Washington

GOP opposition to child tax credit bill could be softening in Senate

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GOP opposition to child tax credit bill could be softening in Senate

Bipartisan legislation to cut taxes for working families and extend certain corporate tax breaks has stalled in the Senate over Republican opposition. The bill includes an expansion of the child tax credit, which could lift 400,000 children out of poverty. Senate Majority Leader Charles E. Schumer has indicated that the bill could be considered for a vote after the April 15 tax deadline. Some GOP lawmakers are willing to support the bill with small changes that the Democratic sponsor has offered, but negotiations with Sen. Mike Crapo have been at a standstill. Trillions of dollars in tax cuts enacted under President Trump are set to expire in 2025, leading to discussions about future tax policy.

How investment firms shield the ultrawealthy from the IRS – ICIJ

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How investment firms shield the ultrawealthy from the IRS - ICIJ

The fact described in the text is that the IRS has received a major infusion of funding, including billion in 2022, to address the issue of large partnerships used by the ultrawealthy to hide income and avoid paying taxes.

Tax The Rich? They’ll Just Leave, Century Of Data Shows

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Tax The Rich? They'll Just Leave, Century Of Data Shows

Fact: When states raise their taxes, Americans making good money leave.

House GOP Plan Slashes Medicare, Social Security, Cuts Corporate Tax

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House GOP Plan Slashes Medicare, Social Security, Cuts Corporate Tax

The Republican Study Committee budget proposes over .5 trillion in cuts to Social Security and raises Medicare costs for seniors. This budget would also lead to longer wait times for seniors and people with disabilities when calling for assistance with Social Security and Medicare.

Why maintaining ASML equipment is the new front in US-China chip war

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Why maintaining ASML equipment is the new front in US-China chip war

The U.S. government is urging allies to prevent computer chip manufacturing equipment companies, such as ASML of the Netherlands, from maintaining tools sold in China to hinder China’s ability to produce advanced computer chips. ASML’s lithography tools are crucial in chipmaking, and denying maintenance could halt chip production in Chinese plants. The Dutch government, a U.S. ally, may deny export licenses for maintenance in some cases but aims to avoid harming ASML or its relations with China. ASML sold a significant amount of equipment to Chinese customers, but its best tools are not sold there. ASML has export licenses to service Chinese customers until the end of the year. If Chinese chipmakers lose maintenance support for ASML equipment, they may face challenges in operating optimally without software updates and specialized parts. ASML’s consequences may be minor initially, but Chinese chipmakers may seek alternatives to using ASML equipment in the future.

Bidenomics: Higher tax rates, more loopholes – Washington Examiner

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Bidenomics: Higher tax rates, more loopholes - Washington Examiner

President Joe Biden has increased the corporate tax rate while also increasing tax loopholes and giveaways, leading to a complex tax code that benefits politicians by increasing government power and influencing the behavior of companies. Biden has signed bills with subsidies and narrow tax breaks for big corporations, doubling narrow corporate breaks despite his rhetoric about fairness. The high tax rate combined with loopholes allows politicians to control company behavior and justify massive giveaways to other groups. Biden’s tax policy has helped his inner circle make millions through lobbying and consulting on the tax code complexity.

Biden’s tax-hike plan would cost the US economy nearly 800K jobs

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Biden's tax-hike plan would cost the US economy nearly 800K jobs

President Biden has proposed tax hikes targeting corporations and wealthy Americans to reduce the national debt. The Tax Foundation found that these tax increases could reduce economic output by 2.2% in the long run, slash wages by 1.6%, and kill about 788,000 full-time equivalent jobs. Biden’s proposal includes a 25% minimum tax rate on households worth more than 0 million, raising the capital gains tax rate, quadrupling the corporate stock buyback tax to 4%, raising the corporate tax rate to 28%, increasing the Medicare tax paid by wealthy Americans, implementing a global minimum tax on multinational corporations, and closing the carried interest loophole used by private equity and hedge fund managers. The tax increases would reduce the federal deficit by about trillion and help fund new programs like a monthly tax credit for homeowners, child care subsidies, and lower prescription drug costs. The corporate income tax proposal is considered the most harmful to economic growth, with higher taxes on corporations alone potentially reducing GDP by 0.9%, wages by 0.8%, and full-time equivalent jobs by 192,000. The proposals are unlikely to gain support in Congress, especially from Republicans who control the House.

No change in policy on Cyprus issue, Tatar says

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No change in policy on Cyprus issue, Tatar says

Ersin Tatar, the Turkish Cypriot leader, stated that negotiations will not begin without acceptance of sovereign equality and equal international status. He emphasized that talks will not start from where they left off in Crans Montana and clarified that reports of proposals from the UN Secretary-General do not correspond to reality. Tatar also mentioned consultations with Turkey and reiterated the need to lift isolation and embargoes imposed on Turkish Cypriots. He expressed opposition to resolution 186 of 1964 and emphasized the support of Turkey in their policy.

Corporate profit bonanza

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Corporate profit bonanza

After-tax corporate profits reached an all-time high of .8 trillion in the last three months of 2023.

Wide swath of US gets buggy as two cicada broods intrude

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Wide swath of US gets buggy as two cicada broods intrude

Two sizable adjacent broods of periodical cicadas are set to emerge simultaneously, one on a 17-year cycle and the other on a 13-year cycle, totaling more than a trillion cicadas. These two broods emerge together only once every 221 years, last occurring in 1803.