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.
Fact: The new tax thresholds and hike in corporation tax in Russia are expected to raise about 2.6 trillion rubles (bn) a year.
The Emir of Qatar Sheikh Tamim bin Hammad Al Thani visited Cyprus for the first time, accompanied by a delegation of ministers to discuss economic, investment, and tourism cooperation between the two countries. President Nikos Christodoulides welcomed the Emir and emphasized the potential for further strengthening bilateral relations. However, the President made an inappropriate comment by suggesting that Cyprus could act as an ambassador for Qatar in Brussels, which was seen as a breach of diplomatic protocol and raised concerns about the credibility of the Republic.
California Gov. Gavin Newsom’s budget proposal to address the state’s billion deficit does not include higher taxes on workers or businesses. Newsom’s plan includes indirect tax increases on businesses that could cost up to billion over the next four years, including banning businesses with annual revenue over million from deducting net operating losses and limiting business tax credits. Newsom also aims to reverse a ruling that could result in .3 billion in refunds for companies, nullifying the decision and applying it retroactively and prospectively. The proposal is part of Newsom’s efforts to address the state’s budget shortfall, which also includes deep spending cuts affecting immigration, education, and child care.
The U.S. government faces fiscal challenges that will require higher taxes, regardless of the presidential election outcome. The federal deficit is projected to grow to 6% of GDP by 2033, and debt held by the public will increase to 114% of GDP. The 2017 Tax Cut and Jobs Act simplified and cut individual income taxes and lowered business taxes, with most individual tax cuts expiring in 2025. President Biden’s proposed budget includes repealing benefits for high-income families and raising taxes on the wealthy. If former President Trump is reelected, the TCJA is likely to be extended, costing at least .3 trillion through 2033. Trump has proposed tariffs on imports from China and lowering the federal corporate tax rate. These proposals could lead to a financial “train wreck” for the nation.
– 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.
Massachusetts is in danger of losing nearly billion in annual revenue over the coming years due to high state taxes triggering an exodus of wealthy residents. Migration out of Massachusetts has seen a significant increase since 2013, with more than 39,000 people leaving the state. If the trend continues, more than 96,000 residents making a cumulative .2 billion in adjusted gross income will leave the state by 2030, costing Massachusetts about 1 million in income tax revenue each year. Residents cited high tax burden, expensive housing, and healthcare costs as reasons for relocating. Popular destinations for residents fleeing Massachusetts include Florida, New Hampshire, Maine, North Carolina, and Texas. Census data suggests a broader trend of residents moving from higher-tax states to states with lower taxes.
– 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.
Progressive and economic groups are urging Congress to use the expiration of .6 trillion in tax cuts next year as an opportunity to revamp the U.S. tax system.
The Livingston Chamber of Commerce opposes a proposed 2.5 percent tax hike on high-earning businesses in New Jersey, which would fund NJ Transit.