DAILY DOSE: March 26, 2022
Posted on 03/26/2022
1. HIGHER FOOD PRICES. Western sanctions on Russia are playing a role in rising U.S. food prices, in which inflation remains the key contributor. The costs of fuel and fertilizer are impacting American farmers’ profits. American farmers are also concerned on overplanting if the Ukraine-Russia conflict eases.
2. BIDEN PUSHES FOR BILLIONAIRE MINIMUM INCOME TAX. U.S. President Biden is pushing a “Billionaire Minimum Income Tax” that would assess a 20% minimum tax rate on U.S. households worth more than US$ 100 million. The White House believes that over half the revenue could come from those worth more than US$ 1 billion. If a wealthy household is already paying 20% on their full income, they won’t pay an additional tax under the proposal. The new tax proposal is part of Biden’s 2023 budget expected to be released on Monday.
3. BLOODY CIVIL WAR RAGE AND IS NOW IN ITS 16TH MONTH. Despite Russia’s invasion of Ukraine making global headlines, Ethiopia is locked in a bloody civil war in its 16th month. The civil war pits Prime Minister Abiy Ahmed’s government forces and the rebel Tigray People’s Liberation Front (TPLF). Ethiopia is Africa’s second-most populous nation. Civilians in the northern province are caught in the crossfire.
World Health Organization Director-General Tedros Adhanom Ghebreyesus, a native Ethiopian, says there is “nowhere on earth where the health of millions of people is more under threat” than the Tigray region.
War broke out between Tigray’s rulers the TPLF and the central government led by Abiy in November 2020. Abiy sent soldiers to the Tigray region to remove the northern region’s governing party, the Tigray People’s Liberation Front, from power accusing it of attacking a military base. The conflict escalated to Amhara and Afar regions.
4. BIDEN SAYS PUTIN CANNOT REMAIN IN POWER. In Poland’s capital, U.S. President Biden said Saturday that Russian President Vladimir Putin “cannot remain in power.” The White House later updated that Biden was not calling for a new government in Russia.
5. The Omicron sub-variant BA.2 is quickly becoming the dominant variant of COVID-19 in the U.S.
