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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessTreasury Dept: Biden's FY25 Budget Would Reduce Deficit By USD$3 Trillion
The US Treasury Department has issued a statement claiming the tax reforms in President Joe Biden's FY25 budget proposal would reduce the federal deficit by USD$3 trillion over 10 years. The statement outlines a populist economic agenda which has little chance of becoming law but will provide a campaign platform for President Biden's reelection campaign.
- Treasury Secretary Janet Yellen said: “The investments in the President’s budget are fully paid for, and the budget would reduce deficits by approximately $3 trillion through a combination of smart savings and tax proposals that ensure wealthy individuals and large corporations pay their fair share.”
- Key Items: "Implementing a global minimum tax […] ensuring that all multinationals pay at least a 21% minimum rate on their earnings in each jurisdiction..."
- "Increasing the corporate minimum tax rate to 21%," and "Implementing a Billionaire Minimum Tax of 25%"
- "Raising the tax rate on corporate stock buybacks from 1% to 4% to reduce the differential tax treatment between buybacks and dividends..."
- "Denying corporate tax deductions for employee compensation in excess of $1 million paid to any employee by both publicly and privately owned C corporations."
- "Making permanent expanded tax credits for health insurance that were first enacted in the American Rescue Plan and extended in the Inflation Reduction Act."
- "Expanding the Child Tax Credit and making it fully refundable and available in advance monthly…"
- "Expanding and enhancing the Low-Income Housing Tax Credit... to boost the supply of housing that is affordable for low-income renters."
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.