policy

Outside NYC, Brookhaven IDA rakes in highest fees in 2021

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Outside NYC, Brookhaven IDA rakes in highest fees in 2021

The Brookhaven IDA brought in over million in revenue in 2021 from fees for corporate tax breaks, making it the highest revenue generator outside of New York City. The largest revenue boost came from tax abatements for NorthPoint Development and Winters Brothers’ rail terminal project. The IDA has faced criticism for prioritizing transaction fees over economic development, with concerns raised about the impact on schools and public services. The IDA is considering providing tax breaks for a diesel truck terminal in North Bellport, with concerns about the potential impact on school funding. The board has also imposed a moratorium on tax breaks for warehouse projects over 100,000 square feet due to concerns about oversupply and vacancy rates in the region.

Does Your State Have a Gross Receipts Tax?

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Does Your State Have a Gross Receipts Tax?

The text discusses gross receipts taxes, which are imposed on businesses based on their gross sales before deducting operating costs. Seven states have a state-level gross receipts tax, while three allow municipalities to assess it locally. Gross receipts taxes have a long history but have fallen out of favor in recent decades. States often differentiate tax rates based on industry or revenue levels. Some states, like Nevada and Washington, have poorly structured gross receipts taxes that are legally problematic. Ohio and Oregon have recently made changes to their gross receipts taxes. Overall, the text argues that gross receipts taxes are harmful and should be replaced with a well-structured corporate income tax.

Government prepares subsidies for elderly care

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Government prepares subsidies for elderly care

The government is preparing subsidies for elderly people who require long-term care in nursing homes but face financial constraints.

Criminal gangs, profiteers thrive in Gaza as cash shortage worsens misery

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Criminal gangs, profiteers thrive in Gaza as cash shortage worsens misery

A shortage of banknotes in Gaza is causing chaos, with only a few ATMs operational in the southern city of Rafah. Residents are facing long waits and sometimes paying fees to access cash, as armed gangs exploit the situation. The conflict has led to a lack of liquidity in the enclave, with hundreds of millions of shekels stuck in bank vaults. Essential goods remain scarce, and some merchants are profiteering from the shortage by charging high commissions. Gaza’s economy relies heavily on Israel, which has blocked cash imports since the start of the war.

Mandatory safety training for construction workers implemented

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Mandatory safety training for construction workers implemented

Labour Minister Yiannis Panayiotou signed off on a compulsory provision guaranteeing safety and health training for all construction industry workers in the country. The ‘Safe Pass’ card will serve as proof of basic safety and health training at worksites.

How Did the TCJA Affect Corporate Tax Revenues?

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How Did the TCJA Affect Corporate Tax Revenues?

Fact: The 2017 Tax Cuts and Jobs Act (TCJA) lowered the top corporate tax rate from 35 to 21 percent, leading to a sharp drop in corporate tax revenues initially, but they returned to pre-TCJA levels starting in 2021.

Can investment tax reform boost economic growth? – Economics Observatory

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Can investment tax reform boost economic growth? - Economics Observatory

Taxation, especially on capital income such as corporate and capital gains taxes, can reduce investment, distort resource allocation, and hinder economic growth. High government debt and stagnant productivity in the UK make the relationship between tax policies and growth crucial. One way to increase growth could be through tax reforms that promote investment and innovation without significantly reducing government revenue. Expanding full expensing to all forms of investments and adjusting dividend and capital gains tax rates could be potential strategies to boost growth. The balance between higher revenues from corporate income taxes and increased investment from dividend and capital gains taxes is a significant challenge for policymakers.

Trump’s $4 trillion of tax cuts loom over the election

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Trump’s $4 trillion of tax cuts loom over the election

The winner of November’s presidential election will face a challenge with the expiration of nearly trillion in tax cuts next year.

Donald Trump pledges tax cuts for ‘middle class, upper class, lower class, business class’ if wins a second term as president

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Donald Trump pledges tax cuts for ‘middle class, upper class, lower class, business class’ if wins a second term as president

Donald Trump has pledged to double down on tax cuts if he wins a second term as president, promising a big tax cut for middle class, upper class, lower class, and business class. Biden, on the other hand, has called for tax hikes on businesses and the richest Americans.

Tatar is , ‘running away from the fight’

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Tatar is , ‘running away from the fight’

Turkish Cypriot leader Ersin Tatar is “running away from the fight” for Turkish Cypriots’ rights, according to opposition party CTP leader Tufan Erhurman. The distance between the Turkish Cypriot people and Ersin Tatar is widening, and there is no plausible explanation for Tatar avoiding a tripartite meeting. Rauf Denktash wasted his life, and the Turkish Cypriots have no demand to join the EU as long as Turkey is not a member.