The federal budget mess – NH Business Review
The federal budget recently passed has a trillion deficit, which is the same amount as the entire federal national debt 30 years ago.
income
Opinion: New taxes would be a mistake. Freeland is still likely to hike levies on corporations and the wealthy
Chrystia Freeland is likely to raise taxes on the country’s largest companies and wealthiest citizens in the upcoming budget to increase government revenues and pay for new programs.
Weekly IRS Roundup April 1 – April 5, 2024 | JD Supra
The IRS released guidance on corporate bond monthly yield curve, applicable federal rates, and proposed regulations on production tax credit.
Small business owners ask U.S. House tax writers to extend Trump-era deductions • Michigan Advance
Economists and small business owners are urging U.S. lawmakers to extend or make permanent the Trump-era tax cuts, particularly the deductions that allowed them to reinvest in their operations.
Pfizer’s Massive Tax Dodge
Fact: Pfizer reported more than billion in revenue from its U.S. sales in 2023 but owes nothing in federal income taxes.
2023 figures show EU aid keeps failing human development and equality
– OECD DAC unveiled early figures for 2023 Official Development Assistance (ODA) spending by donor countries.
– Donor countries are failing to meet the original objectives of ODA to promote human development and fight inequalities.
– EU ODA increase in 2023 is largely driven by inflated figures, with a substantial portion going to in-donor refugee costs.
– ODA levels to least developed countries (LDCs) have not recovered from cuts in 2022.
– EU donors keep failing to meet the targets of allocating at least 0.7% of their GNI to ODA by diverting funds for domestic interests.
Mačiulis: increasing only the corporate tax would not be enough to finance defence needs sustainably
– Some political parties are proposing to increase corporation tax, which is popular among some voters
– Corporate tax revenues are volatile, especially during tough business cycles
– Abolishing tax breaks is the easiest way to create sustainable funding for defense
– Increasing VAT and corporate tax by 1% is the simplest way to finance defense
– Lithuania has the lowest debt in the EU and should not be afraid to borrow for defense
– Germany and Estonia are making mistakes with their fiscal policies
– A strong counter-cyclical fiscal policy is needed in Europe
– Different proposals have been made to raise funds for defense, including revising tax rates and increasing corporate tax
– Opposition groups propose introducing a bank wealth tax, issuing defense bonds, and reducing the shadow economy
– Defense funding in Lithuania is currently at 2.75% of GDP, with a goal of reaching 3%
– The 4 Percent initiative aims to allocate 4% of GDP to defense and has support from businesses and organizations.
Cyprus, ’ betting revenue tops €1 billion in 2023
– Revenues from betting activity in Cyprus showed a steady growth, with the gross betting revenue of Class A and Class B recipients reaching €325,601,464 in Q4 of 2023, marking a 10% increase compared to the same quarter in 2022.
– The total gross betting revenue for the year 2023 exceeded one billion euros, reaching €1,109,209,082, which is a 16% increase compared to 2022.
– Class A recipient gross revenue increased by 8% in Q4 of 2023 compared to the same quarter in 2022, while Class B gross recipient revenue was up by 11%.
– The profits of Class A and B players also increased by 10% in Q4 of 2023 compared to the same period in 2022, reaching €291,754,064.
– The total number of Class A properties in Cyprus increased slightly by 2% in Q4 of 2023 compared to the same quarter in 2022, with a total of 490 licensed properties in the country.
Europe turns to ECB after U.S. inflation selloff
Stocks and the euro were steady ahead of an European Central Bank meeting on Thursday, after stubborn U.S. inflation numbers triggered the biggest global market selloff in months and left Japan’s yen at a new 34-year low.
Portugal’s New Minority Government Orders Tax Cuts
Portugal’s new centre-right Prime Minister Luis Montenegro announced income and corporate tax cuts in his first speech to parliament. Montenegro’s Democratic Alliance party, which has no majority, refused to make an accord with the far-right Chega party. Income tax will be cut by 1.5 billion euros, with middle-income earners benefiting most. Company taxes will be reduced from 21 percent to 15 percent over three years. The government’s programme will only pass in parliament with the abstention of the Socialists, who have 78 seats compared to the Democratic Alliance’s 80. Chega made significant gains in the March elections, and the Socialists have said they will oppose many government measures. Socialist leader Pedro Nuno Santos has warned that it will be “practically impossible” for his party to support the government’s 2025 budget.