economic growth

Biden is turning the American dream of retirement into a nightmare

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Biden is turning the American dream of retirement into a nightmare

President Biden is proposing a tax hike on savings, including a 45% tax on capital gains, which would negatively impact retirement savings for millions of Americans. Biden’s proposed tax increases on investment are driven by the government’s addiction to spending, with a proposed federal budget of .3 trillion and .9 trillion in future tax hikes. These taxes will result in lower spending and reduced savings for families, affecting their ability to save for retirement. Biden’s policies are seen as detrimental to individuals and the economy, as they will hinder investment and economic growth.

Sheinbaum poised to become Mexico, ’s first woman president

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Sheinbaum poised to become Mexico, ’s first woman president

Claudia Sheinbaum is set to win a landslide victory to become Mexico’s first female president, with provisional results showing her leading with 59% of the vote.

Here’s How the Global Tax Deal Will Impact Corporations – TipRanks.com

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Here’s How the Global Tax Deal Will Impact Corporations - TipRanks.com

The fact described in the text is that nearly 130 countries have recommitted to the first pillar of a global tax deal, which aims to reform international tax rules, particularly for multinationals with revenues exceeding 2 million.

United States Tax Data Explorer

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United States Tax Data Explorer

The Tax Foundation’s International Tax Competitiveness Index (ITCI) measures the competitiveness of tax systems in 38 OECD countries based on low tax burdens on business investment and neutrality in tax codes.

Saudi Arabia sets up new Aramco share sale that could raise $13.1 billion

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Saudi Arabia sets up new Aramco share sale that could raise $13.1 billion

Saudi Arabia’s government filed papers to sell a new stake in state oil giant Aramco that could raise as much as .1 billion.

Russian FinMin introduces first corporate and personal tax hike in two decades

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Russian FinMin introduces first corporate and personal tax hike in two decades

Russia’s Finance Ministry has proposed amendments to the tax code, including raising corporate income taxes and introducing a progressive personal income tax scale. The changes are expected to be passed by the State Duma before autumn 2024 and come into force in 2025. The proposed changes include raising corporate income tax to 25%, reintroducing a 5% income tax rate for IT companies, and setting thresholds for the progressive personal income tax scale. The reforms are estimated to increase consolidated budget revenues by RUB2.6 trillion in 2025. Despite the changes, Russia’s progressive personal income tax remains modest compared to other BRICS countries. The implementation of a progressive income tax could have negative impacts on economic growth and macroeconomic indicators.

He once sold tea, now India, ’s Modi seeks his own ‘tryst with destiny’

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He once sold tea, now India, ’s Modi seeks his own ‘tryst with destiny’

Narendra Modi aims to set India on the path to abolishing poverty and becoming a fully developed nation by 2047, the 100th year of independence from British colonial rule.

Illegal work , ‘a problem for all’

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Illegal work , ‘a problem for all’

Illegal and undeclared work in Cyprus is a growing trend, particularly in the construction industry, where it is approaching 25%. The Cyprus economy relies on employing people other than Cypriots, but this needs to be done with appropriate regulations. Third country personnel are attracted through illegal procedures in the promise of a job. The construction sector contributes about 15% to the island’s GDP, with optimistic forecasts for 2024. There are currently 40 projects underway in the construction sector worth €862 million.

A bank windfall tax is not the answer in Cyprus

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A bank windfall tax is not the answer in Cyprus

Since 2022, the huge deposits held by banks at the ECB have been earning millions in interest.

Moody, ’s upgrades Cyprus outlook to positive

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Moody, ’s upgrades Cyprus outlook to positive

Moody’s upgraded the outlook on the government of Cyprus to positive from stable, reflecting confidence in strong fiscal and debt outcomes. Moody’s anticipates that Cyprus will continue to achieve significant fiscal surpluses, projected at around 2.3-2.4 percent of GDP for 2024-25. Finance Minister Makis Keravnos stated that the government will continue to responsibly support economic activity to ensure growth and employment while maintaining healthy public finances.