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House Democrats Propose New Tax Hikes

House Democrats on Monday outlined a bevy of tax hikes on corporations and wealthy people to fund an investment in the social safety net and climate policy that could reach $3.5 trillion.

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Source: CNBC

House Democrats on Monday outlined a bevy of tax hikes on corporations and wealthy people to fund an investment in the social safety net and climate policy that could reach $3.5 trillion.

The plan calls for top corporate and individual tax rates of 26.5% and 39.6%, respectively, according to a summary released by the tax-writing Ways and Means Committee. The proposal includes a 3% surcharge on individual income above $5 million and a capital gains tax of 25%.

It’s unclear how much the tax increases would raise and if the new revenue would offset the full investment in social programs. Democrats could ultimately cut the legislation’s price tag as centrists balk at a $3.5 trillion total.

The tax proposals may change before Democrats craft the final bill they hope to pass in coming weeks. The Ways and Means Committee will debate tax policy when it resumes its markup of the mammoth spending package this week.

Senate Democrats will also have their say in the tax proposals. Sen. Joe Manchin, D-W.V., has called for a corporate rate of 25%, lower than the one favored by House Democrats. He has also expressed concerns about the plan adding to budget deficits.

The party will need votes from every member of the Senate Democratic caucus and all but three House Democrats. Senate Majority Leader Chuck Schumer, D-N.Y., and House Speaker Nancy Pelosi, D-Calif., aim to pass the legislation through the budget reconciliation process without Republican support.

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Business

US Budget Deficit Rises to $2.71 Trillion Through August

US Budget Deficit Rises to $2.71 Trillion

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Source: US News

In its monthly budget report, the Treasury Department said Monday that the deficit for the first 11 months of this budget year is 9.9% less than the imbalance during the same period last year.

For the entire budget year, which ends Sept. 30, the Congressional Budget Office is forecasting a deficit of $3 trillion, which would be just below the record deficit of $3.13 trillion set last year.

Last year’s deficit was more than double the previous record of $1.4 trillion set in 2009 during the Obama administration, when the government was spending heavily to combat the deep recession after the 2008 financial crisis.

The Associated Press

For the first 11 months of this budget year, government revenues totaled $3.39 trillion. That marks a healthy increase of 17.7% from last year, fueled by the economic rebound from the COVID-induced recession that allowed millions of people to go back to work, boosting individual incomes and corporate profits.

Government spending was up a slower 4% to $6.21 trillion. The outlays for both this year and last reflect the trillions of dollars spent to keep the economy from falling into a prolonged recession by providing individual support payments, enhanced unemployment benefits and billions of dollars in forgivable loans to small businesses.

For August, the deficit totaled $170.6 billion, down 14.7% from August 2020 when the deficit hit $200 billion. The difference resulted from the winding down of a number of relief programs introduced since March 2020.

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Business

FHL Tower Construction Delayed By Nine Months

The construction of a $65 million tower befitting high-end tenancy in the capital city, is nine months behind schedule, but not behind budget.

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Source: Fiji Sun

The construction of a $65 million tower befitting high-end tenancy in the capital city, is nine months behind schedule, but not behind budget.

Fijian Holdings Limited’s acting group chief executive officer, Abilash Ram, made the comment about the Fijian Holdings Commercial Tower, which is under construction at Gorrie Street.

His comments follow the revelation that steel for construction tower was expected to arrive later this month. “We have a completion date established for March 2022,” Mr Ram said.

By as early as 2020 to the first quarter of 2021, Fijian Holdings Limited is expected to launch its three dimension designs artist’s impression with potential tenants. “The issue is actually the market at the moment,” Mr Ram said. “Still, we got a lot of interest. “

Tenancy at the tower is directed at diplomatic missions, Mr Ram said. The tower will have 18 floors, two of which will be allocated for parking. “Appropriate consultants were involved and traffic impact study to get approval from the Fiji Roads Authority,” Mr Ram said.

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Business

US Business Mood Darkens As Delta Variant Upends Forecasts

The failure to bring Covid-19 under control is changing expectations of a quick economic recovery.

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The failure to bring Covid-19 under control is changing expectations of a quick economic recovery.

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