the issue, a promise that remains unfulfilled. Further, the Organization for Security and Co-operation in Europe has, correctly, likened the unequal weight of votes in Iceland to a violation of human rights.

In a national referendum political power is at its source, in the hands of the people. To justify their disrespect for the overwhelming victory of the new constitution in the 2012 referendum, some opponents of constitutional reform claim that the referendum was advisory. The Brexit referendum was also advisory. Even so, the British Parliament did not consider trumping the will of the people. After the financial crash of 2008, in fact, the Icelandic Parliament did respect the will of the people by resolving not to make any substantive changes in the bill approved in the 2012 referendum. Parliament then failed to ratify the bill, leaving it on ice in the middle of the night where it has remained ever since, leading the Social Democratic Prime Minister Jhanna Sigurardttir to declare: The past few weeks were the saddest period of my 35 years in Parliament.

In view of recent developments in the US, some of Icelands MPs may feel emboldened by their new distaste for democracy.

The beauty of democracy is not that it always produces the best results. No, the beauty of democracy is that it produces results that, in a civilized society, we must always respect.

I learned my favorite definition of democracy from Lord George Brown, who served in Harold Wilsons Labour government during 1964-1968, on his visit to Reykjavk in 1971. He then said: Democracy means that there shall be no one to stop us from being stupid if stupid we want to be.

Democracy is inseparable from human rights which are inalienable by our laws as well as by international covenants that we have sworn to uphold. Democracy must prevail, always. There can be no exceptions from this fundamental principle. Those who claim otherwise and act accordingly play with fire.

Based upon a recent presentation at Berkeley University

Thorvaldur Gylfason is Professor of Economics at the University of Iceland and Research Fellow at CESifo (Center for Economic Studies) at the University of Munich. A Princeton Ph.D., he has worked at the International Monetary Fund (IMF) in Washington, D.C., taught at Princeton, edited the European Economic Review, consulted for international organizations, and published some 200 scholarly articles and 20 books as well as 900 newspaper articles plus some 90 songs for voice and piano as well as mixed choir. He was one of 25 representatives in Icelands Constitutional Council in session from 1 April to 29 July 2011, elected by the nation and appointed by parliament to revise Icelands constitution.

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Democracy Must Prevail, Always - Social Europe

What to do when Viktor Orban erodes democracy – The Economist

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What to do when Viktor Orban erodes democracy - The Economist