By Bruce Campion-Smith Ottawa Bureau Thu., Nov. 22, 2018 OTTAWA—Finance Minister Bill Morneau is defending his government’s big tax breaks to corporate Canada, saying that Ottawa had to act or risk losing business investment to the U.S. Confronting criticism that Wednesday’s economic update was too focussed on business priorities, Morneau said that ensuring Canada remains competitive in the face of big corporate tax cuts south of the border is critical to the country’s economy and job creation. But he said that the Liberal government is mindful that it has more work to do to address the needs of low-income and middle-class Canadians. “We know there is always more to do in that regard, but we can’t forget that, for a significant number of people, we’ve got to find the right jobs for the future,” Morneau told the Star. The federal Liberals used this week’s economic update to deliver tax changes to allow … [Read more...] about Finance Minister says corporate tax breaks needed to stop Canada losing business dollars to U.S.
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By Jan De Silva Opinion Tues., June 5, 2018 While the 2018 Ontario election has largely focused on the politics of personality, the closing days have been hit by a brewing trade war with our largest trading partner, leading to renewed uncertainty over NAFTA and threatening to upend Ontario’s economy. In this environment the Toronto Region Board of Trade believes a renewed focus on Ontario’s economic fundamentals is needed. Businesses face obstacles preventing them from being powerful engines of inclusive growth. Beyond the trade issue, key areas where the Ontario government makes, or influences policy — notably labour costs, housing affordability and energy prices — have created challenges. To offset these headwinds, the board recommends the next government cut business property taxes. Here’s why. In a recent study by the board on business competitiveness, Ontario ranked 9 out of 15 in comparison with our closest competitors in Canada … [Read more...] about Cutting business taxes is the best way to get the economy moving faster
Technology Apple Inc lavished cash on its shareholders like no company in history in the first three months of the year and it intends to keep doing so, making the iPhone maker's investors the clearest winners yet from last year's sweeping U.S. corporate tax cuts. 02 May 2018 08:15AM Bookmark SAN FRANCISCO: Apple Inc lavished cash on its shareholders like no company in history in the first three months of the year and it intends to keep doing so, making the iPhone maker's investors the clearest winners yet from last year's sweeping U.S. corporate tax cuts.With a mountain of overseas cash suddenly freed up by the tax overhaul, Apple bought back US$23.5 billion of its own stock in the March quarter, a record amount for any U.S. company, according to S&P Dow Jones Indices, and it added US$100 billion to its target for future repurchases.It also doled out another US$3.2 billion in dividends and will boost them by 16 percent going forward.The amount Apple spent buying its … [Read more...] about Apple plows US tax cuts into record share buybacks
Business JPMorgan Chase & Co , the biggest U.S. bank by assets, reported a 35 percent surge in quarterly profit on Friday, helped by higher interest rates for loans and lower taxes. 13 Apr 2018 07:05PM (Updated: 13 Apr 2018 07:15PM) Bookmark REUTERS: JPMorgan Chase & Co , the biggest U.S. bank by assets, reported a 35 percent surge in quarterly profit on Friday, helped by higher interest rates for loans and lower taxes.The bank's net income rose to US$8.71 billion, or US$2.37 per share, in the first quarter ended March 31 from US$6.45 billion, or US$1.65 per share, a year earlier. (https://bit.ly/2HyYbp9)Analysts had estimated earnings of US$2.28 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the numbers were comparable.Income tax expense was down 8.6 percent at US$2.56 billion as the U.S. corporate tax rate fell.Net interest income rose 9 percent to US$13.5 billion, driven by higher interest rates and increased lending."2018 is off … [Read more...] about JPMorgan profit jumps on higher interest rates, lower taxes
caption Buying a private jet could give you a tax deduction. source Photo courtesy of The Jet Business Private jets and planes come with luxurious amenities – and high price tags. The Republicans’ new tax bill included a change that allows rich people to purchase a private jet and write it off in full on their tax return. President Donald Trump has been called “the mascot of private jets.” Buying a private jet comes with a hefty price tag – but the Republicans’ new tax bill has made the extravagant purchase more appealing to some. Private jet buyers can now write off the full amount of their new plane’s cost on their tax return, which applies to both new and pre-owned aircraft. That’s due to a policy change within the Trump Administration’s 2017 Tax Cuts and Jobs Act that updated the US tax code to allow 100% bonus depreciation … [Read more...] about Trump’s new tax law means everybody may soon be buying private jets — here are the 7 go-to planes for the super-rich