Tag: tax incentives

Philippines’ Congress to prioritize EPIRA changes as Senate junks ‘Cha-cha’

Tina Marie (Ms. Cat)

Congress to prioritize EPIRA changes as Senate junks ‘Cha-cha’

THE PHILIPPINE Senate would put proposals to change the 1987 Constitution on the back burner and would instead focus on measures to boost the military amid growing tensions with China, according to the Senate president.

The chamber would also pass bills that seek to boost healthcare and jobs while easing hunger, Senate President Francis “Chiz” G. Escudero said in a speech as Congress resumed sessions on Monday.

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At the weekend, he said they would tackle a proposal to amend the Electric Power Industry Reform Act (EPIRA) amid blackouts.

The Senate will also push changes to the Corporate Recovery and Tax Incentives for Enterprises (CREATE), particularly lower taxes on domestic and foreign companies.

Mr. Escudero said Congress should go beyond laws that only benefit big business, and find solutions to problems with healthcare, joblessness and poverty.

“We will take peaceful measures to defend our people’s right to sail in our seas and fish in our waters, as what our ancestors had done, and what our children and grandchildren shall do,” he added.

The Senate in December passed a bill that seeks to boost the country’s defense program through investments in local defense equipment manufacturing. The measure will give the Department of National Defense P1 billion in seed funding.

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Also on Monday, Speaker and Leyte Rep. Ferdinand Martin G. Romualdez said the House of Representatives would also seek changes to EPIRA.

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He said changes to EPIRA, which liberalized the power industry, would bring down electricity prices and ease inflation.

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It would now fast-track changes to EPIRA and a bill that seeks to extend the lease period for foreign investors. Other pending measures include amendments to the Agrarian Reform law and another that will modernize national defense.

“We have to continue building roads, highways, ports, school buildings and climate change-proof structures to maintain and expand economic growth,” Mr. Romualdez said. “I emphasize our commitment to pass the remaining priority bills before the end of the third regular session.”

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Jose Enrique “Sonny” A. Africa, executive director of think tank IBON Foundation, said it is wrong to equate economic progress with growth given the increasing number of poor Filipino families.

“Most Filipinos haven’t become better off because of this growth,” he told BusinessWorld. “The number of self-rated poor families has soared by 3.4 million since the start of the Marcos administration from 12.6 million in June 2022 to 16 million in June 2024.”

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US government bailout of Silicon Valley and banks is $300B gift to rich oligarchs

Tina Marie (Ms. Cat)

The US Federal Reserve printed $300 billion in a week to save collapsing banks and bail out Silicon Valley oligarchs. 93% of Silicon Valley Bank’s deposits were uninsured, over the FDIC limit of $250,000, but the government still paid them. 56% of SVB’s loans went to venture capitalist and private equity firms.

US government bailout of Silicon Valley and banks is $300B gift to rich oligarchs

America’s $52 Billion Plan to Make Chips at Home Faces a Labor Shortage + manufacturing chips in the US could make smartphones more expensive

Tina Marie (Ms. Cat)

America’s $52 Billion Plan to Make Chips at Home Faces a Labor Shortage

Another possible fix would be to keep people in the workforce longer, by raising the age at which workers can begin collecting Social Security or tapping into their pensions or 401(k)s. Yet Harry Holzer, a former US Department of Labor chief economist now at Georgetown University, says that neither feels politically feasible right now. Immigration has been a toxic issue in American politics for years, and Social Security has long been an untouchable entitlement. “None of that is doable,” Holzer says, which means “our labor force growth is going to continue to be modest.”

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How manufacturing chips in the US could make smartphones more expensive

Morcos says a top concern of his is the narrowness of the CHIPS Act. Without bringing related device manufacturing back to the U.S., such as device batteries, sensors, cameras, antennas, and hundreds of other components, the manufacturing process could require the most critical component to be produced stateside, then shipped overseas to be assembled with hundreds of other components into a device that is then shipped back to the U.S. for the American consumer.

Work longer, for less pay, and you still won’t be able to afford the latest smartphone or laptop?! 🤷🏼‍♀️

The climate bill could short-circuit EV tax credits, making qualifying for them nearly impossible

Tina Marie (Ms. Cat)

The U.S. Senate passed a far-reaching climate, energy and health care bill on Aug. 7, 2022, that invests an unprecedented US$370 billion in energy and climate programs over the next 10 years – including incentives to expand renewable energy and electric vehicles.

The climate bill could short-circuitEV tax credits, making qualifying for them nearly impossible

Senate Passes $280 Billion Industrial Policy Bill Meant to Counter China

Tina Marie (Ms. Cat)

Senate Passes $280 Billion Industrial Policy Bill Meant to Counter China

The CHIPS and Science Act of 2022 passed in a vote of 63-33, with 17 Republicans voting in favor. The over 1,000-page legislation includes $52.7 billion for direct funding for the construction and expansion of semiconductor manufacturing and $24 billion for tax incentives and other purposes.

The bill will authorize roughly $200 billion in science and technology research funding that will be spread across several government agencies over the next five years. The largest recipient of the research funds will be the National Science Foundation, which will receive $81 billion.

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CHIPS Won’t Help China

Third, the CHIPS Act actually has provisions designed specifically to restrict investments in China. These so-called “guardrails” require that companies taking federal dollars for American projects must also agree not to invest in state-of-the-art technology in China—not just with the federal dollars, with any dollars. Good-faith critics have raised fair concerns that these guardrails should be broader, tougher, and firmer. But any guardrails at all represent unprecedented restrictions on what U.S. companies can do in the People’s Republic. It’s one thing to say an ideal bill would hurt China even more; it’s quite another to try and claim that less-than-perfect restrictions count as “help.”

Pelosi’s Husband Dumped Up to $5M of Tech Stock Right Before Senate Passed CHIPS

Elon Musk Is Not a Renegade Outsider – He’s a Massive Pentagon Contractor

Tina Marie (Ms. Cat)1 Comment

Elon Musk’s proposed takeover of Twitter has ruffled many feathers among professional commentators. “Musk is the wrong leader for Twitter’s vital mission,” read one Bloomberg headline. The network also insisted, “Nothing in the Tesla CEO’s track record suggests he will be a careful steward of an important media property.” “Elon Musk is the last person who should take over Twitter,” wrote Max Boot in The Washington Post, explaining that “[h]e seems to believe that on social media anything goes. For democracy to survive, we need more content moderation, not less.” The irony of outlets owned by Michael Bloomberg and Jeff Bezos warning of the dangers of permitting a billionaire oligarch to control our media was barely commented upon.

Elon Musk Is Not a Renegade Outsider – He’s a Massive Pentagon Contractor