Saudi Arabia, ’s Q1 GDP falls 1.8 per cent as oil sector weighs
Saudi Arabia’s real gross domestic product (GDP) decreased 1.8 per cent year-on-year in the first quarter due to a decline in oil activities.
investment
Investors scour the globe for shelter as Wall Street shakes
Global investors are looking at European and emerging market assets to protect themselves from turbulence in US stocks and bonds due to stubborn inflation.
Walmart to shut all health clinics in US over lack of profitability
Walmart is closing all 51 of its health clinics and shutting its virtual health care operations due to lack of profitability and unsustainable business model.
US Justice Department takes step to make marijuana use a less serious crime
The U.S. Justice Department is moving to make marijuana use a less serious federal crime by recommending it be reclassified as a schedule three drug with lower penalties. This shift could bridge the gap between state and federal cannabis laws, leading to more research, medical use, lighter criminal penalties, and increased private investment in the cannabis sector. President Joe Biden initiated a review of the drug’s classification, and public support for marijuana legalization has significantly increased. Reclassifying marijuana could also benefit cannabis businesses by allowing their shares to be listed on major stock exchanges, receiving more generous tax deductions, and facing fewer restrictions from banks.
Development in Larnaca even without the mammoth investment in the port and marina
Larnaca stakeholders are concerned about the €1.2 billion investment in the marina and port, but the city’s building boom and other planned investments of hundreds of millions of euros are positive signs for development. At the Property Show Larnaka 2024 conference, the Chamber of Commerce, businessmen, and other stakeholders expressed confidence that the redevelopment of the port and marina will proceed. Businessmen highlighted new projects and foreign investor interest in Larnaca. The city’s development will continue with major projects like the Larnaka-Land of Tomorrow development by Petrolina Group, costing over €1 billion. Other major developments are planned by Patroklos Group and Quality Group.
The Tax Cuts And Jobs Act Mainly Expires In 2025
The fact described in the text is that the 21% corporate flat tax rate enacted under the TCJA is permanent and does not expire.
Rep. Blake Moore, Treasury Secretary Janet Yellen argue over whether Trump-era tax cuts benefitted the middle class
Tax policy has an impact on the economy, with Utah Rep. Blake Moore and Treasury Secretary Janet Yellen disagreeing on whether former President Donald Trump’s tax framework or President Joe Biden’s proposed one is more beneficial. Moore argues that the Tax Cuts and Jobs Act of 2017 helped strengthen the economy, while Yellen believes the Trump-era tax cuts disproportionately benefited the wealthy. Biden has proposed raising the corporate tax rate to 28%, with the administration aiming to increase taxes for billionaires and corporations to reduce the national debt. Yellen assures that families earning less than 0,000 will not face a tax hike under Biden’s plan.
Does Your State Have a Throwback or Throwout Rule?
The text discusses state throwback and throwout rules, which are tax policies that can increase corporations’ tax liability and influence business decision-making. Throwback rules involve sales of tangible property being “thrown back” into the state where the sale originated, increasing the numerator of the apportionment formula and the tax liability for corporations. Meanwhile, throwout rules exclude certain sales from the denominator of the apportionment formula, also increasing tax liability. These rules can erode the competitiveness of states and incentivize businesses to relocate to avoid higher tax burdens.
Digital Taxation around the World
Digital Taxation around the World | Tax Foundation Skip to content taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. policies, a significant number of countries adopted unilateral tax measures targeted at digital businesses, … Read more
Gov. Phil Murphy’s corporate tax to fund NJ Transit should be derailed
Fact: Trenton lawmakers are considering a new tax on businesses to fund NJ Transit, proposed by Gov. Phil Murphy.