Sunday News And Notes
French Super Tax Ruled Unconstitutional French President President François Hollande suffered a blow when the nation’s constitutional council ruled that the 75 per cent marginal income tax rate due to take effect on January 1 was not constitutional.
The silver lining for Hollande was that the ruling pertained to the way the tax was due to be imposed, rather than the actual tax rate itself.
Dodd-Frank Debit Card Provision Fails To Produce For Small Banks A provision of the Dodd-Frank Act – the Durbin amendment – was supposed to generate additional revenue for small banks and credit unions by capping swipe fees for large financial institutions.
Consumer outrage resulted when banks announced plans to add a $5 fee to make up for losses arising from the change, but quickly backtracked. Ironically, many community bank executives said they are considering adopting new fees to make up for lost revenue.
First-World Tech Being Used To Reach Third-World Minds
The tablet computer is quickly becoming an ever-present sight in many developed nations and its popularity is not limited to techies and professionals. However, the handheld devices are showing up in the most unlikely of places – Africa.
Thanks to Matt Keller, who works for the Massachusetts Institute of Technology, and his supervisor, Nicholas Negroponte, the device is being used to grow the minds of Ethiopian schoolchildren.
The project to use digital technology to teach young Ethiopians was developed by Negroponte, who believed that children have the same capacity to learn and are equally gifted no matter where they are raised. “If a child can learn to read, reading will enable him or her to learn everything else,” he says.