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LONDON — The British government has dropped plans to cut income tax for top earners, part of a package of unfunded cuts that sparked turmoil on financial markets and sent the pound to record lows. Treasury chief Kwasi Kwarteng said Monday that he will not scrap the top 45% rate of income tax paid on earnings above 150,000 pounds ($167,000) a year. “We get it, and we have listened,” he said in a statement. The U-turn comes as more lawmakers from the governing Conservative Party turn on government tax plans announced 10 days ago. It also comes hours after the...

Speaking from New York where she is attending the United Nations, new UK Prime Minister Liz Truss heavily hinted there would be tax cuts coming this week, and that these were being done to grow the economy, not please people with ideological opposition to tax cuts. Tax cuts help generate economic growth, the Prime Minister said on Tuesday, as she makes her first official trip abroad as leader to the United Nations’ General Assembly in New York. Speaking about the government’s emergency budget being presented to the Commons on Friday, PM Liz Truss strongly implied that tax cuts would be...

According to newly released data from the Bureau of Labor Statistics, Americans in 2021 once again spent more on average on taxes than they did on food, clothing and health care combined. During 2021, according to Table R-1 in the BLS’ Consumer Expenditure Survey, American “consumer units” spent an average of $15,495.28 on food, clothing and health care combined, while paying an average of $16,729.73 in total taxes to federal, state and local governments. ... “A consumer unit," the BLS says in the glossary for its Consumer Expenditure Survey, “comprises either (1) all members of a particular household who are...

In 2007, the U.S. Congress mandated the blending of biofuels such as corn-based ethanol into gasoline. One of the top goals: reducing greenhouse gas emissions. But today, the nation´s ethanol plants produce more than double the climate-damaging pollution, per gallon of fuel production capacity, than the nation´s oil refineries, according to a Reuters analysis of federal data. The average ethanol plant chuffed out 1,187 metric tons of carbon emissions per million gallons of fuel capacity in 2020, the latest year data is available. The average oil refinery, by contrast, produced 533 metric tons of carbon. The ethanol plants´ high emissions...

Child poverty in the United States fell by 46 percent in 2021, a record low achieved largely by expanding the child tax credit, according to new data released by the U.S. Census Bureau. The data shows 5.2 percent of children were in poverty in 2021, down significantly from the 9.2 percent of impoverished children the previous year.

House Oversight Committee chairwoman Carolyn Maloney (D-NY) is pushing legislation that levies a 20 percent tax on AR-15 makers’ revenue. The legislation is called the Firearms Industry Fairness Act. NBC News reports the levy would “impose a 20% tax on the total revenue earned by manufacturers who produce assault weapons and high-capacity magazines.” Maloney tweeted about the legislation on August 22: My Firearm Industry Fairness Act will tax assault weapons manufacturers 20% off ALL revenue and my Firearm Industry Crime and Trafficking Accountability Act will prohibit the selling of guns to retailers if selling leads to a high risk of...

China’s property sector is crumbling in the wake of the country’s tough pandemic restrictions, with frustrated homeowners taking part in unprecedented mortgage boycotts. In August, the nation recorded its 12th straight month of falling property sales, as cash-strapped developers struggle to complete projects. The country’s economic growth was just 0.4 per cent year-on-year in the second quarter – its slowest rate since the initial Covid outbreak. So far, more than 20 major developers have defaulted on their debts in the past year alone, with S&P Global Ratings warning around 20 per cent of Chinese developers are now at risk of...

U.S. Sen. Mark Kelly made a very brief appearance in Show Low on Tuesday.His plane landed at Show Low Airport just after 10:30 a.m., and from there he was taken to White Mountain Performance and Horne Auto Center.The reason for his visit remains unclear, specifically considering that President Joe Biden was in Washington signing the Creating Helpful Incentives to Produce Semiconductors Act, a bipartisan bill that Kelly endorsed and takes partial credit for.The CARES Act did come up in conversation between Kelly and Dan Macleod, the general manager at Horne Auto Center, along with water concerns affecting the state. Macleod...

As President Joe Biden signs the largest climate package in American history, some leftist’s are bothered by policymakers’ hesitance to create a tax on meat. Democratic lawmakers have long claimed that excrement produced by livestock and poultry farming — “farting cows,” as Rep. Alexandria Ocasio-Cortez (D-NY) once put it — have an outsized impact on global temperatures. Discussion about crafting new disincentives for meat consumption resurfaced as the Inflation Reduction Act advanced through Congress after months of gridlock. Vox reporter Kenny Torrella, for instance, noted that the Inflation Reduction Act devotes 5% of its funds toward “changing farming practices” while...

Tucked into the tax and spending bill that passed the Senate this weekend was a $15 million provision to study allowing the IRS to prepare taxes. The provision comes after Sen. Elizabeth Warren, D-Mass., and other Democrats have pushed legislation for adding tax filing to the agency's purview. The Inflation Reduction Act, which passed the House Friday after clearing the Senate — the vote was 50-50 with Vice President Kamala Harris breaking the tie — appropriates almost $80 billion to the tax agency. That would enable the IRS to hire its desired 87,000 agents over the next decade to increase...

Rep. Matthew Cartwright has a history of tax delinquency.. Rep. Matthew Cartwright (D., Pa.) was hit with tax penalties for late condo payments in 2021, just three years after facing media scrutiny for repeated tax delinquency. Cartwright last year owed $436.63 in penalties and interest, stemming from the late property tax payments on his Washington, D.C., condo he shares with his wife, according to D.C. Office of Tax and Revenue records reviewed by the Washington Free Beacon. The news could be a problem for the congressman, who is locked in a competitive race against Republican challenger Jim Bognet. Cartwright on...

London -- British-Indian prime ministerial candidate Rishi Sunak on Wednesday pledged a crackdown on Islamist extremism, the UK's most “significant terror threat”, with a widened government definition of extremism and strengthening existing terrorism legislation. The 42-year-old former Chancellor, who is seen closing the gap with opponent Foreign Secretary Liz Truss in the race to 10 Downing Street, also vowed to weed out organisations that promote extremism in the UK and refocus the “failing”. Prevent programme, a government tool intended to tackle Islamist extremism. “There is no more important duty for a Prime Minister than keeping our country and our people...

When it comes to sales of electric cars, Norway is in a league of its own. In September, battery-powered electric vehicles accounted for 77.5 percent of all new cars sold. That figure makes Norway a world leader by a long way—leapfrogging over the UK, where 15 percent of new car sales were electric as of October, and the US, where that number is just 2.6 percent. Norway’s electric dream has been credited to a series of tax breaks and other financial carrots that mean brands like Tesla can compete on price with combustion engines. But these incentives—and their success—have created...

The nationwide average for gas prices currently sits at $4.98 a gallon.. Joe Biden said Monday he is considering creating a federal gas tax holiday, which could save Americans as much as 18.4 cents per gallon, although his ex-boss .. Barack Obama, called such a move a "gimmick" on the campaign trail back in 2008. Biden told reporters after taking a walk along the beach near his vacation home in Delaware that he will decide by the end of the week whether to pause the federal gas tax. ... comments paint a stark contrast to presidential candidate and then-Illinois Sen....

As the economy continues to go in to a downward spiral, Biden got in to an argument with his own Treasury Secretary today about if the U.S economy is headed for a recession.On Sunday, Treasury Secretary Larry Summers said his “best guess” was that we were heading in to a recession. Earlier today, Biden contradicted Summers, saying that there is nothing ‘inevitable’ about a recession after having a conversation with him Monday morning.Biden offered a number of solutions that he believed could reduce ‘inflationary pressures’ and prevent a recession.One solution was to increase taxes on the wealthy, a proposal he...

The New York State Postconsumer Paint Collection Program began on May 1, 2022. For drop-off locations and the latest program information, please visit the PaintCare New York program page (leaves DEC website). As of May 1, 2022, a producer or retailer shall not sell, or offer for sale, architectural paint to any person in the state unless the producer and the producer's brands are participating in the program by having registered with PaintCare

Connecticut’s Department of Revenue Services this week announced a coming tax hike on diesel fuel, resulting in a nine cent increase. The current tax in the state is 40.1 cents on diesel fuel, but it will increase to 49.2 cents per gallon in about two weeks, beginning July 1.

U.S. Senate Finance Committee chair Ron Wyden is planning to introduce legislation setting a 21% surtax on oil company profits considered excessive, an aide for the senator told Reuters. The bill applies a 21% additional tax on the excess profits of oil and gas companies with more than $1 billion in annual revenue, the aide said. The 21% tax would be in addition to any regular income tax due. Profits over 10% would be considered excessive under the bill, according to the aide. Unlike other proposed windfall profit taxes, the aide said, Wyden's bill would apply the tax based on...

<p>NEW ORLEANS — Louisiana owners of electric or hybrid vehicles could be charged an annual state road usage fee under legislation that won final passage Sunday.</p><p>Governor John Bel Edwards is expected to sign the bill into law since his Transportation Secretary Shawn Wilson testified in favor of the legislation.</p>

Up, up and away in our inflationary balloon! Regular gasoline prices have breached the $5 a gallon barrier, the highest in recorded history. And it is even worse in states like California where regular gas prices have been above $7 per gallon. Bankrate’s 30-year mortgage rate is now 5.78%, the highest since 2008. And rising really fast as The Fed tightens the monetary noose. Speaking of noose tightening, the 2-year US Treasury Note yield is rising awfully fast. The US Treasury 10Y-2Y curve slope just flattened to 8.819 bps and challenging the 0% grade awfully fast. The US Dollar is...