Liz Truss defends controversial tax cuts as pound falls

London CNN — Liz Truss has defended her government’s controversial announcement to cut taxes for citizens and businesses in an exclusive interview with CNN’s Jake Tapper. Truss told Tapper that by cutting taxes, her government was “incentivizing businesses to invest and we’re also helping ordinary people with their taxes.” While the cuts were expected, critics … Read more

UNGA: Tax fossil fuel companies ‘feasting’ on profits, UN chief urges

London CNN Business — Rich economies should hit oil and gas companies with new windfall taxes to provide help for countries suffering from climate change, and people struggling with soaring energy and food bills, UN Secretary General António Guterres said Tuesday. The UN chief accused energy giants of “feasting on hundreds of billions of dollars … Read more

Prince William just inherited a 685-year old estate worth $1 billion

London CNN Business — Royal wills are never made public. That means what happens to much of the Queen’s personal wealth her following her death last week will remain a family secret. Forbes estimated last year that the late monarch’s personal fortune was worth $500 million, made up of her jewels, art collection, investments and … Read more

House passes Democrats’ health care and climate bill, clearing measure for Biden’s signature

CNN — The House of Representatives voted Friday to pass Democrats’ $750 billion health care, energy and climate bill, in a significant victory for President Joe Biden and his party. The final vote was 220-207, along party lines. Four Republicans did not vote. Now that the Democratic-controlled House has approved the bill, it will next … Read more

Senate on track to take key vote Saturday to advance Democrats’ sweeping health care and climate bill

CNN — The Senate is on track to take a key vote on Saturday to advance Democrats’ sweeping health care and climate bill toward final passage – and the package could pass the Senate as soon as this weekend. The bill – named the Inflation Reduction Act – would represent the largest climate investment in … Read more

Kyrsten Sinema raises concerns about proposed tax in Democrats’ bill

CNN — Republican senators and the business community are mounting a full-court press on Sen. Kyrsten Sinema to sink – or substantially change – the Democrats’ economic package, arguing in private conversations that the new tax increases would hurt companies in her home state of Arizona. And in a private call with business groups on … Read more

Biden’s budget proposal includes billions to counter Russian aggression, new tax on wealthiest Americans

CNN — President Joe Biden’s fiscal year 2023 proposal includes increased funding for security – both domestically and internationally – and reduces the deficit, the White House said Monday morning, but officials admit inflation could continue to cause problems for the overall economy. As Russia’s invasion of Ukraine continues, the proposed budget includes $6.9 billion … Read more

Russian oligarchs who have (and haven’t) spoken out over the war

CNN — As Russia’s invasion of Ukraine enters a new month, the wealthy elite close to Russian President Vladimir Putin are facing a radically changing set of circumstances far from the frontlines. The invasion prompted Western nations to impose restrictive sanctions on Russian individuals and banking institutions. And while a handful of oligarchs – those … Read more