President Joe Biden’s 2025 budget blueprint, if implemented, would lead to record spending, soaring debt, and trillion-dollar deficits becoming the new norm. Despite billions in higher taxes, middle-class Americans frustrated by rising prices should expect more of the same under Bidenomics.
Jeremiah Manele was selected as the new Prime Minister of the Solomon Islands in a secret ballot, winning 31 votes. The election followed a national election that did not deliver a majority to any political party. Manele, who has pledged to continue the nation’s foreign policy favoring China, received support from the incumbent Prime Minister’s party. The election was closely watched by China, the U.S., and Australia due to its potential impact on regional security. Manele’s party won 15 seats and formed a coalition with two micro parties to gain majority support in the 50-seat parliament.
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.
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.
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.
President Joe Biden’s budget proposal includes plans to increase corporate tax rates, which could ultimately result in higher costs for consumers and impact low- and middle-income Americans more than raising individual income tax rates. The proposal is criticized for potentially hurting average workers who rely on investments in pension plans, 401(k)s, and other vehicles for long-term benefit.
U.S. intelligence agencies have determined that Russian President Vladimir Putin probably did not order the killing of opposition politician Alexei Navalny at an Arctic prison camp in February. Putin denied state involvement and had considered exchanging Navalny with the West. The U.S. assessment, based on classified intelligence and public facts, did not absolve Putin of overall responsibility for Navalny’s death, given the history of targeting Navalny by Russian authorities.
Fact: U.S. intelligence agencies have determined that Russian President Vladimir Putin probably didn’t order opposition politician Alexei Navalny killed at an Arctic prison camp in February.
Fact: Hundreds of Turkish Cypriots took to the streets to protest against the north’s ‘government’.
Fact: Candidacies are being submitted for local elections in the Paphos district, with the elections set to take place on June 9.