inflation

State Tax Rates on Long-Term Capital Gains, 2024

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State Tax Rates on Long-Term Capital Gains, 2024

The text discusses the taxation of capital gains at the state level and the impact of inflation on capital gains taxes. It highlights that 32 states and the District of Columbia overtax capital gains income by subjecting them to the same rate schedule as ordinary income. Only eight states apply lower effective individual income tax rates to long-term gains than to ordinary income. The text also emphasizes the importance of considering all layers of taxes on investment income, including corporate income taxes, to avoid overtaxation.

Rate cut in Q3, after hot US CPI, says deVere boss

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Rate cut in Q3, after hot US CPI, says deVere boss

The CEO of deVere Group predicts that the Federal Reserve will only cut rates once this year, with the next cut not expected until January 2025.

Koumis wants tourism cooperation with other countries

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Koumis wants tourism cooperation with other countries

Fact: Deputy Minister of Tourism, Kostas Koumis emphasized the importance of international collaboration to overcome challenges facing the tourism sector during the 70th Session of the Europe Commission of the World Tourism Organisation (UNWTO) in Tirana.

US consumer prices rise more than expected in March

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US consumer prices rise more than expected in March

U.S. consumer prices rose more than expected in March due to higher gasoline and shelter costs, with the consumer price index increasing by 0.4%. Gasoline and shelter expenses made up over half of the CPI increase. In the 12 months leading to March, the CPI went up by 3.5%, surpassing the Federal Reserve’s 2% inflation target. Economists had predicted a 0.3% monthly increase and a 3.4% year-on-year increase. Despite a decrease from a peak of 9.1% in June 2022, the trend of disinflation has slowed recently. Some economists have postponed expectations for a rate cut to July, while others still believe the Fed may move in June. Fed Chair Jerome Powell has emphasized that there is no urgency to lower borrowing costs. The FedWatch Tool showed a 56.0% likelihood of a rate cut at the June 11-12 meeting. The core CPI, which excludes food and energy components, also rose by 0.4% in March and 3.8% over the 12 months ending in March.

Cyprus real estate sector steaming ahead

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Cyprus real estate sector steaming ahead

The Cyprus real estate market had a strong performance in 2023, with 25,400 transactions worth €5.6 billion. Residential transactions were the main driver, representing 61% of the total market value. Limassol led in district-level performance, while Larnaca saw a remarkable 28% increase in sales value. Industry professionals expect minimal changes in the real estate landscape in 2024, with apartments remaining the preferred investment choice. George Martides from Deloitte Cyprus emphasized the sector’s resilience and the need to address future challenges such as sustainable development and affordable housing through collaboration between the public and private sectors.

Calm before the CPI storm

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Calm before the CPI storm

Investors and traders are cautious ahead of the release of US inflation data, which is expected to rise to 3.4%. If the data exceeds expectations, there is a possibility of a significant market sell-off.

PEO calls for wage increases amidst economic growth

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PEO calls for wage increases amidst economic growth

The General Secretary of PEO emphasized that the organization’s priority is to seek increases in Collective Employment Agreements to improve real wages, particularly focusing on starting salaries. She criticized the government for not taxing windfall profits and called for deeper social policy measures in response to ongoing inflation and new green taxes. She proposed revisions to income criteria for allowances, extension of parental leave, creation of care infrastructure, expansion of all-day schools, multiplication of housing programs, increase in Minimum Guaranteed Income, and resolution of pension issues.

IRS Proposes Regs For Stock Repurchase Excise Tax

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IRS Proposes Regs For Stock Repurchase Excise Tax

The Treasury Department and the IRS issued proposed rules providing guidance on the 1% excise tax on corporate stock buybacks under the Inflation Reduction Act. The tax applies to publicly traded domestic corporations and certain affiliates. The proposed regulations clarify how to calculate and pay the tax, including reporting on Form 720. The tax aims to ensure large corporations pay their fair share and improve tax fairness.

Easter food spending lifts UK retail sales by most since August

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Easter food spending lifts UK retail sales by most since August

An early Easter boosted food spending in Britain last month, lifting retail sales by the most since August.

Euro zone banks lower bar on mortgages but demand keeps falling , – ECB

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Euro zone banks lower bar on mortgages but demand keeps falling , – ECB

Euro zone banks lowered the bar on mortgage approvals last quarter for the first time in over two years, but demand for credit kept falling amid high borrowing costs and a stagnant economy.