Florida’s business rent tax set to drop to 2%
Florida’s tax on commercial leases is set to drop to 2% by June 1, two months earlier than expected, due to legislation signed by Governor Ron DeSantis.
Economy
Christodoulos Patsalides sworn in as Central Bank governor
Fact: Christodoulos Patsalides was sworn in as Central Bank governor by President Nikos Christodoulides.
Biggest Corporate Welfare Scam of All Time, by Stephen Moore
President Joe Biden is calling on corporate America to pay their fair share of taxes, but it turns out that some companies, particularly green energy firms, are not paying their fair share. Despite receiving billions in subsidies, wind and solar power industries are among the biggest tax dodgers in the country, paying nearly zero income taxes. These companies have received over a quarter trillion dollars in subsidies over the past two decades, with no significant increase in renewable energy production. Biden’s policies, such as the Inflation Reduction Act, are expected to drain the Treasury of up to .8 trillion over 10 years. The green energy lobby is exempt from Biden’s proposed mandatory 15% minimum corporate tax, highlighting the hypocrisy in his stance on tax evasion. The green energy industry is profiting off climate change hysteria, with little to show for the taxpayer-funded subsidies they receive.
Revenue growth outpaces expenses in early 2024
The General Government’s fiscal surplus exceeded half a billion euros in the first two months of the year, showing an increase of 34% annually, reaching 1.7% of GDP. Total revenues for January-February 2024 increased by 16.7% to €2,328 billion compared to the same period in 2023. Specifically, income from income and wealth taxation increased by 20.1%, social contributions increased by 17.1%, and interest and dividends received increased by 7.7%. Total expenses for the same period increased by 12.3% to €1,793.2 billion, with personnel expenses increasing by 15.8% and social benefits increasing by 12.9%.
Nicaragua seeks to halt German arms exports to Israel at World Court
Nicaragua has asked the International Court of Justice to order Germany to stop military arms exports to Israel and to resume funding for the U.N. Palestinian refugee agency UNRWA, citing a serious risk of genocide in Gaza. Germany denies the allegations and states it has not violated international law. Germany is a major arms exporter to Israel, sending 326.5 million euros in military equipment in 2023. Since October 7, over 33,000 Palestinians have been killed in Israel’s military offensive in Gaza. Germany has resumed some funding to UNRWA in certain regions, but not in Gaza.
Spain to scupper ‘golden visas’ for foreign real estate investors
Spain’s Prime Minister Pedro Sanchez announced the scrapping of the golden visa programme, which grants residency rights to foreigners who make large investments in real estate. The programme, which required a minimum investment of 500,000 euros, will be eliminated to make access to affordable housing a right instead of a speculative business. Portugal has also revamped its golden visa scheme, excluding real estate investment to address a housing crisis.
10% increase in beer deliveries in March
Total beer deliveries in March 2023 increased by 10% compared to the previous year, with domestic deliveries driving the rise. Domestic deliveries amounted to 3.3 million litres, showing an 11.5% increase, while exports decreased by nearly 18% to 0.14 million litres.
Cyprus, Lebanon agree to tackle migrant crisis
Cyprus and Lebanon are cooperating to address the issue of growing migrant flows, particularly Syrian refugees coming from Lebanon. Cyprus has seen an increase in migrants arriving by sea, causing tension between the two countries. Lebanon hosts a large number of Syrian refugees, putting strain on its economy. Cyprus is seeking greater financial assistance from the European Commission to help Lebanon manage the situation. Both countries have agreed to coordinate actions and work with the EU to address the issue.
Nissan Ineligible for Tax Breaks Given to Firms Raising Wages
Nissan Motor Co. has been removed from the list of companies eligible for tax breaks for implementing wage hikes due to unfair reductions of payments to its suppliers.
Germany’s Lindner plays down coalition breakup fears, hails ability to compromise
German Finance Minister Christian Lindner evaded questions about his party leaving the ruling coalition over tough budget talks, stating that compromise has always been reached. Lindner’s comments and low poll ratings have led to speculation about the FDP’s stance on debt-funded public spending. The government is working on the budget for 2025 and the financial plan up to 2028. Lindner aims to achieve an economic turnaround and present a good budget. He presented an idea to free up more funds in budget negotiations by increasing defense spending if debt levels decrease by 2028. Lindner believes it is possible to reach a solution within the current coalition despite challenges.