Americans

Biden tax plan would pummel average Americans – West Hawaii Today

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Biden tax plan would pummel average Americans - West Hawaii Today

President Joe Biden’s 2025 budget blueprint, if implemented, would result in record spending, soaring debt, trillion-dollar deficits, and higher taxes, particularly on corporations. Despite Biden’s promise not to increase taxes on those earning less than 0,000 a year, the proposed corporate tax hikes would ultimately impact all Americans, including middle-class families. The plan mirrors Bernie Sanders’ approach of targeting corporations, but experts argue that these taxes are ultimately passed on to consumers, employees, and investors, including those with pension plans and retirement accounts. Republicans may use these economic realities to challenge Biden’s proposals in the upcoming campaign.

Would Biden Really Scrap The TCJA? Would That Raise Everyone’s Taxes?

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Would Biden Really Scrap The TCJA? Would That Raise Everyone’s Taxes?

President Biden posted on social media that he plans to let the individual provisions of the 2017 Tax Cuts and Jobs Act expire at the end of 2025, leading to criticism and accusations of tax hikes for all. However, Biden’s budget includes ways to revise the TCJA without raising taxes for all households, potentially cutting taxes for some and raising them for others. Biden has promised not to raise taxes for those making 0,000 or less, but it remains unclear if this includes corporate taxes. Biden’s plan to revise the TCJA while retaining some key features has led to debates on whether he is scrapping the law or simply rewriting parts of it. The tax law is constantly evolving, and major changes are not binary exercises, with some provisions surviving while others are remade. Biden’s plan to let the TCJA expire in name is seen as an attempt to move away from Trump’s tax policies, which were unpopular with the public.

Walmart to shut all health clinics in US over lack of profitability

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Walmart to shut all health clinics in US over lack of profitability

Walmart is closing all 51 of its health clinics and shutting its virtual health care operations due to lack of profitability and unsustainable business model.

Russia-US judicial thriller in Cyprus

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Russia-US judicial thriller in Cyprus

A legal battle over the extradition of businessman Artur Petrov, who is accused by the US of supplying microelectronic components for Russia’s military invasion of Ukraine, has been ongoing in Cyprus since last August. The Court of Appeal recently overturned a decision blocking his extradition, leading to a potential appeal to the Supreme Court. This case has political dimensions and international implications, with Russian news agency TASS closely following the developments.

Two plus one critical missions – Migration, Cyprus problem, and “Amalthea”

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Two plus one critical missions – Migration, Cyprus problem, and “Amalthea”

– Nikos Christodoulides and Ursula von der Leyen are traveling to Lebanon to address the migration issue with a 400 million euro assistance package.
– The completion of the Gaza pier is imminent, allowing for humanitarian aid shipments to resume.
– María Angela Holguín Cuéllar’s visit to Cyprus is crucial for addressing the Cyprus problem and potentially restarting talks.

US Justice Department takes step to make marijuana use a less serious crime

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US Justice Department takes step to make marijuana use a less serious crime

The U.S. Justice Department is moving to make marijuana use a less serious federal crime by recommending it be reclassified as a schedule three drug with lower penalties. This shift could bridge the gap between state and federal cannabis laws, leading to more research, medical use, lighter criminal penalties, and increased private investment in the cannabis sector. President Joe Biden initiated a review of the drug’s classification, and public support for marijuana legalization has significantly increased. Reclassifying marijuana could also benefit cannabis businesses by allowing their shares to be listed on major stock exchanges, receiving more generous tax deductions, and facing fewer restrictions from banks.

Biden Tax Increases Won’t Hit Middle Class, Yellen Says

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Biden Tax Increases Won’t Hit Middle Class, Yellen Says

Republicans pressed Treasury Secretary Janet Yellen on President Biden’s tax proposals and the fate of the Trump tax cuts that will expire in 2025.

Rep. Blake Moore, Treasury Secretary Janet Yellen argue over whether Trump-era tax cuts benefitted the middle class

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Rep. Blake Moore, Treasury Secretary Janet Yellen argue over whether Trump-era tax cuts benefitted the middle class

Tax policy has an impact on the economy, with Utah Rep. Blake Moore and Treasury Secretary Janet Yellen disagreeing on whether former President Donald Trump’s tax framework or President Joe Biden’s proposed one is more beneficial. Moore argues that the Tax Cuts and Jobs Act of 2017 helped strengthen the economy, while Yellen believes the Trump-era tax cuts disproportionately benefited the wealthy. Biden has proposed raising the corporate tax rate to 28%, with the administration aiming to increase taxes for billionaires and corporations to reduce the national debt. Yellen assures that families earning less than 0,000 will not face a tax hike under Biden’s plan.

Congratulations, you survived another tax season—and paid a higher rate than top American companies

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Congratulations, you survived another tax season—and paid a higher rate than top American companies

Fact: The pharmaceutical industry pays the lowest effective tax rate in 2022 at 11.6%, with some companies like Pfizer and Abbvie paying even lower rates.

Biden Embraces a Wealth Tax to Address Racial Wealth Inequality

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Biden Embraces a Wealth Tax to Address Racial Wealth Inequality

President Biden and Treasury Secretary Janet Yellen have proposed a massive wealth tax redistribution scheme, including taxes on unrealized gains, in their Fiscal Year 2025 proposal.