inflation

Next Congress Must Overhaul Tax Code to Make Corporations Pay: Coalition | Common Dreams

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Next Congress Must Overhaul Tax Code to Make Corporations Pay: Coalition | Common Dreams

– More than 100 public interest groups wrote to congressional leaders urging them to pass bold new tax reforms following the expiration of the Trump-era tax cuts in 2025.
– The Tax Cuts and Jobs Act (TCJA) has been proven to be a failure, with the average worker not seeing the financial benefits promised.
– The groups outlined three goals for tax reform in 2025: making the tax code fairer, raising more revenue for investments in Americans, and supporting economic growth.
– Extending the individual and real estate tax cuts from the TCJA past 2025 would add .6 trillion to the national deficit.
– The coalition believes that Congress should reject the failed approach of the Bush and Trump tax cuts and create a fairer tax code that supports necessary investments and inclusive growth.
– There is strong public support for making the tax system fairer and using the revenues raised to invest in care for families.

Massachusetts risks losing $1B as wealthy flee for lower-tax states

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Massachusetts risks losing $1B as wealthy flee for lower-tax states

Massachusetts is in danger of losing nearly billion in annual revenue over the coming years due to high state taxes triggering an exodus of wealthy residents. Migration out of Massachusetts has seen a significant increase since 2013, with more than 39,000 people leaving the state. If the trend continues, more than 96,000 residents making a cumulative .2 billion in adjusted gross income will leave the state by 2030, costing Massachusetts about 1 million in income tax revenue each year. Residents cited high tax burden, expensive housing, and healthcare costs as reasons for relocating. Popular destinations for residents fleeing Massachusetts include Florida, New Hampshire, Maine, North Carolina, and Texas. Census data suggests a broader trend of residents moving from higher-tax states to states with lower taxes.

WTI retreats to $77 as Fed dents demand outlook

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WTI retreats to $77 as Fed dents demand outlook

The WTI crude oil price has been on a losing streak for the fifth trading session due to a hawkish outlook on interest rates by Federal Reserve policymakers. Fed officials are uncertain about the disinflation process and are considering further tightening of monetary policy. The next trigger for oil prices will be the OPEC meeting scheduled for June 1 to discuss supply policy.

Dollar consolidates weekly gains ahead of mid-tier data

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Dollar consolidates weekly gains ahead of mid-tier data

The US Dollar strengthened due to upbeat PMI data, with the USD Index closing in positive territory for the fourth consecutive day. The S&P Global Composite PMI showed business activity expanding at an accelerating pace in May. Japan’s National Consumer Price Index rose 2.5% in April. The Reserve Bank of New Zealand stated that lowering interest rates was not being discussed in the near term. UK Retail Sales declined 2.3% in April. Gold fell more than 2% on Thursday.

Bitcoin brilliance: Your guide to successful Crypto ventures

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Bitcoin brilliance: Your guide to successful Crypto ventures

Bitcoin is a pioneering cryptocurrency that was introduced in 2009 by Satoshi Nakamoto. It operates on a decentralized network powered by blockchain technology and has a limited supply of 21 million coins. Bitcoin’s value is characterized by steady growth and appreciation over the long term. Successful Bitcoin investment requires thorough research, a long-term perspective, diversification of the portfolio, risk management, discipline, and patience.

Euros & Dollars: Bad Timing for Lithuania’s Tax Hikes

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Euros & Dollars: Bad Timing for Lithuania's Tax Hikes

The Lithuanian Finance Ministry proposed increasing the corporate tax rate by one percentage point, hiking excise duty on fuel, and introducing a tax on some insurance contracts to raise additional funds for defense.

Oil creeps back up after three days of losses

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Oil creeps back up after three days of losses

Oil prices increased on Thursday despite the US Federal Reserve considering further tightening of interest rates due to persistent inflation. Brent crude futures rose by 0.6% to .41 a barrel, while US West Texas Intermediate crude futures also increased by 0.7% to .08. The Federal Reserve discussed the possibility of raising interest rates to combat inflation, which could impact oil demand. Additionally, US crude stocks rose by 1.8 million barrels last week, and global crude markets have been affected by soft refinery demand and ample supply. Russia exceeded its OPEC+ production quota in April and will present a plan to compensate for the error. OPEC+ will meet on June 1 to decide on production cut levels, with expectations of a rollover of current voluntary cuts.

Dollar loses recovery momentum, eyes on PMIs

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Dollar loses recovery momentum, eyes on PMIs

The Dollar Index (DXY) entered a consolidation phase after reaching a weekly high near 105.00.

UK to hold general election on July 4, as Labour leads polls

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UK to hold general election on July 4, as Labour leads polls

British Prime Minister Rishi Sunak has called for a national election on July 4, where voters will choose between stability with him or the unknown with Labour leader Keir Starmer. Sunak, who is behind in the polls, is taking a risk by calling the election earlier than expected. Both parties have begun campaigning, with Sunak accusing Labour of planning to increase taxes if in power, while Labour criticizes the government for economic mismanagement. If Labour wins, Britain will have had six prime ministers in eight years for the first time since the 1830s. Starmer has pledged to “rebuild Britain” if Labour forms the next government. Sunak hopes to capitalize on uncertainty and economic gains to boost his party’s fortunes in the election.

Case remains for BoE to start cutting rates

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Case remains for BoE to start cutting rates

The CEO of a financial advisory firm believes that the Bank of England should start cutting interest rates this summer despite UK inflation data showing mixed signals.