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House GOP tax plan lowers income tax rates but imposes new surtax on high-earning families

WASHINGTON - An election-year plan by House Republicans to simplify the tax code would cut income tax rates but impose a new surtax on some high-income families. The plan, which is to be unveiled Wednesday, would lower the top income tax rate from 39.6 per cent to 25 per cent, said a GOP aide who spoke on condition of anonymity. However, the plan would impose a new 10 per cent surtax on some earned income above about $450,000. The aide was not authorized to speak publicly about the plan before its release.

Amid jeers, bailout inspectors back in Greece, government says agreement 'very close'

ATHENS, Greece - Greece and its international debt inspectors on Monday resumed talks on the austerity measures the country must make to keep receiving rescue loans. The government insisted a deal is "very close." The officials from the European Union, European Central Bank and International Monetary Fund — together known as the troika — were holding talks in Athens with Finance Minister Yannis Stournaras and other government officials.

Taiwan mulls tax hike for banks, insurers, elite

Taiwan announced plans Monday to increase taxes on banks, insurers and the wealthy, as the export dependent economy looks for ways to plug its rising public debt. Finance Minister Chang Sheng-ford said the proposed reforms would include increasing business tax on banks and insurers from two to five percent, and the top income tax rate from 40 to 45 percent. Taipei hopes to generate an extra $2.3 billion more a year in revenue from the reform package, including about Tw$20 billion ($660 million) from the now healthy banking and insurance sectors, he added.

Taiwan mulls tax hike for banks, insurers, elite

Taiwan announced plans Monday to increase taxes on banks, insurers and the wealthy, as the export dependent economy looks for ways to plug its rising public debt. Finance Minister Chang Sheng-ford said the proposed reforms would include increasing business tax on banks and insurers from two to five percent, and the top income tax rate from 40 to 45 percent. Taipei hopes to generate an extra $2.3 billion more a year in revenue from the reform package, including about Tw$20 billion ($660 million) from the now healthy banking and insurance sectors, he added.

Brazil cuts fiscal goal to recoup credibility, skepticism lingers

By Alonso Soto and Luciana Otoni BRASILIA (Reuters) - Brazil set a more modest fiscal savings target for 2014 on Thursday in a bid to recover investors' credibility, but economists remain skeptical that President Dilma Rousseff will be able to deliver in an election year. In a much-anticipated announcement, the Rousseff administration lowered its primary budget surplus target to 1.9 percent of gross domestic product, a "conservative" target that officials said would still help Brazil reduce its debt burden.

Corporate tax cut boosts tax revenues in some nations: panel members

Cutting the corporate tax rate helped invigorate the economy and eventually boost tax revenue in some nations, four private members of a key government economic panel said Thursday in a bid to prompt Prime Minister Shinzo Abe to follow suit in Japan.

Quotes and reaction to B.C. budget 2014-2015

VICTORIA - Quotes on the B.C. budget: ——— "The budget in one or two words? I came up with three — a triple-b budget — boring, balanced budget. But we're one of only two provinces in Canada that can boast that happy state of boring." - B.C. Finance Minister Mike de Jong ——— "Boring seems to be the new sexy. The core themes of this budge are clearly stay the course, prudence, and vigilance." - Iain Black, president of the Vancouver Board of Trade ———

France aims for EU financial transaction tax deal by May

France pressed its European Union partners on Tuesday to agree a controversial Financial Transactions Tax (FTT) before European elections in May. "We have to have a consistent proposal on the table before the elections," French Finance Minister Pierre Moscovici said as he went into a meeting with his EU colleagues. France recently discussed the issue with Germany and will do so again Wednesday when the two governments meet, Moscovici said, hoping that they would find common ground.

B.C. finance minister resoles old shoes to unveil new budget during tough times

VICTORIA - Finance Minister Mike de Jong says he's wearing a pair of resoled shoes to Tuesday's budget to send the message that British Columbia is on the path to financial stability, despite some wear and tear. De Jong said Monday the budget he will introduce is balanced but he warned taxpayers not to expect huge spending initiatives or major tax breaks. While getting his shoes repaired, De Jong also had new holes punched into one of his belts to symbolize what he says is ongoing belt tightening by the Liberal government.

Embattled Indian gov't defends record in pre-poll budget

India's embattled government said Monday it had lifted tens of millions out of poverty as it trumpeted its record in the last budget before elections it is widely tipped to lose. Finance Minister P. Chidambaram talked up his government's achievements over the past decade and announced a package of cuts in indirect taxes in the budget for the next financial year starting April 1.
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