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Lenovo leads in a shrinking PC market as tablets become popular in 2013.

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New York city Mayor Bloomberg, says President Obama and Republicans should stop promising a free lunch, or something for nothing. He points to Obama's reelection strategy of higher taxes for the rich- by taxing those earning over $1 million at minimum of 30% in federal income taxes- as generating $1.1 billion, according to Congress's Joint Committee on Taxation. This would make little difference on a federal government with $1.2 trillion gap in spending and revenue. And he says Republicans who say making the Bush tax cuts permanent while at the same time cutting the deficit are promising a free lunch, with no connection to reality. The answer says Bloomberg should be to eliminate the Bush tax cuts for all groups, for shared sacrifice, and for Congress to pass the Simpson-Bowles deficit reduction plan with $4 trillion in savings on an up or down vote.

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Senator Patrick Toomey (Pa.) and Rep. Jeb Hensarling (Tex.) are lobbying Republican party members in Congress behind the scenes to accept $300 billion in taxes as the only way to get an agreement on debt reduction in the Supercommittee. This would be part of a plan that addresses entitlements, and changes the tax code to lower rates and reduce tax expenditures by closing deductions and loopholes. This is leading to an intense debate in the Republican party about the wisdom of a purely ideological position on taxes that does not take into account current realities, and risks letting markets take control of the nation's future.

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The Guardian sees Sunak's dry economic instincts as hopelessly inappropriate for the times with not enough help reaching needy families. It also sees Liz Truss's distrust of the state and public sector at a time when collective solidarity and solutions are needed as unhelpful. Truss is seen as trying to having it both ways in the way Boris Johnson did, cutting taxes as well as boosting spending on infrastructure.

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Dw.com takes a look at the most costly World Cup Soccer of all time in Qatar.

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A wealth tax passed by voters in 2022 in Massachusetts of 4% on incomes exceeding $1 million, yields 3 billion dollars in 2024. Other states are looking at doing this on income over $500,000 for married couples. This includes Minnesota, Maryland, Washington and other states that are seeing a shortfall in taxes and need to offset the loss of federal funding by the DJT administration for Medicaid and other services. The results in Massachusetts shows the revenue forecasted is exceeded proving that millionaires do not always move because they do not want to uproot homes and education of children. There is also an offsetting factor as federal rules under DJT have favored the wealthy in the tax code.

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The two front runners among Democrats in the campaign for President in the U.S. are building their lead on the basis of programs to reduce inequality and build the social fabric. Bernie Sanders and Elizabeth Warren support a program of Medicare For All. This program is a single payer program run by the government so that medical costs can be cut by the government directly negotiating cuts, which would reduce some of the cost.The WSJ looks at the ways this can be financed at a cost of between $11 trillion over a decade. Programs of less extensive coverage  in Medicare for All excluding undocumented workers and having individuals share some costs would cost this much, according to some experts.The gap would be financed by taxes such as that on Medicare currently. Sanders additional tax premium would be 7.5% paid by employers and 4% by employees. About $1 trillion is generated by each percentage point of taxes over a decade says CBO, so that a combined 11.5%  tax would cover Medicare for All. Alternatives or some combination would include this with taxes on the wealthy. Tax hikes on wealth, income and financial transactions would generate $11 trillion over a decade, according to the Committee for a Responsible Budget. Currently a majority favors a Medicare for All plan, and this support could grow as people understand that it would be progressive and reduce the burden on the middle class by shifting some of the burden to the wealthier in society in today's economy, where much of the increase in wealth over the last 3 decades has gone to upper income people. Much more so in the U.S. than in Europe creating a tear in the social fabric and disaffection with Democrats, who in earlier administrations from Clinton to Obama failed to maintain the gains made under FDR, Truman and Kennedy. This has led to a Republican administration under president Trump that won over disaffected Democrats but hope to merley to maintain the status quo. Warren is trying to change this with bold social programs that fit today's needs and circumstances. ...

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On taxes instead of $100 billion a year increase in the deficit that the 2017 tax cut of Biden's predecessor cost the Treasury -which benefited average Americans only $750 a year studies show, and reduced corporate taxes from 35% to 21% shifting billions to large corporations- Biden proposed $500 billon cut in the deficit by putting a 25% tax on 1000 billionaires in the US. Biden's guarantee that no one making less than $400,000 a year would pay an extra penny in taxes. Everyone would be better off, no one worse off. His predecessor's 2017 tax cut did not increase investment spending by companies which remained same as before. "There are 1,000 billionaires in America.   You know what the average federal tax rate for these billionaires is? 8.2 percent!  That’s far less than the vast majority of Americans pay.   No billionaire should pay a lower tax rate than a teacher, a sanitation worker, a nurse!  That’s why I’ve proposed a minimum tax of 25% for billionaires. Just 25%.  That would raise $500 Billion over the next 10 years." Only some of it would pay for the following the rest to cut the deficit- "Imagine what that could do for America. Imagine a future with affordable child care so millions of families can get the care they need and still go to work and help grow the economy.  Imagine a future with paid leave because no one should have to choose between working and taking care of yourself or a sick family member.    Imagine a future with home care and elder care so seniors and people living with disabilities can stay in their homes and family caregivers get paid what they deserve!  Tonight, let’s all agree once again to stand up for seniors! "       ...

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France's Total oil company takes a 20% stake in renewables division of Adani for $2.5 billion.

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France's central bank chief Christian Noyer, says public spending to create jobs has the drawback of creating yesterday's jobs, but lasting job creation has to look at today and the future for effective job creation. Once government spending crosses a certain level, about 55% of GDP, a level France has crossed, further spending becomes counterproductive, reducing public confidence in the economy, as higher future taxes are anticipated canceling any benefits.

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Sweden gets a centre left government led by Stefan Lofven, who gets a second term in office. He managed to put together an alliance of centre left parties with the Green Party and Liberal paties after the elections gave 40% of the vote to centre left and centre right and proved inconclusive. Lofven governs without a majority in parliament because the minority government has support form other parties with 77 votes in parliament that abstained. Both centre right and centre left did not want to join with the far right anti-immigration Sweden Democrats. Lofven says Sweden chose a different path than other governments that sought to form governments with anti-immigrant parties. He said "in Sweden we stand up for democracy, for equality. Sweden has chosen a different path." To get Centre and Liberal parties support Lofven promised to cut taxes, reform the rental housing market, and relax strict employment laws.

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Skies are full of drones over Ukraine as the war takes on a different appearance in July- August 2025.

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A snap election following criticism of the Conservative government's budget plans to increase taxes leads to a win for the NDP in Alberta, Canada.

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Social Security payment are likely to increase by 3.3% in 2024 in line with about 3% inflation, after an increase of 8.7% in 2023. 46% of retirees paid taxes on a part of their benefits. About 40% of Americans depend on social security payments for half of their income, and 14% for 90% of their income. Average 401K balances are up to $223,000 for people 65 to 69 years, according to Fidelity Investments.

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Timiraos and Shin provide more evidence in the WSJ that the hopes for generating more revenues from a huge tax cut have proven illusory in the past under Reagan and Bush. The question is whether the tax cuts can make up for the revenue lost through economic growth. In the short term there is a spurt of growth but in the long term this has left a revenue shortfall paid for by higher taxes later on.

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Mary Walsh documents the bizarre instances of waste in Prepa, Puerto Rico's power company. It provides free electricity to 78 municipalities, a system setup in 1941 under FDR appointed Governor Tugwell, in lieu of property taxes to be paid to municipalities. This includes such projects as a ice skating rink on a tropical island, wasteful use of power by locating businesses in municipal buildings, and a system which incentivizes waste of power.

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US president Biden's 2024 Budget places great emphasis on aid to workers and families in the US and shores up the Medicare hospital-insurance trust fund. He will do this by raising taxes on the wages, investment gains and self-employment income of people making more than $400,000 a year. Additional savings come from increasing the drugs on which Medicare can negotiate prices from 20 to 50 drugs.  Childcare- families making less than $200,000 a year will get subsidized child health care, the lowest income families paying nothing. Housing- Building and preserving 2 million housing units. Series of tax credits to make buying homes more affordable. College education- Reducing the cost of going to education with $12 billion allocated for this. Offering tution free community college. Family and Medical Leave- Federal paid family and medical leave program. Retirees- a $2000 cap on out of pocket cost of prescription drugs for retirees. Reduced taxes for under $400,000 income households- This would be done without increasing the deficits to extend the tax reduction from the 2017 tax cuts to households making less than $400,000 a year.     ...

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Elena Mayors Taylor gold medalist at Milan WInter Olympics 2026 age 41 years, is th eoldest gold medalist in Olympic history. Her colleague in the winter sport of bobsledding is Armbruster Humphries who has 3 gold medals and is 40 years She says-  "You get a lot of people that like to write you off as soon as you reach 40, it's all downhill from there, is what you hear. I think Elana and I are both proof that that's not true." Former bronze medalist from Britain Jon Jackson says of Elena- "She is not only a ferocious athlete but also a beautiful human being and a genuine person. It has been a real show of dedication to keep going through the struggles of now being a mum in a high-performance sport, the dedication that takes to maintain that level of physical fitness and the hard work of being a parent. It shows her true nature." Elena has 3 children with disabilities and is an advocate for mums. "It should be celebrated that they're both mums, using mum power, both in their early 40s and it's great to see them competing at the top of the world not only physically but the drive and experience too,"   ...

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This view from the Editorial Board comes as Republicans in Congress geared up for a legislative victory decided to ignore the expert opinion of the Joint Committee on Taxation and polls showing a majority of Americans disapprove of the tax law. It says a "corrosive partisanship" that is affecting the nation has led to this decision. Not an informed consensus necessary to make real and lasting changes to the tax laws that increase growth without disrupting hard won gains in social cohesion after World War II.  Republicans pushed through a trillion and half dollars in tax cuts in the law that reduces the corporate tax rate to 21% from 35%, and cut taxes in 2019 by 51 times ($51,400) for the top 1% of incomes compared to ($1000) for middle class families earning less than $100,000 (Tax Policy Center). The Joint Committee on Taxation estimates it will add $1 trillion to the U.S. deficit as only $500 billion is expected in increase in government revenues over a decade from additional economic growth. This is supported by evidence from countries such as Britain that implemented this type of corporate tax cut without generating much economic growth, says Greg Ip in the Wall Street Journal. The "victory" then comes at a high cost says the Washington Post- in years to come programs to help the growing lower middle class and working class will be subject to cuts and taxes will have to rise to balance budgets.   ...

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A company making table tennis tables in Uttar Pradesh, India, gains access to the US market as supply chain reorganization takes place.

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Ashwin takes 5 wickets for 37 runs with Australia getting their lowest total in India of 91 runs in the second innings. 

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India takes up the UN's International Year of Millets at a special event in Parliament shown here in The Indian Express.