This report is a modified version of an earlier report ITEP published in collaboration with Liberation in a Generation. 1. Corporate tax cuts and corporate tax avoidance worsen income inequality. When corporations are allowed to pay less in taxes, the ultimate beneficiaries are mainly the owners of corporate stocks, who are concentrated among the wealthiest … Read more
Last summer, I wrote two columns about a peculiar tax case that the Supreme Court decided to hear. Although the amount of tax involved in the case was less than $15,000, ruling in the taxpayer’s favor could have fundamentally gutted the Internal Revenue Code. A major part of the 2017 Tax Cuts and Jobs Act … Read more
Cypriot police, in collaboration with the European Union’s Frontex border agency, conducted another operation to repatriate third-country nationals residing illegally in the country, authorities said on Thursday. A joint return flight organised by German authorities repatriated a number of foreign nationals on June 4, 2024. This marks the eighth such operation by Cyprus with Frontex … Read more
The bankruptcy of German travel giant FTI Group has caused a potential shortfall of 30,000 bookings for Cyprus’ tourism industry. Hoteliers are facing uncertainty as tens of thousands of future bookings are at risk due to FTI’s collapse. The German market, an important source for Cypriot tourism, is further impacted by this situation, which could also affect Austria and Switzerland where the group operated.
Anisur Rahman, a 24-year-old Bangladeshi national, died on April 10 after jumping off a fifth-floor balcony during a police raid on the Limassol apartment he was living in with 10 other individuals. The ombudswoman’s independent investigation into his death has been put on hold as the police file was denied to her and is being investigated by an independent authority following a complaint by Kisa NGO. The other individuals found living in Cyprus illegally are detained for possible witness testimony. The landlord of the apartment where Rahman lived has not been found at fault and other tenants continue to live there. Rahman’s death sparked protests in Limassol and Nicosia against racism faced by third-country nationals in Cyprus.
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.
Cypriot authorities, along with Greece and FRONTEX, conducted a forced return flight for migrants residing illegally in Cyprus on May 21. This was the seventh joint operation for deporting third-country nationals in 2024. A total of 4,491 individuals have been repatriated from Cyprus as of May 21, showing a significant increase from the 3,489 repatriations during the same period in 2023.
The Moore v. United States case involves the question of “unrealized income” and its taxation. The plaintiffs, Charles and Kathleen Moore, are challenging the constitutionality of the Section 965 transition tax. The Supreme Court is expected to release an opinion soon, which could have significant impacts on tax policy, potentially reducing federal tax revenues. The ruling may also affect the implementation of the global minimum tax agreement known as Pillar Two. Additionally, the case could lead to changes in the timing of taxes and even preemptively strike down some wealth tax proposals.
Fact: The body of 24-year-old Anisur Rahman was being repatriated to his native Bangladesh.
Over a hundred migrants were sent back for residing in Cyprus illegally. 181 people were returned to their home countries in the past week. Since the beginning of 2024, 3,763 individuals illegally residing in Cyprus have been deported or repatriated.