American opinion: Biden tax plan would pummel average Americans
The Biden tax plan includes increasing the U.S. corporate tax rate by one-third to 28 percent and proposing a 40 percent leap in the corporate alternative minimum tax.
inflation
Weekly IRS Roundup April 22 – April 26, 2024 | JD Supra
The IRS released guidance on proposed regulations for transferring tax return information to the US Census Bureau and disclosed additional tax return information to the US Secretary of Commerce.
USD weakens on poor NFP data, slower wage growth
The USD weakened on Friday as the U.S. Bureau of Labor Statistics reported weak labor demand and slowing wage growth in April.
Yen gains on US dollar
The Japanese Yen is having one of its best weeks in history against the US Dollar, with the USDJPY pair dropping from roughly 160.00 to 153.00 due to interventions. The US Dollar Index is holding around 105.00, and there is speculation on how long the effects of the interventions will last. Japanese companies are facing issues due to the weak Yen, and tourism is boosting local inflation. The US Jobs Report data for April is expected to influence the market on Friday. The rate differential between the US and Japan is not likely to sustain the JPY appreciation.
World food prices up in April for second month, says UN agency
The United Nations food agency’s world price index rose for a second consecutive month in April due to higher meat prices, small increases in vegetable oils and cereals, despite declines in sugar and dairy products.
Corporate Taxes Before and After the Trump Tax Law
– America’s largest, consistently profitable corporations saw their effective tax rates fall from an average of 22.0 percent to an average of 12.8 percent after the Trump tax law went into effect in 2017.
– The 296 largest and consistently profitable U.S. corporations paid 0 billion less in taxes from 2018 to 2021 compared to before the Trump tax law.
– While profits for these corporations rose by 44 percent after the Trump tax law, their federal tax bills dropped by 16 percent.
– The number of corporations paying tax rates of less than 10 percent increased from 56 to 95 after the Trump tax law.
– Many well-known corporations, including Walmart, Verizon, Disney, and Meta, had the largest tax reductions after the Trump tax law.
Consumers , ‘waiting until last minute’ for Easter shopping
Fact: Cypriot consumers are waiting until the last minute to do their Easter shopping.
OECD upgrades global growth outlook as US outperforms
The global economy is growing faster than expected, with the US activity being resilient and inflation converging quickly with central banks’ targets, according to the OECD.
April inflation rate rises to 2.4%
The inflation rate increased by 2.4% in April, with the Consumer Price Index rising by 1.68 points to 117.09. The largest changes were seen in petroleum products, restaurants and hotels, and transport categories. Restaurants and hotels had the greatest impact on the change in CPI compared to April 2023, while transport had the greatest impact compared to the previous month. Petroleum products had the most significant impact on the change in CPI compared to both April 2023 and the previous month.
Cyprus consumer price index rises to 2.4 per cent in April
In April 2024, inflation in Cyprus reached its highest level since October 2023, with the Consumer Price Index rising to 2.4 per cent. This increase was mainly driven by the expiration of subsidies on motor fuel and heating oil, leading to higher prices for oil products.