Latest news with #socialEquity
New York Times
02-07-2025
- Business
- New York Times
The First Income Tax in the Persian Gulf Signals a Changing Economic Reality
The concept of an income tax has long created debate and anxiety among the citizens of the fossil fuel-rich countries in the Persian Gulf. But no nation actually introduced one until last week, when Oman announced that it would apply a 5 percent tax starting from 2028 on those who make more than 42,000 Omani riyals, or around $109,000. Officials said that the new tax was intended to promote social equity and reduce the country's dependence on oil and gas, which made up around 70 percent of the state revenues last year. But Oman could also become a testing ground in the region, where the royal families that have ruled for decades have used their resource wealth to subsidize citizens' lives while granting them minimal political participation. Since oil was discovered in the Arabian Peninsula the 1930s, the Gulf's royal families have run an authoritarian form of government that involves sharing some fossil-fuel revenue their citizens through public-sector employment, subsidies and other state benefits — while keeping a significant portion of it for themselves, through mechanisms that are typically opaque. The families have combined that strategy with varying degrees of political repression, enabling them to maintain stable, generally peaceful states while limiting political participation. But that model has come under pressure over the past decade. Oil revenue has fluctuated in several Gulf countries, and their governments have also spent more. They are looking for ways to diversify their economies beyond fossil fuels. In Saudi Arabia, one of the first major policy changes by Mohammed bin Salman, now the crown prince and de facto ruler, was to cut energy subsidies. That sent citizens rushing to gas stations to fill their tanks before price increases took effect. Want all of The Times? Subscribe.
Bloomberg
24-06-2025
- Business
- Bloomberg
Golden Gate Bridge Operator Weighs DEI Retreat on Federal Funding Worry
The head of the transit district that runs San Francisco's iconic Golden Gate Bridge wants to scrap an anti-racism resolution and a policy promoting social equity in its contracting process, citing concerns that the measures could jeopardize $400 million in US funding under President Donald Trump. The bridge is too well known to 'lay low' and hope it could secure the money without its previously approved diversity, equity and inclusion language attracting notice, said Denis Mulligan, general manager of the Golden Gate Bridge, Highway and Transportation District. He said he also considered suing but decided that was too risky and would delay the much-needed funding.
CBS News
06-05-2025
- Business
- CBS News
Minnesota sets June 5 as date for cannabis license application lotteries
The Office of Cannabis Management announced a date Monday for cannabis license application lotteries as the state moves closer to launching its recreational marijuana market. The date is set for June 5 for applicants seeking a cannabis cultivator, cannabis manufacturer and cannabis mezzobusiness license type. The office will also hold a lottery for social equity retailer licenses that day, before a second round for general applicants takes place later in the summer. To qualify as a social equity applicant, one must have been convicted or had a family member convicted of possession or sale of cannabis. Veterans, people who live in high-poverty areas and farm operation workers also qualify. "It's exciting to see the entrepreneurial spirit of our applicants as they get closer to having a license in hand and prepare to open their doors for business," said Jess Jackson, the cannabis management office's director of social equity.
