“Most countries, including the United States since the passage of 2017’s Tax Cuts and Jobs Act, use some version of a “territorial” system. Territoriality is a basic principle of good tax policy and means that governments don’t tax their taxpayers’ foreign-earned incomes. That money is instead taxed by the foreign jurisdictions where it is earned. Firms can choose where to do business based on what country has the best tax regime. This approach puts pressure on governments with punishing tax regimes to become less draconian.
High-tax nations don’t like this competition, which is why they’ve been itching for the past decade to undermine it with a global minimum tax. And while the U.S. government is set to benefit immensely from the new regime, U.S. companies with foreign subsidiaries and income will not.”
“the 18-year-old Lee described what happened to her and her friends (who are all women of Asian descent) just a week before the interview took place. While they were waiting for an Uber during a night out, a car pulled up to them and started yelling Asian slurs out the window. Lee said she got pepper sprayed on the arm as the car sped away.”
“The bill is also larded up with provisions that will make infrastructure projects more costly for taxpayers. That matters, of course, because if you inflate the cost of building a bridge and you have a fixed amount of money to spend on new bridges, you’ll get fewer bridges.
For example, the bill’s “Buy American” provision is nothing more than performative patriotism and a handout to politically powerful unions. By mandating that materials used in road, bridge, and rail projects come primarily from the United States, Congress will effectively hike prices and engage in arbitrary protectionism.”
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“The infrastructure bill could have been an opportunity to reform other federal rules that unnecessarily drive up the cost of building infrastructure. Like the Davis-Bacon Act, which requires that most workers on federally subsidized building projects are paid the local “prevailing wage” negotiated by unions even if the workers themselves are not unionized—and only about 13 percent of construction workers are part of a union. The Davis-Bacon Act rules can increase the costs of infrastructure projects by as much as 20 percent.
Similarly, the infrastructure package could have suspended or eliminated parts of the National Environmental Policy Act (NEPA) in order to streamline environmental reviews of infrastructure projects. Currently, NEPA reviews take more than four years on average, and they are frequently used as tools to block development for reasons that often have little to do with the environment.”
“Democratic governance, freedom, and flourishing in Belarus have long been hampered by Alexander Lukashenko, a demagogue and dictator who took power in 1994. In the country’s first and only open election, Lukashenko—who ran on an anti-corruption platform—was elected president. But once in office, he proved reluctant to let go of power or tolerate dissent.
“Openly nostalgic for Soviet times,” as the Associated Press put it in 1996, Lukashenko was dismissive of the country’s parliament, hostile to constitutional limits, and enthusiastic about state control of information. From the beginning, he was warm to Russia, signing a friendship treaty in 1995 that included concessions such as allowing Russian troops to be stationed in Belarus. He continues to encourage the people to speak Russian, not Belarusian.
By 1996, Lukashenko was proposing constitutional amendments to extend his term in office and expand his power. Parliament would not approve a referendum on it, instead proposing impeachment. “I will not give up the reins of power,” Lukashenko vowed in response. And he hasn’t.
Lukashenko has held on to his position by quashing opposition, suppressing nonstate media, interfering with elections, and otherwise denying civil liberties and political freedom to Belarusians.”
“Note, however, the bill stipulates that it only covers firms that are over the $600 billion line “as of the date of enactment.” In other words, if a company has a market cap under $600 billion on the day the bill becomes law, then that company is permanently exempt—even if it later crosses the threshold.
Two companies that are currently under the $600 billion line and thus exempt from the bill are mega-retailers Target and Walmart. These companies are both worth hundreds of billions of dollars, and their e-commerce platforms are growing at a faster rate than Amazon’s. But under the Klobuchar/Cotton law, it wouldn’t matter if Target and Walmart overtake Amazon—they would be immune from this new antitrust action, as long as they are small enough on the day the bill is signed.
Readers may be interested to note that Target is headquartered in Minneapolis, Minnesota. Walmart is headquartered in Bentonville, Arkansas. Isn’t that interesting? It’s probably just a coincidence that the $600-billion-at-date-of-enactment provision would shield the two most important companies in Klobuchar and Cotton’s home states.”
“Texas Gov. Greg Abbott’s border-control crusade is overwhelming court systems, leaving detainees stuck in jails for weeks or even months without due process, and generally isn’t resulting in many convictions.
Abbott launched “Operation Lone Star” in March. Border enforcement is ordinarily the federal government’s job, but Abbott decided to deploy the state’s Department of Public Safety and the Texas National Guard to “deny Mexican Cartels and other smugglers the ability to move drugs and people into Texas.”
Instead, according to media reports from multiple outlets, suspected illegal immigrants caught at the border are being arrested for misdemeanor trespassing and then being held in jail. And then…nothing, frequently. The Wall Street Journal reports that only 3 percent of the 1,500 people who have been arrested under Operation Lone Star have been convicted, all with guilty pleas of misdemeanor trespassing.
Texas does not have the authority to deport any of these people, so the rest are either still detained in jail or being released back into the community—the very outcome Abbott insists he was trying to stop.”
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“Lacking any ability to deport these immigrants and apparently not being able to charge most of them with crimes other than trespassing and some property crimes (because they likely are not the drug cartel smugglers and human traffickers Abbott claims they are), many of them are just sitting in pretrial detention for weeks or months. Normally a person arrested in Texas for a nonviolent misdemeanor would be released or out on bail quickly, in a matter of days at most. That’s not happening here.”
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“Meanwhile the courts on these border counties are being overwhelmed. Texas Monthly reports that Kinney County (population: 3,659), the ground zero for a lot of these arrests, hasn’t had a jury trial in seven years. Kinney officials have filed charges against those they’ve detained, more than 1,000 migrants, but it’s not entirely clear how they’ll be able to arrange trials.
Abbott’s crusade comes with costs, and they’re considerable. Abbott shifted $250 million dollars from elsewhere in the budget (including the prison system itself) to fund this program. And the state legislature directed another $3 billion his way for border enforcement. Officials in Kinney County calculate that actually prosecuting all these immigrants will cost them $5 million, but Operation Lone Star’s funding is sending only $3.19 million their way, according to Texas Monthly.”
“Former physicist Askar Akayev was Kyrgyzstan’s first president. He built a reputation for striving to create a real liberal democracy but shifted into a more autocratic stance as parliament resisted some of his economic policies.
Akayev’s rule lasted until 2005, when his administration fell amid a violent revolution. His successor, Kurmanbek Bakiyev, was toppled by another uprising in 2010. Tribalism, nepotism, corruption, and the meshing of government with organized crime—the nation produces and is a transit point for heroin in international markets—have been hallmarks of Kyrgyz politics for much of the post-Soviet period.”