The Nation Newspaper

Tag: Obama

  • Obama plans tax on US firms overseas to fix roads

    UNITED States President Barack Obama plans to close a tax loophole that allows US firms to avoid paying taxes on overseas profits, the White House says.

    His 2016 budget would impose a one-off 14per cent tax on US profits stashed overseas, as well as a 19per cent tax on any future profits as they are earned.

    The $238billion (£158billion) raised would be used to fund road projects in the US.

    But analysts say it is unlikely the Republican-controlled Congress will approve the proposals.

    Mr Obama told broadcaster NBC that despite several years of economic improvement, wages and incomes for middle class families were “just now ticking up”.

    “They haven’t been keeping pace over the last 30 years compared to, you know, corporate profits and what’s happening to folks in the very top,” he said.

    Printed copies of U.S. President Barack Obama’s proposed 2016 budget that will be handed out on Capitol Hill in Washington, 2 February 2015.

    Research firm Audit Analytics calculated last April that US firms in total had $2.1trillion-worth of profits stashed abroad.

    It found US conglomerate General Electric had the most profit stored overseas at $110billion. Tech giants Microsoft and Apple and drugs companies Pfizer and Merck all featured in the top five.

    No tax is currently due on foreign profits as long as they are not brought into the US.

    As a result some companies put their earnings in low tax jurisdictions and simply leave them there.

    The White House said its plans for an immediate 14per cent tax would raise $238billion, which would be used to fund a wider $478billion public works programme of road, bridge and public transport upgrades.

    “This transition tax would mean that companies have to pay US tax right now on the $2trillion they already have overseas, rather than being able to delay paying any US tax indefinitely,” a White House official said.

    The official said that after this one-off tax, the 19per cent permanent tax firms would have to pay on overseas profits “would level the playing field, and encourage firms to create jobs here at home.”

    Customers queue to wait for the opening of a new Apple Store in Chongqing municipality 31 January 2015 Apple would be among the American firms most affected by the tax rise

    The tax rate is far lower than the current US top corporate tax rate of 35per cent.

     

    Also expected in Mr Obama’s budget proposal is a tax cut on earned incomes, including tax credits for child care and “second earners”.

    Mr Obama will also seek to ease restrictions on military and domestic spending in place since a budget deal in 2011.

    Republicans in Congress have largely rejected many of Mr Obama’s proposals for increased domestic spending and tax rises on corporations but support increased military spending.Representative Paul Ryan, the Republican’s top budget official, accused Mr Obama of exploiting “envy economics” in his proposal.

    “This top down redistribution doesn’t work,” Mr Ryan told NBC.

  • North Korea condemns Obama over film

    North Korea condemns Obama over film

    North Korea has condemned United States President, Barack Obama, over the release of the film The Interview, about a fictional plot to kill its leader Kim Jong-un.

    The country’s National Defence Commission (NDC) also accused the U.S of shutting down the country’s internet – and used a racial slur to describe the “reckless” Mr. Obama.

    Sony Pictures had originally pulled the title after a cyber-attack and threats.

    But the company later reconsidered, releasing the comedy on Christmas Day.

    A number of critics – including the U.S president – had warned that freedom of expression was under threat if the movie was shelved.

    The controversial film was shown in some U.S cinemas and online, with several hundred independent theatres coming forward and offering to show the film. However, larger cinemas decided not screen it.

    Kim Jong-un’s potential difficulty is that The Interview – which casts the North Korean leader as a malign, vain buffoon – has been widely reviewed as funny and astute, the BBC reports.

    If activists start smuggling it into North Korea on USB sticks, as they already do with other films, it might prove quite powerful, the report adds.

    In a statement on Saturday, an NDC spokesman denounced the U.S for screening the “dishonest and reactionary movie hurting the dignity of the supreme leadership of the DPRK [North Korea] and agitating terrorism.”

  • Ukraine crisis: Obama orders ban on Crimea trade

    Ukraine crisis: Obama orders ban on Crimea trade

    United States President, Barack Obama, has ordered a ban on the export of goods, technology and services to Crimea.

    The executive order also imposes new sanctions on Russian and Ukrainian individuals and companies, the BBC reports.

    Obama said the move showed the U.S would never accept Russia’s annexation of Crimea in March.

    Similar measures agreed by the European Union earlier this week came into effect on Saturday. Canada announced its own sanction on Crimea on Friday.

    After the peninsula was annexed, pro-Russian separatists took control of parts of the Donetsk and Luhansk regions of eastern Ukraine in April, and later declared independence.

    Some 4,700 people have died and another million have been displaced by fighting in recent months.

    On Friday, five Ukrainian soldiers were killed in fighting – the highest death toll since the latest attempt at a ceasefire began on December 9.

    Obama said in a statement: “The executive order is intended to provide clarity to U.S corporations doing business in the region and reaffirm that the United States will not accept Russia’s occupation and attempted annexation of Crimea.”

    In addition to the goods, technology and services ban, U.S individuals or companies cannot now buy any real estate or businesses in Crimea or fund Crimean firms.

  • Obama presidency and racism in America

    SIR: Obama phenomenon – no doubt – was a watershed moment in American politics. It instilled a sort of equality complex in the minds of many black Americans who hitherto feel segregated just because of their body pigmentation. But today, those psychological gratification and inclusion has already began to wane. From the streets of Miami – Florida and Ferguson – Missouri along   Staten island – New York and down to Cleveland – Ohio , African Americans are not just being discriminated and killed but also judicially deserted.

    Racism is something that deep rooted in American history. And thus any worthwhile analysis must consider its history. The evolution of racism in American started with the transatlantic slave trade. According to transatlantic slave trade database, between 1626 and 1850, an estimated total of 305,326 Africans were forcibly transported via US vessels to the Americas.  Many of them worked out their lives in sugarcane  plantations under harsh climatic and unacclimatized environmental conditions.

    These inhuman treatment meted against the and stolen Africans in the united States of America continued until President Lincoln’s Emancipation Proclamation of January 1, 1865 which freed slaves in the defunct Confederate States of America and the 13th Amendment of December 6 , 1865 that finally established the freedom of slaves in United States of America.

    Today, America is once again awash with streets protest . Eric Garner is the latest rallying point in the recycling racial violence that are burning American society like a wide bush fire set in harmattan.

    Eric Garner- an African American- died in Tompkinsville neighborhood of Staten island,New York , after a police officer put him in apparently chokehold for 19 seconds – a tactic banned by New York City  Police Department (NYPD)- on suspicion of selling “loosies”, single cigarettes from packs without tax stamps.

    Before Eric Garner,  it was Michael Brown. And before Michael Brown,it was Trayvon Martins. And just recently we heard about Tamir Rice , a 12-year old black boy shot by a police officer just for brandishing toy gun. All happening under Obama’s watch. The question all these phenomena are begging is : Is Obama’s presidency a disappointment to the Black Americans?

    Day after day, race relation in America is getting worse and judiciary is not even helping matters. In the Trayvon Martins’ case, a black teenager (17) was shot dead by Gorge Zimmerman, the coordinator of neighborhood watch in the gated community where Martin was temporarily living. The six female jurors acquitted Zimmerman. In a shocking judgement on Michael Brown’s case, the grand jury ruled that the officer – Darren Wilson – that shot Michael Brown should not be indicted even when the multiple gun wounds on Michael’s body suggested otherwise. Eric Garner’s case followed suit and it’s now generating much protest. Tamir Rice case is on-going and following  the judicial principle of stare decisis, Tim Loehmann might be acquitted. This is not a good story for American judicial system. The picture being portrayed is that the police can continue to shoot unarmed black youth without being prosecuted!

    Black youth are 21 times more likely to be shot dead in America than their white counterparts, according to an analysis ProPublica. Black people are arrested 10 times more often than white people in this country, USA Today reported last week, but black people don’t commit 10 times more crimes.

    Obama’s presidency has helped to expose the fact that America still has to do more to combat racism. Of course America has made strides from 60’s to date. Nevertheless, a lot is yet to be done for Martin Luther king Jr’s dream to be completely fulfilled.

     

    • Asikason Jonathan,

     Enugwu-Ukwu , Anambra State.

  • Mexico, Central America hail Obama’s immigration reform

    Mexico, Central America hail Obama’s immigration reform

    Mexico’s President Enrique Pena Nieto and Central American leaders hailed U.S. President Barack Obama’s sweeping immigration reforms on Friday, with the Mexican leader calling them the “most important measures taken in several decades.”

    Obama’s plan, unveiled on Thursday, eases the threat of deportation for some 4.7 million immigrants who are in the United States without legal documents.

    “This is an act of justice which recognizes the great contribution of millions of Mexicans to the development of our neighbor,” Pena Nieto told a conference in Mexico.

    Most of the 11 million undocumented immigrants in the United States come from Mexico and Central America.

    Leaders across Central America were also quick to praise Obama’s plan. But they urged U.S. lawmakers to approve a deeper reform to give lasting security to the millions of undocumented people in the United States.

    “This temporary relief is a great step in the right direction from the United States to resolve the migratory issues of 11 million people, and so we urge Congress to permanently resolve their status by approving a deep immigration reform,” the office of Honduran President Juan Hernandez said in a statement on Friday.

    More than a million Hondurans live in the United States, most of them illegally, the statement said, and the Obama plan “sends a powerful message of solidarity with Latin America.”

    Guatemalan President Otto Perez also applauded the plan, saying it would benefit roughly 100,000 Guatemalans in the United States.

  • Obama defends U.S immigration reform

    Obama defends U.S immigration reform

    United States President, Barack Obama, has said he will press for further immigration reform, after Republicans condemned his use of executive powers on the issue.

    Obama said he had no choice but to act, accusing the Republicans of blocking a bill in Congress, and vowed to make permanent reform a reality.

    The current move means that more than four million illegal immigrants will be allowed to apply for work permits, the BBC reports.

    Republicans say it will encourage more people to arrive unlawfully.

    Republicans have been weighing their response to Obama’s executive action, but the dilemma they face is how to oppose his immigration reforms without alienating Hispanic voters – whose support they will need in the next election, the BBC says.

    Speaking in Las Vegas, where he first outlined his plans two years ago, President Obama said: “I will never give up.”

    “We’re going to keep on working with members of Congress to make permanent reform a reality.”

    He added that the moves that he had taken under his executive action meant that “not everybody will qualify.”

    “That’s the truth. That’s why we’re still going to have to pass a bill. This is a first step, it’s not the only step.”

    He has insisted that his proposals, which are the biggest immigration reforms since the mid-1980s, do not amount to an amnesty.

     

     

  • G-20: Obama warns of Asia ‘intimidation’

    G-20: Obama warns of Asia ‘intimidation’

    United States President, Barack Obama, has said Asia’s security must not be based on intimidation, where big nations bully small ones.

    Obama told students in Brisbane, Australia – where he is attending the G-20 summit – that security in the region must depend on mutual alliances, the BBC reports.

    He said there was “no question” over his commitment to Asia-Pacific allies, referring to U.S efforts to increase its strategic focus on the region.

    The two-day G-20 summit will focus on promoting economic growth, the BBC says.

    World leaders are expected to expand on plans agreed in February at the G-20 finance ministers’ meeting to boost global economic growth by two per cent in five years.

    Speaking ahead of the meeting, United Nations’ Secretary General, Ban Ki-moon, also urged those attending to meet the challenges posed by Ebola, climate change and the conflict in Ukraine.

    Russian President Vladimir Putin is expected to face a hostile reception from some Western leaders concerned about Russia’s increasing military assertiveness and tensions over its role in Ukraine.

    United Kingdom Prime Minister, David Cameron said on Saturday that Russia could face further sanctions unless it stopped “destabilising” Ukraine.

    Earlier President Obama said Russia’s “aggression” towards Ukraine was a “threat to the world” – citing the downing of Malaysia Airlines flight MH17 as proof.

    Obama said security in the Asia-Pacific region depended on international law and the peaceful resolution of disputes.

     

  • Obama unveils Attorney General nominee

    Obama unveils Attorney General nominee

    United States President, Barack Obama, has chosen New York federal prosecutor, Loretta Lynch, to replace Eric Holder as U.S attorney general, the White House has said.

    If the Senate confirms her appointment, Ms Lynch will be the first African-American woman to head the U.S Justice Department.

    Mr. Holder, who resigned from the post six weeks ago, was the first African-American to serve as attorney general, the BBC reports.

    The White House said Ms Lynch would be formally nominated on Saturday.

    The BBC says Ms Lynch, 55, is known for her low-key personality and has stirred little controversy during her two tenures as U.S attorney for the Eastern District of New York.

    “Ms Lynch is a strong, independent prosecutor who has twice led one of the most important U.S Attorney’s Offices in the country,” White House spokesman, Josh Earnest, said in a statement.

    Her nomination comes after Republicans won control of the Senate in Tuesday’s mid-term elections.

    Ms Lynch – a North Carolina native and Harvard-trained lawyer – was one of several candidates Mr. Holder had recommended to succeed him.

    She has experience in both civil rights and corporate fraud cases.

    Mr Holder led the justice department for six years, earning praise from President Obama who called him “the people’s lawyer.”

  • Obama seeks $6.2b to combat Ebola

    Obama seeks $6.2b to combat Ebola

    President Barack Obama on Wednesday asked the United States Congress to approve $6.18 billion in new emergency funds this fiscal year to combat Ebola where it is raging in West Africa, as well as in the U.S.

    According to documents provided to Congress, the administration wants lawmakers to provide $4.5 billion in funds for immediate response to the deadly disease and another $1.5 billion in contingency money.

    In a letter to House of Representatives Speaker, John Boehner, Obama said his top priority is to protect the health and safety of Americans and the request would cover that.

    “Over the longer term, my administration recognizes that the best way to prevent additional cases at home will be to contain and eliminate the epidemic at its source in Africa,” he said.

    Reuters says the request followed mid-term elections on Tuesday in which Republicans took control of the U.S Senate from Obama’s fellow Democrats and increased their majority in the House.

    Concern about the Ebola outbreak played a major part in election campaigning with Republicans portraying the outbreak as one of many areas in which Obama’s policies have fallen short.

    The Ebola outbreak has resulted in nearly 5,000 deaths in West Africa and nine cases treated in the U.S since August, including a Liberian who died on October 8 in Dallas.

    The Senate and House Appropriations Committees are assembling a $1 trillion spending package to fund a wide range of federal programs for the rest of the fiscal year ending on September 30. The Ebola request would be folded into that bill, to be debated by December 11, when existing government funds run out.

  • World not doing enough to contain Ebola – Obama

    World not doing enough to contain Ebola – Obama

    United States President, Barack Obama, told defense chiefs from some 20 countries on Tuesday that “the world as a whole is not doing enough” to contain the Ebola threat.

    He said the hemorrhagic fever, which has killed almost 4,500 in West Africa, must be stopped at its source.

    Obama, according to Reuters, added that the U.S healthcare system is strong enough that an Ebola epidemic in the country is highly unlikely.