...the founding pillars of the modern European Union The First 40 years (1950 – 89) Its acknowledged that the start of the European integration can be identified in the “Schuman declaration” a speech by French foreign minister in 1950. He proposed that France and Germany and other nations wishing to join, pool their coal and steel resources. It was an opening of credit to Germany (only 5 years after the first tank left Paris) and it implicitly recognized the new world order with france and germany allied with the US. It was also a security measure for France with respect to Germany (the historical enemy) as coal and steel are the vital war resources and now were under independent common control. The opening of the programme to other European states was perfectly consistent with the evolution of European relations with respect to the US under the NATO treaty. France, Germany, Italy, Belgium, Luxembourg and the Netherlands signed the Paris treaty and the European Coal...
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...Chapter 3 THE CHALLENGES FACING PROFESSIONAL SPORTS The Financial Status of Professional Sports Growth of Professional Sports Major Leagues Minor Leagues State of Women’s Professional Sports Leagues Other Successful Sports Properties The Economic Reality of Professional Sports Team Financial Statements Controlling Player Costs National Football League National Basketball Association Major League Baseball National Hockey League European Soccer’s Path to Financial Health: UEFA’s Financial Fair Play Creative Accounting Roster Depreciation Allowance Franchise Appreciation Summary The Financial Status of Professional Sports Growth of Professional Sports Major Leagues The 1990s and early 2000s was a period of substantial growth for professional sports at all levels. The number of teams in the Big 4 major leagues grew from 103 franchises in 1989 to 122 franchises by 2001. During that time, the National Hockey League (NHL) added eight expansion teams, Major League Baseball (MLB) added four, the National Football League (NFL) added three, and the National Basketball Association (NBA) added five teams. In addition, several new leagues were launched in the 1990s with aspirations of becoming prominent national properties, most notably Major League Soccer (MLS) and the Women's National Basketball Association (WNBA). By 2001, each of the Big 4 leagues had reached a saturation point, having established franchises in nearly every market capable...
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...1. Google’ s definition of environmental sustainability is “to maintain the qualities that are valued in the physical environment”. This definition is weak because it doesn’t talk about the natural environment. The strong part of this definition however, is it defines how me need to protect the physical environment. There are many manmade lakes that help maintain the natural environment. Small Biz Connect definition is “Environmental sustainability involves making decisions and taking action that are in the interests of protecting the natural world, with particular emphasis on preserving the capability of the environment to support human life. Again, this definition is weak because it only focuses on the human life. It mentions nothing about preserving the natural or physical environment as well. The strong part of this definition is that it does cover human life. When I think of environmental sustainability, my definition is to protect and maintain the physical and natural environments as well as protecting human life. It is something that is done to help ensure that we don’t run out of our natural environment such as trees and animals. Limiting the amount of hunting, fishing, and cutting down of trees is a few of the ways we can maintain environmental sustainability. 2. The Tragedy of the Commons is related to the environmental sustainability because they both are trying to protect resources. The Tragedy of the Commons is protecting public places from running...
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...Introduction The advent of revenue sharing and salary caps has revolutionized the business of professional sports. The National Football League implemented these concepts in order to promote competitive balance. Theoretically, revenue sharing is supposed to encourage equal distribution of wealth so as to not concentrate top-talent players to the teams with the most resources. In so doing, its practice should work to ensure that there is equal competition among small and large market teams. Also, by enacting a salary cap, larger market teams are prevented from monopolizing talent. Through a series of collective bargaining agreements and lawsuits, there has been a movement in the NFL toward benefiting both the players and owners. The NFL is the most successful professional sports league in the country. This is in large part due to its ability to run efficiently as a business and promote competition as a sport. In this paper, we examine the historical significance of the progressive collective bargaining agreements and how its changes have effected players and owners of teams in the league. We also examine the components of revenue-sharing and the salary cap implemented through the NFL’s CBA and their significance in promoting competitive balance. Historical Analysis of the Salary Cap and CBA The National Football League has undergone many changes since its inception in the 1920s. Early in the development of the National Football League, there was competition among teams in...
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...The study focuses on the marginal tax rate that professional football players face in the United States. This tax rate, which is assessed based on the proportion of days spent in the state of work throughout the NFL season, is called the jock tax. NFL players are not the only professional athletes in the United States that face this tax, however, the structure of their pay and the salary cap figures make the analysis the most manageable. After examining specific player data, my study determined that were significant discrepancies between a player’s effective tax rate within their conference and division and the average salary differences. The argument that critics have against the jock tax claim that players may be severely detrimental to the after tax earnings of all NFL players. Section I: Introduction According to a recent study in early 2016, the state of California collected just over $229 million from nonresident athletes due to the imposition of the ‘jock tax’ in 2013 (Artz, 2016). California is among 19 states that impose the jock tax on athletes that are visiting said states for performing in professional sporting events. The jock tax represents an auxiliary income tax imposed on nonresidents by the state in which the players are traveling. For example, a player that travels to California faces an additional 13.3% tax rate as a proportion of their days spent in that state relative to the total days of the season. According to federal tax bracket data, any single filer...
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...TAXATION. Name: Institution: A) Effect of Taxation. Taxation is a system of levying taxes on various types of earnings, income and/or purchases. It is an essential part of a modern state whereby the government obtains revenue, which is used for provision of education, health care and living benefits to a range of its citizens (Sullivan 2003). The UK tax system has several incompatible objectives, for instance redistribution of income and wealth creation (through tax breaks). The government must take into account the issue of fairness in taxation, if it is to provide an acceptable tax system in the United Kingdom (Wales 2008). The social function of taxation is to ensure that there is wealth redistribution, in order to create a fair and harmonious society. According to Adam Smith, fairness in taxation promotes morality and equity in free market economics (Sullivan 2003). Fairness in taxation ensures that market failures are tackled. A fair tax regime ensures that the revenue collected is shared equitably and appropriately through judicious expenditure. According to Adam Smith, equity in taxation implies that the taxpayers pay taxes that are proportionate to their income, while the allocation of government resources does not adhere to this proportionality. A fair tax has the following four attributes: equity, efficiency, certainty and convenience. Equity ensures that the tax has a reasonable impact on the taxpayers. Equity is categorized into two forms: horizontal...
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...to the plaintiffs a sum of money for their acts of reckless and or willful conduct. The ideas of punitive damages was imposed as a deterrent from reckless,willful conduct. However, the amount of punitive damages awarded have been the topic of my debates leaving some to criticize, that plaintiffs are overly compensated specifically voicing opinions or concerns that a limit should be imposed on punitive damages. Circumstances justifying the recognition of punitive damages based upon the defendant acting intentionally, maliciously, or without regard to the rights of the plaintiff and interests of the claimant. Punitive damages first established in England in 1763. Civil law in the United States recognized punitive damages in 1850. (5) "According to the U.S. Supreme Court, three factors guide a decision to award enhanced damages (punitive damages)": The action of the defendant was willful or deliberate, "whether the infringer had a good faith belief that the patent was invalid", and litigants conduct during the litigation. (4) A jury verdict to impose an amount of punitive damages may be over-turned by the trial judge, if the award is considered to be excessive or inadequate. (6) "A fundamental goal of a punitive damage award is to punish but not bankrupt the wrongdoer." (9) Five States do not recognize or award punitive damages in any civil action and some States have passed legislation limiting punitive damage awards. (11) Most personal injury cases, the plaintiff...
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...the Internal Revenue Service. America has long been funded by its citizen’s hard earned tax dollars. It has been the main source of funding for several wars and government-funded programs. Taxes affect every person, business, and property. This environment of constant change is a challenge for most accountants or anyone for that matter. This paper seeks to explore the history of the Federal Income Tax System, the Internal Revenue Code, the Internal Revenue Service, and guidelines and improvement of the tax system. History of Taxation in the United States The history of taxation in the United States commenced when the British, French and Spanish Empires ruled the individual colonies established in the US. This was back in the 1790’s after World War I. After their independence from Europe, the taxation system continued by collection of poll taxes, tariffs, and excise taxes. There were various acts passed by parliament which imposed taxation of various items such as lead, paper, paint, glass, stamps, sugar, and tea as a means of tax collection. From these come the Sugar Act, the Stamp Act, and the Townshend Revenue Act. The Boston Tea Party was the insurgency against the British colonists by the American colonists to not pay the tea tax levied upon them. Federal Government Income Tax History The taxation system in the United States is governed by different levels of government. There are different methods of taxation as well. The tariffs imposed were the largest...
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...Module 1: Commercial policy Origin of Commercial Policy Ricardo in 1817 proposed the theory of comparative cost advantage which brought out the capacity of one nation to produce more of a good with the same amount of input than another country. To prove Comparative cost advantage in India arises due to a billion people having advantage in production of goods or services that require large amounts of labor. Factors like ability to speak English, low labor costs due to large workforce, cheaper internet, and telephone communications add to the advantage. International trade cycle The commercial policy adapts a change as per the changing international trade cycle. The international trade shows stages like emerging exports with mass production followed by foreign competition and finally competition from imports. 1. Exports May be only manufacturer of new product Overseas customers learn of product, export market develops 2. Foreign production Export volume grows Production technology becomes stable Reduced costs for transportation Exports diminish 3. Foreign competition Foreign manufacturers gain experience Compete in export markets 4. Import competition Foreign producers obtain economies of scale Compete in quality and undersell domestic company in domestic market. Due to this dynamic business setting, the trade policy has to emerge and adapt it self to international demands and cause economic development. Comparative advantage theory of David...
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...This enabling environment which came into being on the basis of (Section 8(q) of FIRS Establishment Act 2007) has led to an improvement in tax administration in the country. The Nigerian tax system has undergone significant changes in recent times. The tax laws are consistently being reviewed with the aim of repealing obsolete provisions and simplifying the main ones. Under current Nigerian law, taxation is enforced by the 3 tiers of government, i.e. federal, state, and local governments, with each having its sphere clearly spelt out in the Taxes and Levies (approved list for Collection) Decree, 1998. Despite this improvement, there are still a number of contentious issues that require urgent attention and among them is the issue of the appropriate tax authority to administer several taxes. The crisis between Lagos State and the federal government on the tax jurisdiction of VAT in the state is still a contentious issue that has been taken to the courts. Other states like Ogun, Oyo and Benue have joined Lagos state, while states like Abia, have gone against this. Also, there is the issue of multiple taxes administered by all the three tiers of government which...
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...often leads to two types of intervention: tariffs and nontariff barriers. A tariff is a tax imposed by government on imported products, effectively increasing cost of acquisition for the customer. A nontariff trade barrier, such as a quota, is a government policy, regulation, or procedure that impedes trade through means other than explicit tariffs. Governments intervene in trade and investment to achieve political, social, or economic objectives. Barriers are often applied to benefit specific interest groups, such as domestic firms, industries, and labor unions. A key rationale is to create jobs by protecting industries from foreign competition. Governments may also intervene to support home-grown industries or firms. In various ways, government intervention alters the competitive positions of companies and industries, and the status of citizens. (pp. 195-196; concept; Learning Objective 1; moderate; AACSB: Analytic Skills) RATIONALE FOR GOVERNMENT INTERVENTION 2. In a short essay, explain the four main motives for government intervention in international trade and investment activities. Provide examples to clarify each reason. Answer In the broadest terms, there are four main motives for government intervention. First, tariffs and other forms of intervention can generate much revenue. For example, Ghana and Sierra Leone generate more than 25 percent of total government revenue from tariffs. Second,...
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...Basically, the proposed amendment would increase this exemption to $25,000. School districts would be held harmless from all or part of the revenue loss with additional legislative funding. The amendment also would constitutionally prohibit a sales tax being imposed on the sale of your home or business property. Supporters suggested cutting property taxes by increasing the homestead exemption would stimulate economic growth and provide tax relief, as well as increase the state share of public school funding. Moreover, homestead exemptions particularly benefit low-income individuals, by exempting a higher percentage of the value of a less expensive house. Opponents argued that many taxpayers will see only marginal reductions in their property taxes – as little as $126 annually, according to some estimates. Proposition 2 (XXXX – yyy%-zzz%) In 2011, voters approved a constitutional amendment to allow a surviving spouse of a disabled veteran an exemption from property taxation on the disabled veteran’s residence homestead, as long as the...
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...The City of Las Vegas, Nevada Budget Process Sarah Molda Missouri State University The City of Las Vegas, Nevada Budget Process In accordance with Nevada state Law, City governments in Nevada are created either by general law or special charter. The City of Las Vegas is a special charter city, and operates under a council-manager form of government as proscribed by Nevada Revised Statutes (NRS) Chapter 268, with our mayor elected at-large and six City Council members representing the 6 single member wards that represent the City. The vision of the City of Las Vegas is to be “a world-class, vibrant, affordable, economically and ethically diverse, progressive city where citizens feel safe, enjoy their neighborhoods and access their city government. Its mission is to provide residents, visitors and the business community with the highest quality municipal services in an efficient, courteous manner and to enhance the quality of life thorough planning and visionary leadership.” (City of Las Vegas) The Las Vegas city council oversees the general administration, makes policy, and sets budget. The council appoints a professional City Manager who is charged with the running day-to-day operations, with the City Managers office being responsible for the administration and operation of all municipal services for the City of Las Vegas as well as the oversight for all redevelopment and economic development. The City Manager's staff also tracks the progress of various projects,...
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...competitiveness 6 Conclusion: 7 References: 8 Introduction Carbon tax is tax imposed on industries which emit carbon di oxide into the atmosphere causing pollution. Basically it a tax imposed on emitters who are causing air pollution commercially. Carbon tax is believed to be successful for future environmental benefits. The difference between emission trading scheme and carbon tax is that in emission trading there is a limit set on the emissions that can released into the atmosphere while carbon tax just focuses on adding burden to the industries by making them pay more for emissions. Carbon tax was enforced in Australia by the previous federal government on 1st July 2012. On a rough estimate it is applicable to around 500 Australia’s largest emitters which emit more than 25,000 tonnes of carbon dioxide or supply or use natural gas (SBS, 2013). Implementation of this carbon tax came to the consideration of federal government due to the report suggested by Climate Change Authority which aims at targeting in reducing carbon emissions by 15 percent by year 2020. Based on the suggestion federal government made a decision to impose carbon tax as an effective measure to discourage industries in emitting carbon dioxide which has a direct impact on climate change. Figure 1: Climate change actions in major emitting economies Australia’s major trading partners China, United States of America, Japan, The republic of Korea, Singapore, New Zealand, UK, Germany, Italy...
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...2012 Zurich-Noch Airport Case study Team Name: Sparta Submitted by: Aman Jhalani Anshul Choubey Mayank Tyagi Date of Submission: 1 March’12 INTRODUCTION The case here deals with improving the business performance of a Swiss based airport Zurich-Noch, which lies outside the Euro Zone. The airport began as a flying club in 1930s and then extending its service to provide schedules within central Europe. By 1989 the airport was handling 500,000 passengers per year. It is forecast to increase to 3.5 million for both incoming and outgoing passengers in the current financial year to 30 June 2011. The airport mainly serves holiday makers flying to destinations within Europe and only 5% of the passengers who use the airport are business travellers. The company is not listed in the stock exchange and is a joint venture of a group of four local governments known as LSGs which are divided into four geographical zones. The board of directors proposed a development plan in 2009 and aimed at gradual and phased development of airport company. Assumption Used in Analysis: The airport is assumed to be unaffected by the Euro Zone crisis which is currently prevailing in Europe and may well be extended to 2 or 3 years more down the line. The maximum airlines with which the airport deals are assumed to be affected by the Euro zone crisis. Positive inflation is assumed so the factors of cost are expected to increase subsequently. The strategic development...
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