Monthly Archives: July 2014

Portland Diverts Entire Water Reservoir After Teen’s Urination

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“The city of Portland has decided not to flush millions of gallons of drinking water that might have been tainted by a teenager who urinated at a reservoir.  However, the water still won’t be going to customers’ taps.  Instead, about 35 million gallons have been diverted from kidney-shaped Reservoir 5 to an empty reservoir to determine how long its quality can last as a public water feature.  Officials had planned to drain the water from Reservoir 5 into the sewer system after authorities said Dallas Swonger, 19, was caught on camera two weeks ago appearing to urinate into it. It was the second time in less than three years the city has emptied a Mount Tabor reservoir due to a urination concern.”

http://www.huffingtonpost.com/2014/04/30/portland-reservoir-urine_n_5243586.html

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California Drains Reservoirs in the Middle of a Drought [May 2014]

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“Last month the Bureau of Reclamation drained Folsom and other reservoirs on the American and Stanislaus rivers of more than 70,000 acre feet of water—enough to meet the annual needs of a city of half a million people—for the comfort and convenience of fish.  Government officials who are entrusted with the careful management of our water squandered it in less than three weeks to nudge baby salmon toward the Pacific Ocean (to which they swim anyway) and to keep the river at just the right temperature for the fish by flushing the colder water stored in the reservoirs.  While some of the water can be recaptured downstream, most is lost to the ocean.”

http://online.wsj.com/news/articles/SB10001424052702304547704579565622649474370

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California introduces $500 fines for wasting water

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“Though Gov. Jerry Brown had urged a voluntary 20% reduction in water use, figures released last month indicated a drop of only 5% statewide for the year. But the State Water Resources Control Board on Tuesday updated the monthly survey from water districts to show that consumption had increased 1% in May compared with a year ago.  Based on the initial figures, the board last week proposed banning watering lawns, washing cars or sidewalks and running fountains, with violators facing fines up to $500 a day. On Tuesday evening, the board adopted those measures. Police will have the authority to ticket water-wasters.”

http://www.usatoday.com/story/news/nation/2014/07/15/california-water-use-drought/12682299/

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Update on the EU’s proposed financial transactions tax

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“The Court of Justice of the European Union (CJEU) recently issued a decision rejecting the UK government’s initial legal challenge against the proposed introduction of a financial transactions tax (FTT) in Europe. The following week, 10 of the 11 EU Member States that have been supporting the FTT issued a joint declaration (Declaration) re-stating their determination to ‘finalize viable solutions’ for the FTT by the end of 2014 and to commence the ‘progressive implementation’ of the tax by 1 January 2016.  The FTT is a tax to be levied at fixed low rates on certain transactions involving financial instruments – such as shares, bonds and derivative contracts.”

https://www.lexology.com/library/detail.aspx?g=22886740-f03a-481e-abf4-4e5cb2cf4ec2

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Italy joins France to launch tax on high-frequency trades [2013]

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“The tax – which will apply regardless of where the transaction is executed – follows an introductory scheme launched in March in the country which taxed both exchange-based and over-the-counter share trading.  The new levy will subject high-frequency trading (HFT) to a 0.02 percent tax on trades occurring every 0.5 seconds or faster.  The idea has gained traction with 11 EU countries, also including Germany, Greece, and Spain, planning to introduce a pan-European financial transaction tax in January 2014 which will affect most equity, debt and derivative transactions. But the project has had notable critics, with many believing that trade will just seek new jurisdictions such as the U.K.”

http://www.cnbc.com/id/101002422

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American Airlines cuts Venezuela flights after Maduro threat

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“American Airlines says it is cutting almost 80% of its flights to Venezuela from next month.  Tight foreign currency controls make it difficult for foreign airlines to repatriate money from ticket sales in Venezuela.  The authorities have restricted access to dollars and want to make them more expensive to purchase, which may lead to losses for companies that are still waiting for cash from as far back as 2012.  In January, Ecuadorean airline Tame also suspended flights to Venezuela, demanding $43m (£26m) in overdue payments for tickets.  President Nicolas Maduro said at the time that airlines that reduced their operations in Venezuela would face ‘severe measures’.”

http://www.bbc.com/news/world-latin-america-27895233

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Venezuela’s airport ‘breathing’ tax

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“The biggest international airport in Venezuela is charging a fee for the right to inhale clean air – and social media users are not happy.  We’re used to a seemingly endless range of taxes and surcharges when we fly – passenger taxes, departure taxes, fuel levies. But Maiquetia International Airport in Caracas has taken this a step further – passengers flying out now have to pay 127 bolivars tax (£12; $20) for the air they breathe.  This is to cover the cost of a newly-installed system which uses ozone to purify the building’s air conditioning system.  Some Venezuelans on social media fear the tax could end up being a new source of corruption. Others see it as evidence of how short of cash the airport is.”

http://www.bbc.com/news/blogs-trending-28227198

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Dozens of Irish councils to make property tax cuts, freeze rates

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“Homeowners in more than a dozen city and county council areas are in line for a property tax rate cut next year.  A briefing note, prepared for the Economic Management Council (EMC), says between 12 and 14 councils will have sufficient funds to cut their rate.  However, any reduction in property tax rates would be subject to the Government not landing local authorities with extra costs or cutting their central funding.  Separately, a freeze on the valuation of houses for the property tax for the next five years is also being discussed within the Coalition.  The discussions will come as a welcome boost to families who have been hit with a series of stealth taxes over the past seven years.”

http://www.independent.ie/irish-news/news/councils-can-afford-to-make-property-tax-cuts-30393953.html

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Irish government promises income tax cuts in next budget

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“Enda Kenny has promised tax cuts in the next budget to help struggling families.  The Taoiseach vowed to cut the top rate of income tax for low and middle income earners admitting that the country has ‘been through the wars’.  Mr Kenny said: ‘We will reduce the 52 percent tax rate for low and middle income workers, starting with this budget in October.’  He added:  ‘Ireland has been through the wars. There isn’t a family in any part that hasn’t been affected.  ‘But my message is that we’re in recovery, things are getting better and we intend now to make sure they get better for everyone.'”

http://www.irishmirror.ie/news/irish-news/politics/enda-kenny-promises-tax-cuts-3843833

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Puerto Rico: Tropical Tax Haven for America’s Super-Rich

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“Struggling to emerge from an almost decadelong economic slump, the Puerto Rican government signed a law in early 2012 that creates a tax haven for U.S. citizens. If they live on the island for at least 183 days a year, they pay minimal or no taxes, and unlike with a move to Singapore or Bermuda, Americans don’t have to turn in their passports. (Puerto Ricans are U.S. citizens but cannot vote in federal elections.) About 200 traders, private equity moguls, and entrepreneurs have already moved or committed to moving, according to Puerto Rico’s Department of Economic Development and Commerce, and billionaire John Paulson is spearheading a drive to entice others to join them.”

http://www.businessweek.com/printer/articles/210061-puerto-rico-tropical-tax-haven-for-americas-super-rich

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