Politics / June 25, 2024 Yes, they disagree on Gaza. But the Democratic primary rivals are also far apart when it comes to taxing billionaires and multinational corporations. Ad Policy Jamaal Bowman and George Latimer during a debate on May 13, 2024.(News12) Media coverage of Tuesday’s Democratic primary battle between US Rep. Jamaal Bowman—the progressive … Read more
The IRS plans to shut down a tax loophole used by large, complex partnerships, allowing the U.S. Department of Treasury to raise an estimated $50 billion or more in revenue over 10 years. The move is the latest in a series of faltering efforts the IRS has taken to hold the ultrawealthy more accountable, and … Read more
The benchmark West Texas Intermediate (WTI) attracted fresh buyers in Asian trading on Wednesday and reversed a part of the previous day’s retracement slide from the $81.65 area, or a nearly two-month top. The US crude oil currently trades around $81.00/barrel, up over 0.50% for the day amid persistent geopolitical tensions stemming from Israeli strikes … Read more
“Just the FACTs” is a round-up of news stories and information regarding efforts to combat corrupt financial practices, including offshore tax haven abuses, corporate secrecy, and money laundering through the financial system. Send feedback or items for future newsletters to Thomas Georges at tgeorges@thefactcoalition.org Here is the State of Play FACT Calls on Congress to … Read more
Silver slumped below Monday’s close and was near $29.40 in Tuesday’s New York trading. XAGUSD faces selling pressure as the US dollar has bounced back strongly after correcting on Monday. The DXY Dollar Index, which tracks the greenback’s value against six major currencies, rebounded from 105.40. The dollar recovered as investors become doubtful over the … Read more
June 20, 2024 Click for PDF Moore v. United States, No. 22-800 – Decided June 20, 2024 Today, in a case widely seen as a test of Congress’s ability to enact wealth taxes, the Supreme Court held narrowly that Congress did not violate the Sixteenth Amendment by requiring U.S. shareholders to pay a one-time tax on … Read more
Sales tax compliance is a bit of an unknown quantity in the US. Calculating the tax gap—the difference between taxes collected and taxes owed—in sales and use tax is much more difficult than the income tax gap. For income tax, there are secondary sources of information available from employers; in sales tax, there is no … Read more
The EURUSD extended its recovery to 1.0740 in Tuesday’s European trading, with the major currency pair rising as growing optimism for the Fed to reduce interest rates twice this year has increased investors’ risk appetite. The US Dollar Index (DXY), which tracks the greenback’s value against six major currencies, has dropped to 105.40 as demand … Read more
PwC has warned that any further increase in taxes would cause a decline in reinvestment by firms operating in Nigeria and exacerbate corporate exits from the country. This warning is contained in its June 2024 report titled: “Nigeria Economic Outlook: Navigating Economic Reforms,” which projected that inflation would decline to 29.5 per cent by the … Read more
June 20, 2024 June 20, 2024 Today, seven of the nine justices on the U.S. Supreme Court upheld the constitutionality of a tax on offshore corporate profits that was one of the few significant revenue-raisers in the Trump tax law. If the Court had agreed with the plaintiffs in the case — as well as … Read more