U.K. Chief Secretary to the Treasury Danny Alexander will today confirm that his Liberal Democrat party will push for the amount people can earn before paying income tax to rise to 12,500 pounds ($20,900) if they’re in government after the 2015 election.
Prime Minister David Cameron announced an increase in Britain’s minimum wage before it was formally agreed by his government, in a bid to stop his Liberal Democrat coalition partners taking the credit, according to a government official.
U.S. President Barack Obama’s budget will propose tax cuts for low-income families, a retirement savings plan and ask Congress to make permanent certain tax breaks to offset the cost of higher education.
Representative Kevin Brady of Texas, chairman of the Joint Economic Committee, said in an interview on Bloomberg Television’s “Political Capital with Al Hunt,” airing this weekend, that a Republican plan to revise the U.S. tax code will benefit large banks by helping them stanch job losses within the industry.
Paul Krugman, a Nobel-prize winning economist who has used his New York Times column to champion greater government action to stimulate growth and create jobs, is leaving Princeton University for the City University of New York.