Epunchng - Most read newspaper in Nigeria 12th-Oct-2017 - Page 36

36 THURSDAY, OCTOBER 12, 2017 international business Higher taxes for rich’ll cut inequality –iMF H igHER income tax rates for the rich would help reduce inequality without having an adverse impact on growth, the international Monetary Fund has said. The Guardian reports that in an analysis certain to be seized on by Labour as backing for its tax strategy, the IMF used its influential half-yearly fiscal monitor to attack the rationale for the reductions in tax for the highest earners in recent decades. The iMF said tax theory suggested there should be “significantly higher” tax rates for those on higher incomes but the argument against doing so was that hitting the rich would be bad for growth. “Empirical results do not support this argument, at least for levels of progressivity that are not excessive,” the IMF said, adding that different types of wealth taxes might also be considered. CSX CEO apologises to rail customers, defends strategy C SX Corp’s chief executive apologized to customers for months of service disruptions at the Number three United States railroad but passionately defended his operating strategy, at a hearing on Wednesday called by the top US rail regulator. As reported by Reuters, seated before two regulators at the US Surface Transportation Board in Washington, CSX Chief Executive Hunter Harrison defended his vision for streamlining efficiency, which he calls “precision scheduled railroading.” The STB announced the public hearing in August after customers complained of service issues, including longer transit times, unreliable switching operations, inefficient car routings and poor communications with CSX customer service. Harrison, appointed to the job amid investor fanfare in March, said his strategy was critical to his turnarounds of two Canadian railroads - Canadian Pacific Railway Ltd and Canadian National Railway Co. Since he took over, Harrison has rapidly closed CSX rail yards, lengthened trains, mothballed locomotives, and slashed overtime pay and hundreds of jobs. He changed the way rail cars are sorted in yards and replaced “unit” trains carrying a single commodity like coal or grain to carry diverse freight. “if i don’t accomplish anything else today, i want to apologize to our valued shippers,” Harrison said on Wednesday. “Whatever problems we’ve had, we’ve had internally, we’ve made some mistakes, this is not a failure of precision scheduled railroading.” Harrison spoke before Cargill inc, Dow Chemical Co and seven other major rail customers were due to testify about their experiences with CSX’s network. CSX’s service disruptions have created logistical headaches for companies ranging from chemical and agricultural to automotive and steel producers whose supply chains, plants and distribution channels rely on CSX’s rail network across the eastern United States. 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