Archive for February, 2011

Violence in Libya and Bahrain has claimed scores of lives

Violence in Libya and Bahrain has claimed scores of lives and left many more injured as the two Arab countries were united by popular protests that continue to shake the status quo and sound alarm bells across the region and the world.

A week after Egypt’s president, Hosni Mubarak, was forced to stand down, dozens of Libyans were reported killed by Muammar Gaddafi’s security forces. Meanwhile, Bahraini troops shot dead at least one protester and wounded 50 others after mourners buried four people who were killed on Thursday in the worst mass unrest the western-backed Gulf state has ever seen.

“We don’t care if they kill 5,000 of us,” a protester screamed inside Salmaniya hospital, which has become a staging point for Bahrain’s raging youth. “The regime must fall and we will make sure it does.”

Last night footage was posted on YouTube apparently showing Bahraini security forces shooting protesters.

Western nations have been struggling to adjust their policies in response to the security crackdowns in Arab countries.

But Britain announced that it was revoking 44 licences for the export of arms to Bahrain amid concern over the violent suppression of protests in the Gulf state. The Foreign Office also said that eight arms export licences to Libya had been withdrawn, while a review of arms exports to the wider region continues.

Bahrain’s crown prince Sheikh Salman bin Hamad al-Khalifa went on television to promise a national dialogue once calm has returned. But the country’s most senior Shia cleric, Sheikh Issa Qassem, condemned attacks on protesters as a “massacre” and said the government had shut the door to such dialogue.

While the unrest in Bahrain was broadcast instantly around the world, the unprecedented bloodshed in the remote towns of eastern Libya was far harder for global media to cover.

Amid an official news blackout in Libya, there were opposition claims of 60 dead as diplomats reported the use of heavy weapons in Benghazi, the country’s second city, and “a rapidly deteriorating situation” in the latest – and the most repressive – Arab country to be hit by serious unrest.

Libyans said a “massacre” had been perpetrated in Benghazi, al-Bayda and elsewhere in the region. Crowds in the port city of Tobruk were shown destroying a statue of Gaddafi’s Green Book and chanting, “We want the regime to fall,” echoing the slogan of the uprising in Egypt.

Umm Muhammad, a political activist in Benghazi, told the Guardian that 38 people had died in the city. “They [security forces] were using live fire here, not just teargas. This is a bloody massacre – in Benghazi, in al-Bayda, all over Libya. They are releasing prisoners from the jails to attack the demonstrators.” Benghazi’s al-Jala hospital was appealing for emergency blood supplies to help treat the injured.

News and rumours spread rapidly via social media websites including Twitter and Facebook, but information remained fragmentary and difficult to confirm.

In Yemen at least five people were reported killed when security forces and anti-government protesters clashed for a seventh consecutive day in the capital, Sana’a, Aden and other cities, with crowds demanding an end to President Ali Abdullah Saleh’s 32-year rule.

Barack Obama said he was “deeply concerned” about the reports of violence from Bahrain, a close ally and the base of the US fifth fleet, as well as those from Libya and Yemen, and he urged their rulers to show restraint with protesters.

Navi Pillay, the UN high commissioner for human rights, also condemned the killings of protesters in Algeria, Bahrain, Iran, Iraq, Libya and Yemen. “The Middle East and North Africa region is boiling with anger,” he said. “At the root of this anger is decades of neglect of people’s aspirations to realise not only civil and political rights, but also economic, social and cultural rights.”

In Cairo’s Tahrir Square, the influential Egyptian cleric Sheikh Yusef al-Qaradawi said the Arab world had changed and said Egypt’s new military leaders should listen to their people “to liberate  us from the government that Mubarak formed”.

It has also emerged that the Ministry of Defence has helped train more than 100 Bahraini army officers in the past five years at Sandhurst and other top UK colleges.

 

February 25, 2011 at 11:36 PM Leave a comment

Hosni Mubarak’s ‘stolen’ $70 billion fortune

Now that Egyptian protesters have pushed Hosni Mubarak into relinquishing power, they want him to return the fortune he and his family allegedly amassed during his 30-year reign. “If we can get back some of the billions stolen, I will be satisfied with our revolution,” one 29-year-old Egyptian told The Washington Post. How much money does Mubarak have — and do the Egyptian people really have a shot at getting it back? Here, a quick guide to the fight over Mubarak’s money:

How much money are we talking about?
Nobody knows for sure. Estimates of the Mubarak family’s wealth go as high as $70 billion — more than Microsoft founder Bill Gates is worth. The breakdown, according to ABC News, includes $17 billion for Mubarak, $10 billion for his second son, Gamal, and $40 billion for the rest of the family. (Watch a Bloomberg report about Mubarak’s great wealth)

Where’s the loot?
Some of it’s tied up in real estate. Mubarak and his sons own property not only in Egypt, but also London, Los Angeles and New York, according to reports cited in The Washington Post. In London, Gamal Mubarak, 47, owns a house in a neighborhood where homes sell for as much as $20 million. As for the rest of the fortune, the family reportedly has billions stashed in foreign banks and offshore accounts.

How did Mubarak get so rich?
He didn’t do it by squirreling away his salary. As president, Mubarak made just $808 per month in 2007 and 2008, according to a Cairo think tank. Mubarak reportedly made his first millions through military contracts during his earlier career as an air force officer. Later his sons allegedly took huge cuts from businesses investing in Egypt, giving favored entrepreneurs virtual monopolies in return, according to The Sunday Telegraph. Other possible sources of wealth: Government corruption and the sale of state companies and land.

Will Egypt be able to get the money back?
Maybe. Switzerland has frozen whatever assets the Mubaraks and their associates still have there, and other countries are under pressure to do the same. Anti-corruption watchdogs are calling for criminal charges against the Mubaraks. A conviction would help banks return the cash. But, according to Britain’s Sunday Telegraph, Mubarak scrambled in his last days in office to hide his assets. “We think their financial advisers have moved some of the money around,” a senior Western intelligence source told the Telegraph. “If he had real money in Zurich, it may be gone by now.”

Sources: Washington Post, Sunday Telegraph, AOL News, ABC News

February 15, 2011 at 8:58 PM Leave a comment

How much is enough for the world dictator’s?

Mubarak is out — but he may take unimaginable wealth out with him. Estimates of his stolen fortune range as high as $70 billion, more than a third of the entire Egyptian economy.

Time is running out for world governments to freeze Mubarak’s assets before they disappear into a maze of obscure bank accounts — like so many other dictator’s stolen fortunes. Switzerland has already frozen his finances, and some EU ministers have offered help — but without an immediate global outcry, action may come too slowly to stop the Mubarak billions from vanishing. 

Let’s call on leaders of all nations to ensure that Egypt’s money is returned to the people.

Millions of Egyptians live on less than $2 per day — yet experts say that corruption costs Egypt more than $6 billion in public money per year. The Mubaraks themselves have benefited massively from a web of business deals, crony-capitalist privatization schemes, and state-guaranteed investments throughout Mubarak’s 30 years as president. Estimates of their wealth run from a “mere” $2-3 billion to the staggering $70 billion figure, which would make Hosni Mubarak the world’s richest man. And 25 senior government officials are already under investigation for amassing fortunes above $1 billion while serving under him. 

But the days may finally be over when corrupt rulers can escape with their fortunes intact. The new United Nations Convention Against Corruption explicitly calls for the return of corruptly gained assets to the countries of origin, and Egypt’s military government has already asked European Union governments to freeze Mubarak’s fortune. The key question now is whether action will come fast enough: all the laws in the world won’t help if the Mubarak billions are shuffled out of sight before authorities can seize them. 

Our voices as citizens can help the people of Egypt make good on the promise of their revolution. Join the call for Egyptian wealth to go back to the people of Egypt:

http://www.avaaz.org/en/mubaraks_fortune/?vl 

As millions of Egyptians risked — and even gave — their lives for democracy, there was little that we around the world could do beyond send our hopes and solidarity. But now we have a special responsibility: to do our utmost to restore the national property stolen by a dictatorship that our own governments tolerated for far too long. 

The people of Egypt are ready now to build a new nation. Let’s ensure that they regain the resources that were taken from them, as they create the future that few dared to dream possible.

February 15, 2011 at 8:51 PM Leave a comment

Ten Facts about the Child Tax Credit

The Child Tax Credit is an important tax credit that may be worth as much as $1,000 per qualifying child depending upon your income. Here are 10 important facts from the IRS about this credit and how it may benefit your family.

  1. Amount - With the Child Tax Credit, you may be able to reduce your federal income tax by up to $1,000 for each qualifying child under the age of 17.
  2. Qualification – A qualifying child for this credit is someone who meets the qualifying criteria of six tests: age, relationship, support, dependent, citizenship, and residence.
  3. Age Test – To qualify, a child must have been under age 17 – age 16 or younger – at the end of 2010.
  4. Relationship Test – To claim a child for purposes of the Child Tax Credit, they must either be your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister or a descendant of any of these individuals, which includes your grandchild, niece or nephew. An adopted child is always treated as your own child. An adopted child includes a child lawfully placed with you for legal adoption.
  5. Support Test – In order to claim a child for this credit, the child must not have provided more than half of its own support.
  6. Dependent Test – You must claim the child as a dependent on your federal tax return.
  7. Citizenship Test – To meet the citizenship test, the child must be a U.S. citizen, U.S. national, or U.S. resident alien.
  8. Residence Test – The child must have lived with you for more than half of 2010. There are some exceptions to the residence test, which can be found in IRS Publication 972, Child Tax Credit.
  9. Limitations – The credit is limited if your modified adjusted gross income is above a certain amount. The amount at which this phase-out begins varies depending on your filing status. For married taxpayers filing a joint return, the phase-out begins at $110,000. For married taxpayers filing a separate return, it begins at $55,000. For all other taxpayers, the phase-out begins at $75,000. In addition, the Child Tax Credit is generally limited by the amount of the income tax you owe as well as any alternative minimum tax you owe.
  10. Additional Child Tax Credit – If the amount of your Child Tax Credit is greater than the amount of income tax you owe, you may be able to claim the Additional Child Tax Credit.

                 

Source: IRS

February 14, 2011 at 9:41 PM Leave a comment

Choose the Simplest Tax Form for Your Situation

To file your 2010 individual tax return, you’ll have to decide which form to use…unless you e-file.  This year, choosing which form to file will be even more important since the IRS will no longer be mailing paper tax packages. The IRS is taking this step because of the continued growth in electronic filing, the availability of free options to taxpayers and to help reduce costs. Taxpayers can still get forms and instructions online at http://www.irs.gov, at local IRS offices or from participating community outlets like many libraries and post offices.

If you file your return using IRS e-file, the system will automatically decide which form you need.

Here are some general rules to consider when deciding which paper tax form to file.

Use the 1040EZ if:

  • Your taxable income is below $100,000
  • Your filing status is Single or Married Filing Jointly
  • You and your spouse – if married — are under age 65 and not blind
  • You are not claiming any dependents
  • Your interest income is $1,500 or less

Use the 1040A if:

  • Your taxable income is below $100,000
  • You have capital gain distributions
  • You claim certain tax credits
  • You claim adjustments to income for IRA contributions and student loan interest

If you cannot use the 1040EZ or the 1040A, you’ll probably need to file using the 1040. Among the reasons you must use the 1040 are:

  • Your taxable income is $100,000 or more
  • You claim itemized deductions
  • You are reporting self-employment income
  • You are reporting income from sale of property

You can gain quick and easy access to IRS forms and instructions or find out more about e-file by visiting http://www.irs.gov. Tax products are available 24 hours a day, seven days a week and often appear online well before they are available on paper. To view and download tax products, visit the IRS website and select Forms and Publications.

Source: IRS

February 14, 2011 at 9:28 PM Leave a comment


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