Seeking to bridge differences with the Clinton administration, the House’s chief tax-writer said Wednesday he was modifying his bill so working families could benefit fully from both the child-care credit and a proposed $500-per-child credit.
In exchange, Rep. Bill Archer, R-Texas, who chairs the House Ways and Means Committee, called on the White House to broaden coverage of its own $500-a-child credit from children under age 13 to those under age 17, a move he claims would benefit an extra 11 million children.
“From the chairman’s point of view, the president raised some concerns. He listened and heard,” said Archer spokesman Ari Fleischer. “This is a step in his direction.”
President Clinton refused to budge from his insistence that lower-income families who qualify for the earned-income credit also be able to get the per-child credit. He made a counteroffer.
“We would like to suggest to Chairman Archer that he drop the $11 billion he has in his plan to reduce the corporate alternative minimum tax and use the proceeds to make sure that these low-income working families do not get cheated out of the child tax credit,” White House spokesman Barry Toiv said.
Toiv added that Archer’s offer created “a false tradeoff” and that the administration believed it could offer the per-child tax credit to families with teen-agers without taking from low-income parents getting the earned-income credit.
Of Archer, Toiv said: “His problem is he doesn’t have room in his tax bill to help everybody who deserves help because his bill has too much in it for the wealthy.”
Current law allows parents with two children a credit of up to 30 percent of the first $4,800 spent for child care and employment-related child expenses. The separate earned-income credit was enacted to help low-income working families pay their Social Security taxes.
Under Archer’s original proposal, which his committee approved Friday on a party-line vote, families would be prevented from receiving the full value of both the child tax credit and the child-care credit.
After 2002, Archer’s original bill would have reduced the $500 child tax credit by 50 cents for every dollar the family receives in the child-care credit. Democrats criticized the proposal as penalizing women who work outside the home.
Archer’s new proposal would eliminate any interaction between the child-care and $500-per-child credit for families that make less than $50,000.
Archer’s change comes as the Senate Finance Committee prepares to vote on a tax bill proposed by Sen. William V. Roth Jr., R-Del., which tracks the general outline of the $85 billion net tax cut approved by the House.
But the Senate panel is expected to enjoy a much less contentious session, particularly after the panel’s Democrats joined Republicans to unanimously approve a wide-ranging Medicare reform package.
One Democrat on the panel. Sen. John Breaux of Louisiana, continued to offer a positive review of the Roth bill. “I think there’s a real possibility of it passing as is,” Breaux said. “We think the chairman’s mark (bill) is a prett
Top Article: Poverty Ratio! – All you need to know, real data
If a country falls into the abyss of poverty, the governments of those countries also seem to understand.
Raising the wealth tax to two per cent on millionaires and five per cent on billionaires would provide much needed funding for poverty alleviation, the report said.
The World Economic Council met this year after a two-year hiatus in Davos, on the Swiss Alps. Due to two years volume. The council sank when the corona transition was not yet complete. After a long time, it takes time for everything to return to normal. Accordingly, the enthusiasm for the conference seems to have waned. In an ERV five-star snow-covered environment, Davos’ general successes, eager to ease global economic worries, have not been successful this year. There is no snow this year, which is the theme of this conference every year. Snow is falling from the sky, and the celebrities gathered there are literally blowing the whistle on the world economic situation based on the right measures to mitigate it. This year, instead of snow cover, there is a lot of wool instead of snow in the Alps. In fact, reports from organizations such as Oxfam have always been important at this conference, a combination of the literary world economy and investment momentum. While global industry leaders are concerned about the creation of economic wealth in the governments of countries, at the same time Davos is on the other side of such efforts and as before, they are exposing their sectors to the world. . Both are equally important. If one has an understanding of what to do, the other will evaluate what to avoid while doing it. So, take a look at the Oxfam report presented at this year’s conference.
The report directly titled ‘Profiting from Pain’ shows how one’s growth is hidden in another’s suffering. The reference relates to a two-year coronary period. It is a fact that many have said that inequalities in the distribution of wealth have increased during this coronation period. The Oxfam report statistically supports this fact. There was a severe shortage of food and energy during this period. Naturally, those who had a monopoly on the supply of these parts became white during this period. If you look closely at this fact, anyone who thinks so should come. Except for those who have a stomach ache, those who have a permanent salary will feel comfortable staying at home during this period. Many people enjoy ‘happiness’ without stepping out of the house, sitting at home and doing office work, or just getting paid as usual. The number of office goatherds from such homes has increased exponentially during this period. It has two direct consequences. One is increased consumption by homeowners and increased business for food service providers. This is reflected in Oxfam figures. Many of these home-based earnings may not have seen the millions of workers who walked hundreds of miles at once. Governments of many countries may feel that these immigrants do not need to be observed. But Oxfam did not.
According to the latest report of the organization, this year’s coronation period seems to have added at least Rs 25 crore to world poverty. That is, most people are pushed from the earning class to the poor class. The average daily income of this class is less than 9 1.90. That is about one hundred and a half rupees per day. The report shows how the low-income segment has been hit hard by rising food prices and fuel prices. The general fear in this report is that for one reason or another, fuel / food prices have risen sharply, pushing at least 6.5 million people below the poverty line this year. The number of those considered to be the poorest, i.e. those who go hungry even once a day, is currently around 19-20 crores. Add to it now. Thus, by the end of the year, 26 million people in the world will be considered poor or extremely poor. This means that only the poorest of the total population of some countries will be created during this period. “This is a test for humanity,” said Gabriela Busher, executive director of Oxfam. If a country falls into the abyss of poverty, it seems to make sense to the governments of those countries as well. ‘There is nothing the government can not do. If the government had helped them, this time it would not have come to them, ”the report said. The Oxfam report also suggested what to do. That means higher taxes on the rich. Imposing a property tax of just two percent a year on millionaires and five percent on billionaires would provide much needed funding for poverty alleviation, the report said. The Ganges water generated by these activities will be used to lift two hundred and twenty-two billion people out of the abyss of poverty. Oxfam said the money could be used to pay for minimum health care, as well as the minimum wage for all. Last week, the Government Policy Commission of India also recommended at least equal pay for the government. Senior economist and former RBI governor Raghuram Rajan and Thomas Pickett suggested a similar program before the last election. The time has come for the policy commission to take up Rajan’s idea.
A few months ago, Oxfam reported how the pace of billionaire creation is increasing in India. Many at the time expressed disbelief. The report was ridiculed by government officials at the same time, and they were lucky enough to take up the issue. It was propagated that it was a conspiracy hatched to discredit India. But the current report, in a sense, confirms the previous report and shows how this kind of thing is happening around the world. One of the statistics in this report is very worrying. Titus shows that one million people worldwide are being pushed into poverty every 33 hours, while in the last two years, every 30 hours, a billionaire has grown to this level. Two years ago, in the two years from March 2, 2020 to March 2022, 573 new billionaires were created worldwide. This amount fills one every 30 hours. On the one hand, the poverty ratio is one million new poor and billionaires at the same time. The real question is whether governments have the sensitivity to focus on the struggle that millions of the rich are waging against the poor and the dutiful citizens.
Description: He eats sugar .. Read full article to know more
The decision can be taken by imposing restrictions on the export of wheat as well as sugar if the farmers do not want to be harmed under any circumstances. Sugar production in the country is much higher this year than last. Exporting sugar at such a time would be beneficial as an alternative to sugar mills and farmers. India is the second largest exporter of sugar in the world. This is a golden opportunity for Brazil and India, which are number one with the goal of producing more ethanol from sugar this year. It is only natural that factories that dream of exporting more this year and making a profit in the sugar business should be shocked by this vicious decision of the central government. The export ban will lower the price of domestic sugar, traders will buy sugar at a much lower price and if the export ban is lifted, the same sugar will be sold at a higher price in the global market. Certainly central level ministers and heads of government in their departments do not understand these calculations. In Maharashtra alone, about 6 million tonnes of sugarcane is expected to be crushed by the end of the sugar mill season by the end of April. Deputy Chief Minister Ajit Pawar has directed the sugar mills to continue till the crushing is completed. Currently the state has 1.5 million tonnes of sugarcane left. The central government allowed oil imports while imposing restrictions on sugar exports. Oil is widely used in India. In addition to food, oil is also used in many commercial products. For this, India imports 13.5 million tonnes of oil every year. India is known as an importer of essential oils in the world. Attempts to achieve self-sufficiency in essential oils and pulses on the one hand, and record sugar production on the other hand are evidence of a planned error. The total world sugar production is about 1.7 billion tons. India’s production estimate for this year is estimated at 350 lakh tonnes. Domestic demand is 270 lakh tonnes. So there is no other way but to sell the remaining sugar in the global market. India exported 7 million tonnes of sugar last year. This year is likely to grow even more. Maharashtra is the leading producer of sugar in the country this year. As a result, about 200 sugar mills in the state are likely to be banned. This will enable the farmers to get a guaranteed price. As a result the central government has to announce a financial package for these factories. The situation with oil imports is different. India imports 80% of the country’s oil needs. Indian oil prices have risen as Indonesia, the world’s largest exporter, has imposed restrictions on its oil exports. Although the government has decided to allow imports to curb this, it is still questionable where the oil will come from to meet the demand.
Need ‘captive’ shackles or a value chain? | Value chain government intervention export b …
Obstacles such as export bans come from time to time in government interference in the procurement of agricultural goods through guarantees. The value chain of agricultural commodities will not function without the government breaking the dual shackles and barriers.
The decision on May 14 to impose a ban on wheat exports was not unexpected. The mentality of the present governments is that the government, which raises the minimum basic price (guaranteed price) of agricultural produce every year, decides to ban exports for fear of rising market prices. The real reason behind the collapse of this agricultural policy is the ambiguity of the purpose of these policies. Why do you have a farming policy? To get a better price for the farmer, or for the consumer to pay less? There are still differences in the decisions of the Central Government in this regard. Therefore, no government can decide whether to open the agricultural commodities market or not. This is the same reason why agricultural laws are being withdrawn even though they are really progressive. However this ambiguity often affects farmers, let’s see how it is in the wake of the wheat export ban.
The government is spending a lot of money in the form of subsidies to encourage farmers to produce more wheat. The central government continues to increase guarantees for this and states often offer bonuses for purchases, i.e. rates higher than central guarantees. There are also political reasons for this. (In many states the middle peasantry is also the ruling caste so it is necessary to pacify this ‘farmer lobby’.) Wheat production in our country is very high. We are setting new records in wheat production every year. Wheat production is expected to reach a record 111 million tonnes this year, according to the Union Agriculture Ministry.
Where did Indian farmers get the benefits of the changed situation due to the Ukraine war? Russia and Ukraine are major producers of wheat and supply chain disruptions have disrupted wheat supplies to those countries in the global market. Other countries are likely to enter the market due to supply disruptions. Global wheat prices have risen significantly. According to the World Bank, US winter soft red wheat prices rose from 32,328 to 672 per tonne in December, while US winter hard red wheat prices rose from 7,377 to 6,496 per tonne. What this means is clear: wheat producing countries now have a lucrative opportunity to export! This is exactly the reason why farmers move their wheat to export markets. This is more than 10 million tons, according to some estimates.
But is there any fear that this will lead to a shortage of domestic wheat supply in India? We will see the answer later, but this year wheat production should reach new highs, right? However, production (106.41 million tonnes or ‘better’) is likely to be lower than expected due to the export ban. As mentioned above, farmers have shifted their wheat exports to the market. However, the government announced a guaranteed price of Rs 2015 per quintal but could not buy it as farmers were getting higher prices in the open market. Merchants offered higher prices to sell in foreign markets. If ‘high prices for agricultural produce for farmers’ is the basis of our agricultural policy, should not everyone be happy with this situation?
But that did not happen. This is due to the fact that wheat stocks are low domestically and it becomes difficult to replenish them. Wheat procurement figures from the government stood at 43 million tonnes till May 10, 2021 last year and only 18 million tonnes by May 10, 2022. The decline has been significant, but despite this, the central and other state governments currently have reserves of 30.3 million tonnes. Our country’s ‘buffer stock’ for wheat is 27.6 million tonnes. Even now the stock is more than that. However, the government seems to be procrastinating as it is giving wheat and rice to the poor under the free food scheme provided by the government and needs to stockpile more this year. Already rice is in decline, and now the export ban is said to be the reason for the decline in wheat stocks – but no one has officially said.
The decision to ban exports has hurt farmers. Within a few days, the government allowed the export of all goods registered with the Customs Department until the ban date (May 14). If this is to send a good message to the international community, it is to keep track of the deals that have reached the final stage. There is also pressure from other countries to ease the ban. So it is possible to get some more discounts. That is, it is also policy-based and confidential about medium-term losses.
This question is not limited to risks and losses. This is due to the lack of any information about the exact product. Experts may recall that in 2007 and again in 2021, the government banned wheat futures trading (futures trading) due to pressure on price speculation. In both cases, however, wheat turnover in the futures market was very low. The real reason is that the action started when the expected production was reduced at that time. In short, indifference is the criterion when it comes to opening up the market. Sometimes it appears through a futures market ban and sometimes through an export ban.
Today’s wheat farmer’s guarantees are stuck in a double-edged sword of government procurement, while the ‘adat’ system does not adequately open the open market. These shackles are difficult to break as both types are useful to farmers. This is the reason behind the rethinking of the three new agricultural laws introduced by the Central Government.
So now, the government itself should take the initiative to break the ‘guarantee’ and ‘adat’ system. With the successful expansion of the ‘Aadhaar’ and ‘Jan Dhan’ schemes by the government, it will not be difficult to transfer cash to the beneficiaries (instead of distributing foodgrains). Is the government trying to get out of the industry with the deregulation? In the same vein has the government now erred in deviating from the procurement and distribution system? Some “reserves” can be set aside to alleviate the crisis in the country, but government involvement should stop there. Excessive purchases of wheat and huge stocks are detrimental to the wheat economy – resulting in a ban on exports and ultimately damage to farmers.
The mandi (market committee) system also needs to be reconsidered, i.e. at least an alternative to today’s system so that farmers can choose where to sell. In agriculture (mainly the processing industries) there is a constant debate about moving the value chain forward, but experience in many other areas that the progress of the value chain depends on commercialization is not accepted here. So, first of all, the government and the farmers have to decide: ‘Hamidar, one is not government procurement, Adatbazar, barriers to exports, barriers to futures market ban’, should we switch from an open-genre free market to a value-added chain? In agriculture?
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