CGTN: In America, paying taxes is optional if you’re a billionaire

BEIJING, Dec. 12, 2021 /PRNewswire/ — American billionaires have been paying tax on just a tiny fraction of their income, if any at all, at a rate much lower than the average person struggling to live paycheck to paycheck, according to a report published in June by the non-profit investigative news organization ProPublica, based on a vast trove of leaked tax records from the Internal Revenue Service (IRS).

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The report compared the amount of tax paid annually by the richest 25 Americans to their wealth accrual during the same period, as estimated by Forbes magazine. Of a total wealth accumulation of $401 billion, the group collectively paid $13.6 billion in taxes – a dazzling sum that nonetheless translates to a real tax rate of just 3.4 percent.

In contrast, the average American household paid 14 percent in federal taxes, at rates that rise progressively in relation to income. Between 2014 and 2018, a typical household of wage earners in their early 40s saw their net worth expand by $65,000 on average, mainly due to the rise in value of their homes. But the bulk of such earnings – roughly $62,000 – went to the taxman.

IRS funding cuts combined with ever-more sophisticated tax avoidance tactics developed by the rich have made dodging taxes easier than ever, according to a report by the National Bureau for Economic Research. These tactics often include accessing resources not available to the general public, such as offshore tax shelters, pass-through businesses and complex accounting techniques, all of which exploit legal grey areas.

Last year, America’s 50 wealthiest family dynasties held a total of $1.2 trillion in assets. By comparison, the bottom half of all U.S. households – an estimated 65 million families – shared a combined wealth of $2.5 trillion, according to the report.

The lead author of the study, Chuck Collins, pointed out in an interview with the Jacobin magazine that these wealthy billionaire families are less focused on starting businesses and care more about rent extraction.

“With this system being solidified, today’s billionaires will be tomorrow’s dynastic facilities,” he said. “If the pattern persists for 20 years on the current trajectory, we will have even greater concentrations of hereditary wealth and power dominating our politics, economy, media, and philanthropy. Looks like feudalism, smells like feudalism.”

https://news.cgtn.com/news/2021-06-27/In-America-paying-taxes-is-optional-if-you-re-a-billionaire–11qGbZzO7cY/index.html

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‫الشركة السعودية لإعادة التمويل العقاري تصدر صكوكاً بقيمة 2 مليار ريال سعوديضمن برنامجها الحالي لدعم زيادة تملك المواطنين السعوديين للمنازل بأسعار مناسبة

الرياض- المملكة العربية السعودية, 12 ديسمبر / كانون أول 2021 /PRNewswire/ —  أعلنت الشركة السعودية لإعادة التمويل العقاري، المملوكة بالكامل لصندوق الاستثمارات العامة، عن نجاحها في إصدار صكوك بقيمة ملياري ريال سعودي، وذلك بهدف زيادة نسبة تملك المنازل من خلال تقديم خيارات تمويل ميسّرة. وقد تم ضمان برنامج “الصكوك” من قبل حكومة المملكة العربية السعودية.

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وأوضحت الشركة أن برنامج “صكوك”، الذي يمتد على مدى 10 سنوات بمعدل تمويل ثابت قدره 3.04٪، قد شهد إقبالاً واسعاً من المستثمرين المؤسساتيين بتغطية تتجاوز 2.5 ضعف من قيمته. مما يعكس ثقة المستثمرين بسوق الإسكان في المملكة.

وقال الرئيس التنفيذي للشركة السعودية لإعادة التمويل العقاري، فابريس سوسيني: “إن الإقبال الكبير على صكوك الشركة هو دليل على الثقة الكبيرة في سوق الإسكان بصورة خاصة، والاقتصاد السعودي بصورة عامة، ويعزز دعم المستثمرين لنموذج عملنا الذي نهدف من خلاله إلى رفع نسبة تملك المنازل، وتحقيق أهداف رؤية المملكة 2030 للوصول إلى نسبة 70% من تملك المواطنين للمنازل “.

وأضاف: “يعزز الإصدار الأخير من متانة سوق أدوات السندات والصكوك تماشياً مع أهداف برنامج تطوير القطاع المالي أحد برامج رؤية المملكة 2030”.

الجدير بالذكر أن هذا هو الإصدار الثاني للشركة في عام 2021، حيث تم الإعلان في مارس عن الإصدار الأول بقيمة 4 مليارات ريال سعودي بمدة استحقاق 7 و10 سنوات ضمن برنامج “صكوك الشركة السعودية لإعادة التمويل العقاري” بقيمة 10 مليارات ريال. ويتيح البرنامج للشركة إصدار صكوك مدعومة بضمانات حكومية تستهدف المستثمرين المحليين.

وتولى بنك (HSBC) السعودية دور مدير الإصدار الرئيسي، في حين عمل على إدارة الإصدار كلاً من “الجزيرة كابيتال” و”الراجحي كابيتال” و” بنك إتش إس بي سي السعودية (HSBC)” و”الرياض كابيتال” و”السعودي الفرنسي كابيتال” و”أس ان بي كابيتال (SNB)”.

نبذة عن الشركة السعودية لإعادة التمويل العقاري :

تأسست عام 2017 كشركة مملوكة بالكامل لصندوق الاستثمارات العامة السعودي، بهدف المساعدة في تحوّل سوق الإسكان المحلي، حيث حصلت الشركة على ترخيص من البنك المركزي السعودي للعمل في إعادة التمويل العقاري من خلال السوق الثانوية.

تُمكن الشركة السعودية لإعادة التمويل العقاري الأفراد والجهات الطامحة بالتمويل العقاري بشكل مباشر وغير مباشر من زيادة وتنوع التمويلات العقارية طويلة الأجل بمعدل ربح ثابت، وكجزء من مهامها الرئيسية، تُقدم الشركة السعودية لإعادة التمويل العقاري تمويلاً قصير الأجل للممولين العقاريين لتوفير السيولة وتخفيف العبء على رأس المال، مما يتيح زيادة في النمو لقطاع التمويل العقاري وزيادة في معدلات تملك المساكن للمواطنين السعوديين. ثم تقوم الشركة بعد ذلك بتجميع وحزم محافظ التمويل في أوراق مالية مدعومة بالتمويلات العقارية لبيعها للمستثمرين المحليين والدوليين.

 الشركة السعودية لإعادة التمويل العقاري حاصلة على تصنيف (A) (مستقر) من وكالة “فيتش”، وتصنيف (A2)  (مستقر)  من وكالة “موديز”.

وتملك الشركة فريق إداري استفاد من أفضل الممارسات الدولية في هذا المجال؛ لتكون الشريك المفضّل للممولين العقاريين في المملكة العربية السعودي،

لمزيد من المعلومات عن الشركة، الرجاء زيارة www.srco.com.sa

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Second Phase Of Egyptian Reconstruction Plan Kicks Off In Gaza

GAZA, The second phase of an Egyptian reconstruction plan kicked off in Gaza, to help rebuild the territory, following an Israeli offensive, earlier this year.

Ibrahim al-Shuniqi, head of the Egyptian reconstruction committee, told Palestinian faction leaders and government officials that, the start of the second phase in the Gaza Strip, came under the directives of Egyptian President, Abdel-Fattah al-Sisi.

The Egyptian official, who chaired a delegation of engineers and construction experts, made the remarks during a ceremony held in Gaza City, to celebrate the start of the second phase in the coastal enclave.

“The political leadership’s instructions are to provide assistance to Palestinian manpower and companies in Gaza, that are capable of carrying out the work,” al-Shuniqi said.

On May 10, Israel waged a large-scale 11-day aerial offensive on the Gaza Strip, leaving more than 250 Palestinians killed, as well as, the massive destruction of buildings and other infrastructure.

Egypt brokered a ceasefire agreement between Israel and Hamas. It also pledged 500 million U.S. dollars in two phases to help rebuild the territory.

Al-Shuniqi said that the first phase, which started after the end of the Israeli offensive, included the removal of rubble and debris.

He added that the second phase will include constructing three housing projects in the Strip’s centre and north, and two bridges in Gaza city, paving destroyed crossroads and building a corniche road.

Source: Nam News Network

Youth minister, HEC secretary general meet Estonia’s education and research minister

Dubai, Minister of Youth and Sport Affairs Ayman bin Tawfeeq Al Moayyed and Higher Education Council (HEC) Secretary-General Dr. Shaikha Rana bint Isa bin Daij Al Khalifa paid a visit to Estonia Pavilion in Dubai Expo 2020. Minister Al Moayyed and Dr. Shaikha Rana met with the Minister of Education and Research of the Republic of Estonia Liina Kersna, where they were briefed about Estonia pavilion and the various digital services that Estonia provides, in addition to the digital governance model it follows.

They held a meeting with Estonia’s education minister in which they discussed relations between the friendly countries, aspects of cooperation in the educational fields and areas of modernization, promoting the educational and training system and benefiting from experiences and expertise in the areas of digitization.

Source: Bahrain News Agency

Tackling corruption, important step for ‘inclusive, sustainable development’

Corruption spreads through societies and erodes people’s trust in leaders and institutions, UN Secretary-General António Guterres told an anti-corruption conference on Monday, stressing that “greed over need, harms us all”.

In a video message to the Conference of States Parties to the UN Convention against Corruption (CoSP9) in Sharm El-Sheikh, Egypt, he warned that countries investing in COVID-19 recovery, “must guard against the diversion of vital resources by criminal opportunists”.

‘Important step’

Corruption deepens inequalities, feeds cynicism and reinforces obstacles facing women and girls, according to the UN chief who maintained that tackling it is “an important step towards inclusive, sustainable development”.

He described the conference as an opportunity to strengthen cooperation and accelerate global action against corruption.

“**Let us revive hope and restore trust in institutions**…now is the time to act for a safer, more prosperous and just future”, spelled out the Secretary-General.

Speaking with ‘one voice’

The chief of the UN Office on Drugs and Crime (UNODC), Ghada Waly, said “we are here, at this crucial moment, to raise one voice in rejecting corruption”.

“Corruption undermines development, security, and the rights of everyone. It erodes public trust in systems and institutions”.

She added that the world loses trillions of dollars every year to corruption, “at a time when every dollar is needed to increase public investment”.

And Africa alone loses more than $88 billion annually in terms of capital flight.

“Lack of transparency and accountability in institutions denies people equal access to justice as well as to health, protection, and other services”, destroying competition, raising costs, and compromising delivery, said Ms. Waly.

Moreover, corruption enables criminals, traffickers, and terrorists by allowing proceeds of crime to find safe havens, channeling funds to terrorists, and providing gateways for trafficking.

The COVID-19 pandemic has underlined the impact of corruption on societies – aggravating vulnerabilities and threatening responses.

It has increased the importance of incorporating anti-corruption into responses and “should act as a global wake-up call…to take a stand for integrity”, she said.

“Here, in Sharm El-Sheikh, the world can rise to this moment and take action”.

Ladder of responsibility

Battling corruption starts at the highest levels of leadership and cascade down to institutions, businesses, communities, and individuals, the UNODC chief explained, saying “each and every one of us has a role to play”.

At the top, there is a need for “resolute political will” from leaders and government members, to mobilize the necessary resources.

“This forum, and its outcomes, can foster political will, and reaffirm the shared global responsibility to fight corruption”, she attested.

However, from law enforcement to financial investigation units and the judiciary, institutions at the forefront of the fight must be empowered, remain independent and be provided with the necessary resources.

“At this conference, we can better determine the needs of today in confronting corruption and commit global attention and resources to address those needs”, said Ms. Waly.

Other steps

Corruption is a cross-border crime that requires greater international cooperation by minimizing the obstacles that persistently hamper results.

“By joining the recently-launched GlobE network, which already includes 80 authorities from 48 countries, Member States can benefit from a global platform for swift law enforcement cooperation”, she said, urging the attendees to also engage with the World Bank and UNODC Stolen Asset Recovery (StAR) initiative.

She noted that businesses are instrumental in preventing corruption by committing to fair competition and protecting supply chains, while civil society is crucial in preserving accountability and the media in demonstrating integrity in their coverage.

“All of these actors are represented here at the CoSP, and we must include them in our responses”, flagged the UNODC chief.

**Strengthening women **

As agents of change, ordinary citizens are at the heart of responses and must be protected from corruption.

“**Women are affected disproportionately by corruption and bribery**”, the UNODC official stated.

“Long-standing networks of collusion reinforce exclusion in the workplace and in the public sphere, while corruption creates additional barriers to women accessing health, education, and other services”.

Women must be empowered in positions of leadership to break established cycles and structures of corruption, to ensure a fairer future for all.

Empowering youth

Although the world’s 1.8 billion young people hold the energy and conviction to foster change, in the absence of integrity, they are deprived of opportunity and hope.

“**By educating children and young people on integrity and ethics, we can build public trust and the rule of law**, helping to ensure the sustainability of anti-corruption efforts, and to generate new ideas for how we can fight corruption”, said Ms. Waly.

Against this backdrop, UNODC is launching the Global Resource for Anti-corruption Education and Youth Empowerment (GRACE) initiative to unlock the potential of young people.

“To truly overcome endemic corruption, we need to aim for a fundamental change in mindsets, one that rejects corruption at every level”, she said. “People must believe that every act of petty corruption, every small bribe, undermines the rule of law and undermines their own future”.

The UNODC chief concluded by encouraging everyone to** use the convention to face today’s challenges and prepare for those to come**.

“Let us live up to our role, for everyone’s rights”.

Source: UN News Service

U.S. Forces Kill Three Civilians In Eastern Syria

DAMASCUS, Three civilians from the same family were killed yesterday, by U.S. forces in the eastern Syrian province of Deir al-Zour, the state news agency reported.

The U.S. forces conducted a large-scale airdrop in the town of Al-Busayrah and surrounding areas, in the countryside of Deir al-Zour, with the help of the Kurdish-led Syrian Democratic Forces, killing the three victims in Al-Busayrah, the report said.

The U.S. forces also conducted house raids in the countryside of Deir al-Zour and abducted people to unknown locations, the report added.

There was no confirmation yet from the U.S. side.

According to SANA, the U.S. forces carried out a similar operation in the area on Dec 7, during which they rounded up people, with the help of the SDF, and destroyed the homes they had raided.

The U.S. forces have been active in Syria since 2014, in the name of fighting terror groups. The Syrian government has repeatedly slammed it as a presence of occupation, accusing the United States of stealing Syrian oil and gas, as well as, wheat crops.

Source: Nam News Network

Britain Announces First Death from Omicron Variant of Coronavirus

Britain has recorded its first death from the omicron variant of the coronavirus.

Prime Minister Boris Johnson announced the death Monday, the day after he warned during a nationally televised speech that Britain was facing a “tidal wave” of new infections from omicron.

Johnson announced his government was launching a campaign to get everyone in the country a third shot of the COVID-19 vaccine by New Year’s Eve, accelerating his previous deadline by a full month.

The prime minister said that more than 40 military planning teams will be deployed across the country to establish vaccination centers, and ordered primary doctors, known in Britain as general practitioners, or GPs, to postpone appointments for routine medical procedures to help meet the goal of vaccinating 1 million people a day.

The government raised the COVID-19 alert level Sunday before Johnson’s speech from level three to level four – its second-highest — warning that omicron is spreading much faster than the delta variant, which would overwhelm the National Health Service with new case. Recent studies suggest a third dose is more effective in preventing infections from omicron than the standard two-dose regimen.

Prime Minister Johnson’s accelerated vaccination campaign comes as he faces a revolt from members of his Conservative party over his government’s new restrictions, including mandatory mask wearing and requiring people to show proof they have been vaccinated before they can enter large venues.

Johnson is also under fire over revelations that his staff held parties at his official office and residence on 10 Downing Street last year despite a strict lockdown imposed on the public.

Source: Voice of America

World Bank Provides $100 Million to Protect Livelihoods and Improve Food Security in Southern Madagascar

WASHINGTON, Amid a severe food security crisis in the south of Madagascar, the World Bank is providing $100 million in additional financing to the Support for Resilient Livelihoods in the South of Madagascar (Mionjo) Project.

“The government has prioritized climate change mitigation and development in the southern region of the country.. This includes stepping up thefight against malnutrition, which requires concrete projects that empower the population and provide vital water infrastructure that is key to irrigating crops and protecting again the impacts of drought,” said Andry Rajoelina, President of the Republic of Madagascar. “This additional funding from the World Bank for the Mionjo project reinforces our efforts to enable people to develop income-generating activities and support development.”

This new financing, which includes $50 million from the Crisis Response Window Early Response Financing, is part of the World Bank’s ongoing engagement to strengthen the government’s response to the drought-induced crisis, address vulnerabilities, and enhance the resilience of communities and sustainability of food production and livelihood systems. It builds upon the objectives of the original Mionjo project to address longer-term development challenges and strengthen local government in the southern regions. It will benefit more than 920,000 people in 14 districts across three regions in the South (Anosy, Androy, Atsimo Andrefana), which areamong the hardest hit by the crisis.

“*We cannot develop the south of Madagascar, one of the poorest regions of the country, without breaking this recurrent cycle of drought. With this new support, which increases financing for the Mionjo project up to $200 million, we seek to link up near-term recovery with medium-term livelihood support and build-back better greening interventions to rehabilitate food production and livelihood systems and improve the health of ecosystems that underpin them,*” said Hafez Ghanem, World Bank Vice President for Eastern and Southern Africa.

The project’s activities benefit from a cross-sectoral collaboration across four ministries, and involve investments in agriculture, water, environment and decentralization. At the household level, the aim is to reach those who are most food insecure with immediate water and cash assistance and climate-smart innovations to jumpstart their agriculture activities and help recover their livelihoods and assets. At the village level, the project will upgrade water supply sources to render them more efficient and capable of supporting both human and animal consumption, and in some areas, irrigated production of higher value, nutrient rich foods.

Interventions will also restore degraded ecosystems through reforestation and installation of windbreaks. They will also help improve community management of water and other natural resources that are fundamental to sustaining productive and resilient livelihoods. In response to threats posed by locusts, this additional financing will also finance locust surveillance and control measures led by the national locust management agency, with technical backstopping from the Food and Agriculture Organization of the United Nations (FAO).

The southern region of Madagascar is experiencing the worst drought in 40 years, a dire situation that is amplified by the impacts of the COVID-19 pandemic and other covariate shocks, and has resulted in a deteriorating food security situation that includes cute risk of famine in some of the hardest-hit communes.

Source: World Bank