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Text 3 Governments are keen on higher eclucation, seeing it as a means to boost social mobility ...

Text 3
Governments are keen on higher eclucation, seeing it as a means to boost social mobility and economic growth. Almost all subsidise tuition-in America, to the tune of $ 200bn a year. But they tend to overestimate the benefits and ignore the costs of expanding university education. Often, public money just feeds the arms race for qualifications.
As more young people seek degrees, the returns both to them and to governments are lower. Employers demand degrees for jobs that never required them in the past and have not become more demanding since.
Spending on universities is usually justified by the "graduate premium" - the increase in earnings that graduates enjoy over non-graduates. These individual gains, the thinking goes, add up to an economic boost for society as a whole. But the graduate premium is a flawed unit of reckoning. Part of the usefulness of a degree is that it gives a graduate jobseeker an advantage at the expense of non-graduates. It is also a signal to employers of general qualities that someone already has in order to get into a university. Some professions require qualifications. But a degree is not always the best measure of the skills and knowledge needed for a job. With degrees so common, recruiters are using them as a crude way to screen applicants. Non-graduates are thus increasingly locked out of decent work.
In any case, the premium counts only the winners and not the losers. Across the rich world, a third of university entrants never graduate. It is the weakest students who are drawn in as higher education expands ancl who are most likely LO drop out. They pay fees and sacrifice earnings to study, but see little boost iii thcir future incomes. When dropouts are includecl, the expected financial return to starting a degree for the weakest studcnts dwindles to almost nothing.
Governments need to offer the young a wider range of options after school. They should start by rethinking their own hiring practices. Most insist on degrees for public-sector jobs that used to be done by non-graduates. Instead they should seek other ways for non-graduates to prove they have the right skills and to get more on-the-job training.
School-Ieavers should be given a wider variety o:[ ways to gain vocational skills and to demonstrate their employability in the private sector. lf school qualifications were made more rigorous, recruiters would be more likely to trust them as signals of ability. and less insistent on degrees. "Micro-credentials" - short, work-focused courses approved by big employers in fast-growing fields, such as IT - show promise.
Such measures would be more efficient at developing the skills that boost productivity and should save public money. To promote social mobility, governments should direct funds to early-school education and to helping students who would benefit from university but cannot afford it. Young people, both rich and poor, are ill-served by the academic arms race, in which each must study longer because that is what all the rest are doing. It is time to disarm.
34. The author suggests that governments should
  • A. encourage youngsters to work in the private sector.
  • B. make university degrees more rigorous.
  • C. invest heavily in fast-growing fields.
  • D. provide schooIPleavers with more ways to learn.

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Text 1
The European Commission's proposed tax on digital services is intended to make companies such as Google and Uber pay more. The idea is that such firms are gaming the rules at the expense of other taxpayers. The issue is real and needs to be addressed - but the answer under discussion breaks with both established international practice and plain common sense.
Formal talks on the plan are due to start this week. The commission is calling for a 3 percent tax on the turnover of large digital enterprises - those with EU digital revenues over 50 million euros and total global revenues of over 750 million euros. About half the companies affected would be American, the EU estimates.
The commission says it has been left with little choice. The value generated by digital companies doesn't require a physical presence, making them harder to rax. Digital businesses arrange their affairs to exploit this: They allocate income to low-tax jurisdictions and, according to officials, end up paying an effective tax of roughly 10 percent of profits, less than half of the burden carried by traditional businesses.
Officials acknowledge that the right solution is a thorough overhaul of the corporate tax code, especially as it affects international firms selling digital services - and that this should be done not unilaterally but in cooperation with other countries, notably the U. S. Efforts are in fact underway, but progress has been slow, and EU officials have chosen to do something, anything, as soon as possible.
Doing nothing would be better than this. For a start, the plan wouldn't raise much revenue - a meager 5 billion euros each year. And this supposedly fairer tax would bring abnormal results. For instance, companies such as Uber that don't make money will have a new cost to absorb; highly profitable firms with market power, such as Facebook, will be able to pass the tax on to their consumers. Small startups will be exempt from the new tax - unless they're acquired by larger companies. That will discourage consolidations. And the proposal as it stands may tax more activities than intended: Some financial services, for example, seem to be within its scope In its zeal to tax digital enterprises, the commission departs from many of its own stated principles. Its plan would probably require accessing individual, not just anonymized, user data. This runs counter to the EU's strict new rules on privacy, coming into force next month.
Efforts to design a multinational solution need to be stepped up, not set aside. The goal should be a fair, multilateral framework that recognizes the complexity of the new digital economy while respecting the sovereignty of nations to set their own tax policy. That's an international challenge demanding an international solution.
21. According to the first two paragraphs, the EU digital tax proposal
  • A. protects European industries from competition.
  • B. aims to updaic esiablished international practice.
  • C. is a blow to top digital companies.
  • D. binds only America's tech giants.
2 单选题 0分
Text 1
The European Commission's proposed tax on digital services is intended to make companies such as Google and Uber pay more. The idea is that such firms are gaming the rules at the expense of other taxpayers. The issue is real and needs to be addressed - but the answer under discussion breaks with both established international practice and plain common sense.
Formal talks on the plan are due to start this week. The commission is calling for a 3 percent tax on the turnover of large digital enterprises - those with EU digital revenues over 50 million euros and total global revenues of over 750 million euros. About half the companies affected would be American, the EU estimates.
The commission says it has been left with little choice. The value generated by digital companies doesn't require a physical presence, making them harder to rax. Digital businesses arrange their affairs to exploit this: They allocate income to low-tax jurisdictions and, according to officials, end up paying an effective tax of roughly 10 percent of profits, less than half of the burden carried by traditional businesses.
Officials acknowledge that the right solution is a thorough overhaul of the corporate tax code, especially as it affects international firms selling digital services - and that this should be done not unilaterally but in cooperation with other countries, notably the U. S. Efforts are in fact underway, but progress has been slow, and EU officials have chosen to do something, anything, as soon as possible.
Doing nothing would be better than this. For a start, the plan wouldn't raise much revenue - a meager 5 billion euros each year. And this supposedly fairer tax would bring abnormal results. For instance, companies such as Uber that don't make money will have a new cost to absorb; highly profitable firms with market power, such as Facebook, will be able to pass the tax on to their consumers. Small startups will be exempt from the new tax - unless they're acquired by larger companies. That will discourage consolidations. And the proposal as it stands may tax more activities than intended: Some financial services, for example, seem to be within its scope In its zeal to tax digital enterprises, the commission departs from many of its own stated principles. Its plan would probably require accessing individual, not just anonymized, user data. This runs counter to the EU's strict new rules on privacy, coming into force next month.
Efforts to design a multinational solution need to be stepped up, not set aside. The goal should be a fair, multilateral framework that recognizes the complexity of the new digital economy while respecting the sovereignty of nations to set their own tax policy. That's an international challenge demanding an international solution.
22. To which of the following would EU officials most probably agree?
  • A. Traditional business lax cut is necessary in the digital era.
  • B. The pace of global corporate tax reform is too slow.
  • C. Europe should reduce the number of Iow-tax jurisdictions.
  • D. Corporate tax code is being revised in favor of the U, S.
3 单选题 0分
Text 1
The European Commission's proposed tax on digital services is intended to make companies such as Google and Uber pay more. The idea is that such firms are gaming the rules at the expense of other taxpayers. The issue is real and needs to be addressed - but the answer under discussion breaks with both established international practice and plain common sense.
Formal talks on the plan are due to start this week. The commission is calling for a 3 percent tax on the turnover of large digital enterprises - those with EU digital revenues over 50 million euros and total global revenues of over 750 million euros. About half the companies affected would be American, the EU estimates.
The commission says it has been left with little choice. The value generated by digital companies doesn't require a physical presence, making them harder to rax. Digital businesses arrange their affairs to exploit this: They allocate income to low-tax jurisdictions and, according to officials, end up paying an effective tax of roughly 10 percent of profits, less than half of the burden carried by traditional businesses.
Officials acknowledge that the right solution is a thorough overhaul of the corporate tax code, especially as it affects international firms selling digital services - and that this should be done not unilaterally but in cooperation with other countries, notably the U. S. Efforts are in fact underway, but progress has been slow, and EU officials have chosen to do something, anything, as soon as possible.
Doing nothing would be better than this. For a start, the plan wouldn't raise much revenue - a meager 5 billion euros each year. And this supposedly fairer tax would bring abnormal results. For instance, companies such as Uber that don't make money will have a new cost to absorb; highly profitable firms with market power, such as Facebook, will be able to pass the tax on to their consumers. Small startups will be exempt from the new tax - unless they're acquired by larger companies. That will discourage consolidations. And the proposal as it stands may tax more activities than intended: Some financial services, for example, seem to be within its scope In its zeal to tax digital enterprises, the commission departs from many of its own stated principles. Its plan would probably require accessing individual, not just anonymized, user data. This runs counter to the EU's strict new rules on privacy, coming into force next month.
Efforts to design a multinational solution need to be stepped up, not set aside. The goal should be a fair, multilateral framework that recognizes the complexity of the new digital economy while respecting the sovereignty of nations to set their own tax policy. That's an international challenge demanding an international solution.
23. The author believes ihat the commission's tax plan would
  • A. ultimately harm consumers
  • B. benefit some financial services
  • C. help curb monopoly power
  • D. force privacy rules to be modified.
4 单选题 0分
Text 1
The European Commission's proposed tax on digital services is intended to make companies such as Google and Uber pay more. The idea is that such firms are gaming the rules at the expense of other taxpayers. The issue is real and needs to be addressed - but the answer under discussion breaks with both established international practice and plain common sense.
Formal talks on the plan are due to start this week. The commission is calling for a 3 percent tax on the turnover of large digital enterprises - those with EU digital revenues over 50 million euros and total global revenues of over 750 million euros. About half the companies affected would be American, the EU estimates.
The commission says it has been left with little choice. The value generated by digital companies doesn't require a physical presence, making them harder to rax. Digital businesses arrange their affairs to exploit this: They allocate income to low-tax jurisdictions and, according to officials, end up paying an effective tax of roughly 10 percent of profits, less than half of the burden carried by traditional businesses.
Officials acknowledge that the right solution is a thorough overhaul of the corporate tax code, especially as it affects international firms selling digital services - and that this should be done not unilaterally but in cooperation with other countries, notably the U. S. Efforts are in fact underway, but progress has been slow, and EU officials have chosen to do something, anything, as soon as possible.
Doing nothing would be better than this. For a start, the plan wouldn't raise much revenue - a meager 5 billion euros each year. And this supposedly fairer tax would bring abnormal results. For instance, companies such as Uber that don't make money will have a new cost to absorb; highly profitable firms with market power, such as Facebook, will be able to pass the tax on to their consumers. Small startups will be exempt from the new tax - unless they're acquired by larger companies. That will discourage consolidations. And the proposal as it stands may tax more activities than intended: Some financial services, for example, seem to be within its scope In its zeal to tax digital enterprises, the commission departs from many of its own stated principles. Its plan would probably require accessing individual, not just anonymized, user data. This runs counter to the EU's strict new rules on privacy, coming into force next month.
Efforts to design a multinational solution need to be stepped up, not set aside. The goal should be a fair, multilateral framework that recognizes the complexity of the new digital economy while respecting the sovereignty of nations to set their own tax policy. That's an international challenge demanding an international solution.
24. What is the ultimate goal that digital tax legislation should pursue?
  • A. Efficient unilateral solution.s.
  • B. Simplified corporate tax systems
  • C. A global cooperative approach
  • D. An anti-tax avoidance package