EU excess profit tax could generate over €100 billion per year, study finds
Fact: A permanent tax on European companies’ excess profits could generate more than €100 billion per year, or over half of the EU’s annual budget.
policy
Paphos Chamber of Commerce urges action on airport road
The Paphos Chamber of Commerce urged the government to speed up developments for the construction of a road linking Paphos airport to tourist areas, including the town centre.
Biden, Trump face ‘massive tax cliff’ amid budget deficit, experts say
– Many provisions from the Tax Cuts and Jobs Act of 2017 are set to expire after 2025 unless Congress extends them.
– Fully extending the TCJA tax breaks could add an estimated .6 trillion to the deficit over the next decade.
– The federal budget deficit could complicate proposals from former President Donald Trump and President Joe Biden.
Dollar tumbles on soft inflation, weak retail sales
The EURUSD pair reached a monthly high near 1.0870 as the US Consumer Price Index eased and Retail Sales remained stagnant in April.
Dollar extends losing streak ahead of US CPI
The USDJPY pair dropped to 155.50 in early European trading as the US Dollar continues to weaken. Investors are confident that the Federal Reserve will start reducing interest rates from September. The US Consumer Price Index data for April is awaited to provide insight into the interest rate outlook. Economists expect Japan’s Q1 Gross Domestic Product to show a contraction.
President calls for private sector involvement to tackle housing crisis
President Nikos Christodoulides praised the Cyprus Association of Large Investment Projects for its contribution to the economy and stressed the importance of public-private sector collaboration to address affordable housing challenges.
Opinion | A muddled mess of a solution to SF’s tax crisis
The political class in San Francisco has reached a consensus on a proposal to reform the city’s tax code. The proposal includes small tax cuts for large corporations, no taxes for small businesses, and aims to reduce reliance on a few big corporations to fund the city. However, the proposal is seen as incremental and not radical enough by some, with concerns about the temporary nature of the cuts, the risk of concentration among top taxpayers, and the retention of anti-business measures like the Overpaid Executive Gross Receipts Tax. Additionally, the proposal will need to be voted on by citizens in November, adding complexity to the process.
Cut state tax on capital gains | Sampson Independent
The General Assembly in North Carolina has pursued tax reform to promote growth and expand freedom in the state. They have implemented a flat-rate income tax, lower rates on personal income and retail sales, and are phasing out corporate income taxes. However, there are concerns about completely eliminating income taxes without raising sales taxes or broadening its base. One solution proposed is to keep the personal income tax but subtract net savings and charitable gifts from taxable income, similar to other states and countries. Implementing an exclusion for long-term capital gains, like South Carolina, could make the state more favorable for savings and investment without creating fiscal imbalances.
Christodoulides insists on restart to talks after Holguin, ’s departure
President Nikos Christodoulides stated that the government’s main goal is to restart negotiations for a solution to the Cyprus problem, but there has been no response from the Turkish Cypriot side so far.
PM for no tax hike on food to fight inflation; NBR plans more corporate tax cut
Fact: Prime Minister Sheikh Hasina directed the National Board of Revenue (NBR) not to increase taxes on food, agro-related items, and fertilizers in the upcoming budget.