The abolition of US federal income tax would lead to a shortfall of $2.1 trillion in government revenues, according to an expert read moreFormer US President Donald Trump has proposed abolishing federal income tax if he wins the US presidential election.Trump is the presumptive presidential nominee of the Republican Party and is running against current … Read more
Arkansas Economic Development Commission executive director Clint O’Neal says the push to lower Arkansas’ top personal income tax rate below four percent as well as drop the corporate income tax rate will open the door for more business to come to the state. Gov. Sarah Sanders is calling the Arkansas General Assembly into session Monday … Read more
An aircraft carrying Malawi’s vice president, Saulos Klaus Chilima, and nine others has gone missing, the southern African nation’s presidency said on Monday.Chilima, 51, was aboard a military aircraft that left Lilongwe, the capital, at 09:17 a.m. (0717 GMT), Malawi’s Office of the President and Cabinet said. It said search and rescue operations were ongoing. “All efforts by aviation authorities to make contact with the … Read more
Strategic tax leaders are especially concerned the November U.S. presidential election will lead to changes to certain Inflation Reduction Act renewable energy credits, while tax tacticians are most concerned about changes to federal corporate tax rates, according to a new survey.The 2024 BDO Tax Strategist Survey, released Monday, pointed out that the outcome of the … Read more
The US jobs report highlights a super hot US economy, underscoring that there is a real risk that interest rates won’t be cut until 2025, the CEO of a leading financial advisory and fintech has warned. The U.S. economy added 272,000 non-farm jobs in May, much more than expected, while Wall Street had forecast an … Read more
Fact: Trump did not take the stand and be cross-examined in front of the jury during his trial for falsifying business records.
Key individual and business tax provisions from the Tax Cuts and Jobs Act are set to expire in 2025, including the maximum ordinary income tax rate for individual taxpayers increasing from 37% to 39.6%, the elimination of the 20% pass-through business income deduction, and the halving of the enhanced child tax credit from ,000 to ,000. Corporate taxpayers also face increased tax rates on global intangible low-taxed income, foreign-derived intangible income, and the base erosion and anti-abuse tax.
Russia has announced changes to its tax system, moving from a flat to a progressive system by 2025. The upper rate of income tax will rise from 15% to 22% and for corporate taxes from 20% to 25%. These changes are expected to reduce the budget deficit caused by increased military spending but may not be enough to prevent economic overheating. The tax hikes are modest compared to military and defense spending, which is 6% of GDP and rising. The overall fiscal stance remains expansionary, challenging the central bank’s efforts to combat inflation. Russia’s budget deficit is expected to halve this year and remain flat in 2025, while growth forecasts vary with some predicting modest growth and others more upbeat figures.
Russia has announced changes to its tax system, including a shift to a progressive income tax system in 2025, with the upper rate increasing from 15% to 22% and corporate taxes from 20% to 25%. These changes are expected to reduce the budget deficit caused by increased military spending.
President Joe Biden criticized Donald Trump and other Republicans for questioning the integrity of the guilty verdict in Trump’s hush money jury trial. Biden emphasized that Trump had the opportunity to defend himself, the case was brought by the state, and the verdict was delivered by a jury of 12 citizens. Biden condemned attempts to undermine the U.S. justice system with false allegations and called it reckless, dangerous, and irresponsible. Trump, on the other hand, claimed the trial was politically motivated and suggested that no American was safe from prosecution. The guilty verdict in Trump’s trial has implications for the upcoming presidential election where Trump will try to win back the White House from Biden.