•   
  •   

Money Report finds company tax cuts can benefit all - not just the rich

01:21  12 january  2018
01:21  12 january  2018 Source:   msn.com

Liverpool car park fire destroys more than 1,000 vehicles, photos reveal aftermath

  Liverpool car park fire destroys more than 1,000 vehicles, photos reveal aftermath Police release eerie images of a Liverpool car park after a massive fire engulfed it on New Year's Eve and destroyed more than 1,000 vehicles.Merseyside Police said all cars left in the 1,600-capacity car park were destroyed and the Mayor of Liverpool Joe Anderson put the number at "upward of 1,000".

It’s been called a “ tax cut for the rich ,” “a Christmas gift for the wealthy” and more. And that’s true: Any back-of-the-envelope math shows that in both dollar terms and in percentage terms, the largest tax cuts clearly benefit the rich .

While he has not disclosed his exact borrowings, he has called himself the “king of debt” and a New York Times investigation found that his companies had borrowed at least A Tax Loophole for the Rich That Just Won’t Die. Trump Wanted a Bigger Tax Cut for the Rich , Ivanka Went Elsewhere.

The federal government will push ahead with stage two of its company tax cuts when parliament resumes next month.

It’s been emboldened by an OECD report that suggests corporate tax relief can benefit all, not just the rich, as Labor has long argued.

Acting Treasurer Kelly O’Dwyer says the report had “rubbished” Labor’s case.

“Labor has no-where to hide on this any more,” she said.

The latest round of corporate cuts would see the rate cut from 30 to 25 percent for companies with a turnover of more than $50 million by 2026.

GoPro cuts 200-300 jobs, largely impacting its drone division

  GoPro cuts 200-300 jobs, largely impacting its drone division GoPro is in the process of laying off around 200-300 employees this week, TechCrunch has learned from sources close to the company. In a letter to impacted employees GoPro explained these cuts are part of a larger restructuring "to better align our resources with business requirements".

With the release of an ambitious overhaul of the tax code, House Republicans are moving to fulfill a long-held desire of corporate America: a large and audacious tax cut . “Most of the benefits as best I can tell will go to wealthy people.

Since the tax cuts , companies spent 37 times as much on stock buybacks than they did on bonuses and increased wages for workers. President Donald Trump’s corporate tax cuts might not have trickled down to American workers in the way that he suggested they would.

Without the support of the crossbench in the Senate, the government will need Labor’s support.

But Shadow Treasurer, Chris Bowen, immediately ruled that out.

“Labor has not, and will not, support $65 billion company tax cuts,” Mr Bowen said.

“Australia cannot afford it.”

The latest round of corporate cuts would see the rate cut from 30 to 25 percent for companies with a turnover of more than $50 million by 2026. © AAP Image The latest round of corporate cuts would see the rate cut from 30 to 25 percent for companies with a turnover of more than $50 million by 2026.

Labor argues the money should be spent on schools, TAFE, infrastructure, and the NBN.

Economists say the OECD report is right, if companies pass on wage increases or re-invest the savings.

But, if they only pass the dividend on to shareholders, only the “top end of town” benefits.

The government wants to have the tax cuts passed in the autumn parliamentary session.

Booby-trapped messaging apps used for spying: researchers .
An espionage campaign using malware-infected messaging apps has been stealing smartphone data from activists, soldiers, lawyers, journalists and others in more than 20 countries, researchers said in a report Thursday. A report authored by digital rights group Electronic Frontier Foundation and mobile security firm Lookout detailed discovery of "a prolific actor" with nation-state capabilities "exploiting targets globally across multiple platforms."Desktop computers were also targeted, but getting into data-rich mobile devices was a primary objective, according to the report.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!