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    BRITAIN has so much potential – but it is being wasted. If I was the UK Chancellor giving the Autumn Statement next week, I’d be focused on two things. 2Labour's Rachel Reeves says she would cut taxes for working people if she were ChancellorCredit: Getty 2I’d move quickly on the global pact to tackle tax-dodging by big businesses, to bring in up to £7billion to public finances, says Rachel ReevesCredit: PA The first would be making fairer choices for working people. For too long you have carried the tax burden. It seems every time taxes go up, it falls on you. I’d be doing everything in my power to avoid it happening. That means a proper windfall tax on energy producers making eye-watering profits. I’d scrap unfair tax loop­holes like non-dom status and tax breaks for private equity bosses. And I’d move quickly on the global pact to tackle tax-dodging by big businesses, to bring in up to £7billion to public finances. These are straightforward, fairer choices I’d be making. Most read in The...
    TWO weeks tomorrow new Chancellor Jeremy Hunt will deliver a Budget that will hit us ALL hard in our pockets. Judging by the ‘tax rises for everyone’ rhetoric coming from the Treasury, the Autumn Statement is going to be an endless list of financial pain. 2How many Chancellors will it take to understand that what Britain needs is a fuel duty cut?Credit: Alamy 2The best way to help the economy is to give more disposable income to Britain's hard-pressed motoristsCredit: AFP Only a couple of months ago, in his push to become Prime Minister, Rishi Sunak was saying: “High inflation won’t grow the economy. It will make everyone poorer. Inflation is our enemy.” While the recent support to counter the high costs of heating our homes and businesses is welcome, we have seen no sign of any measures to reduce inflation or grow the economy. Nothing has been done to encourage us to visit high street shops, restaurants, and cinemas and spend what little disposable income you have left. Crippling petrol and - especially diesel - prices remain the biggest...
    President Joe Biden compared Republicans' plans for the U.S. economy to those of former British Prime Minister Liz Truss and warned it could bring the same market 'chaos.' Biden has been blasting the GOP in the runup to the midterm election. Voters label the economy as their top concern and the president has turned his focus on that issue, touting his accomplishments and slamming Republicans. During a virtual fundraiser on Wednesday night, Biden said Republicans want to extend tax cuts that Donald Trump enacted, which are slated to expire in 2024. Democrats argue those tax cuts will benefit the wealth.  Biden said it would bring about the same economic catastrophe that hit Britain.  'You read about what happened in England recently, and the last Prime Minister, she wanted to cut taxes for the super wealthy - it caused economic chaos in the country. Well, that's what they did last time and they want to do it again. And they want to make that tax cut permanent - that $2 trillion,' he said. President Joe Biden compared Republicans' plans for the...
    by Benjamin Yount   Gov. Tony Evers scored better than three of Wisconsin’s four neighbors on a new state budget report card, but reformers in the state say less-bad is not the same as good. The Cato Institute this week gave Gov. Tony Evers a “C” on its Fiscal Policy Report Card. “As governor, Evers has often been at odds with the legislature. Upon entering office, he focused on boosting education spending, expanding Medicaid, hiking the gas tax, and increasing the minimum wage. The legislature opposed those policies. Evers has wanted to repeal Act 10, which reformed labor unionism in state and local government. The legislature opposed that proposal as well,” Cato says in its report. Illinois, Michigan, and Minnesota’s governors all got “F” grades on the Cato report card. Iowa’s governor got an “A,” and scored higher than all of the governors graded. “The people of Wisconsin are not average, they are exceptional,” Institute for Reforming Government President CJ Szafir told The Center Square. “Whether it’s eliminating the state income tax, expanding school choice and parental rights, or reigning...
    For Republicans, the purpose of religion is — as it has been for authoritarians since Old Testament days — political and social control. It’s not about spirituality: it’s all about raw, naked, taxpayer-subsidized power and the wealth associated with it. A Michigan county Republican Party just posted a video showing picture after picture of that state’s Democratic politicians, starting with Governor Gretchen Whitmer, who right-wing terrorists have already tried to kidnap and murder. Under each picture — including a picture of George Soros representing, presumably, the “International Jews” who Republican politicians suggest wield space lasers and secretly are trying to control the world — reads the death threat, in bold, all-caps: “GOD’S GONNA CUT YOU DOWN!” The wealthy pastors of at least four Republican-aligned megachurches in Georgia have invited Hershel Walker to campaign, in clear violation of their tax-exempt status. Across the nation, white evangelical churches brazenly push their parishioners to vote for Republican candidates: they’ve been getting away with breaking the law since the 1980s and don’t show any inclination to stop now. As the University of Chicago Divinity...
    MISSOURI residents will save up to $320 thanks to a new election-year income tax cut the state approved this week. Governor Mike Parson signed the tax cut Wednesday, calling this a “fiscally conservative” move to bring money back to Missouri taxpayers. 1Missouri residents are earning a percentage-based tax cutCredit: Getty The details of the plan include a tax drop from 5.3 to 4.95 percent starting in January. If the state still meets a certain revenue threshold, that rate goes down to 4.5 percent. “Now is the time to give back to Missourians. We are providing real, permanent relief to Missourians,” Mr Parson said, according to the St. Louis Dispatch. Missouri saw a record-breaking amount of tax revenue this year. Read more about tax rebatesCHECKING IN Tax rebates worth $600 going out to thousands of Americans this week PAYDAY Millions to see direct payments worth up to $1,500 in days - see exact date This surge came down to a couple of things: residents were facing rising inflation, higher wages on average and more than $10billion in federal pandemic relief funds....
    This week, British Prime Minister Liz Truss surrendered, abandoning her signature conservative economic proposal in the face of imminent economic collapse and public rebellion. The reversal is mostly being reported as a massive failure for Truss and the Tory party. And it is that. But it’s also a rebuke to conservative economic orthodoxy. It’s an indication of where the US could end up if Republicans gain control of the government. As one of her first acts as prime minister, Truss wanted to eliminate the top income tax tier of 45 percent on individuals who earn more than £150,000 (around $172,000) a year. READ MORE: The queen is dead. The legacy of her colonies is not The tax cut was part of a huge package of spending, including eliminating caps on banker’s bonuses, and reversing a planned corporate tax increase. The total was in the tens of billions of pounds. The top rate tax cut alone would cost £45 billion (nearly $52 billion) over five years. Truss and Finance Minister Kwasi Kwarteng planned to pay for the shortfall through borrowing....
    Tax retreat SCRAPPING the tax cut for the richest is humiliating for the Chancellor but the right call. Whatever the policy’s economic arguments it was rushed, previously undiscussed even in Cabinet and had become a political nightmare for Liz Truss, as her party’s calamitous poll ratings show. 3Liz Truss and Kwasi Kwarteng U-turned on their tax cutCredit: Getty It could have cost the Tories the next election and may still do so — but at least that risk is now lower. Some Tories are furious the PM U-turned. But the mini-Budget would almost certainly have been defeated in the Commons with such a controversial measure still in it. Better to pull the plug on the 45p rate cut and hope to move on. But two things are vital for the Tories. First, to keep faith with the pro-growth agenda — and accept that lower taxes and less regulation ARE the best way to end the long-term stagnation which steadily makes Britain poorer. A 1p cut off basic-rate tax and the reversal of the National Insurance rise are...
    A WEEK used to be a long time in politics. Now, in Liz Truss’s “New Era”, it’s about an hour. 5Liz Truss' 45p tax rate cut was big blunder but ditching her will only give the No10 keys to Sir Keir StarmerCredit: Getty 5Barely a month after their paralysing eight-week contest, the Tories have a leader who cannot lead without being shot down in flames by her own partyCredit: Getty As The Sun team finished dinner with Kwasi Kwarteng on Monday night, even the new Chancellor believed his controversial 45p tax cut was intact. By the time The Daily Telegraph’s souvenir “No U-turn” edition was rolling off the presses, PM Truss was performing somersaults. One moment the flagship tax cut was irreversible. The next it was a “distraction”. Arch plotter Michael Gove had successfully fired a HIMAR-style precision missile through the heart of Downing Street’s economic policy. “What a day,” groaned Kwasi, as he picked up the pieces. Make no mistake, this is a calamitous conclusion to a bungled Budget gamble. Barely a month after their paralysing eight-week contest,...
    By Jill Lawless | Associated Press BIRMINGHAM, England — The U.K. government on Monday dropped plans to cut income tax for top earners, part of a package of unfunded cuts unveiled only days ago that sparked turmoil on financial markets and sent the pound to record lows. In a dramatic about-face, Treasury chief Kwasi Kwarteng abandoned plans to scrap the top 45% rate of income tax paid on earnings above 150,000 pounds ($167,000) a year, a policy that had drawn near-universal opposition. The pound rose after the government U-turn, trading at $1.13 — just over the value it held before the government’s calamitous budget announcement on Sept. 23. But Kwarteng said the government would push ahead with the rest of its tax-cutting stimulus package. Kwarteng and Prime Minister Liz Truss have spent the last 10 days defending the plan in the face of market mayhem and increasing alarm among the governing Conservative Party. In a speech to the party’s annual conference, Kwarteng acknowledged the plan had “caused a little turbulence.” “I get it. We are listening and have listened, and...
    Finance Minister Kwasi Kwarteng on Monday morning confirmed that the government would be scrapping its plans to cut tax for the country's highest earners.Leon Neal | Getty Images News | Getty Images U.K. Finance Minister Kwasi Kwarteng on Monday said the government would not be distracted from delivering on its growth plan, shortly after the government dramatically abandoned its intention to cut income tax for the country's highest earners. "What a day," Kwarteng said as he addressed attendees at the Conservative Party's annual fall conference in the central England city of Birmingham. "It has been tough. But we need to focus on the job in hand. We need to move forward, no more distractions," he continued. "We have a plan, and we need to get on and deliver it. That's what the public expects from the government." Earlier in the day, the U.K. government reversed a plan to scrap the top 45% rate of income tax paid on earnings above £150,000 ($166,770) a year following a growing public backlash and major market turbulence. Alongside new Prime Minister Liz Truss,...
    watch nowVIDEO4:2104:21Gilts and sterling not out of the woods after tax cut reversal, says strategistSquawk Box Europe LONDON — The U.K. government's reversal on scrapping the top rate of income tax is down to political optics and will not reassure market skittishness over its economic plan, analysts told CNBC Monday. The tax cut, which Prime Minister Liz Truss was defending just hours before, would have abolished a 45% rate paid on annual income over £150,000 ($166,770). Paul Dales, chief U.K. economist at Capital Economics, said it would have a limited impact on revenue. "Of the £44 billion net loosening in fiscal policy by 2026/27 the Chancellor announced in the mini-budget, the 45p tax cut accounted for just £2 billion. So it is more politics than economics," he said by email. That was reflected in the statement released by Finance Minister Kwasi Kwarteng, who said in a statement it had become a "distraction from our overriding mission to tackle the challenges facing our economy"; and Conservative Member of Parliament Grant Shapps, who said it "jarred for people in a way which...
    U.K. Chancellor Kwasi Kwarteng outside 10 Downing Street. Britain will cap the cost of electricity and gas for businesses.Rob Pinney | Getty Images News | Getty Images LONDON — The British pound rose sharply Monday morning following reports the U.K. government will reverse its planned scrapping of the top rate of income tax. Sterling was 0.8% higher against the dollar at $1.252 shortly after 7 a.m. London time. It takes it back to the level it was at before Finance Minister Kwasi Kwarteng unveiled a raft of tax cuts on Sept. 23.Loading chart... The cuts were poorly received by financial markets and a scrapping of the 45% tax paid on incomes over £150,000 ($166,770) was also seen as politically toxic as Brits deal with a cost-of-living crisis. This is a breaking news story, please check back later for more.TVWATCH LIVEWATCH IN THE APPUP NEXT | ETListen
    London (CNN Business)The United Kingdom's big tax-cutting gamble to boost economic growth will benefit the rich far more than millions of people on lower incomes.On Friday, UK finance minister Kwasi Kwarteng announced a bumper set of tax cuts, including scrapping the top rate paid by the highest earners, and reductions in duties paid on house purchases. The UK Treasury estimates that the cuts will wipe £45 billion ($48 billion) off annual government revenues over the next five years. That's the biggest tax cut in half a century, according to the Institute for Fiscal Studies. While all households will see their income tax rates fall, and have their energy bills capped at an average of £2,500 a year ($2,689), it will be the richest people that benefit most. Kwarteng slashed the top rate of income tax — paid by those earning over £150,000 ($161,327) — to 40% from 45%. Read MoreThat will put an average £10,000 ($10,755) in the pockets of the roughly 600,000 people currently paying the highest rate of tax, or just over 1% of adults, the IFS calculated...
    LIZ Truss became our new Prime Minister after persuading Tory Party members that cutting taxes is the way to grow the economy. So, I am delighted that tomorrow she and new Chancellor Kwasi Kwarteng will announce the most radical package of tax cuts since the Thatcher era to boost ­enterprise. 3We have heard nothing about helping the UK’s 37million drivers cut the desperate cost of motoringCredit: Getty 3Even though I am delighted that new Chancellor Kwasi Kwarteng will announce tax cuts, the price of filling up cars is still horrifyingly highCredit: Getty A National Insurance rise brought in to help the NHS will be scrapped and corporation tax, due to rise in 2023, will instead be frozen. Plus, changes to Stamp Duty, which will breathe new life into the housing market under threat from the cost-of-living crisis, are expected in the emergency mini-Budget. And the recent cap on energy costs for families and businesses will help the millions scared by the spectre of massive hikes in their gas and electricity bills this winter. All the changes in the Government’s great...
    Vice President Kamala Harris stuck to the script when asked Monday who was 'footing the bill' for President Joe Biden's student loan forgiveness plan.  Instead of answering the question, she pivoted to a talking point previously delivered by the president.   'Well, let's start with this: First of all, a lot of the same people who are criticizing what we rightly did in following through on a commitment that we made to forgive student loan debt are the same people who voted for a tax cut for the richest Americans,' Harris told reporters before boarding Air Force Two to return to Washington.  Vice President Kamala Harris pivoted to a White House talking point about student loans Monday when asked by a reporter in Florida who was 'footing the bill' for President Joe Biden's student loan forgiveness plan 
    by Benjamin Yount   Wisconsin’s governor says he wants to cut taxes in the state. After proposing more than $1 billion in new taxes and new spending in each of his two proposed state budgets, Gov. Tony Evers on Tuesday proposed a $600 million tax cut and price cut plan. “My plan to use our state’s latest projected surplus builds on our work to cut taxes for working families by providing more than $600 million in tax relief while capping the copay cost of insulin, lowering prices at the pump, and helping defray the cost of childcare and caregiving to help reduce barriers to entering our workforce,” the governor said. Evers is basing his plan on expectations that Wisconsin’s budget surplus will grow to $5 billion by next summer. Those numbers are due out soon. Republicans in Wisconsin were quick to point out that Evers’ has suddenly changed his mind on the idea of tax cuts. “It’s comical that Evers is posturing as an advocate for tax cuts,” Rep. Mark Born, R-Beaver Dam, tweeted on Tuesday. “Let’s not forget...
    The Inflation Reduction Act signed by President Biden this week aims to shift America toward a greener future by lowering the cost of electric vehicles, energy-efficient appliances and rooftop solar panels. Many consumers will benefit. But it’s complicated — because limitations apply. You will get breaks, but most will come at tax time. For instance, the Model Y is the only Tesla that will qualify for the next $7,500 tax credit. Why? Because the other models cost too much. Or the batteries that run the electric vehicles come from China. And there are income thresholds to qualify for the tax break. The legislation is 730 pages of dense legalese. Many details are yet to be finalized. We extracted the information that will be most helpful to people seeking to make climate-friendly purchases. Electric vehicles Buyers of new electric, plug-in hybrids and hydrogen fuel-cell vehicles will get a tax credit worth up to $7,500, depending on the battery. A rebate of $3,750 will be paid if at least 50% of battery components are produced in the U.S. or Free Trade Agreement...
    MILLIONS of Americans will soon get up to $10,000 in tax breaks and knock hundreds of dollars off their electricity bills annually. President Joe Biden signed a sweeping legislative package into law on Tuesday afternoon that will deliver these savings to households. 1President Joe Biden signed the Inflation Reduction Act on Tuesday, which could save Americans up to $10,000 in the form of tax credits and rebates The Inflation Reduction Act (IRA) was passed by US House Democrats last week along party lines. It earmarks $369billion for US energy security, fighting climate change and reducing the federal deficit. Americans will also face lower energy costs thanks to the wide array of subsidies and tax credits introduced by the IRA. President Biden was joined by Senate Majority Leader Chuck Schumer and House Majority Whip James Clyburn at the White House as he signed the IRA. "I am confident this bill will endure as one of the greatest legislative feats in decades," Senator Schumer said. The bill is not only a major legislative victory for President Biden's administration and the nation's...
    MILLIONS of Americans may soon get up to $10,000 in tax breaks and knock hundreds of dollars off their electricity bills annually. It's all thanks to a new just-passed federal program that will be signed by President Joe Biden. 1The Inflation Reduction Act could save Americans up to $10,000 in the form of tax credits and rebatesCredit: GETTY The Inflation Reduction Act was passed by US House Democrats last week along party lines. It earmarks $369billion for US energy security and fighting climate change. The Senate had previously passed the legislation that would also lower electricity costs for Americans. The rebates and incentives included Largely, the investments being made include tax breaks and rebates for both residential consumers and businesses. Here's what's included: Here's more on rebatesmoney mail More than 1m Americans sent $325 tax rebate from TODAY - check your mailboxCHECKING IN Over a million Americans to start getting up to $650 in tax rebates in days Up to $10,000 in tax credits and rebates for consumers who buy electric vehicles, install solar panels or make other...
    by Reagan Reese   Harvard University’s request for an endowment tax cut was denied despite frequent lobbying to Senate Democrats for its inclusion in the Inflation Reduction Act. The Senate passed the Inflation Reduction Act of 2022 with tax increases on corporations and energy firms but did not include plans to lower the endowment tax, which is tax paid on income from individual donors to colleges, according to the bill.  Senior Executive Director of Federal Relations at Harvard University Suzanne Day sent an email in July urging Democratic Senators to eliminate the tax in the upcoming bill. Harvard is the most affected by the endowment tax as their endowment is $53.2 million, the largest in the nation. “I write to urge you to engage with Democratic senators and allies to press for action on this in the pending FY22 reconciliation bill. We believe this is one of our best chances for improvement in this policy,” Day said in an email. “This would transform the existing provision from a politically motivated, damaging tax on charitable resources to a family-centered policy making college more affordable...
    Sen. Kyrsten Sinema, D-Ariz., and Sen. Joe Manchin, D-W.V., on Capitol Hill on Sept. 30, 2021.Jabin Botsford | The Washington Post | Getty Images Senate Democrats passed a historic package of climate, healthcare and tax provisions on Sunday. But one proposed tweak to the tax code — a modification of so-called carried interest rules — didn't survive due to objections from Sen. Kyrsten Sinema, D-Ariz., whose support was essential to pass the Inflation Reduction Act in an evenly divided Senate. The bill now heads to the House, which is expected to pass it this week. Many Democrats and opponents refer to the lower tax rate on carried interest as a loophole that allows wealthy private equity, hedge fund and other investment managers to pay a lower tax rate than some of their employees and other American workers. "It's a real rich benefit for the wealthiest of Americans," said Steve Rosenthal, a senior fellow at the Urban-Brookings Tax Policy Center. "Why should a private-equity manager be able to structure his or her compensation with low-taxed gains? That seems wrong." Here's what...
    U.S. Senate Majority Leader Chuck Schumer (D-NY) holds his weekly news conference after the Democratic caucus party luncheon at the U.S. Capitol in Washington, August 2, 2022.Jonathan Ernst | Reuters Senate Majority Leader Chuck Schumer said Friday that Democrats had "no choice" but to drop a key tax provision from their major spending bill in order to gain Sen. Kyrsten Sinema's support. Sinema, a centrist Democrat from Arizona, had withheld her support of the Inflation Reduction Act, the sweeping bill that includes much of the Biden administration's tax, climate and health care agenda. Senate Democrats need her support to pass the bill through the Senate on a party-line vote using the budget reconciliation process — which requires a simple majority vote in the Senate split 50-50 by party. Sinema announced Thursday night that she would indeed back the legislation, following an agreement "to remove the carried interest tax provision." She was referring to the bill's inclusion of language that would narrow the so-called carried interest loophole, a feature of the tax code that both Republicans and Democrats — including former...
    RISHI Sunak threw tax cuts red meat to Tory members last night as a poll showed him trailing Liz Truss by more than 30 points in the race to be next PM. Despite railing against cuts for weeks, Mr Sunak hinted that he may slash or even abolish Inheritance Tax at a party hustings in Cardiff. 2Despite railing against cuts for weeks, Rishi Sunak hinted that he may slash or even abolish Inheritance Tax at a party hustings in CardiffCredit: Getty 2Mr Sunak is trailing Liz Truss by more than 30 points in the race to be next PMCredit: Reuters He also vowed to link new trade deal talks and international aid payments to helping to cut illegal immigration. Mr Sunak said slashing aid to countries which refuse to take back their failed asylum-seekers should be written into post-Brexit trade agreements. In a dig at Ms Truss, who has signed dozens of such accords already, he said: “We slightly neglect to say can you take back your failed asylum-seekers.” He said it was time to be more “courageous and more...
    RISHI Sunak is scrambling to outgun Liz Truss on tax cuts in a last-gasp bid to woo Tory members before voting starts today. The leadership race underdog last night vowed to slash the basic rate of income tax from 20p to 16p by 2029 if he wins the keys to No10. 2Rishi Sunak is scrambling to outgun Liz Truss on tax cutsCredit: PA 2His proposals have been called 'small fry' by allies of Ms TrussCredit: Getty He hailed his plan as the biggest income tax cut since Margaret Thatcher as he desperately jockeyed to pinch votes as ballots start to land on Tory members’ doormats. Mr Sunak’s latest pledge was quickly mauled as “small fry” by allies of Ms Truss, who has promised to cut taxes as soon as she takes over as PM. In a swipe at his former boss, Treasury Chief Secretary Simon Clarke blasted: “Liz will cut taxes in seven weeks, not seven years.” He added that families “cannot afford to wait” until 2029 when facing the “biggest cost of living crisis in decades”. READ MORE...
    THE exact date Tory leadership hopefuls will go head-to-head in their first live debate has been revealed. Nadhim Zahawi has become the first contender to agree to take part in the debate - expected to go ahead on July 18. 4Tory leadership hopefuls are expected to face off in a live televised debate next week According to the Telegraph, Sky News intends to hold the first televised head-to-head. It is expected to be a fiery debate as each of the 10 contenders face-off to become Britain's next PM. The event will be hosted by Sky News presenter Kay Burley and involve questions fielded from a virtual studio audience. It's likely to be the first of many debates and hustings around the country. John Ryley, head of Sky News, said there has "never been a more important time to reinvigorate the trust of voters in the office of the prime minister". TORY LEADERSHIP CONTESTIN THE FRAME Who could replace Boris Johnson after PM resigns? Candidates a chance to "re-engage a disillusioned electorate", he added. It's expected that by next Monday...
    THE PM will today hail “the single biggest tax cut in a decade” months after raiding workers’ hard-earned cash. Boris Johnson claims 30million will be £330 a year better off when National Insurance thresholds change tomorrow. 1The PM said: 'Tomorrow is an important moment . . . as the single biggest tax cut in a decade comes into force'Credit: AFP But it comes after he raised the NI rate by 1.25 per cent in April. The increase in the threshold means workers will start paying NI contributions only on earnings above £12,570. Mr Johnson said: “Tomorrow is an important moment . . . as the single biggest tax cut in a decade comes into force. “The list of people who will benefit is vast — from hairdressers and care workers to receptionists.” He also promised “more tax cuts in the future”. Most read in UK News'CRYING IN PAIN' Lying doctor, 81, killed screaming patient as husband begged him to stopNOT REINED IN Andrew still on Queen's staff despite £12m payout to Epstein 'sex slave'MASK SLIPPING 7 key clues reveal how Logan's ‘pure evil’ teen killer, 14, gave himself...
    EUROSCEPTIC Tories have told Boris Johnson he must cut taxes now to put booster rockets under Brexit. Leading MPs said the PM was squandering his golden chance to make Britain the best place to work and do business. 1Sir Iain Duncan Smith blasted Boris Johnson for clobbering firms and employees with record peacetime taxesCredit: Louis Wood - The Sun Sir Iain Duncan Smith blasted the Government for clobbering firms and employees with record peacetime tax whacks. Corporation tax has been jacked up to 19 per cent while National Insurance rates have also shot up. The ex-Conservative leader fumed the Treasury was “determined to destroy” the economy and even suggested it was “the enemy within”. The words came at the launch of The Centre for Brexit Policy paper written by MPs and experts, which attacks Remoaner civil servants said to be frustrating Brexit. It says: “It has been clear for some time that Brexit policy has not enjoyed such support from many officials. "Moreover, evidence has accumulated suggesting civil servants may not always be competent to carry out their responsibilities and...
    J.D. Vance, the Republican nominee to represent Ohio in the U.S. Senate, blasted his Democratic opponent for attempting to flip-flop on key issues ahead of the November midterm elections. Since securing the Democratic nomination, Congressman Tim Ryan (D-OH-13) has positioned himself as a “moderate,” even proposing tax cuts to help combat inflation. However, in an appearance on Fox News, Vance pointed to Ryan’s previous opposition to tax cuts while in the U.S. House of Representatives. “He has opposed every single effort to cut the taxes of the middle class … we have to fix the fundamentals of this Joe Biden economy. That is where we really have to do the work. Not with gimmicks from [Tim Ryan] who’s never supported a real tax cut in his life,” the Republican said in an interview on The Story with Martha MacCallum. "He has opposed every single effort to cut the taxes of the middle class…we have to fix the fundamentals of this Joe Biden economy. That is where we really have to do the work. Not with gimmicks from [Tim Ryan] whos...
    AN extreme drought has driven water companies in California to offer rebates to residents who cut back on water use. The city of Sacramento is offering up to $3,000 to residents who can cut back on their water usage. 1In an effort to reserve water, Sacramento is offering rebates to residents who cut down water usageCredit: Getty The city has declared a "water alert" and is asking customers to reduce their water use by 20%. To encourage further conservation, the city is offering several types of rebates through its River Friendly Landscape program. Types of rebates Grass conversions - up to $3,000: replace existing grass with drought-tolerant landscaping Irrigation upgrades - up to $800: upgrade irrigation systems, such as drip irrigation and replace standard fixed-spray sprinklers with rotary sprinkler nozzles Smart controller - up to $400: EPA water sense Labeled Smart Irrigation Controller Rain barrel(s) - $150 per barrel: install rain barrel(s) to store water for use during dry periods Laundry-to-Landscape - up to $100: install a "graywater" system that diverts gently used...
    BERLIN (AP) – Germany’s vice chancellor is proposing new powers for the country’s antitrust agency to clamp down on oil companies amid disappointment over the limited effect of a cut in fuel taxes. A three-month cut took effect on June 1 as part of a wider package of measures aimed at blunting the financial fallout from Russia’s invasion of Ukraine, which also includes cheap tickets for local public transport. But there have been widespread complaints that prices at the pump have crept back up substantially after initially falling. Industry representatives insist that the tax reduction is being passed on to consumers but that they face pressure from rising prices. Many politicians, facing charges that the plan is an expensive flop, accuse oil companies of using the tax cut to line their pockets. Leading politicians in Chancellor Olaf Scholz’s center-left Social Democrats and the Greens have called for a tax on what they call “excessive profits” earned by oil companies since the war pushed up prices. But the third partner in the coalition government, the pro-business Free Democrats of Finance Minister...
    BERLIN (AP) — Germany’s vice chancellor is proposing new powers for the country’s antitrust agency to clamp down on oil companies amid disappointment over the limited effect of a cut in fuel taxes. A three-month cut took effect on June 1 as part of a wider package of measures aimed at blunting the financial fallout from Russia’s invasion of Ukraine, which also includes cheap tickets for local public transport. But there have been widespread complaints that prices at the pump have crept back up substantially after initially falling. Industry representatives insist that the tax reduction is being passed on to consumers but that they face pressure from rising prices. Many politicians, facing charges that the plan is an expensive flop, accuse oil companies of using the tax cut to line their pockets. Leading politicians in Chancellor Olaf Scholz’s center-left Social Democrats and the Greens have called for a tax on what they call “excessive profits” earned by oil companies since the war pushed up prices. But the third partner in the coalition government, the pro-business Free Democrats of Finance Minister...
    by Bruce Walker   Michigan’s personal income tax will remain 4.25% for the foreseeable future after Gov. Gretchen Whitmer on Friday vetoed a bipartisan bill that would have lowered it to 4.0%. House Bill 4568 and Senate Bill 784 were vetoed or, in the case of SB784, vetoed in effect on Friday. The bills were tie-barred, which means neither bill could pass without acceptance of the other bill under consideration. According to a House Fiscal Analysis, the bills aimed to: Reduce the individual income tax rate from 4.25% to 4.0% beginning Jan. 1. Increase the personal exemption amount by $1,800, after inflation adjustments, beginning with the 2023 tax year. Increase the earned income tax credit from 6% of the federal credit to 20% of the federal credit beginning with the 2022 tax year. Provide a $500 nonrefundable child tax credit for tax years beginning on or after Jan. 1. Increase the standard deduction against all types of income for taxpayers who are 67 years old or older to $21,800 for a single return and $43,600 for a joint return beginning Jan....
    MORE cash could be on the way to another group of Americans to help fight inflation. South Carolina lawmakers in both the House and Senate reached a compromise on a $13.8billion state budget, local television media WLTX New19 reports.   1Checks would be set to go out in November or December Should it become law, it would include a total of $1billion worth of tax rebates. Who is eligible?  The rebate is worth up to $800 per taxpayer. All South Carolinians who file income tax returns should get that amount back in 2022. Out of 2.5million residents that file tax returns, roughly 44% pay nothing in income taxes, according to WLTX. READ MORE ON PAYMENTSBENEFIT BOOST Americans may get $143 extra a month in 2023 as new COLA estimate is revealedCASHING IN Millions of Americans may get extra $225 payments under new proposal If this is you, then you won’t get a rebate payment. Assuming the budget passes, the checks are set to go out in November or December. What else is in the budget?  Also, some working South Carolinians will get other benefits. For...
    Brutish rail ENOUGH is enough. Strikes by militant, greedy, Marxist-run unions which cripple the rail network and the Tube must be crushed permanently. 3Boris Johnson must face down the rail unionsCredit: AFP They are a throwback to the bleak 1970s . . . tactics and practices as obsolete in 2022 as the phone box. For Boris Johnson to survive he must be bolder. He should start by immediately outlawing walkouts which shut key parts of our national infrastructure. The RMT’s members are well paid, have enviable pensions and were kept in jobs by vast sums of public money when demand collapsed during Covid. Read More on TravelGOING NOWHERE Brits face summer travel hell with airport chaos, rail strikes & soaring fuel Even now they transport substantially fewer passengers than they once did. Yet they insist on ZERO job losses and a staggering 11 per cent rise. RMT chief Mick Lynch feigns his regrets. In reality he relishes inflicting grief on the Tories. Most read in NewsPLOT FOILED Man 'looking to kill Brett Kavanaugh over abortion...
    Cash is pouring into the Golden State. It’s not in the pockets of struggling Californians who deal with record-breaking gas prices and housing and food costs. But rather, it’s the special interests weighing in on a bevy of ballot measures ranging from legalizing sports betting to overturning a flavored tobacco ban. So far, three initiatives have qualified for the November ballot, while an additional six are in the signature-gathering stage. A total of $300 million has been raised for the group of propositions to sway voters, who are certain to have mailboxes stuffed with flyers in the next five months. CALIFORNIA APPELLATE COURT RULES BEES ARE FISH Politico surveyed the spending reports, and these have qualified for the ballot: Native American tribal lands would be allowed to have sports betting and new games such as craps and roulette. State law currently allows slot machines. $31 million has been spent on this; $26 million against. The California Recycling and Plastic Pollution Reduction Act would require businesses to cut down on single-use plastic packaging and utensils by 25% before 2030. The Corn Refiners...
    by Tyler Arnold   After months of debate about Virginia’s biennium budget, lawmakers reached a deal to provide an income tax cut for the middle class, a reduction in the grocery tax and a pay raise for teachers. The deal earned approval from Republicans and Democrats in a joint conference committee, but still needs to pass the House of Delegates and the Senate and be signed by Gov. Glenn Youngkin. Republicans narrowly control the House and Democrats narrowly control the Senate. Youngkin and legislative Republicans made a lot of headway on raising the standard deduction in the deal, which would provide broad tax cuts for the middle class. Per the agreement, the standard deduction would increase to $8,000 for single filers and $16,000 for joint filers, which is up from the current $4,500 for single filers and $9,000 for joint filers, according to a spokesperson for the House Republicans. House Republicans initially hoped to double the standard deduction, but Senate Democrats sought to keep the standard deduction unchanged prior to negotiations. The agreement got Republicans more than three-fourths of...
    Hungary’s Prime Minister Viktor Orbán will impose a temporary windfall tax on banks and multinationals which he says are profiting from the Ukraine war, to protect Hungarians from energy bill increases and enhance the domestic military. “The war is dragging on, the sanctions policy from Brussels is not improving,” said the national conservative leader, who assented to early moves to impose penalties on Russia despite some reservations, such as removing them for SWIFT, but is blocking the European Union’s proposed embargo on Russian oil on grounds that it will harm his own citizens more than Vladimir Putin. “[T]ogether these factors are leading to dramatic price rises,” continued Orbán’s statement — a translation of which has been received by Breitbart London — suggesting that his government’s moves to freeze household energy bills have protected Hungarians from the worst effects of the energy crisis but conceding that “the price of energy is rising further, and so it is becoming increasingly difficult and costly to protect families.” “Meanwhile rising interest rates and prices are enabling banks and large multinational corporations to make extraordinarily...
    The unusual dynamics of the 2022 session of the Minnesota Legislature created the circumstances for its partial collapse Sunday evening when the House and Senate ended the regular session without passing most tax and spending bills. With more money to spend than any previous even-numbered year Legislature, there were resources to do some of what both Republicans and DFLers wanted: tax cuts, new spending and even additional savings. Having $9.25 billion in surplus and more than $1 billion in federal cash from the American Rescue Plan meant both parties could get some of what they wanted. Expectations were raised among rank and file lawmakers and constituency groups. But coming amid a two-year budget, and with an election looming, failure was an option. The government won’t shut down if none of the spending and tax cuts bills are passed. Gov. Tim Walz’s threat not to call a special session may have served as a catalyst for action, but in the end, it didn’t push lawmakers toward success — and may not have actually been true. As Sunday became Monday, House Speaker...
    MINNEAPOLIS (WCCO) — Major progress was made Saturday as lawmakers work to cobble together a budget deal before the end of the legislative session. Legislators have until midnight on Sunday to have everything buttoned up, but the tax package has been agreed on. READ MORE: Owner Reunited With Dog After Her Car Was Stolen In Downtown MinneapolisDFL Rep. Paul Marquart, the chair of the House Tax Committee, said the bipartisan agreement equals the largest tax cuts in the history of the state. “This…is going to have a real and meaningful impact on people’s lives. This is historic,” Marquart said. Lawmakers from both parties made tax cuts a priority this session with more than $9 billion in state surplus money. Under the $4 billion deal, senior citizens would no longer pay taxes on their social security checks. Additionally, 2.4 million filers would see a small income tax reduction every paycheck. An increased child and dependent care tax credit would help an estimated 81,000 families. READ MORE: Dozens Of Homes Flooded After Water Main Breaks In St. Louis ParkLegislators also say the...
    Minnesota lawmakers have agreed to what they say is the largest tax cut in state history. But it will only happen if the Legislature can strike a deal on, well, dozens of other issues before they are set to adjourn at 11:59 p.m. on Sunday. On Saturday, House and Senate leaders announced a final tax bill, a major plank in their so-called “4-4-4” deal to spend $4 billion of their historic surplus over the next three years on tax cuts, $4 billion on new spending and leave $4 billion remaining in reserves. Negotiations are ongoing on the last of those “4s,” which includes roughly $1 billion for education, $1 billion for health and human services and $450 million for public safety. House Speaker Melissa Hortman has said she will not move the tax bill “until everything is done.” Article continues after advertisement “We must not let this transforming, historic tax bill be held hostage by many of these other things,” said Sen. Carla Nelson, a Rochester Republican who chairs the Senate’s Taxes Committee, imploring lawmakers to reach deals.  “All the...
    National Republican Senatorial Committee Chair Rick Scott's latest lie about his unpopular 'Rescue America' plan. Sen. Rick Scott (R-FL) lied about his plan for a potential Republican Senate majority on Friday, saying that it would not hike taxes for more than 100 million Americans. In a Fox Business interview, host Stuart Varney asked the National Republican Senatorial Committee chair about his controversial "Rescue America" plan, which states, "All Americans should pay some income tax to have skin in the game, even if a small amount. Currently over half of Americans pay no income tax." Scott denied that he wanted to raise taxes on anyone and told Varney he really just means more people should have jobs: I will never vote for a tax or fee increase. I cut taxes and fees 100 times as governor. Biggest —I did $10.5 billion in tax cuts. I will not do it. No, but just think, if you go get a job, if you're able-bodied and you have a job, one, you pay payroll taxes, you pay income taxes, you might get some of...
    by Tom Joyce   Maricopa County Board of Supervisors has responded to the rising cost of goods and services with a property tax rate cut. The board approved a tentative FY 2023 budget aiming to mitigate the impact of inflation in the county by using hundreds of millions of dollars in American Rescue Plan funds for financial assistance and resources to residents and businesses. “The Phoenix metro area has gone from one of the most affordable in the country to one of the hardest hit by inflation. Our goal with this budget is to provide some relief to individuals and families dealing with rising costs,” Board Chairman Bill Gates said in a press release.  While the board has no control over rising property values, state law gives supervisors the authority to establish the property tax rate. Since the county has seen some of the most significant property value increases in the country, most parcels are likely to see a 5% increase in limited property value. Per a 2012 ballot initiative, that’s the most nearly all residential lots can increase in...
    LOS ANGELES (AP) — California’s governor on Friday proposed a temporary tax cut for the state’s struggling legal marijuana industry, but businesses said it falls far short of what’s needed to revive a foundering pot economy. Broad legal sales began in California in 2018, but the industry has been burdened by hefty taxes that can approach 50% in some areas, costly regulation, and competition from a flourishing illegal marketplace, which industry analysts estimate is at least twice the size of the legal one. READ MORE: Placer County CEO Todd Leopold Acknowledges He Was Driver That Struck And Killed Anthony WilliamsMeanwhile, a glut of cannabis from corporate-scale farms has sent wholesale prices into a tailspin, leaving some growers unable to make a profit. California was once envisioned as a national model for legal sales, but industry leaders warned Democratic Gov. Gavin Newsom in December that the state’s licensed industry was verging on collapse and needed immediate tax relief and a swift expansion of retail outlets to survive. In a proposal to the Legislature for the budget year that starts in July,...
    LOS ANGELES (AP/CBS13) — Gov. Gavin Newsom on Friday proposed a temporary tax cut for the state’s struggling legal marijuana industry, but businesses said it falls far short of what’s needed to revive a foundering pot economy. Broad legal sales began in California in 2018, but the industry has been burdened by hefty taxes that can approach 50% in some areas, costly regulation and competition from a flourishing illegal marketplace, which industry analysts estimate is at least twice the size of the legal one. READ MORE: Arrest Made After Arden Arcade Stabbing Leaves Man, 53, DeadMeanwhile, a glut of cannabis from corporate-scale farms has sent wholesale prices into a tailspin, leaving some growers unable to make a profit. California was once envisioned as a national model for legal sales, but industry leaders warned Newsom – a Democrat – in December that the state’s licensed industry was verging on collapse and needed immediate tax relief and a swift expansion of retail outlets to survive. In a proposal to the Legislature for the budget year that starts in July, the Newsom administration recommended...
    LOS ANGELES (AP) — California’s governor on Friday proposed a temporary tax cut for the state’s struggling legal marijuana industry, but businesses said it falls far short of what’s needed to revive a foundering pot economy. Broad legal sales began in California in 2018, but the industry has been burdened by hefty taxes that can approach 50% in some areas, costly regulation and competition from a flourishing illegal marketplace, which industry analysts estimate is at least twice the size of the legal one. Meanwhile, a glut of cannabis from corporate-scale farms has sent wholesale prices into a tailspin, leaving some growers unable to make a profit. California was once envisioned as a national model for legal sales, but industry leaders warned Democratic Gov. Gavin Newsom in December that the state’s licensed industry was verging on collapse and needed immediate tax relief and a swift expansion of retail outlets to survive. In a proposal to the Legislature for the budget year that starts in July, the Newsom administration recommended eliminating the much-despised cultivation tax, which is set at $161 on...
    On Thursday’s broadcast of the Fox News Channel’s “America Reports,” Rep. and U.S. Senate candidate Tim Ryan (D-OH) argued President Joe Biden needs to do more on inflation than just blame others and wouldn’t say whether he considers Biden an asset or liability for Democrats. Co-host John Roberts asked, [relevant exchange begins around 1:55] “Polls show that in the state of Ohio and just about every state in the nation, one of the top, if not the top issue is inflation. President Biden is well underwater on that. In a recent Fox News poll, 67% of people disapproved of his handling of inflation. And here’s what a Washington Post editorial said about the president today, ‘Biden’s Magical Thinking on Inflation Continues’ ‘While the White House looks for culprits to blame for inflation, it has struggled to articulate any sort of plan.’ ‘To show voters he is on top of the problem, Mr. Biden needs to do more than blame someone else for high prices.’ Do you agree, does the president need to do more than blame other people for inflation?”...
    IT was heartbreaking to ­read the reports in yesterday’s Sun of people battered by spiralling costs. But sadly they are all-too-familiar concerns as we face the worst cost-of-living crisis many of us have ever known. 3We are facing a tsunami of hard-working people unable to pay their bills — whether it is food, energy or other essential costs which keep rising and rising 3It was heartbreaking to ­read the reports in yesterday’s Sun of people battered by costs Just the other day I was ­sitting in a cafe in my constituency, Harlow, chatting to the staff when one of them told me she was working SEVEN days a week just to make ends meet. Without those extra hours she would not be able to pay her energy bills, she said. And, of course, that workload is not just affecting her finances — it is also damaging her quality of life because she cannot spend time with her ­family. We are facing a tsunami of hard-working people unable to pay their bills — whether it is food, energy or other essential...
    Rep. Tim Ryan (D-OH) appeared on America’s Newsroom Thursday where he made clear he’s in no hurry to ask President Joe Biden to campaign for him. Biden’s approval ratings have foundered amid high inflation and fears of a recession. Ryan is the Democratic nominee for U.S. Senate in Ohio and will square off against J.D. Vance in November. “Do you want President Biden to come out and campaign for you in Ohio?” anchor John Roberts asked Ryan point-blank to begin the interview. “Hey, we’ll see, we’ll see,” Ryan responded. “But the reality of it is I’m the face of this campaign and there’s so much political noise out there. I’m a unique candidate, I’m a unique kind of Democrat, I’ve taken on the Democratic Party, I’ve run against Nancy Pelosi, I’ve gotten in fights with Bernie Sanders, and I’ve agreed with Trump on renegotiating NAFTA, and being tough on China.” It was the second time in eight days Ryan told Fox News he’s not sure if he wants Biden to stump for him, but this time Ryan appeared to make more...
    NO matter how much hard-pressed Sun readers cut back, the bills keep spiralling out of control. A cut in income tax will not come into force for up to two years — and there was little in the Government’s Queen’s Speech to combat inflation, which is expected to rise to ten per cent by the end of the year. 8Single dad Josh Waters, a support worker for homeless teens, said: 'I want the Government to increase the National Insurance threshold' Meanwhile, annual home fuel costs are predicted to go up by another £900 in October. In March, Chancellor Rishi Sunak promised to cut the basic rate of income tax. But that may not start until 2024 — and struggling households want taxes slashed NOW so they have more money in their pockets. Here, Grant Rollings speaks to Sun readers demanding action. RAISING NI THRESHOLD WOULD HELP ALL SINGLE dad Josh Waters, a support worker for homeless teens, said: “I want the Government to increase the National Insurance threshold. “That would give us a little extra spending money to pay the...