UK employers plan 4 per cent pay rises in coming year
British employers expect to raise wages by 4 per cent over the coming 12 months, according to a survey by the Chartered Institute of Personnel and Development.
interest rates
Trump’s $4 trillion of tax cuts loom over the election
The winner of November’s presidential election will face a challenge with the expiration of nearly trillion in tax cuts next year.
Gold extends rally near $2,360 amid geopolitical risks
The price of gold (XAUUSD) rose to ,360 due to rising geopolitical tensions in the Middle East, boosting safe-haven flows.
Options for Navigating the 2025 Tax Cuts and Jobs Act Expirations
The text discusses the upcoming expiration of the 2017 Tax Cuts and Jobs Act (TCJA) in 2025 and provides insight into various tax reform options. Lawmakers will need to decide on priorities for tax reform, including maintaining the TCJA policies or implementing fundamental reforms. The text outlines two alternative reform options that focus on better cost recovery for business investment, lower individual rates, and a broader tax base. These options aim to grow the economy, provide revenue, and avoid increasing the deficit. Lawmakers are encouraged to prioritize growth and fiscal responsibility in designing tax legislation to prevent a tax hike in 2025.
Biden plans for higher taxes on the ultra-wealthy and corporations to extend middle-class tax breaks
Director of the National Economic Council Lael Brainard spoke at the White House about the upcoming debate over trillions in expiring tax breaks enacted by former President Donald Trump. Several provisions from the Tax Cuts and Jobs Act of 2017 will expire after 2025 without changes from Congress, including lower federal income tax brackets, a higher standard deduction, and doubled estate and gift tax exemption. The Republicans’ tax package also permanently reduced corporate taxes. Brainard emphasized the need to end tax breaks for the ultra-wealthy and scale back costly corporate tax breaks. The debate over extending the tax breaks comes amid concerns about the national debt. Biden’s administration aims to extend provisions for middle-class Americans funded by raising taxes on the ultra-wealthy and corporations. House Republicans are studying solutions to address the upcoming tax cliff in 2025.
Biden White House highlights a coming showdown with GOP over 2017 tax cuts that are due to expire
The winner of November’s presidential election will face a challenge with the expiration of nearly trillion in tax cuts next year. Biden’s White House is highlighting the issue and emphasizing differences with Republicans over taxes. Biden wants to raise taxes on corporations and the ultra-wealthy to support the middle class. Trump argues that tax increases would harm the economy. The 2017 tax cuts failed to deliver the promised growth. Biden wants to extend middle-class tax cuts while raising taxes on profitable companies and the richest Americans. Trump believes growth comes from choices made by companies and wealthy investors, while Biden believes it comes from spending and saving by middle-class households. Extending all of Trump’s tax cuts would add .6 trillion to budget deficits through 2034. Biden’s plan does not include the cost of extending tax cuts for those making under 0,000. Republicans may need to consider spending cuts to address the higher debt load from extending tax cuts.
Sterling rises after UK economy beats expectations and exits recession
The British economy grew by 0.6 per cent in the first quarter of the year, beating expectations and leaving behind a mild recession in 2023.
IRS: No Change in Tax Interest Rates for Q3 2024
The IRS announced that interest rates for tax overpayments and underpayments will remain the same for the calendar quarter beginning on July 1.
Warner Bros Discovery squeezed by studio slump, weak ad spending
Warner Bros Discovery posted a larger than expected quarterly loss due to slumping advertising sales at its cable TV unit and fallout from Hollywood strikes and poor demand for a “Suicide Squad” game.
Timur Turlov discusses Cyprus operations: Freedom24, ’s key to European market
Fact: Freedom Holding Corp. is planning to obtain banking licenses in Cyprus as part of its strategic priorities.