Leaders of the world’s 20 biggest economies will endorse a US proposal for a global minimum corporate tax of 15%, draft conclusions of the two-day G20 summit in Rome showed on Saturday.
The G20 plans to have the rules in force in 2023.
Continue reading...Minimum global corporate rate of 15% agreed by 136 countries as Yellen also says US will raise debt ceiling on 3 December
The US treasury secretary, Janet Yellen, said on Sunday she was confident Congress would approve legislation to implement the global corporate minimum tax agreed by 136 countries.
Yellen told ABC’s This Week actions to bring the US into compliance with the global minimum tax would likely be included in the so-called reconciliation budget bill containing Joe Biden’s proposed spending initiatives.
Continue reading...Former president says billionaires should ‘pay a little bit more in taxes’ to fund healthcare, childcare and the climate crisis fight
Barack Obama says wealthy Americans – including himself – can afford tax rises to help fund Joe Biden’s ambitious spending plan.
Related: Pelosi: Biden spending plan, infrastructure deal and funding ‘must pass’ next week
Continue reading...In a letter to Democrats on Saturday the House speaker, Nancy Pelosi, set her sights high, saying Joe Biden’s $3.5tn spending package, a bipartisan infrastructure deal worth $1tn and a measure to expand government funding “must pass” next week.
Related: ‘We couldn’t be more inconsistent’: discordant Democrats imperil Biden’s agenda
Continue reading...The president is about to embark on a legislative push with almost no room for error
In what could be the most consequential stretch of his presidency, Joe Biden faces an autumn sprint to advance a once-in-a-generation expansion of the social safety net.
Related: House Democrats are scared to tax billionaires – that’s a costly mistake | Robert Reich
Continue reading...‘The time is now for childcare, healthcare and climate action for all,’ the congresswoman wrote on Instagram
When Alexandria Ocasio-Cortez wore a white gown with the message “tax the rich” emblazoned in red to the Met Gala, one of New York’s swankiest events, she was sure to ruffle some feathers.
Related: The Met Gala 2021: eight key moments from fashion’s big night
Continue reading...ProPublica investigation shows how little US super-rich, including Jeff Bezos and Elon Musk, reportedly paid between 2014 and 2018
The 25 richest Americans, including Jeff Bezos, Warren Buffett and Elon Musk, paid a “true tax rate” of just 3.4% between 2014 and 2018, according to an investigation by ProPublica, despite their collective net worth rising by more than $400bn in the same period.
Related: Global economy set for fastest recovery for more than 80 years
Continue reading...The US president, Joe Biden, has said it is time for corporations and the richest Americans to ‘start paying their fair share’ as he pitched his $4tn infrastructure and welfare plans at an event in Virginia.
Speaking at a community college in Norfolk, Biden made the case for increasing taxes on the wealthiest in the US to fund his $1.8tn American families plan and $2tn infrastructure plan. The packages would provide funds for childcare, invest in free universal pre-schooling and rebuild America’s transport and public housing.
‘I think it’s about time we started giving tax breaks and tax benefits to working class families and middle class families, instead of just the very wealthy,’ Biden said.
Continue reading...Republicans opposed to Joe Biden’s proposed $2tn infrastructure bill claimed on Sunday that it was effectively a partisan tax hike that allocated too much money to electric vehicles and other environmental initiatives.
Related: Florida faces 'imminent' pollution catastrophe from phosphate mine pond
Continue reading...Mike Pence and Kamala Harris met in Utah for the only vice-presidential debate of the election, separated by Plexiglass barriers as a protection against coronavirus.
From the pandemic to healthcare and race to the supreme court, via a fly, here are some of the key moments
During the first presidential debate, Donald Trump was pressed on the New York Times story over his tax returns, which showed he paid only $750 in federal income taxes in 2016 and 2017. The president claimed he had paid “millions” in income taxes and said he would release his tax returns soon, which he has been saying since 2015.
Joe Biden said Trump 'does take advantage of the tax code' and 'pays less tax than a schoolteacher'. Trump shrugged off the criticism, saying all business leaders do the same 'unless they are stupid'. The exchange escalated with Biden telling his rival: 'You are the worst president America has ever had'
Trump said back in 2011 that even low-income Americans should have to pay some taxes and that he pays “a lot of tax,” a new CNN report reveals.
The tax information obtained by the New York Times indicates Trump paid only $750 in federal income taxes the year that he won the presidency.
Related: Trump reels from taxes bombshell as he gets set for crunch debate with Biden
Florida police have released body camera footage from officers’ interaction with Brad Parscale, the president’s former campaign manager who was involuntarily hospitalized yesterday.
In the video, Parscale’s wife, Candice, can be heard saying he brandished a gun and has multiple firearms in the home.
New: Police just released body camera footage of the incident involving Brad Parscale https://t.co/QBpA7jIjEg
Continue reading...Donald Trump heads into the first US presidential debate against Joe Biden on Tuesday night trailing in opinion polls and now reeling from dramatic newspaper revelations detailing his chronic financial losses and years of tax avoidance.
Related: Democrats on the attack after Trump tax return revelations – live
Continue reading...US president Donald Trump paid very little in income taxes in recent years as heavy losses from his business enterprises offset hundreds of millions of dollars in income, the New York Times reported on Sunday citing tax-return data. Trump denied the report, calling it 'total fake news' at a White House news conference
His returns examined at last, the president stands exposed as a tax avoider and serial debtor. It raises serious questions – but also, most likely, the passions of his fervent supporters
From the moment he rode down an escalator in the marble-clad, gold-trimmed Trump Tower to declare his candidacy for US president, Donald Trump was selling himself as a successful businessman who could run a successful economy.
Related: New York Times publishes Donald Trump's tax returns in election bombshell
Continue reading...Donald Trump, a self-proclaimed billionaire, paid only $750 in federal income taxes in the year he was elected US president, according to a stunning New York Times investigation that could shake up the presidential election.
Related: Trump says overturning Roe v Wade 'possible' with Barrett on supreme court
Continue reading...Court also rules in a separate decision that the president does not have to turn over his financial records to Congress
The supreme court has ruled that a Manhattan grand jury may have access to some of Donald Trump’s financial documents, dealing a major blow to the president in his fight to keep his tax records secret – although the records were not expected to become public ahead of the November election.
Prosecutors in New York had sought the documents as part of an investigation into whether Trump had improperly handled hush payments, including one to the pornographic film actor star Stormy Daniels during the 2016 presidential campaign.
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The secretary of defense for public affairs, Jonathan Hoffman, said in a statement it does not support a Turkish operation in northern Syria.
Despite the president giving a green light for that to occur, the defense department’s statement claims that their position is in tune with the presidents.
The Department of Defense made clear to Turkey - as did the President - that we do not endorse a Turkish operation in Northern Syria. The US Armed Forces will not support, or be involved in any such operation.
In conversations between the Department and the Turkish military we have consistently stressed that coordination and cooperation were the best path toward security in the area. Secretary Esper and Chairman Milley reiterated to their respective Turkish counterparts that unilateral action creates risks for Turkey. As the President has stated, Turkey would be responsible, along with European nations and others, for thousands of ISIS fighters who had been captured and defeated in the campaign lead by the United States.
The homeland security department released a statement in response to the department’s acting secretary, Kevin McAleenan, deciding not to speak after protestors interrupted his remarks at an immigration conference this morning.
The department said McAleenan’s right to free speech and assembly were “robbed.”
Continue reading...Returns shows Sanders’ family made $566,000 in 2018, while O’Rourke paid $81,000 in taxes on $366,00 in 2017
Bernie Sanders, the Democratic socialist senator from Vermont, released a decade of tax returns on Monday, showing his family made $566,000 in 2018.
According to returns provided by his campaign, Sanders reported he paid $137,573 in federal taxes in 2018 and owed $8,267 in taxes for the year. Sanders and his wife, Jane Sanders, reported paying a 26% effective tax rate on his adjusted gross income. The couple reported donating $18,950 to charity, or 3.2%.
Continue reading...Democrats in Congress will “never” see Donald Trump’s tax returns, acting White House chief of staff Mick Mulvaney said on Sunday.
Related: ‘Pete! Pete! Pete!’ Buttigieg fever hits New Hampshire – can he keep up the pace?
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