Word: earners
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...Australia, it's a great time to be a consumer, a high earner, a budding retiree and a Treasurer for that matter. "This is a Budget which will build opportunity for the future," Costello concluded before commending the Bill to the House. There are indeed measures in this Budget aimed at fixing the nation's creaky roads, under-utilized rail, dying rivers and slow-go ports. There's fresh money for medical research, war planes and national security...
...work that have become entrenched in the tax and welfare systems. The withdrawal of certain (means-tested) benefits as income rises leads to high effective marginal tax rates. For some families in the middle-income tiers, it means they lose 70? for each extra dollar earned. So a second earner, usually a woman, is discouraged from seeking work. That may be O.K. for Howard's coffee mums, but for many women with education and skills, there is no effective choice at all. A tight labor market and an ageing society need their talents; if they don't return to work...
...decades of tax reform-by Professor Patricia Apps from the University of Sydney is revealing. She found that the combination of tax cuts and additional family payments in recent years has produced a dual shift in the tax burden: the largest income gains are going to single-earner families and to those at the top of the earnings tree...
...terms of real tax burdens," she writes, "a low- to middle-wage family with both parents employed full time now effectively works many more hours for the government than a higher-wage single-earner family with the same family income." Apps documents the squeeze on Middle Australia-paying for the increased benefits of those at the bottom and the tax cuts of those at the top. According to Apps family taxation now closely approximates so-called "joint taxation," a long-held policy ideal...
...biggest shadow over Vietnam's rising star, though, is its long-delayed entry into the World Trade Organization. Vietnamese-made garments, the country's second largest export earner (after crude oil), are still hamstrung in the important U.S. market by quotas that don't apply to most WTO members. If Vietnam can gain entry, as is expected, this year or next, garment exports are projected to double to $10 billion by 2010. Vietnam is already the world's largest pepper exporter, and the second largest exporter of rice, cashews and coffee. "Now that it's getting attention, Vietnam...