Posts Tagged ‘tax cuts’

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China’s cabinet on Thursday announced new measures to cut costs for companies as policymakers look to support growth amid an escalating trade war with the United States that threatens exporters.

The Tax Cuts and Jobs Act (TCJA)’s special 20% individual income tax deduction for owners of pass-through businesses was always going to disproportionately benefit the wealthy. The Joint Committee on Taxation projected that half the benefits of the provisions would go to millionaires and only a small fraction would help taxpayers making less than $200,000. […]

Minister of Finance Su Jain-rong (???) on his first day in office yesterday said he would pursue a more equitable taxation system and bolster the nation’s financial health without hurting the economy.

Monthly allowance expected to rise by 40pc to US$775, while mortgage interest payments, education and medical costs to be made tax deductible

The Greens are standing out against the bipartisan consensus that tax cuts are needed for middle and lower income earners.

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