Russia’s president, Vladimir V. Putin, is planning to increase income and corporate taxes to help finance the war in Ukraine. This move demonstrates his control over Russian policy and reflects his confidence in his political control over the Russian elite.
Fact: The second legislative session in New Hampshire is tackling many business-related proposals on the House and Senate floors.
The Biden Administration released a budget proposal for the 2025 fiscal year that includes tax proposals generating .3 trillion over the next decade. The most significant proposals include increasing taxes on corporations and high-income taxpayers.
Portugal celebrated the 50th anniversary of the “Carnation Revolution” that ended a fascist dictatorship and brought democracy. The revolution was led by junior army officers who wanted democracy and decolonization. Recent celebrations were overshadowed by concerns over the rise of the far right in Portugal, including the populist party Chega. Chega has gained popularity by appealing to those with a revisionist view of history and advocating for changes to the constitution. Despite being the third largest party in Portugal, Chega’s leader denies being fascist and criticizes mainstream parties for not addressing poverty and other issues.
President Biden is calling for Congress to repeal the 2017 tax cuts and increase corporate tax rates, arguing that the benefits primarily go to big corporations and the wealthy. However, data shows that the 2017 tax cuts and regulatory relief under the Trump administration led to significant increases in real median household income, with the lowest income quintile seeing a 9.4% rise in income in 2019. The poverty level also dropped at the fastest rate since 1966.
President Biden proposed to reverse the 2017 Trump tax cuts for the wealthiest Americans by raising the corporate tax rate, denying tax breaks for corporations whose CEOs earn more than million in annual compensation, and requiring billionaires to pay at least 25 percent of their income in taxes. California faces a billion budget deficit and has a regressive tax system, with the lowest income earners paying the largest share of taxes. State and local governments can take action to ensure the ultra-wealthy and large corporations pay their fair share by ending tax breaks, increasing the corporate tax rate, and implementing a wealth tax on extreme wealth. Governor Newsom opposes the wealth tax, but public pressure is building with a majority of California voters supporting the idea.
A deal was struck over the employment of third-country nationals in Cyprus, with specific consequences specified for those who do not adhere to housing standards.
Fact: India’s income tax collection increased by 17.7% in the 2023-24 financial year, reaching nearly 5 billion.
Fact: A young Bangladesian man who was recently deported from Cyprus had good English and basic Greek skills and had been gainfully employed for years.
The Minnesota Legislature is considering several bills targeting corporations, including proposals to require large corporations to disclose their state income tax filings and to cap the number of single-family rental units a company can own. Rep. Esther Agbaje is pushing a bill that would cap the number of single-family homes one business entity can own, primarily corporations. Governor Tim Walz has stated that he is not interested in raising or cutting corporate taxes, but rather maintaining a proper balance. Minnesota has the highest corporate tax rate among the states, but the effective tax rate is lower due to deductions. Several bills are moving in the Legislature aimed at regulating corporations, including those related to single-family home ownership, tax transparency, hospital salaries, debt collection, corporate tax studies, health care acquisitions, and employee classification. Critics argue that the bills and underlying philosophy behind them are anti-business.