Unlocking Word Meanings
Read the following words/expressions found in today’s article.
1. corporate (adj.) – related to corporations or large group of companies
Read the following words/expressions found in today’s article.
1. corporate (adj.) – related to corporations or large group of companies
Example: Companies are expected to
follow corporate laws.
2. get rid of (v.
phrase.) – to remove something unwanted
Example: The president will get rid of rules that treat employees unfairly.
3. slash (v.)
– to cut down
Example: Some stores slashed the price of old cellphone
models to half.
4. inhibit (v.)
– to prevent or keep someone from doing an activity
Example: His sickness inhibited him from going to school.
5. compete (v)
– to engage in a contest or competition
Example: Job applicants compete with one another to get the best
position in the company.
Article
Read the text below.
US president Barrack
Obama is proposing new changes to the US’ corporate tax system.
Obama’s proposals,
first revealed last month, plan to get
rid of tax breaks for US companies that operate overseas. With “tax
breaks,” these companies only pay low taxes to the US government.
The weakness in
this law was clearly seen in 2010, when the company General Electronics earned
billions of dollars in profit, but paid zero tax to the US government. Part
of the reason for the zero tax was that all of the company’s business operations
had been moved to other countries.
Additionally, Obama’s
plans will slash tax rates for
US-based companies, which are currently affected by 35% tax, one of the
highest tax rates in the world. The high tax scares away foreign investors, inhibiting US companies from having
foreign connections needed to compete internationally.
Moreover, the changes
will reward US-based companies that give jobs to people locally. According to
Obama, it is not fair that companies which choose to stay in the US are being
taxed too high, while other companies that send jobs and profit abroad are
given tax breaks.
The president is now
trying to convince business executives to accept the proposals. The Obama administration
says that the changes will promote fairness in the business field, as well as
help give the US funds for economic growth.
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Viewpoint Discussion
Enjoy a discussion with your tutor.
Discussion A
·
Should everyone pay the same amount of taxes?
Why or why not?
·
In your opinion, what kinds of people or
companies should pay less tax?
Discussion B
·
Do you think taxes are necessary? Please
explain your answer.
·
What other ways can the government earn money
besides collecting taxes?