Drivers rush to fill up, as petrol prices set to go up
Increased traffic was observed at petrol stations on Saturday ahead of the termination of the measure to reduce the special consumption tax from Monday, 1st April.
Economy
Tajikistan says migrants fleeing Russia after concert hall attack
Fact: There has been a surge of migrant workers leaving Russia for Tajikistan after a concert hall attack near Moscow left dozens dead.
President Biden’s Budget Will Raise Taxes and Federal Debt
President Biden has released his fiscal year 2025 budget request, which includes massive tax hikes and harmful healthcare policies. The budget proposal increases taxes by .5 trillion and includes raising the corporate tax rate and implementing a global minimum tax for multinational corporations. The budget also expands on harmful healthcare policies and seeks to restore funding to the IRS. The budget projects that the federal deficit will continue to grow, reaching trillion by 2034. Interest on the debt will exceed defense spending beginning in FY 2025. The President’s budget would hurt taxpayers and the economy, and Congress should reject it in favor of a fiscally responsible budget.
European Central Bank: inflation tolerance and the last mile
Inflation in the euro area has declined from high levels in recent years, with a rate expected to be 2.3% in 2024 compared to 8.4% in 2022 and 5.6% in 2023. The European Central Bank (ECB) is discussing the concept of inflation tolerance as a way to navigate uncertainty and provide guidance on when action will be taken based on inflation levels. The ECB may consider setting an inflation range within which no action is needed, with action required as inflation approaches 3%. This approach aims to balance the need for a precise inflation target with the reality of uncertainty in the economic system.
Economic conditions not static, DISY MP warns
The spokesperson for DISY, Onoufrios Koullas, emphasized the importance of keeping the middle class and small and medium-sized enterprises on track to create jobs and future revenue for the state. He highlighted the need for a holistic approach to address rising costs of living and economic conditions that are constantly changing. Koullas also criticized the government for relying on one-off measures and proposed targeted tax measures for middle-income families. DISY suggested investing the additional revenue from a fuel tax into the economy.
Government introduces , €35 mln support package
The government announced a €35 million package, including an extension to the electricity subsidy until the end of June, aimed at easing the burden of the cost-of-living crisis on Cypriot households.
‘Cyprus’ economy is doing better than most of EU’
Fact: Finance Minister Makis Keravnos stated that Cyprus’ economy is performing better than most countries in the European Union.
PwC Foundation bolsters financial literacy among students
The PwC Cyprus Foundation participated in an initiative to promote financial literacy among youth during Global Money Week in 2024.
Protesters interrupt Biden, Obama, Clinton at $25 million New York fundraiser
President Joe Biden and former President Barack Obama, along with Bill Clinton, headlined a fundraiser in New York that raised over million for Biden’s reelection campaign. The event was interrupted by protesters criticizing Biden’s support for Israel in the Gaza crisis. Obama and Clinton defended Biden’s handling of the crisis and the economy. The event also featured performances by musicians and high-paying attendees had their pictures taken with the presidents. Trump, Biden’s Republican challenger, attended a wake for a slain police officer in Long Island. Biden has been outraising Trump in campaign donations.
Tax Day Injustice
– A new report titled “More for Them, Less for Us: Corporations That Pay Their Executives More Than Uncle Sam” highlights how large corporate CEO pay packages rival corporate taxes.
– The report examined the five-year period of 2018 to 2022 and identified 35 companies that paid their top executives more than they paid the federal government.
– This situation was made possible by deep cuts to corporate tax rates implemented in the Republican-led 2017 American Tax Cuts and Jobs Act.