Economy

Sanders, Schakowsky Introduce Corporate Tax Dodging Prevention Act

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Sanders, Schakowsky Introduce Corporate Tax Dodging Prevention Act

U.S. Sen. Bernie Sanders and Congresswoman Jan Schakowsky introduced a bill to close tax loopholes for corporations, end tax breaks for businesses that move jobs abroad, and stop companies from hiding profits in tax havens. The Corporate Tax Dodging Prevention Act could raise over trillion in revenue over a decade with the tax haven provision alone. President Joe Biden’s budget blueprint includes proposals to hike taxes for corporations and ultrarich individuals.

Sanders Introduces Bill to Combat “Legalized Tax Dodging” for Corporations

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Sanders Introduces Bill to Combat “Legalized Tax Dodging” for Corporations

Fact: The bill introduced by Sen. Bernie Sanders would allow the federal government to collect an additional .3 trillion in tax revenue over the next decade.

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.

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.

Business groups and lawmakers battle over ballot measure to limit California tax increases

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Business groups and lawmakers battle over ballot measure to limit California tax increases

Californians will be paying billions of dollars in federal and state income taxes and property taxes this month. The state of California levies the highest taxes per capita in the nation at ,200 annually, totaling about 0 billion a year. Governor Gavin Newsom has rejected tax hikes and proposes a budget that closes the deficit with spending deferrals, bookkeeping maneuvers, loans, and money from the state’s rainy day reserves. There is increasing discontent among residents about their tax burdens, leading to a rejection of a tax increase measure in 2020. A measure has been qualified for the November ballot that would make raising state and local taxes more difficult, requiring two-thirds votes for any increases. This has sparked a legal and political war between Newsom, the Legislature, and pro-tax interests.

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.