U.S. Senator Rand Paul, a potential presidential candidate who has said a bailout of Detroit would occur “over my dead body,” told a business crowd there that cutting taxes and luring immigrants would turn the city’s fortunes.
U.K. Chancellor of the Exchequer George Osborne forecast higher growth and lower borrowing while announcing tax increases for banks and foreign property owners as he prepared the ground for 2015’s general election.
Brazil’s economy shrank in the third quarter more than analysts forecast as above-target inflation, deteriorating fiscal accounts and rising interest rates sapped confidence and crimped investment. Swap rates fell.
Support is growing for revisions to the New York state tax code including rate cuts, with Democratic Governor Andrew M. Cuomo and Republican legislative leaders proposing changes to every major levy in the state.
Here’s some holiday cheer: 120 million American families no longer have to file income tax returns; the top individual rate is lowered by 20 percent; the top corporate rate is cut by more than half; the government gets the same amount of revenue; and the tax system is slightly more progressive.