economic growth

Next Congress Must Overhaul Tax Code to Make Corporations Pay: Coalition | Common Dreams

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Next Congress Must Overhaul Tax Code to Make Corporations Pay: Coalition | Common Dreams

– More than 100 public interest groups wrote to congressional leaders urging them to pass bold new tax reforms following the expiration of the Trump-era tax cuts in 2025.
– The Tax Cuts and Jobs Act (TCJA) has been proven to be a failure, with the average worker not seeing the financial benefits promised.
– The groups outlined three goals for tax reform in 2025: making the tax code fairer, raising more revenue for investments in Americans, and supporting economic growth.
– Extending the individual and real estate tax cuts from the TCJA past 2025 would add .6 trillion to the national deficit.
– The coalition believes that Congress should reject the failed approach of the Bush and Trump tax cuts and create a fairer tax code that supports necessary investments and inclusive growth.
– There is strong public support for making the tax system fairer and using the revenues raised to invest in care for families.

CCLEI: Negative growth trend continues

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CCLEI: Negative growth trend continues

The Cyprus Composite Leading Economic Index (CCLEI) remained negative for the third consecutive month in April, with a year-over-year decrease of 0.6%. This was driven by a slowdown in tourist arrivals and an increase in crude oil prices.

UAE economy grew 4.3 per cent in fourth quarter of 2023

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UAE economy grew 4.3 per cent in fourth quarter of 2023

The United Arab Emirates’ economy grew 4.3% year-on-year in the fourth quarter of 2023, with non-oil GDP surging 6.7% in the same period.

Damianou advocates for robust legislation to secure economic and strategic future

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Damianou advocates for robust legislation to secure economic and strategic future

Fact: Deputy Minister of Research Nicodemos Damianou emphasized the crucial importance of space technology for securing Europe’s economic future, its strategic independence, and its role on the global stage during a gathering of the Space Council in Brussels.

Essex County Commissioner Brendan Gill Announces Support for Corporate Transit Fee – Insider NJ

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Essex County Commissioner Brendan Gill Announces Support for Corporate Transit Fee - Insider NJ

– Essex County Commissioner Brendan Gill announced support for the Corporate Transit Fee.
– The fee would fund NJ Transit by taxing corporate profits over million.
– The Essex County Board of Commissioners adopted a resolution urging the enactment of the Corporate Transit Fee.
– The fee would only affect the 600 wealthiest corporations and would help avoid fare hikes and service reductions for public transportation.

Oil creeps back up after three days of losses

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Oil creeps back up after three days of losses

Oil prices increased on Thursday despite the US Federal Reserve considering further tightening of interest rates due to persistent inflation. Brent crude futures rose by 0.6% to .41 a barrel, while US West Texas Intermediate crude futures also increased by 0.7% to .08. The Federal Reserve discussed the possibility of raising interest rates to combat inflation, which could impact oil demand. Additionally, US crude stocks rose by 1.8 million barrels last week, and global crude markets have been affected by soft refinery demand and ample supply. Russia exceeded its OPEC+ production quota in April and will present a plan to compensate for the error. OPEC+ will meet on June 1 to decide on production cut levels, with expectations of a rollover of current voluntary cuts.

UK to hold general election on July 4, as Labour leads polls

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UK to hold general election on July 4, as Labour leads polls

British Prime Minister Rishi Sunak has called for a national election on July 4, where voters will choose between stability with him or the unknown with Labour leader Keir Starmer. Sunak, who is behind in the polls, is taking a risk by calling the election earlier than expected. Both parties have begun campaigning, with Sunak accusing Labour of planning to increase taxes if in power, while Labour criticizes the government for economic mismanagement. If Labour wins, Britain will have had six prime ministers in eight years for the first time since the 1830s. Starmer has pledged to “rebuild Britain” if Labour forms the next government. Sunak hopes to capitalize on uncertainty and economic gains to boost his party’s fortunes in the election.

Case remains for BoE to start cutting rates

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Case remains for BoE to start cutting rates

The CEO of a financial advisory firm believes that the Bank of England should start cutting interest rates this summer despite UK inflation data showing mixed signals.

‘, Time to choose’: Rishi Sunak calls UK national election for July 4

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‘, Time to choose’: Rishi Sunak calls UK national election for July 4

British Prime Minister Rishi Sunak called a national election for July 4, with his Conservative party expected to lose to the opposition Labour Party. Sunak emphasized his achievements in government and urged voters to choose between progress or uncertainty. Labour leader Keir Starmer focused on the need for change. Sunak, trailing in opinion polls, is taking a risk by calling an early election, facing challenges within his party and economic uncertainties. Both parties are already campaigning on economic and defense issues. If Labour wins, it would be the sixth prime minister in eight years. Some Labour officials are concerned about undecided voters and the need for a significant swing in votes to secure a majority. Sunak may be banking on a controversial asylum seeker scheme to boost his party’s chances.

Job growth and productivity spike in AI-exposed sectors

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Job growth and productivity spike in AI-exposed sectors

AI is leading to increased productivity in sectors heavily exposed to it, with AI jobs experiencing notable growth. For every job posting requiring AI specialist skills in 2012, there are now seven job postings. Growth in jobs demanding AI skills has significantly outpaced all jobs since 2016, growing 3.5 times faster. Jobs that necessitate AI skills carry up to a 25 per cent average wage premium in some markets. Sectors most exposed to AI are experiencing nearly fivefold higher labor productivity growth compared to sectors less exposed to AI. Jobs that require AI specialist skills carry a significant wage premium, up to 25 per cent on average in the US. Skills demanded by employers in occupations more exposed to AI are changing at a 25 per cent higher rate than in less exposed occupations. 69 per cent of CEOs expect AI will require new skills from their workforce, rising to 87 per cent of CEOs who have already deployed AI.