MAKING predictions for the coming year is a mug’s game. But there is one forecast I feel confident in making: That the people who are contributing least to economic growth will be the ones reaping the rewards. Figures from the Resolution Foundation confirm what has been obvious for months: That public sector workers have been the big winners from Labour’s general election victory. At the beginning of 2024 the average public sector worker was earning two per cent more than an equivalent worker in the private sector. Since then the gap has trebled to six per cent. The differential in salaries, though, is only half the story. Many public sector workers continue to enjoy salary-linked pensions . Private sector employers realised long ago that increasing longevity was making it unaffordable to offer workers guaranteed, index-linked pensions for life based on what they were earning while in work. READ MORE FROM ROSS CLARK Yet public sector employers have carried on getting these generous pensions regardless, relying on taxpayers to pick up the burden. Pleading poverty Another shocking set of figures released yesterday shows that across Britain a quarter of council tax receipts are now swallowed up by pension contributions for council staff. In some areas it is much more. Basingstoke and Deane Borough Council managed to spend more on pension contributions last year (£10.1million) than it raised in council tax (£9.5million). Providing actual public services such as emptying the bins and running libraries and swimming pools has to be funded from other sources of revenue. Most read in The Sun We have become used to councils pleading poverty, bleating that “Tory austerity” has bled them dry. But now we know the truth: While the public sees services slashed, former council employees have been treated to extravagant pensions. The Local Government Pension Scheme, though, is in some ways the responsible one. It is one of the few public sector schemes which is “fully funded”, which means that today’s contributions are invested to pay tomorrow’s pensions. Most schemes, such as those for NHS workers, teachers , firefighters and so on, are “unfunded, which means that there is no pot of cash being invested to pay future pensioners. Instead, today’s pension contributions are going straight out of the door to meet current pension liabilities. Were they in the private sector, these pensions would be called Ponzi schemes — they are like the scam operated by the late US financier Bernie Madoff. They are committing future taxpayers to huge, unknown liabilities. If the public sector was working efficiently and well, it wouldn’t matter quite so much. Yet disgracefully, public sector workers are being allowed to get away with producing less and less each year. Astonishingly, the average public sector worker produces less now than when Tony Blair came to power nearly 28 years ago, with minor productivity gains in the years to 2019 wiped out since the pandemic . The Labour government has made things worse This has been a period of huge technological advance, offering numerous opportunities for making work more efficient. Instead, civil servants and others have been indulged with the right to work from home, or even from the beach. Valuable work time is frittered on endless diversity courses and team-bonding exercises. Some council staff have been put on four-day weeks without any loss of pay, based on the fantastical assumption that it will somehow make them so much happier that they will produce as much in four days as they used to in five. Far from addressing the problem of falling public sector productivity, the Labour government has made things worse. In one of its first acts it awarded fat pay rises to NHS staff, train drivers and others without any requirement to agree to improved working practices. We can’t go on like this. If the private sector worked like the public sector we would be stuck with 1990s standards of living. Like the Soviet Union in its last decades, Britain would have become the land which economic development forgot. Energy crisis As it is, we have a millstone of a public sector being dragged along by a private sector which is still just about able to generate enough wealth to stop the country falling into permanent recession . But it is a close-run thing. In the first three months of the Labour government the economy failed to grow at all. This was an economic downturn generated entirely in Downing Street . Unlike the economic retreat caused by Covid-19 and the energy crisis following the Ukraine invasion, Britain’s sudden step backwards is not echoed internationally. Rather, it has been caused by declining confidence in the face of higher business taxes coming into effect next year. Labour came to office promising “growth, growth, growth”. If they really want to achieve that, they need to be shrinking the unproductive public sector and boosting the private sector. They are doing the opposite, while failing to undertake reforms to public sector pensions needed to avoid fiscal disaster in future. READ MORE SUN STORIES The past few months have seen a generous payday for some. But none of us will be shielded from the long-term decline caused by a slothful public sector.ubet63 free 100 。

WEST PALM BEACH, Fla. (AP) — An online spat between factions of Donald Trump's supporters over immigration and the tech industry has thrown internal divisions in his political movement into public display, previewing the fissures and contradictory views his coalition could bring to the White House. The rift laid bare the tensions between the newest flank of Trump's movement — wealthy members of the tech world including billionaire Elon Musk and fellow entrepreneur Vivek Ramaswamy and their call for more highly skilled workers in their industry — and people in Trump's Make America Great Again base who championed his hardline immigration policies. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.BOSTON (AP) — UConn coach Jim Mora pulled a move that would make Bill Belichick proud while preparing the Huskies to play the notoriously churlish former New England Patriot's next team in his old backyard. Mora and his players were more than 45 minutes late for what was scheduled as a 30-minute media availability a day before Saturday's Fenway Bowl against North Carolina. Mora then gave a non-apology straight out of Belichick’s playbook. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.Banking Stocks Drop Amid Martial Law: 11 Trillion Won Lost

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Georgia quarterback Carson Beck has been ruled out for the second half of Saturday's SEC Championship Game against Texas after being injured on the final play of the first half. Texas' Trey Moore forced a fumble on Beck's pass attempt, appearing to injure the Georgia quarterback's throwing arm. Beck remained motionless on the field for a short time before joining the team in the locker room. Coach Kirby Smart told ESPN at halftime that Beck was done for the day. During the third quarter, Beck was seen with ice on his right elbow. Beck completed 7 of 13 passes for 56 yards and was sacked once before exiting. Georgia backup Gunner Stockton entered and led Georgia on a 10-play, 75-yard opening second-half drive, giving the Bulldogs their first lead at 10-6. Bulldogs punter Brett Thorson injured his left knee in the third quarter and was ruled out of the contest. He was taken off on a cart. --Field Level MediaAn online debate over foreign workers in tech shows tensions in Trump's political coalition

Clintons urge voters agitated by today's politics to remain involved in public serviceDid Artificial Intelligence Influence the 2024 U.S. Elections?Sixteen months after President Bola Ahmed Tinubu inaugurated the Presidential Committee on Fiscal Policy and Tax Reforms and two months into the transmission of the four tax reform bills to the National Assembly for consideration and approval, the exercise has been encumbered by confusion and apprehension The Bills – four in all – ought to have sailed enjoyed the legislatures’ endorsement but they are embroiled in a back-and-forth push with no headway. Fron the benefit of hindsight, it could be recalled that as a presidential aspirant in 2023, Bola Ahmed Tinubu hinted about his disposition for tax reforms as one of the primary goals of his administration. To lay a strong fiscal and revenue foundation for sustainable growth for the rest of his tenure and beyond, Tinubu believes an overhaul of tax laws was necessary. In validating the intention, Tinubu, on August 8, 2023, as a sitting inaugurated the Taiwo Oyedele’s Presidential Fiscal Policy and Tax Reform Committee, headed by an astute tax expert – Taiwo Oyedele. Oyedele not only hit the ground running, he embarked on consultations, traversing the breadth and lengths of the country, distilling essence for tax reform. His committee had audiences with members of civil society groups and engagement with media and other critical stakeholders – all aimed at galvanising inputs and feedback. The country currently has over 60 varieties of taxes administered disjointedly across three tiers of government. Oyedele said his committee will reduce the number of payable taxes to compact size numbers. Oyedele’s tax reforms committee comprises members of the public and private sectors. At the committee’s inauguration, Tinubu said the country cannot continue to tax poverty or production but should focus on returns, income, and consumption. He directed all government agencies, ministries, and departments to cooperate fully with the committee in achieving their mandate. “Within the scope of this mandate, the committee shall have as its objective the advancement of viable and cost-effective solutions to issues such as the multiplicity of revenue collection agencies, high cost of revenue administration, excessive burden of compliance on ordinary taxpayers, the lack of effective coordination between fiscal and other economic policies within and across levels of government, and poor accountability in the utilization of tax revenues.”. “I have given them a strong mandate, and I expect their report to cover tax reform, fiscal policy design and coordination, and the harmonisation of taxes and revenue administration, among other items. “Our target is to improve Nigeria’s revenue profile while making the business environment more conducive and internationally competitive. Our aim is to transform the tax system to support sustainable development while, at the same time, achieving a minimum of an 18 per cent tax-to-GDP ratio within the next three years. “In order to ensure seamless implementation, the Committee shall be empowered not merely to make recommendations but also to provide practical support to the government in the execution and delivery of the recommended changes. “The committee is expected to achieve its mandate within a period of one year. They are, in the first instance, expected to deliver a schedule of quick reforms that can be implemented within thirty days. Critical reform measures should be recommended within six months, and full implementation will take place within one calendar year,” Tinubu said. Provisions of the Tax Bills There four executive tax bills are the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill. Each bill addresses specific aspects of tax administration, compliance, and enforcement. Each bill is detailed, with clarity of explanation. It unearths existing tax lapses it seeks to address. For instance, the Nigeria Tax Bill 2024 is expected to provide the fiscal framework for taxation in the country. The Tax Administration Bill is to provide a legal framework for all taxes in the country and reduce disputes; the Nigeria Revenue Service Establishment Bill is to repeal the Federal Inland Revenue Service Act and establish the Nigeria Revenue Service, while the Joint Revenue Board Establishment Bill is to create a tax tribunal and a tax ombudsman. With regards to the tax administration bill, in relation to the business of mining, Section 20 (sub-section 1) of the new bill stipulates thus: “Every person engaged in the trade or business of mining shall, upon the coming into effect of this Act or upon commencement of operations, file a monthly self-assessment return of minerals royalty with the Service in the prescribed form. (2) Pay the correct royalty due to the government on the minerals sold or used at the prescribed rate in the Ninth Schedule to the Nigeria Tax Act. (3) The returns of royalty for each month shall be filed on or before the 21st day of the following month and shall be accompanied by the following: (a) registered number of quarrying or mining licenses; (b) type of mineral and weight; (c) location and labor used; (d) quarriable minerals in metric tons. These updates are a clear departure from the current situation in which those who engaged in the business of mining are elusive and largely unaccountable. Section (4) states that the service shall review the royalty returns filed and may reassess where necessary the royalty payable, and any additional royalty shall be paid. within 30 days of service of a notice of assessment of such additional royalty, while Section 21.-(1) notes that “a non-resident person engaged in the operation of transport by sea or air into Nigeria shall file monthly returns with evidence of payment of tax as specified under section 18 of the Nigeria Tax Act to the Service in respect of the carriage of passengers, mail, livestock, or goods shipped or loaded into an aircraft in Nigeria”. Other key highlights of the Bills, which have received maximum applause and thumbs down, are as follows: any business with less than N50 million turnover is exempted from tax payment, 90% of workers in the public and private sectors to be exempted from paying income tax; 82% of what low-income persons consume to be VAT-free, scrapping over 50 nuisances tax suffered by local businesses; VAT will no longer be calculated based on where the companies have their headquarters but where their goods are consumed and the rich will pay more tax while the poor will stop paying taxes of all sorts. Other provisions of the bills include the elimination of states collection of consumption tax, the share of the federal government’s VAT quota to reduce from 15 to 10 per cent while states and local government areas get 90 per cent of VAT collected; those earning less than N1.7m monthly will now pay less income tax; customs, NUPRC, and other government agencies will hand off the collection of tax; and restricting tax collection to one agency saddled with the responsibility of the collection of all taxes in Nigeria. Similarly, those earning less than N9 million per annum will have their income tax cut by half. When operational, the bill will lead to the abolition of other multiple tax laws like the stamp duty act, etc, while over 90 per cent of small businesses will no longer pay profit tax. It makes provision for a gradual increase of VAT from 10 per cent in 2025 to 15 per cent in 2030. Almost every good consumed by low-income earners will be exempted from VAT while it seeks reprieve for most Nigerian companies that pay over 60 types of tax and levies. Bill’s bumpy road to NASS Dusted, President Bola Tinubu in October transmitted four bills to the National Assembly. One of them sought requests to rename the Federal Inland Revenue Service (FIRS) to the Nigeria Revenue Service (NRS). The National Assembly began legislative deliberations on the bills expeditiously. The Bills reading had progressed to the second reading before it encountered a stalemate. Contentious VAT imbroglio Some portions of the tax reform bill deemed injurious to the socio-economic development of a section of the country stirred controversy. The Northern governors called for the halting of further debate by the National Assembly on the tax reform bill. The governors from the region voiced their opposition to a clause in the VAT provision that provided for the derivation-based model for Value Added Tax distribution. They argue that the suggested approach would disadvantage the northern states and other less industrialized regions. Expressing discontent with the policy, the governors said that VAT is currently remitted based on the location of company headquarters rather than where goods and services are consumed. They added that the measure will negatively affect the distributed revenue from the Federal Accounts Allocation Committee. Based on concerns about the bills generated, the National Economic Council (NEC), in its last meeting presided over by Vice President Kashim Shettima, advised the president to withdraw the four bills to allow for more consultation. The NEC took the decision at its meeting held at the Presidential Villa. Membership of the NEC includes the governors of Nigeria’s 36 states. Responding to NEC advice, President Tinubu, in a statement by his spokesperson, Mr. Bayo Onanuga, urged the NEC to allow the process to take its full course. President Tinubu welcomes further consultations and engagement with key stakeholders to address any reservations about the bills while the National Assembly considers them for passage,” he said. The pressure from Northern governors and other partisan groups became fierce and unrelenting. In the face of sustained mounting pressure from northern governors and 73 northern members, the House of Representatives halted the bill’s discussion indefinitely. Potpourri of views The tax bills have elicited diverse views, throwing up a potpourri of thoughts. Executive Director of the Patriots for the Advancement of Peace and Social Development, Dr. Sani Abdullahi Shinkafi, took a swipe at some state governors opposing President Bola Tinubu’s tax reforms bill. Shinkafi, a former national secretary of the All Progressives Grand Alliance (APGA), made this known during an interview. He noted that the opposition was indicative of laziness and a lack of innovation in governance. Shinkafi argued that much of the criticism stems from a lack of understanding. In addition, he accused regional leaders of perpetuating economic stagnation and underdevelopment. A former governor of Abia State and senator representing Abia North, Senator Orji Kalu said the Federal Government made a mistake not to have carried the National Executive Council (NEC), Nigeria Governors’ Forum, and the Council of State along in its tax reform bills. Orji Kalu, who spokein an interview with Arise Television, opened up on the controversial tax reform bills, saying the bills are very progressive and would bring back fiscal federalism in Nigeria. “As I told you before, the bill is very progressive. It will bring back fiscal federalism. Many senators have not been briefed. I think the federal government made a mistake. The initiators of the bills would have briefed the National Economic Council, Governors’ forum”. On his part, former presidential candidate of the Labour Party (LP), Mr. Peter Obi, advised the National Assembly not to rush the debate on the tax reform bill before them. Obi, on his X handle, also wants Nigerians, whom he identifies as sole beneficiaries, to be involved in the enactment of the bill. “Tax reform is a critical issue, and there is nothing wrong with pursuing it. However, such reforms must be subject to robust public debate,” Obi said. He welcomed the idea of a public hearing, describing it as essential, as it allows Nigerians from all walks of life to engage meaningfully. This is how we build public trust and ensure inclusivity in policymaking,” the former candidate stated. According to him, matters of this magnitude require extensive deliberation and careful consideration, adding, “They should never be rushed. Public hearings must be conducted to allow for diverse opinions and inputs.” Obi further advised that when considering tax reforms and similar issues, it is insufficient to focus solely on the benefits to the government, particularly in terms of increasing revenue collection. He wants Nigerians to take into account the overall impact on the nation and the sustainability of all its regions. In his contribution, the Peoples Democratic Party presidential candidate in the last election, Atiku Abubakar, urged lawmakers to be transparent about the public hearing process on President Bola Tinubu’s tax reform bills. He shared his view via his X official handle. Atiku wrote: “Nigerians are united in their call for a fiscal system that promotes justice, fairness, and equity. They are loud and clear that the fiscal system we seek to promote must not exacerbate the uneven development of the federating units by enhancing the status of a few states while unduly penalizing others.” The apex socio-cultural organization from the South-east, Ohanaeze Ndigbo, joining the South-west, South-south, and North-central parts of Nigeria, supported the landmark bills expected to significantly alter the existing fiscal framework. Ndigbo, in a statement issued by the Secretary General of the body, Okechukwu Isiguzoro, noted that the bills represent a transformative opportunity for the rejuvenation of small and medium enterprises (SMEs) and the enhancement of the fortunes of Nigerian workers. The Bills also sparked rowdy session at the House of Representatives. A member of the House, Ghali Mustapha Tijjani, representing the Albasu/Gaya/Ajingi constituency of Kano State, described the four reform bills before the National Assembly as “anti-people” and must be rejected. In an interview with newsmen at the National Assembly, Tijani said the bills are not in public interest and should be withdrawn for proper consultations and inputs from all stakeholders. “I have a background in finance, as a student of International Corporate Finance, so I have an idea of what all this is all about. The bills actually are not in tandem with public interest, and they’re not pro-masses. “This is a capitalist bill, and for such a reason, I, Dr. Ghali Mustafa Tijjani, am rejecting this bill as a member that represents the people. I’m in the Parliament to ensure that my people are well represented and Nigerians have all the benefits and dividends of democracy. Therefore, these tax reform bills are capitalistic in nature and are siphoning the poor, so to say”, he stated. Re-engaging stakeholders Rather than throwing out the four bills as some interest groups would suggest, Oyedele, said the federal government will re-engage stakeholders. Speaking at a town hall meeting on “Tax Reform Bills: Charting the Way Forward,” hosted by a national television network, Oyedele said the committee was rather ready to repeat engagements with stakeholders. According to him, now that the bills appeared to have generated renewed interest from stakeholders, who hitherto showed no interest, the committee was prepared to repeat the engagement process. He said consultation will also continue even after the bills have been passed into law. Commenting on allegations that the presidential tax reform committee did not consult the state governors, Oyedele said, “No, they won’t say we didn’t consult them. They are saying we need to consult more, which we agree with because consultation will never end. Even after passing the bills, we must continue to consult. Presidency dispels partisanship politics In the heat of controversy trailing the implementation of the bills, Presidency dismissed claims that the proposed tax reform bills before the National Assembly would impoverish northern Nigeria or disproportionately benefit Lagos and Rivers states. Onanuga restated that the reforms aim to improve the quality of life for all Nigerians, particularly the disadvantaged, and streamline tax administration to foster a better business environment. The statement followed concerns raised by Borno State Governor Babagana Zulum, who claimed that the proposed Value Added Tax (VAT) sharing model might favor Lagos and Rivers states – the fears Oyedele has dispelled. To further assuage ill thoughts harbored by some group of persons on the bills, President Tinubu directed the Justice Ministry to work with the National Assembly on concerns over tax bills. Mr. Mohammed Idris, the Minister of Information and National Orientation on behalf of the government, said, “President Tinubu and the administration will continue to champion policies that close the loopholes and gaps through which Nigeria’s valuable public resources have been frittered away for decades.”. “On top of this necessary foundation, the resources being conserved and realized from these reforms will be invested in critical infrastructure (healthcare, education, transportation, digital technology, etc.) and in social investments that will benefit all Nigerians and ensure that no one is left behind. This is the promise and the reality of the Renewed Hope agenda.” All said, there is no denying that in spite of the arguments against them, many informed observers strongly believe that the tax reforms bills are vital for the development of the nation and the sustainability of the various sections. It therefore, behooves on the Tinubu to strategically engage the National Assembly, the state governors and the people on the benefits derivable for the bills.Dallewal’s stir scope widens, farmers await nod for march

An online debate over foreign workers in tech shows tensions in Trump's political coalitionBarefoot Investor Scott Pape weighs in on messy family dispute over $6million will Brenda's mother left her $3million Her half-brother is contesting the will READ MORE: Barefoot Investor reveals the stock he won't invest in By ASHLEY NICKEL FOR DAILY MAIL AUSTRALIA Published: 22:46 GMT, 7 December 2024 | Updated: 22:47 GMT, 7 December 2024 e-mail View comments The Barefoot Investor has weighed in after a woman raised concerns she would lose her share of her mother's $6million will because her half-brother is contesting it. Brenda explained her stepfather passed away in 2022 and left his entire $6.5million estate to his biological son and nothing for her or her sister. She revealed her mother passed away 10 years after divorcing her stepfather and divided her $6million will between Brenda and her sister. However, despite already having $6.5million under his belt, the recent passing of Brenda's mother has seen the half-brother contest his place in her will. 'We expected this, of course. Yet our mum’s lawyer said her updated will was “bulletproof”,' Brenda wrote to Pape. 'Yet now our trust lawyer says our brother can tie it up in court for years, and we might have to settle for $1million. Any advice?' Mr Pape's advice for Brenda was simple: Lawyer up. 'The truth is that no will is bulletproof - nothing can stop an "eligible" person from challenging a will,' he said. The Barefoot Investor has weighed in after a woman who missed out on her stepfather's $6.5million estate raised concerns she would lose her share in her mother's $6million will 'However, that’s the million-dollar question: Does your half-brother even have standing to challenge your mum’s will?' Mr Pape explained most states do not consider stepchildren 'eligible' to stepparents' estates unless they were financially dependent on them at the time of their death. 'I spoke to my lawyer, Dr Brett Davies, and he says you should chat with a litigation lawyer to see if old greedy guts is just bluffing or if he actually has a leg to stand on to challenge your mum’s estate,' he said. 'If his case is weak, he could walk away with nothing - and he might even have to cough up for your legal costs, and the estate’s!' Mr Pape urged Brenda and others in her position to quickly seek expert legal advice and 'tread carefully'. 'In deceased estate disputes, the only guaranteed winners are the lawyers - something Brett didn’t mention!' he said. Share or comment on this article: Barefoot Investor Scott Pape weighs in on messy family dispute over $6million will e-mail Add comment