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Business Tax

All articles tagged with #business tax

"Murphy's Proposal: New Tax on Top Businesses to Fund N.J. Transit"

Governor Philip D. Murphy of New Jersey is set to propose reinstating a corporate business tax of 11.5 percent for companies with profits exceeding $10 million, up from the previous threshold of $1 million, in an effort to address the financial challenges of New Jersey Transit. The tax, if adopted, is expected to apply to 600-700 companies and generate approximately $800 million annually, with the revenue earmarked for New Jersey Transit starting in mid-2026. Murphy views this as a "corporate transit fee" and not an alternative to the fare increases planned by New Jersey Transit.

via The New York Times|

#business-politics #business-tax #corporate-surcharge

economy2 years ago•15 min saved

"UK's Jeremy Hunt's Budget Announcement: Benefits Raised, Alcohol Duty Frozen"

UK Finance Minister Jeremy Hunt announces a major tax cut, reducing employee National Insurance from 12% to 10% and scrapping the "class 2" NI charge for self-employed individuals. He also confirms a permanent business tax break and £4.5 billion in funding for British manufacturing. The UK economy's growth forecast is downgraded, with GDP projected to grow by 0.6% this year and 0.7% next year. Hunt also pledges an additional £500 million investment in artificial intelligence. Other measures include an increase in the National Living Wage, cuts to alcohol duty, and a rise in tobacco duty.

via CNBC|

#business-tax #economy #manufacturing-funding

business-and-environment2 years ago•2 min saved

Swiss voters approve global minimum corporate tax and net-zero carbon law amidst climate crisis.

Swiss voters have approved a global minimum tax on businesses and a climate law that aims to cut fossil fuel use and reach zero emissions by 2050. The business tax will be raised to the 15% global minimum rate from the current average minimum of 11%, while the climate law has been brought back in a modified form after it was rejected in 2021. Voters also approved to extend some provisions of the country's emergency COVID-19 law. The proposals have been backed by business groups, most political parties, and the general public.

via Reuters.com|

#business-and-environment #business-tax #climate-law