Latest news with #taxreform
Arab News
12 hours ago
- Business
- Arab News
Syria announces sweeping tax reforms to boost transparency, investment
RIYADH: Syria's Finance Ministry has announced a major overhaul of the country's tax system, set to take effect in early 2026, as part of broader efforts to modernize fiscal policy, enhance transparency, and attract investment. According to a statement carried by the state-run SANA news agency, the draft law for the new income tax system is currently open for public consultation until July 30. The reforms are designed to ease the burden on taxpayers, promote fairness, and stimulate economic activity through clearer and more equitable rules. Under the proposed system, individuals earning less than $12,000 annually will be fully exempt from income tax, in a move aimed at supporting low-income earners. Corporate tax rates will be tailored by sector, replacing the current 'flat income committees' with a more transparent and structured mechanism. The reforms will also unify multiple charges into a single tax fee to eliminate double taxation, while offering deductions for taxpayers who make verified social contributions. Enhanced digital systems—including mandatory electronic invoicing and QR code integration—will be introduced to curb tax evasion and strengthen compliance. To improve trust and streamline the resolution of tax disputes, the ministry plans to implement simplified procedures, with complex cases referred to a specialized tax court. Notably, the burden of proving income sources will shift from the taxpayer to the tax authority—a significant change from the existing framework. In addition, incentives will be introduced for timely payment, and a separate initiative will address the settlement of outstanding tax dues to protect public funds without overburdening taxpayers. The Finance Ministry said the changes reflect its commitment to building a fair, flexible, and modern tax environment that can support Syria's broader economic recovery.
Yahoo
13 hours ago
- Business
- Yahoo
MTG unveils bill to ax ‘unfair' tax on homeowners, says it's a ‘gift' for the people — here's Trump's response
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. When you sell your home and make a sizable profit, you're likely required to pay capital gains tax. But U.S. Rep. Marjorie Taylor Greene (R-GA) is aiming to change that. Greene recently introduced the 'No Tax on Home Sales Act,' a bill that would eliminate federal capital gains tax on the sale of primary residences. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) You don't have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here's how 'Families who work hard, build equity, and sell their homes should not be punished with massive tax bills,' Greene said in a recent press release. 'The capital gains tax on home sales is an outdated, unfair burden — especially in today's housing market, where values have skyrocketed. My bill fixes that.' Currently, if you sell your primary home with a capital gain, the IRS allows you to exclude up to $250,000 ($500,000 for joint filers) from your taxable income. But that exclusion was set back in 1997 — when home prices were substantially lower. A recent analysis by the National Association of Realtors estimates that about one in three homeowners — roughly 29 million households — have accumulated more equity than the federal capital gains tax exclusion allows for single filers. Greene told she believes the bill would be 'a great gift for the American people.' Although the proposal is still in its early stages, it has already caught the attention of U.S. President Donald Trump. 'We're looking at that,' Trump recently told reporters at Joint Base Andrews. 'It could be a very big positive. I think it's going to be a great incentive for a lot of people that really need money.' America's housing crisis Soaring home prices in recent years have made it substantially harder for prospective buyers to get a foot on the ladder. In just the last five years, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index has climbed by more than 50%. And a recent Bankrate study found that to afford a typical home in the U.S., a household would now need an annual income exceeding $116,000. Many experts say a lack of supply is the root cause. Federal Reserve Chair Jerome Powell highlighted this last year at a press conference, remarking, 'The real issue with housing is that we have had and are on track to continue to have, not enough housing.' He also pointed to the difficulty of finding and zoning land in desirable areas, asking, 'Where are we going to get the supply?' A recent Zillow study indicates a shortfall of 4.7 million homes in America's housing supply. But Greene believes her bill could help 'boost' the nation's housing supply by removing the capital gains tax obstacle that might discourage homeowners from selling, according to a recent post on X. Read more: Rich, young Americans are ditching the stormy stock market — Getting on the real estate ladder — starting with $100 At the end of the day, the rise in home prices also reflects the steady march of inflation over time. When inflation goes up, property values often climb as well, reflecting the higher costs of materials, labor and land. Meanwhile, rental income tends to rise, providing landlords with a revenue stream that adjusts with inflation. That's why real estate has long been considered a go-to investment for those looking to hedge against inflation. While purchasing an entire home can seem out of reach with today's hefty down payments and high mortgage rates, it's now easier than ever to start investing in real estate thanks to crowdfunding platforms like Arrived. Backed by world class investors like Jeff Bezos, Arrived allows you to invest in shares of rental homes with as little as $100, all without the hassle of mowing lawns, fixing leaky faucets or handling difficult tenants. The process is simple: Browse a curated selection of homes that have been vetted for their appreciation and income potential. Once you find a property you like, select the number of shares you'd like to purchase, and then sit back as you start receiving positive rental income distributions from your investment. Another option is Homeshares, which gives accredited investors access to the $35 trillion U.S. home equity market — a space that's historically been the exclusive playground of institutional investors. With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property. With risk-adjusted target returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets. What to read next Here are the 6 levels of wealth for retirement-age Americans — are you near the top or bottom of the pyramid? This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Car insurance in America could climb to a stunning $2,502/year on average — but here's how 2 minutes can save you more than $600 in 2025 Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Money doesn't have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
Colombia government weighs tax hikes to fund 2026 budget
BOGOTA (Reuters) -Colombia's government is weighing a tax reform proposal that, if passed, would help raise 26 trillion pesos ($6.48 billion) to fund its 2026 budget, two government sources told Reuters on Wednesday. Most of the funds would be raised through tax increases, the sources said. The proposed amount is higher than the 19 trillion pesos announced in June by Finance Minister German Avila during the presentation of the government's medium-term fiscal framework. A drop in tax income has caused Colombia's public finances to weaken, prompting the government of Latin America's fourth-largest economy to suspend the country's fiscal rule. The Finance Ministry has raised this year's fiscal deficit target to 7.1% of GDP, compared to the earlier target of 5.1%. For 2026, the deficit is projected at 6.2% of GDP. According to preliminary figures presented by Avila on Tuesday night at a cabinet meeting, the government will propose a 2026 spending budget of 551.66 trillion pesos to Congress, which is 7.9% higher than the 2025 budget of 511 trillion pesos. Fiscal challenges led ratings agencies S&P and Moody's to downgrade Colombia's sovereign debt by one notch in June, citing the country's weaker fiscal performance. ($1 = 4,015.04 Colombian pesos) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
a day ago
- Business
- Reuters
Colombia government weighs tax hikes to fund 2026 budget
BOGOTA, July 16 (Reuters) - Colombia's government is weighing a tax reform proposal that, if passed, would help raise 26 trillion pesos ($6.48 billion) to fund its 2026 budget, two government sources told Reuters on Wednesday. Most of the funds would be raised through tax increases, the sources said. The proposed amount is higher than the 19 trillion pesos announced in June by Finance Minister German Avila during the presentation of the government's medium-term fiscal framework. A drop in tax income has caused Colombia's public finances to weaken, prompting the government of Latin America's fourth-largest economy to suspend the country's fiscal rule. The Finance Ministry has raised this year's fiscal deficit target to 7.1% of GDP, compared to the earlier target of 5.1%. For 2026, the deficit is projected at 6.2% of GDP. According to preliminary figures presented by Avila on Tuesday night at a cabinet meeting, the government will propose a 2026 spending budget of 551.66 trillion pesos to Congress, which is 7.9% higher than the 2025 budget of 511 trillion pesos. Fiscal challenges led ratings agencies S&P and Moody's to downgrade Colombia's sovereign debt by one notch in June, citing the country's weaker fiscal performance. ($1 = 4,015.04 Colombian pesos)
Yahoo
2 days ago
- Business
- Yahoo
JPMorgan CEO reveals what's keeping the American economy strong despite global challenges
JPMorgan Chase CEO Jamie Dimon on Tuesday said that while the U.S. economy has stayed strong through the second quarter of this year, there remain potential stumbling blocks to the economic outlook. Dimon said that the "U.S. economy has remained resilient" and noted that while there are potential boosts coming from the enactment of Republicans' tax and spending package, other headwinds could dampen the economic outlook going forward. "The finalization of tax reform and potential deregulation are positive for the economic outlook. However, significant risks persist — including from tariffs and trade uncertainty, worsening geopolitical conditions, high fiscal deficits and elevated asset prices," Dimon said Tuesday. Dimon said that JPMorgan tends to be measured when it makes projections due to the past crises that emerged and caught many off guard. Jamie Dimon Criticizes Zohran Mamdani As 'Marxist,' Blasts Democrats' Dei Push: 'Big Hearts And Little Brain' "Our forecasting of the future is very complex. You probably heard me say that sometimes it's a complete waste of time. Most people cannot really pick inflection points," he explained. Read On The Fox Business App The CEO of the nation's largest bank also discussed President Donald Trump's dispute with the Federal Reserve and its leadership. Trump has repeatedly called for the Fed to cut interest rates, mocking Federal Reserve Chair Jerome Powell with derisive comments and publicly mulling an effort to fire him. Goldman Sachs Says Undermining Central Bank Independence Has Economic Repercussions The president has said he won't attempt to fire Powell, which he lacks the legal authority to do except for cause, though his allies have suggested a renovation project at the Fed's headquarters that has experienced cost overruns could provide cause for an attempted termination. "The president said he's not going to try to remove Jay Powell," Dimon told reporters on a conference call. "The independence of the Fed is absolutely critical, and not just for the current Fed chairman, who I respect, but for the next Fed chairman." "Playing around with the Fed can often have adverse consequences, absolutely the opposite of what you might be hoping for," Dimon added. Reuters contributed to this report. Original article source: JPMorgan CEO reveals what's keeping the American economy strong despite global challenges Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
