0 Have your say Hundreds of thousands of middle earning Scots will miss out on a tax break being handed to those elsewhere in the UK after finance secretary Derek Mackay confirmed yesterday he will not raise the “higher” rate threshold. It means the tax gap between Scotland and the rest of the UK will again widen, with Scots workers on higher salaries facing an annual tax bill hundreds of pounds greater than south of the Border. Mr Mackay insisted 99 per cent of Scots will not pay any more – it is the UK government which is cutting tax. Ongoing austerity cuts and Brexit uncertainty means it is not the time to be handing tax breaks to higher earners, he told MSPs as he set out his budget for 2019-20.READ MORE: Live coverage of the Scottish BudgetBut business organisations fear high and middle earning Scots facing the largest tax burden in the UK will discourage talent from moving north. There is even a warning from the government’s own … [Read more...] about Scottish Budget: Middle earner tax gap between Scotland and UK grows
Government budget process
Löfven said he had the support of his party in making compromises with the Centre Party, one of the four parties that make up the centre-right Alliance. "We are open to work in a constructive way for Sweden to get a new government as quickly as possible," the Social Democrat leader said. He said he was prepared to agree on lowering the highest marginal tax rate (värnskatt), but he singled out labour market reforms as an area where it was hard for both sides to agree. Löfven may still face a parliamentary vote on whether he will be Sweden's next prime minister, but after the Centre Party's decision to vote against him, it is unlikely he would pass such vote. "We chose to give the Social Democrats a last chance. Over the past five days, we have worked day and night to reach a collaboration," the Centre Party's leader, Annie Lööf, told reporters. But she said: "Unfortunately I must tell you that the result does not allow for collaboration." Parliamentary … [Read more...] about What’s the next step in Sweden’s government-forming process?
A special panel dreamed up by Speaker Paul Ryan to end the constant cycle of government shutdowns crashed and burned on Thursday. The special panel tasked with recommending budget fixes overwhelmingly rejected its own set of proposals, even after lawmakers admitted the package included only modest changes to the way Congress approves budgets and funds the government.Story Continued Below The failed vote follows months of amicable work toward a bipartisan deal. In recent weeks, however, partisan feuding divided the group as members from each side of the aisle began accusing the other party's leaders of dooming approval in the Senate. “We got gamed here,” said Sen. David Perdue (R-Ga.), who, at one point, banged his fist on the table as he bemoaned the panel’s failure. “By leadership — House, Senate, Republican, Democrat.” Perdue's long-time ally on budget issues, Sen. Sheldon Whitehouse (D-R.I.), agreed: “On both sides, there is no interest in … [Read more...] about ‘We got gamed’: Ryan’s dream of budget reform goes poof
If there's something you want to see in Chattanooga's budget next year, now's the time to say so. The Chattanooga mayor's office will hold three sessions in the next several days for city residents to ask questions and make suggestions as part of the annual Budgeting for Outcomes process. That's the method Mayor Andy Berke's office has used since the 2014 budget to allocate money according to his priorities: High Performing Government, Growing Economy, Stronger Neighborhoods, Safer Streets, and Smarter Students & Stronger Families. IF YOU GO Public input sessions on Chattanooga’s Budgeting for Outcomes process:› Wednesday: 5:30-7 p.m. at First-Centenary United Methodist Church on Oak Street Center for City Council districts 7, 8 and 9› Thursday: 5:30-7 p.m. at Hixson Youth and Family Development center, 5400 School Drive, for districts 1, 2 and 3› Nov. 19: 5:30-7 p.m. at the Family Justice Center, 5705 Uptain Road "This budget is created to better the … [Read more...] about Now’s the time to speak up about next year’s Chattanooga budget
The process is complicated and could potentially drag on to next summer, with some northern eurozone members such as the Netherlands and Finland eager to see Brussels get tough. But with European elections fast approaching and support for populist and eurosceptic parties on the rise, the commission is also under political pressure to again show flexibility. Here are some key ideas for understanding the EU's labyrinthine budget process: What is Brussels' problem with Italy's budget? In 2013 during the heat of the crisis, the commission, the EU's executive arm, was handed new powers to enforce budgetary discipline in the eurozone through fines and a right of veto. At the heart of the concerns is Italy's public debt, which amounts to a jaw-dropping €2.3 trillion. This represents some 131 percent of Gross Domestic Product (GDP), the biggest rate in the eurozone after Greece. That ratio is more than double the 60 percent of GDP limit set by European rules and above the eurozone … [Read more...] about Italy’s budget battle with Brussels: What you need to know