All posts tagged: income

Chancellor Jeremy Hunt ditches 2p income tax cut, reports suggest | Politics | News

Chancellor Jeremy Hunt ditches 2p income tax cut, reports suggest | Politics | News

Jeremy Hunt has ditched plans for a 2p cut to income tax at next month’s Budget, reports have suggested. The Chancellor was possibly set to reduce the basic rate of income tax from 20 to 18 per cent, as well as looking to slash National Insurance employee contributions by two percentage points as an alternative. A Treasury source said: “The world has changed. Everything you thought was going to happen [at the Budget] may not now happen.” Britain entered a technical recession on Thursday following two quarters in a row of negative growth. Work and Pensions Secretary Mel Stride warned that high levels of worklessness are part of the reason for the recession. Mr Stride said: “The shadow of economic inactivity – people not in work nor looking for it – continues to hang over our nation”. He added: “I find it deeply concerning that 2.8 million people are now off sick – missing out on the financial, social and health benefits we know work brings, and denying the engine of growth, our fantastic British …

Growth in B2B events income offsets consumer media decline at DMGT

Growth in B2B events income offsets consumer media decline at DMGT

DMGT chairman Lord Rothermere Mail publisher DMGT grew revenue in 2023 as a strong performance from UAE-headquartered B2B events division offset falling income at its UK consumer newsbrands. Online advertising revenue from brands including Mail Online fell 3% year on year to £166m for the year to 30 September. Print advertising is now DMGT’s smallest revenue stream after a 16% year-on-year decline. Similarly The Guardian has reported overall advertising revenue down 16% year on year for the nine months to December. DMGT owns the Mail titles, i, Metro and New Scientist. Mail Online has just introduced a partial paywall, while at the i digital subscriptions overtook print last year. Thanks for subscribing. Close Overall it made a pre-tax loss of £12.6m on turnover up 2% to £997m. Content from our partners But when one-off costs and accounting charges like “impairment of goodwill” are removed from the picture the group made an adjusted pre-tax profit of £41m. Growth of £63m in revenue from events and exhibitions made up for a £33m drop in revenue from consumer …

A Super Bowl Ticket Costs Roughly 11.7% Of The Median Household Income

A Super Bowl Ticket Costs Roughly 11.7% Of The Median Household Income

Purchasing a ticket for the Super Bowl in 2024 costs roughly 11.7% of the median household income, according to a new study by Finder. TicketIQ data used for the study indicates that the average price for a Super Bowl ticket on the secondary market is $9,024, equating to about 11.7% of the anticipated median household income of $77,217 for the year. Super Bowl LVIII will be one of the most watched Super Bowls in recent memory, with 77% planning to tune in to the game, a high only seen once since 2007, when 77% watched Super Bowl XVI in 2016, the report notes. And if you’re wondering if anyone in the country is seeing their wages outpace rampant inflation, we’ve found at least one group. The growth in NFL players’ Super Bowl paychecks has significantly outpaced the rise in median household income. In 2012, the median household income was recorded at $51,020, and it’s forecasted to reach $77,214 by 2024, marking a 51.3% increase. However, during the same period, Super Bowl player earnings have surged by 94.3%, the …

Wealth Disparities by Race Grew During the Pandemic, Despite Income Gains, Report Shows

Wealth Disparities by Race Grew During the Pandemic, Despite Income Gains, Report Shows

NEW YORK (AP) — A strong performance in financial markets, particularly an outsize gain for the stock market in 2021, helped entrench existing trends of wealth inequality during the pandemic, new data released this week show. According to a report from the New York Federal Reserve Bank, the real net worth of white individuals outgrew that of Black and Hispanic individuals by 30 percentage points and 9 percentage points respectively, from the first quarter of 2019 through the second quarter of 2023. The period featured a remarkable level of government financial support and, after the initial shock of the pandemic, a surprisingly strong job market. The unemployment rate for Black Americans in particular is now at 5.3%, near a record low, compared to an overall unemployment rate of 3.7%. Earnings for the typical Black full-time worker are up 7.1% since before the pandemic. Closing the wealth gap is more difficult because a significantly larger number of white households traditionally have money in stocks and mutual funds. A separate Fed survey shows that as of 2022, …

Rishi Sunak paid effective tax rate of 23% on £2.2m income last year | Rishi Sunak

Rishi Sunak paid effective tax rate of 23% on £2.2m income last year | Rishi Sunak

Rishi Sunak paid more than half a million pounds in tax in 2023 after making a £1.8m profit on his holding in a US investment fund, a summary of his tax affairs shows. The prime minister published the document on Friday, showing he paid a tax bill of £508,308 in the financial year 2022-23 on overall earnings and gains of £2.23m. This means he paid an effective tax rate of 23% in the UK – much lower than the top rate of 45% – because some income was taxed at source in the US and the rate of capital gains tax is lower at 20%. Sunak has in effect been raising income taxes because of the freeze on the tax thresholds and the temporary rise in national insurance, but headline rates on capital gains have remained unchanged during his time as chancellor and then prime minister. The Trades Union Congress (TUC) tweeted after the release: “It really is a mystery why Rishi Sunak raised income tax but not capital gains tax.” His £139,477 salary as …

Amended Income Tax Return: Why You’d File One and How to Do It

Amended Income Tax Return: Why You’d File One and How to Do It

Each tax season, you file your return with the IRS and, if you’re expecting a refund, you wait for your money. But if you missed adding something to your tax return, say, or changed your filing status, you may want to file an amended income tax return to notify the IRS of the change. This story is part of Taxes 2024, CNET’s coverage of the best tax software, tax tips and everything else you need to file your return and track your refund. The IRS said it may correct certain errors on a return and it may accept returns if you forget to include certain required forms or schedules. But if there’s a change in your filing status, income, deductions, credits, or tax liability, you’ll want to send in an amended return. Here’s what you need to know about filing an amended return. For more on this tax season, check out the best tax software for 2024, our cheat sheet for filing your taxes this year and everything to know about the child tax credit in …

BYD expects at least  billion in net income from surging EV sales

BYD expects at least $4 billion in net income from surging EV sales

After a record EV sales year, BYD expects to rake in at least $4 billion in net income. BYD forecasts its profits rising at least 75% last year. BYD expects at least $4 billion in 2023 net income BYD sold nearly 1.6 million EVs last year, up 73% from the 911,000 sold in 2022. In the last three months of the year, the Chinese automaker overtook Tesla as the largest global EV maker as it expanded the brand. The company released estimated 2023 financial results, indicating between $4 billion (29 billion yuan million) and $4.4 billion (31 billion yuan) in net income. This would represent between 75% and nearly 87% growth over 2022 as EV adoption climbs. Despite the growth, BYD’s stock is slipping after missing analyst expectations of around $4.5 billion (31.5 billion yuan). After dominating its home market and the world’s largest for EVs, BYD is quickly expanding overseas. BYD is already leading in growing EV markets like Thailand, Brazil, and Columbia. It also recently launched new models in Europe, Mexico, Australia, India, …

Zelenskyy’s income fell drastically following Russia’s invasion, new declaration reveals

Zelenskyy’s income fell drastically following Russia’s invasion, new declaration reveals

Ukrainian President Volodymyr Zelenskyy speaks with CNBC’s Andrew Ross Sorkin at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 16th, 2024. Adam Galici | CNBC Ukrainian President Volodymyr Zelenskyy published his income for the first time on Sunday as he looks to promote transparency and tackle corruption as part of the country’s push for EU membership. Ukraine formally started the screening process to begin EU membership last week and faces stringent conditions on addressing its historic corruption problem. The Zelenskyy family income fell almost threefold between 2021 and 2022, according to the declaration on the presidential website. Zelenskyy and his family members received 10.8 million Ukrainian hryvnias ($286,168) in 2021, the year before Russia invaded Ukraine, which was down almost 12 million hryvnias from the previous year. The 2021 figure included around $142,000 in income from the sale of government bonds. “Volodymyr Zelenskyy continues to own a number of trademarks. In particular, in 2021, the process of registering 22 trademarks, which began long before his election as President of Ukraine, was completed,” the …

Could taxing land more than income fix the UK housing crisis?

Could taxing land more than income fix the UK housing crisis?

Fifty years ago, a group of activists occupied London’s Centre Point Tower in a fabled episode of direct action on housing. At the time, in January 1974, England was beset by rising homelessness and too many empty homes. One of the protesters, Ron Bailey, recently pointed out that this situation “was pretty much like now”. In fact, the housing crisis is worse now than it was then. In 1974, councils were still building public housing. And house prices and rents were not running as far ahead of earnings as they are today. In the 20 years to 2022, median prices have risen from five to eight times earnings across England, and from seven to 13 times in London. Quite what is driving this housing cost crisis is a matter of debate. Scholars and politicians agree that supply needs to increase, across the private and, particularly, the public sectors. However, the shortfalls in private newbuild housing – which are often local or sub-regional – do not explain why housing costs so far exceed people’s ability to …