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R.I.P GEORGE H.W. BUSH

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President George Herbert Walker Bush died in his home on November 30th following a long battle with Vascular Parkinson’s disease. Below is a brief overview of his life:

  • Born June 12th, 1924 to Prescott Sheldon Bush (1895 – 1972) and Dorothy Bush (1901 – 1992).
  • Attended Greenwich Country Day School
  • Attended Phillips Academy in Andover Massachusetts from 1938
  • Held numerous leadership positions including President of the senior class, secretary of the student council, president of the community fund-raising group, member of the editorial board of the school newspaper, and captain of the varsity baseball and soccer teams
  • Served in the US Navy as a naval aviator from 1942 until 1945
  • Attained the rank of junior-grade Lieutenant
  • Earnt the Distinguished Flying Cross, Air Medal, and President Unit Citation
  • Married Barbara Bush (1925 – 2018) in January 1945
  • Fathered six children: President George W. Bush (1946 – ), Robin Bush (1949 – 1953), Jeb Bush (1953 – ), Neil Bush (1955 – ), Marvin Bush (1956 – ), and Doro Bush (1959 – ).
  • Enrolled at Yale University where he earnt an undergraduate degree in economics on an accelerated program which allowed him to complete his studies in two years.
  • Elected President of the Delta Kappa Epsilon fraternity
  • Captain of the Yale Baseball Team with whom he played two college world series as a left-handed batsman
  • Became a member of the secret Skull and Bones Society
  • Elected Phi Beta Kappa, America’s oldest academic honour society, upon graduating Yale in 1948.
  • Worked as an oil field equipment salesman for Dressler Industries
  • Established Bush-Overby Oil Development Company in 1951
  • Co-founded Zapata Petroleum Corporation, which drilled in Texas’ Permian Basin, in 1953
  • Became President of Zapata Offshore Company
  • After Zapata Offshore Company became independent in 1959, Bush served as its President until 1964 and then Chairman until 1966
  • Elected Chairman of the Harris County, Texas Republican Party
  • Ran against Democrat incumbent Ralph W. Yarborough for the US Senate in 1964, but lost
  • Elected to the House of Representatives in 1966
  • Appointed to the Ways and Means Committee
  • Ran against Democrat Lloyd Bentsen for a seat in the Senate in 1970, but lost
  • Served as the US Ambassador the United Nations from 1971 to 1973.
  • Served as Chairman of the Republican Nation Committee from 1973 to 1974.
  • Appointed Chief of the US Liason Office in the People’s Republic of China from 1974 to 1975.
  • Director of the Central Intelligence Agency from 1976 to 1977.
  • Chairman of the Executive Committee of the First International Bank in 1977
  • Part-time Professor of Administrative Science at Rice University’s Jones School of Businesses in 1978
  • Director of the Council On Foreign Relations between 1977 and 1979.
  • Sought the Republican nomination for President in 1980 but lost to Ronald Reagan.
  • Served as Vice President from 1981 to 1989.
  • Elected President of the United States in 1988.
  • President of the United States from 1989 to 1993.
  • Defeated by Bill Clinton in the 1992 Presidential election
  • Awarded an honourary knighthood by Queen Elizabeth II.
  • Chairman of the board of trustee for Eisenhower Fellowships from 1993 to 1999
  • Chairman of the National Constitution Centre from 2007 to 2009.
  • Became a widower after seventy-three-years of marriage.
  • Died November 30th, 2018 at the age of 94.

 

WHITE HOUSE REVEALS NEW TAX REFORM PLAN

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President Trump unleashed a new plan for tax reform in a speech at the Indianapolis State Fairgrounds on Wednesday.

The plans are the product of discussions between White House Treasury Secretary, Steve Mnuchin, the House Ways and Means Chairman, Kevin Brady, the Senate Finance Chairman, Orrin Hatch, House Speaker, Paul Ryan,  Senate Majority Leader, Mitch McConnell, and White House economic policy chief, Gary Cohn. Their purpose will be to strengthen the middle class, grow the economy, and engender economic recovery by broadening the tax base, closing loopholes, and fostering growth.

According to a press release by the Treasury Department, the reforms will mean that less of the earnings of middle-class families will be subject to Federal income tax, and will reduce the number of tax brackets from seven to three: 12%, 25%, and 35%. It will also increase child tax credits and repeal the death tax and alternative minimum tax.

For business, the reforms seek to reduce the corporate tax rate to 20% and limit the taxation imposed on small and family-based businesses operating as sole proprietorships and small businesses corporations to 25%.

The reforms have received support from both politicians and numerous free-market groups. The Republican Congressman from Wisconsin, Paul Ryan, said on Capitol Hill:

“This has been a long time coming. Instead of a source of pride, our tax code has become a constant source of frustration. It’s too big. It’s too complicated. It’s too expensive. Today, we are taking  the next step to liberate America from our broken tax code.”

Similarly, the House Freedom Caucus, which is comprised of Congress’ most conservative members, said in a statement:

“President Trump has delivered a forward-looking tax reform framework that will let hard-working  Americans keep more of their money, simplify our system, end carve-outs for special interests,  and will help make our businesses competitive abroad. The Freedom Caucus looks forward to sending a final  bill based on this framework to President Trump’s desk as soon as possible.”