economic-policy0.615 min read
Banks oppose Trump's proposed 10% credit card interest rate cap
5 days ago•Source: The Washington Post
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2.985 min•1 year ago
"Biden's $10,000 Tax Credit Plan to Address Housing Affordability Crisis"
President Biden has proposed new tax breaks to address affordable housing issues, including a $5,000 per year "mortgage relief credit" for middle-class, first-time homebuyers and a one-year credit of up to $10,000 for middle-class families who sell their "starter homes." However, experts have mixed opinions on the proposals, with concerns about the impact on mortgage rates and the ongoing housing supply crisis.
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"Whitmer's Vehicle Rebate Plan: Lower Prices, Boost Sales, and Union Incentives"
Michigan Governor Gretchen Whitmer has proposed expanding a tax rebate plan to include both electric and internal combustion engine vehicles, with larger rebates tied to purchases from union shops. Under the plan, individuals purchasing a new electric or hybrid vehicle would receive a $2,000 rebate, while those buying a new gas-powered vehicle would receive a $1,000 rebate. The rebates would increase by $500 if the vehicle is made at a union-represented facility. Whitmer plans to request $25 million in funding from the state legislature for the program. The proposal aims to lower costs, support auto workers, and stimulate vehicle manufacturing in Michigan.
China's Politburo recalibrates policies and sets growth targets for 2024
China's Politburo has signaled a course correction in policy, favoring a more cautious approach to stabilize the economy and avoid disruptions. The statement from the Politburo meeting sets the tone for economic priorities in 2024, emphasizing progress while maintaining stability and establishing the new before abolishing the old. Analysts suggest that this step-by-step approach aims to tackle structural problems and stabilize expectations. Lessons learned from previous green initiatives and rushed campaigns have prompted a more measured and prudent approach to issues such as decarbonization, common prosperity, and local government debt. The focus will be on making reforms more measured and stepwise, with sound planning, to avoid a fickle policy environment that concerns private and foreign firms.
economic-policy2 years ago
Italy Implements Bold Economic Measures to Revive Stagnant Growth
Italy has announced a €24 billion stimulus package aimed at boosting the country's faltering economic growth. The plan includes tax cuts and pay rises, with the goal of stimulating consumer spending and investment. The government hopes that these measures will help revive the Italian economy, which has been struggling with low growth and high levels of public debt.
"China's State Council Unveils New Measures to Boost Consumer Spending"
China's State Council has issued measures to boost consumption in sectors such as automobiles, real estate, and services, recognizing the crucial role of consumption in economic development. The government plans to improve charging infrastructure for new energy vehicles, expand affordable rental housing to support housing demand, and encourage tourism by reducing or eliminating admission fees at scenic areas during low periods. These measures come as policymakers aim to stimulate domestic demand and support the post-COVID economic recovery.