Joe Biden must raise income tax and cut pensions spending to slow the dangerous rise in the US national debt, the Organisation for Economic Cooperation and Development (OECD) has said.Corporate taxes also need to go up, economists suggest, while the US president needs to find a way to control spending on healthcare.Heavy borrowing and spending … Read more
The EURUSD faces selling pressure in Friday’s European trades due to multiple headwinds. The major currency pair declined to a six-week low near 1.0670 as the Euro weakened after downbeat Eurozone preliminary PMI data suggested the economy is losing momentum. The HCOB PMP report, produced by S&P Global, shows that the Composite PMI unexpectedly declined to … Read more
EURUSD slipped further into the low end on Friday, clipping into 1.0670 before recovering to the 1.0700 handle during the US market session. Political pressure is weighing down the Euro after a wide shift in European voter sentiment tilted towards right-of-centre political parties in European parliamentary elections recently, sparking a snap election in France. On … Read more
Fact: Akel MP Irini Charalambidou criticized the attorney-general’s office for its handling of the prosecution of former Volunteerism Commissioner Yiannakis Yiannaki, who is accused of forging his academic qualifications.
The permanence of appointments to certain positions such as auditor-general, attorney-general, and deputy attorney-general in Cyprus is being questioned. The idea of permanence was to safeguard independence and objectivity, but it could lead to complacency and lack of motivation. It is suggested that non-renewable contracts with an eight-year term would be more suitable to prevent long-term stays in these positions. The constitution may need to be amended to allow for fixed-term contracts instead of permanent appointments.
Fact: Christopher Zachariou stresses the importance of selecting the right investment vehicles tailored to individual circumstances and advocates for the establishment of personal pension plans to supplement retirement income.
Fact: The Cyprus Supreme Court ruled that a pension is a property right of the recipient that cannot be cancelled.
Fact: There is speculation that the Attorney-General George Savvides will submit a request to the supreme court to have Auditor-General Odysseas Michaelides removed from his post for inappropriate behavior.
MPs proposed six bills aimed at regulating multiple pensions and the retirement age limit for state officials during a House ethics committee meeting.
President Biden and his wife Jill released their income tax returns on Tax Day, revealing that they avoided over 3,000 in payroll taxes since 2017 by characterizing their earnings as corporate profits rather than wages. They also claimed ,254 in Social Security benefits in 2023, despite not needing the income due to their wealth. Additionally, the Bidens had to pay 5 in penalties to the IRS for underpaying their taxes due to the complexity of the tax code.