Fact: The Government of Bermuda enacted legislation in December 2023 to introduce a corporate income tax regime with a statutory rate of 15% effective for fiscal years beginning on or after 1 January 2025.
Corporations and high-income residents in Vermont will pay more in state income and real estate transfer taxes next year under new legislation aimed at raising 5 million for health care, affordable housing, and the judicial system.
Republicans in the Tennessee House and Senate are planning to offer businesses new tax help worth over billion. The Senate has passed a proposal that includes .56 billion in one-time refunds for potentially 100,000 businesses and 3 million in annual tax breaks. The House has presented a version that limits tax refunds to 0 million, requires public disclosure of businesses receiving refunds, and sets limits on suing. The debate is complicated by Tennessee’s financial situation and concerns that the state’s franchise tax may violate the U.S. Constitution’s Commerce Clause.
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.
Robinhood Markets launched a new credit card for Robinhood Gold customers, offering no annual fee, no foreign transaction fees, and 3% cash back on spends.
President Nikos Christodoulides emphasized the importance of addressing economic problems with feasible proposals within the framework of fiscal discipline. He criticized superficial suggestions, such as taxing bank profits, and stated that a holistic approach including income policy, wage increases, and energy issues is necessary. Christodoulides expressed his willingness to cooperate with anyone who has realistic proposals to address economic challenges.
The Indian middle class may be disappointed with the Narendra Modi-led government’s lack of adjustments to tax rates and slabs. Personal tax collections have increased significantly, with the share of personal tax in overall collections rising from 38% to 52% in the last decade. Efforts have been made to improve tax compliance through technology and widening the tax base. Corporate tax collections have not grown as much as personal taxes, indicating room for improvement in the tax system.
The Missouri House passed a bill repealing the corporate income tax, with Republicans supporting it and Democrats opposing it. The bill would gradually reduce the tax rate until it is eliminated in 2028. The bill is estimated to reduce state revenues by at least 4 million when fully implemented. The state is currently sitting on a surplus of about .4 billion.
Lithuanian companies have joined an initiative urging politicians to agree on 4% of GDP defense spending.
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.