Economics

Highlighted in an NYTimes editorial, in the US interest on student loans start at between 6.8-15%, and don’t provide any help if the student loses their job, or is unable to pay back the loan. Ouch. Compare that with HECS. I know which I’d prefer.

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Astonishingly, as part of the Facebook IPO, Mark Zuckerberg will end up forking out the big bucks to the IRS.

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Speaking of tax rates and rich Americans, here’s a great clip from The West Wing.

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Jon Stewart asks: “How in the world, do you, Mitt Romney, justify making more in one day than the median American family makes in a year, while paying the same effective tax rate as the guy who has to scan your shoes at the airport?” Responding to a clip where Romney says “I don’t think you want a candidate who pays more taxes than he owes,” Stewart replies, “No, but you might want one who thinks that’s wrong.”

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Supporters of SOPA and PIPA say as much as $250 billion a year and 750,000 jobs, but that’s most likely highly exaggerated and untrue.

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Obama’s third State of the Union begins soon, and in it he’ll prioritise tax reform to combat income inequality.

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Great feature from the Economist on the state of the Israeli hi-tech scene: Israelis innovate because they have to. The land is arid, so they excel at water and agricultural technology. They have little oil, so they furrow their brows to find alternatives. They are surrounded by enemies, so their military technology is superb and creates lucrative spin-offs, especially in communications. The relationships forged during military service foster frenetic networking [...]

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Warren Buffett, one of the world’s richest men, bemoans how little tax he pays, and the negative effect it has on the wider American economy.

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It seems there’s a new craze sweeping the globe, and I’ve been left behind. Until now that is. Here’s a way to pay down all that debt Western nations are acquiring ($200 billion or so in Australia) as a part of the GFC: place a small (minute?) tax on some transactions by financial institutions. It’s simple enough, too — a 0.05 per cent tax on financial transactions between financial institutions. [...]

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The Age’s economics editor Tim Colebatch (one of my favourite writers in Australian media) wrote this wonderful article in Tuesday’s paper. A minority of maybe 3 per cent of the population, the Chinese were estimated to control 75 per cent of Indonesian business. Yet they were deprived of full citizenship, banned from speaking Chinese languages, practising Chinese religions or holding public office, had their schools closed and lived in fear for [...]

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