“Know that whatever of a thing you acquire, a fifth of it is for Allah, for the Messenger, for the near relative, and the orphans, the needy, and the wayfarer” — Quran, Sura 8.The khums, the 20 percent tax, is one of the five pillars of Islam. It requires all Muslims who can to give 20 percent […]

A new report from the National Council on Teacher Quality estimates that America now has $325 billion in unfunded pension liabilities for teachers alone. Drastic action is needed to curb costs. The Wall Street Journal reports: The report argues the crisis was created by bad policies and by lawmakers’ failure to fully fund promises to teachers. […]

Mali once again has a prime minister after yesterday’s arrest and resignation (or resignation and arrest, depending on whom you ask) of Prime Minister Cheick Modibo Diarra. Interim President Dioncounda Traore appointed Sissoko as Mali’s new prime minister within 24 hours of the resignation.But those hoping for a return to democracy in Mali are likely to […]

It pays to be a psychiatrist for the state of California. When a federal court forced the state to improve inmate care in 2006, prisons raised pay to attract psychiatrists. Between then and now, one couple earned nearly $5 million, all paid for by taxpayers. Another 16 psychiatrists made more than $400,000 per year. Some […]

France’s steep new top-income tax rates have created another tax refugee. Gerard Depardieu, the famous French actor and a leading emblem of French culture, has relocated to Belgium.With France’s new income tax rates, Depardieu would have to pay the government 75 percent of his income as tax in France (his asking price for a film […]

A high profile announcement by Mexico’s newly inaugurated president has put energy reform on the front burner. In an interview with the Financial Times, Mr. Enrique Peña Nieto outlined the historic reforms he intends to push for Mexico’s energy sector: Mr Pena Nieto said the reform proposal could be sent to congress in the first half of […]

President Obama and congressional Republicans haven’t seen eye to eye lately, especially when it comes to taxes, but the Wall Street Journal reports that they may have found one issue on which they agree: eliminating the tax exemption for municipal bond investments. There looks to be at least a chance that eliminating or significant reducing these […]

The Scottish National Party doesn’t seem to get it. Months after European Commission President José Manuel Barroso pointed out that an independent Scotland would not automatically gain entrance to the EU, Scottish politicians are still trying to convince everyone that the EU has got it all wrong.This week Barroso yet again warned the hopeful Scots that […]

The members of OPEC meet in Vienna this week with nothing major to discuss. Despite economic uncertainty and political turmoil in the Middle East, oil prices remain over $100 per barrel, and production has not wavered far from the quota of 30 million barrels per day in quite some time.But OPEC workers had to hustle […]

Germany may inadvertently be opening a door for Berlusconi to make a political comeback.Polls cited in the Financial Times show growing anti-German sentiment in Italy: 83 per cent [of Italians are] saying Germany’s influence in the EU is “too strong”, up from 53 per cent in October 2011. In addition, 74 per cent of Italians […]