article thumbnail

Can Trump Fulfill Promise On Bank Deregulation?

Global Finance

They can make a very fast start reversing the regulatory ecosystem that the Biden Administration built. President Joe Biden did accelerate the regulatory supercycle that started with the 2008 financial crisis and subsequent passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Is anything clear yet?

Banking 111
article thumbnail

How the ‘One Big Beautiful Bill’ reshapes SALT planning

ThomsonReuters

How the One Big Beautiful Bill is changing SALT policy T he OBB BA introduces a temporary SALT deduction cap of $40,000 starting in 2025, which will phase out for individuals earning over $500,000. Additionally, non-itemizers can claim a charitable deduction of up to $1,000 for cash contributions to a public charity.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Kuwait: Balancing Revenue Growth With Stability

Global Finance

In early February, the Cabinet approved a draft budget for fiscal year 2025-2026, signaling an 11% year-over-year increase in the deficit on slightly lower revenues. Finance Minister Noora Al-Fassam estimates the tax will target over 300 companies, raising up to $825 million annually. of total trades in 2024, up from 5.8%

Banking 59
article thumbnail

Bracing For A Tariff War

Global Finance

With a second Trump administration starting up, 2025 may bring escalating tariffs, retaliatory trade measures, and a rearranging of the international trade order. The anticipated start of US President-elect Donald Trumps second term positions 2025 as a defining year for global trade policy.

Start-ups 119
article thumbnail

Tax Expert Discusses Impact of Form 6765 Increased Reporting Requirements

ThomsonReuters

The IRS is seeking feedback on the form and instructions until June 30, 2025, to ensure that the instructions for tax year 2025 (processing year 2026) are clear and up to date. This form is used to claim the credit for increasing research activities. Michelle Abel, J.D.,

article thumbnail

One Big Beautiful Bill Act: Changes, challenges and opportunites

ThomsonReuters

SALT Deduction Cap Adjustments Raised Cap : The state and local tax (SALT) deduction cap increases from $10,000 to $40,000 starting in 2025. New Individual Tax Breaks Tip Income Deduction : Up to $25,000 in tip income is now deductible. New Individual Tax Breaks Tip Income Deduction : Up to $25,000 in tip income is now deductible.

article thumbnail

GCC’s Balancing Act Amid US-China Tensions

Global Finance

The GCCs open-door economic policy is at a crossroads as geo-fragmentation rises and the US-China rivalry heats up. In its latest annual report, the US-China Economic and Security Review Commissiona bipartisan advisory panel of the US Congresssingled out AI tie-ups between Chinese and Gulf firms as a new vector of vulnerability.