3-minute read Audrey Lane | Special to the USA TODAY NetworkI spent the days leading up to passage of this year’s New Jersey state budget at the Statehouse in Trenton. It was an eye-opening and, at times, frustrating experience. Our state’s economic and fiscal policies are resulting in deficit spending, and the process surrounding those policies … Read more
The fact described in the text is that Finance Minister Chrystia Freeland announced an increase in the capital-gains inclusion rate to 66 per cent for corporations and trusts, and for individuals on gains above 0,000, in order to raise nearly billion over five years to pay for housing initiatives.
The House of Representatives approved the budget for the Cyprus University of Technology (Tepak) for 2024. The budget bill passed by unanimous vote, but MPs raised concerns about lack of transparency and financial scandals at the institution. The budget approval was delayed, leading to pressure on MPs to pass it to ensure university staff would be paid.
The text discusses the proposed worldwide combined reporting provision in Maryland, which would require all corporations forming unitary business groups to pay tax on worldwide taxable income. The Maryland House Appropriations Committee amended the budget bill to include this provision, but the fate of the amendments will be decided by a conference committee. If adopted, the proposed amendments will take effect in January 2028.
The U.S. Congress passed a .2 trillion budget bill early on Saturday, which keeps the government funded through the fiscal year that began six months ago, avoiding a partial shutdown. The bill was sent to President Joe Biden for his signature. The vote for passage was 74-24. The bill ensures funding for key federal agencies including the departments of Homeland Security, Justice, State, and Treasury through September 30. However, it did not include funding for military aid to Ukraine, Taiwan, or Israel. Senate leaders negotiated amendments to the budget bill, which were ultimately defeated. The White House Office of Management and Budget was confident the Senate would pass the bill. The bill provides 6 billion in funding for the Defense Department, including a raise for U.S. troops. The bill passed the House with a vote of 286-134, showing more Democratic support than Republican. The government had been funded with four short-term measures for most of the past six months. The bill is seen as a national security bill, with 70% of the funding for defense, including investments in military readiness and support for allies. Opponents criticized the bill as too expensive and inflationary. The last partial federal government shutdown occurred from Dec. 22, 2018, until Jan. 25, 2019.