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Sierra Leone is aiming to transition its mining industry to cleaner energy sources by requiring companies to connect to the grid by 2040. The country plans to increase its power capacity significantly by 2050, with 90% of it coming from renewable energy sources. This move is seen as crucial for attracting private funding and improving electricity access in a nation where less than a third of the population currently has access to electricity. The government is also working to resolve energy supply issues with existing partners and attract new ones to support this transition. [Extracted from the article]

The UK government decided not to implement further tax increases on North Sea oil and gas producers beyond what was already announced, following industry protests. Chancellor of the Exchequer Rachel Reeves confirmed a 3 percentage point increase in the Energy Profits Levy to 38%, extending it until March 2030. While the decision to maintain capital allowances brought relief to the industry, concerns remain about the overall tax rate and competitiveness for investment compared to other countries like Norway. The impact of these tax changes on global energy markets is expected to be minimal. [Extracted from the article]

The UK government decided not to implement further tax increases on North Sea oil and gas producers beyond what was already announced, following industry protests. Chancellor of the Exchequer Rachel Reeves confirmed a 3% increase in the Energy Profits Levy to 38%, extending its application until March 2030. While the decision to maintain capital allowances offers some relief to the industry, concerns remain about the overall tax burden and competitiveness compared to other countries like Norway. Despite the significant impact on the UK oil and gas industry, the global energy market will see minimal effects due to the country's relatively small production share. [Extracted from the article]

Brazil's economic team is working to reassure investors and ensure compliance with fiscal rules, despite President Lula's push for increased social spending. Investors became concerned about the country's fiscal outlook when Lula announced plans to expand cooking gas subsidies. The worry stems from the government's proposal to pay for the subsidies in a way that could bypass fiscal rules. Finance Minister Fernando Haddad will try to prevent any circumvention of fiscal limits and work with Congress to amend the bill. Additionally, there are concerns about the source of financing for next year's budget, as the government is relying on revenue from a failed tax debt recovery plan. Lula has acknowledged investor concerns but remains committed to his spending plans. These concerns have contributed to the poor performance of the Brazilian real. [Extracted from the article]

Kenya's finance ministry is working to reintroduce some tax measures that were abandoned due to deadly protests. The taxes, which aimed to raise $2.7 billion, were part of the Finance Bill 2024. The protests resulted in the deaths of over 61 people and the dismissal of the entire cabinet. The ministry plans to engage in extensive public participation to avoid insensitivity towards the concerns of Kenyans. The proposed taxes included increased levies on essentials like bread and diapers. The government is under pressure to improve tax collection and reduce borrowing to address the country's high debt levels. [Extracted from the article]

First Solar, the largest solar manufacturer in the US, has requested tariffs on solar cell imports from Cambodia, Malaysia, Thailand, and Vietnam, claiming that these imports benefit from foreign subsidies. However, it has been revealed that First Solar itself has received similar incentives from Malaysia and Vietnam. This raises questions about the legality of government subsidies and highlights the complexities of global solar supply chains. First Solar argues that there is a distinction between imports sold at a fair price, like their own, and imports that are dumped below production cost. The US International Trade Commission has already found evidence of harm to domestic solar manufacturers from cheap imports, and countervailing duties may be imposed in the future. [Extracted from the article]

President Joe Biden's budget proposal includes sweeping tax increases on corporations and the wealthy, setting the stage for a tax fight in Washington. The proposal aims to equalize the taxation of investment and wage income by increasing the capital gains tax rate for those earning at least $1 million. Biden also plans to implement a 25% minimum tax rate on households worth at least $100 million and raise the top personal-income tax rate to 39.6% for those making over $400,000. Additionally, the proposal includes changes to corporate taxes, estate and gift taxes, and tax incentives for the oil and gas industry. On the other hand, Biden plans to expand the child tax credit and the earned income tax credit for low-income workers. [Extracted from the article]

Germany's budget uncertainty surrounding climate and digitalization projects could hinder economic growth, warns the OECD. The Paris-based institute highlights that ongoing political uncertainty regarding the financing of support policies for businesses and workers during the green transition may impact investment and private consumption. If additional fiscal tightening is required to sustain spending plans, GDP growth and inflation could be lower. The OECD recommends increased investment in renewable energy and semiconductor facilities, as well as reducing bureaucracy through the implementation of common IT standards and streamlined administrative procedures. Funding for these investments could be achieved through more efficient public expenditure and improved tax enforcement. [Extracted from the article]

US states are experiencing a decline in tax revenue, which could lead to challenging budget decisions in the future. A recent analysis from the Urban Institute found that total state tax revenue decreased by 5.6% on an inflation-adjusted basis in September, marking the 14th consecutive month of decline. Factors contributing to this drop include cooling economic growth, tax cuts, and weak stock-market performance. While states currently have healthy rainy-day funds to mitigate the impact, they will eventually need to find ways to increase revenue or cut spending. The article highlights the need for states to monitor and navigate these revenue declines, with investors in the municipal-bond market paying close attention to how states utilize their reserves and implement measures such as raising taxes or cutting spending. The article also mentions specific examples of states facing strains on their tax-revenue outlook, such as New York and Texas. However, experts suggest that the current situation does not require drastic adjustments and states may simply need to adjust their spending plans. [Extracted from the article]

The article discusses proposed legislation by Representative Charles B. Rangel, chairman of the U.S. House Ways & Means Committee, that would lower the corporate tax rate while eliminating certain tax breaks for companies. The average tax rate of companies on the Standard & Poor's 500 stock index was 26 percent, rather than the 35 percent tax rate, and companies including CMS Energy, Chesapeake Energy and Boeing paid less than 1 percent of earnings on taxes from 2002 to 2006. INSET: TOP TAX SAVERS.

(Bloomberg) -- The International Monetary Fund criticized the Pakistan government's budget as insufficient to meet the goals of its bailout program, a sign that a deadline this month to unlock aid will not be met. The IMF is ready to work with Pakistani authorities to refine the budget ahead of its passage. [Extracted from the article]

(Bloomberg) -- The International Monetary Fund criticized the Pakistan government's budget as insufficient to meet the goals of its bailout program, a sign that a deadline this month to unlock aid will not be met. The IMF is ready to work with Pakistani authorities to refine the budget ahead of its passage. [Extracted from the article]

More importantly, a deal with the IMF would unlock billions in financing assistance from other countries, including Saudi Arabia and the United Arab Emirates, which Pakistan needs to service its debts. (Bloomberg) -- The International Monetary Fund criticized the Pakistan government's budget as insufficient to meet the goals of its aid program, a sign that the two sides will likely fail to meet a deadline this month to unlock aid payments. [Extracted from the article]

(Bloomberg) -- The International Monetary Fund criticized the Pakistan government's budget as insufficient to meet the goals of its aid program, a sign that the two sides will likely fail to meet a deadline this month to unlock aid payments. More importantly, a deal with the IMF would unlock billions in financing assistance from other countries, including Saudi Arabia and the United Arab Emirates, which Pakistan needs to service its debts. [Extracted from the article]

The article discusses issues related to tax planning in the U.S. Topics covered include the suggestion to hire a qualified tax planning professional, tax preference income, eleven things to double-check in the 1980 tax return, rules to follow when one gets audited, the risks in investment tax planning and the uncertainty in the government treatment of tax sheltering.

The article offers information on consumers' consumption of goods and services in the U.S., in terms of dollar value, every year. It states that taxes paid by individuals are collected by the government agencies, however, it is impossible for them to compare the payment of taxes with the benefits of public services they consumed. It mentions that amongst the consumers' tax expenditures, direct taxes account for only a quarter of the total tax collected.

The article focuses on the study by the U.S. Treasury in 1969 which estimates that the government is deprived of 40 billion U.S. dollars per year tax expenditures. It says that the message of the study is that the government distorts and intrudes in manners that are not broadly recognized. Former Treasury Assistant Secretary Stanley S. Surrey, who was the major promoter of the study, emphasizes that they are not making judgment on the goodness or badness of special provisions.

(Bloomberg) -- Prime Minister Giorgia Meloni started a sweeping overhaul of the country's byzantine tax system, which will include a reduction in the number of income tax brackets. Separately, the government also approved a reorganization of its finance ministry with the creation of a separate division to handle state company stakeholdings and strategic assets. [Extracted from the article]

Under current law, investment fund managers can pay the 20% capital-gains rate on a portion of their incomes that would otherwise be subjected to the 37% top individual-income rate. (Bloomberg) -- President Joe Biden is proposing a series of tax increases on investors and top-earning Americans in his annual budget request to Congress. This would mean that many of the richest Americans - who currently pay an 8% rate on their incomes because of tax preferences that allow them to cut their IRS bills - would face significant tax increases. [Extracted from the article]

The plan would also nearly double the capital gains tax rate for investment to 39.6% from 20% and raise income levies on corporations and wealthy Americans. (Bloomberg) -- President Joe Biden is proposing a series of new tax increases on billionaires, rich investors and corporations in his latest proposal for how Congress should prioritize taxes and spending. [Extracted from the article]

The plan would also nearly double the capital gains tax rate for investment to 39.6% from 20% and raise income levies on corporations and wealthy Americans. (Bloomberg) -- President Joe Biden is proposing a series of new tax increases on billionaires, rich investors and corporations in his latest proposal for how Congress should prioritize taxes and spending. [Extracted from the article]

"These challenges mean we need to make responsible budget choices to ensure generous superannuation tax breaks are better targeted and sustainable", he said shortly after releasing a full accounting of tax expenditures which showed the concessions on pension accounts cost more than A$50 billion every year. Chalmers had been flagging potential changes to superannuation tax breaks ahead of the May 9 budget. (Bloomberg) -- Australia's government plans to double the tax rate on large pension balances to 30% from 2025-26, saying the change will impact less than 0.5% of account holders and make the system more sustainable. [Extracted from the article]

Chalmers had been flagging potential changes to superannuation tax breaks ahead of the May 9 budget. (Bloomberg) -- Australia's government plans to double the tax on large pension balances to 30% from 2025-26, a change it says will impact less than 0.5% of account holders and make the system more sustainable. "These challenges mean we need to make responsible budget choices to ensure generous superannuation tax breaks are better targeted and sustainable", he said shortly after releasing a full accounting of tax expenditures which showed the concessions on pension accounts cost more than A$50 billion every year. [Extracted from the article]

Australian Treasurer Says Government Spending Restraint Necessary to Beat Inflation Chalmers has been flagging potential changes to superannuation tax breaks ahead of the upcoming May 9 budget, possibly targeting concessions for accounts above A$3 million. (Bloomberg) -- Australia's government laid the groundwork for a potential crackdown on the wealthiest pension savers as it revealed that tax-breaks for multi million-dollar accounts are costing more than A$50 billion ($34 billion) every year. [Extracted from the article]

President William Ruto directed his administration to urgently prepare to sell stakes in some of the nation's 248 corporations, with a view of reducing the burden of providing bailouts to companies in distress. (Bloomberg) -- Kenya can raise as much as 110 billion shillings ($878.5 million) by selling stakes in state-owned companies to help reduce its fiscal deficit, according to the East African nation's Parliamentary Budget Office. [Extracted from the article]

House's 2021 Version The Manchin-Schumer bill falls short of many Democrats' hopes after a 2020 campaign that featured tax-hike promises and produced unified control of the White House and Capitol Hill. Wealth managers quickly mobilized to advise their clients to realize gains, make adjustments to their estate plans and other tax-saving maneuvers before the end of 2021 -- when Democrats were targeting the tax increases to begin. Keywords: 0229544Z; ALLTOP; BON; BUSINESS; COS; ECOTOP; EXE; FIN; GEN; GLOBALMACR; GOV; INDUSTRIES; LAW; MARKETS; NORTHAM; SVC; TOP; US; WORLD; WWTOP; WWTOPAM; WWTOPAS; WWTOPEU EN 0229544Z ALLTOP BON BUSINESS COS ECOTOP EXE FIN GEN GLOBALMACR GOV INDUSTRIES LAW MARKETS NORTHAM SVC TOP US WORLD WWTOP WWTOPAM WWTOPAS WWTOPEU (Bloomberg) Wealthy Americans, who were girding for the biggest set of tax increases in three decades just a year ago, now look mostly safe from higher levies for years to come. [Extracted from the article]

(Bloomberg) -- Sri Lanka's inflation surged to a new record in May driven by costlier food and fuels, even as the island nation struggles to find a way out of its worst economic crisis. The Central Bank of Sri Lanka, which this month left borrowing costs steady while letting previous increases to filter through the economy, had predicted price gains to touch 40% amid a shortage of essentials in the absence of dollars to pay for imports. [Extracted from the article]

Tax income will be about 44 billion euros ($45.8 billion) higher on average through 2026 than forecast in November, according to the finance ministry's latest estimates published Thursday in Berlin. (Bloomberg) -- Germany expects to reap considerably more tax revenue than expected thanks to a recovery in the labor market in Europe's biggest economy, though the country's finance chief warned of "high uncertainty.". [Extracted from the article]

ALLTOP, EXE, GEN, GLOBALMACR, GOV, LAW, NORTHAM, POL, TOP, US, WORLD, WWTOP, WWTOPAM Keywords: ALLTOP; EXE; GEN; GLOBALMACR; GOV; LAW; NORTHAM; POL; TOP; US; WORLD; WWTOP; WWTOPAM EN ALLTOP EXE GEN GLOBALMACR GOV LAW NORTHAM POL TOP US WORLD WWTOP WWTOPAM President Joe Biden's decision, in a raft of individual tax proposals released Wednesday, to leave in place a cap on state and local tax deductions threatens to complicate congressional negotiations over his sweeping new social-spending program. [Extracted from the article]

Focuses on U.S. tax Form 6251, which computes the alternative minimum tax (AMT). How the form works; Overview of the form; Loss of standard deductions and write-offs; Observation that some tax-free municipal bonds are not AMT-free.

Senators Bernie Sanders, a Vermont independent, and Bob Menendez, a New Jersey Democrat, who have been leading the SALT negotiations, say the House approach is too generous. (Bloomberg) -- The Senate Finance Committee released an unfinished version of President Joe Biden's tax plan as Democrats race to meet a year-end deadline to pass a roughly $2 trillion tax and spending bill. [Extracted from the article]

The current text of the broad tax and spending bill includes a parole option that would provide work authorization and deportation protections for some undocumented immigrants. House passage of both measures would deliver a much-needed victory for the president, whose approval ratings have plummeted. Keywords: ALLTOP; BUSINESS; CLIMATE; COS; CST; EXE; FIN; GEN; GOV; HEA; INDUSTRIAL; INDUSTRIES; INS; NORTHAM; US; WORLD; WWTOP EN ALLTOP BUSINESS CLIMATE COS CST EXE FIN GEN GOV HEA INDUSTRIAL INDUSTRIES INS NORTHAM US WORLD WWTOP A vote on the massive tax and spending measure follows months of intra-party tension and disputes that carried into late Thursday night. [Extracted from the article]

Keywords: 0229544Z; 0230417Z; ALLTOP; BUSINESS; CMD; COS; DRG; EXE; GEN; GLOBALMACR; GOV; HEA; INDUSTRIES; LAW; NORTHAM; NRG; POL; SVC; US; WORLD; WWTOP EN 0229544Z 0230417Z ALLTOP BUSINESS CMD COS DRG EXE GEN GLOBALMACR GOV HEA INDUSTRIES LAW NORTHAM NRG POL SVC US WORLD WWTOP The House's version of President Joe Biden's signature social-spending bill raises nearly $1.48 trillion in new tax revenue, according to the Joint Committee on Taxation. R2211KDWX2PW (Bloomberg) -- The House's version of President Joe Biden's signature social-spending bill raises nearly $1.48 trillion in new tax revenue, according to the Joint Committee on Taxation. The estimates from Congress's official tax scorekeeper are likely to be closely analyzed by centrist Democrats, including Senator Joe Manchin of West Virginia, to make sure that the cost of new spending is fully offset with new revenue. [Extracted from the article]

R21YGMDWX2PS (Bloomberg) -- The House's version of President Joe Biden's signature social-spending bill raises nearly $1.48 trillion in new tax revenue, according to the Joint Committee on Taxation. 0229544Z, 0230417Z, BUSINESS, CMD, COS, EXE, GEN, GOV, INDUSTRIES, LAW, NORTHAM, NRG, SVC, US, WORLD Keywords: 0229544Z; 0230417Z; BUSINESS; CMD; COS; EXE; GEN; GOV; INDUSTRIES; LAW; NORTHAM; NRG; SVC; US; WORLD EN 0229544Z 0230417Z BUSINESS CMD COS EXE GEN GOV INDUSTRIES LAW NORTHAM NRG SVC US WORLD The House's version of President Joe Biden's signature social-spending bill raises nearly $1.48 trillion in new tax revenue, according to the Joint Committee on Taxation. [Extracted from the article]

(Bloomberg) -- President Joe Biden's acknowledgement that he doesn't have sufficient Senate Democratic backing for his proposed increase in the U.S. corporate tax rate gives fresh impetus to efforts by negotiators to find alternative revenue sources for a sweeping social-spending bill. Stock Buyback Tax Democrats are also thinking about implementing a stock buyback tax, a new levy that would equalize the tax treatment for companies when the buy back their own shares and when they issue dividends to stockholders. How Democrats Could Tax Companies More - Without Undoing Trump's Tax Cuts. [Extracted from the article]

Here's the latest news and analysis from Bloomberg Economics to help you start the day: Congressional Democrats are at odds over both the tax and spending sides of a bill to enact the bulk of President Joe Biden's economic agenda Federal Reserve Bank of San Francisco President Mary Daly said the pandemic will spur longer-term reforms of the Treasury market to ensure there's sufficient liquidity in a future crisis and that people are aware of it The Fed is going into battle with a plan ill-suited to the current environment, increasing the risks of a major monetary policy error, says Bill Dudley of Bloomberg Economics Brazil's economy chief said the government could seek a "waiver" to the country's spending cap to fund its new social program, just hours after President Jair Bolsonaro said the extra spending would abide by the fiscal rule Jens Weidmann's decision to quit as Bundesbank president offers a unique opportunity to reshape the institution just as a generational shift takes hold in politics with the exit of Chancellor Angela Merkel The European Central Bank will probably start laying the foundations next week for the big decisions to be made in December on asset purchases, according to Bloomberg Economics U.K. government borrowing was significantly lower than forecast in the first half of the fiscal year but a surge in debt costs sent a warning to Chancellor of the Exchequer Rishi Sunak ahead of his budget next week IMF says China has policy options to cushion economy's slowdown Strong gains in South Korea's exports this month suggest global demand is holding up despite headwinds from supply chain snags and an energy crunch disrupting Chinese production Finally, check out this week's Stephanomics podcast: Why central bankers are in such a precarious spot in this chaotic pandemic recovery ©2021 Bloomberg L.P. (Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. [Extracted from the article]

Representative Jimmy Gomez, a California Democrat on the House Ways and Means Committee, said it's likely that SALT changes will be in the final bill, but lawmakers have to negotiate the broader spending totals to figure out how much money can be spent on the move. (Bloomberg) -- Democrats risk settling for a less generous expansion of the state and local tax deduction than previously hoped after President Joe Biden conceded that lawmakers will have to scale back his economic agenda to get it enacted. [Extracted from the article]

The House bill has proposed to raise the capital gains rate to 25% and the top income rate to 39.6% -- leaving in place the incentive to qualify for the lower rate. Under current law, fund managers can pay long-term capital gains rates of 20% on their proceeds if they meet all the carried interest requirements in the tax code, as opposed to the income-tax rate; the top marginal rate is currently 37%. (Bloomberg) -- House Democrats' plan to limit a favorite tax break for private equity -- but not do away with it entirely as President Joe Biden had proposed -- is more restrictive than it first appeared, according to investment advisers and attorneys who've examined the details of the proposal. [Extracted from the article]

President Joe Biden visited the National Renewable Energy Laboratory in Colorado to promote his economic agenda, emphasizing its potential to combat climate change and create high-paying jobs in the clean energy sector. He highlighted the urgency of taking action and the need to accelerate the development of clean energy technologies. Biden's visit to the western U.S. aimed to generate support for his economic agenda by drawing attention to the region's wildfires and drought. Congressional Democrats are currently engaged in negotiations over a $3.5 trillion tax and spending plan that includes Biden's agenda, including social program expansion and climate change initiatives. Biden also mentioned his infrastructure bill, which has passed the Senate and is awaiting a final vote in the House, as a means to enhance the country's resilience to severe weather events. House Democrats recently proposed a package of tax increases to partially offset Biden's spending proposals, targeting corporations and the wealthiest Americans. However, there are divisions among Democrats regarding the overall cost and specific provisions of the plan. Republicans have expressed concerns about the level of spending and the potential negative impact of increased taxes on businesses. [Extracted from the article]

Instead of a flat corporate rate, Democrats are proposing a 18% rate on the first $400,000 of income, a 21 % on income up to $5 million, rising to 26.5% after that. Capital Gains The House bill would increase the capital gains rate to 25% from 20% for "certain high income individuals", short of the 39.6% proposed by Biden to equalize the taxation of investment and wage income. What's in Democrats' Tax Plan?. [Extracted from the article]

Instead of a flat corporate rate, Democrats are proposing a 18% rate on the first $400,000 of income, a 21 % on income up to $5 million, rising to 26.5% after that. Capital Gains The House bill would increase the capital gains rate to 25% from 20% for "certain high income individuals", short of the 39.6% proposed by Biden to equalize the taxation of investment and wage income. What's in Democrats' Tax Plan?. [Extracted from the article]

Democrats control the House and Senate by only the narrowest of margins and need unanimity to overcome expected Republican opposition. Ashley Schapitl, a spokeswoman for Senate Finance Committee Chairman Ron Wyden, said that the rates in their panel's version of the tax bill are not yet set and will be decided with input from Senate Democrats. [Extracted from the article]

(Bloomberg) -- House Speaker Nancy Pelosi and moderate Democrats struck a deal on moving forward with President Joe Biden's $4.1 trillion in economic plans, according to a lawmaker involved in the negotiations. The moderate lawmakers, led by New Jersey Representative Josh Gottheimer, had said they wanted to vote on the Senate-passed infrastructure bill before starting the process on the separate, broader tax and spending legislation. [Extracted from the article]

The article reflects on the significance of long-distance trains, a coast-to-coast journey on the Amtrak, in the U.S. The author stresses that he had serious doubts about paying tax subsidies so that reluctant fliers can relax. He explains that cross-country trains throw people together with strangers in an enforced closeness that speed and electronics have nearly eliminated. However, he states that trains build sense of country, it is not just transportation, it is a kind of national therapy.

The article summarizes a report by Princeton University economist Harvey S. Rosen on the impact of the U.S. 1986 tax reform on the tax liability of married couples. Rosen estimated that 40 percent of married couples will pay a marriage tax averaging $1,100 in 1988, a smaller amount in comparison to the marriage tax under the old tax law. Rosen also estimates that 53 percent of married couples will obtain a tax subsidy averaging $600.

The article reports on the growing pressure in the U.S. Congress and the states to divert a portion of the 7.3 billion U.S. dollars in annual highway user taxes to pay for road maintenance and upgrade. Transportation Secretary Brock Adam proposes a bill that would authorize 7.8 billion U.S. dollars in highway spending for fiscal 1979. New Jersey Representative James J. Howard also introduced a bill that would extend the life of the highway trust fund past its 1979 expiration date. Some states have reduced their construction activity due to lack of funds.

The article presents several news briefs related to business from the U.S. When the Ritz-Carlton Hotel Co. LLC opens on December 1, 1975 in Chicago, it will be the second hotel in the U.S. to be associated with the famed Ritz of Paris. Strategies for the yearend tax deductions have been given. partygoers can book an evening in a privately owned home or apartment.

The article reports on the move of social philanthropists to defend its methods and motives against an incoming regulation from the Congress in the U.S. It mentions that the philanthropists have fought to survive the effects of the stock market decline through seeking a legislative relief from the 1969 Tax Reform Act. Due to the tax preferences, foundations have used what would have been the federal revenues for purposes.

The article focuses on the report which was assembled by a Presidential commission headed by J. Peter Grace, chairman of W. R. Grace & Co, regarding the cutting of federal spending in the United States. This report includes 2,200 separate proposals that if implemented would effect a projected $400 billion in savings over three years. This report has evolved as a line of defense for antitax conservatives.