ACCA GLOBAL
14 Dec 2024 05:15
📈 Trump’s Proposed Tax Cuts Face Skepticism Over Economic Impact
President-elect Donald Trump's plan to renew individual tax cuts and propose new corporate tax reductions has drawn criticism from fiscal analysts, who warn of minimal economic growth and mounting federal deficits. The $4.6 trillion proposal faces challenges in finding offsets and broader political support.
⚫ Key Aspects of the Proposal
Individual Tax Cuts— Renewing tax breaks for households, including reduced income tax rates and an expanded child tax credit, is projected to have a modest economic impact.
— Analysts argue that corporate tax cuts, which are not included in this renewal, would have a larger effect on investment and growth.
Economic Trade-Offs— The Congressional Budget Office (CBO) predicts that allowing cuts to expire could reduce the deficit by $3.7 trillion over a decade, spurring private investment and balancing a modest reduction in the labor force.
— Renewing the cuts would add significantly to the deficit while providing limited GDP growth, according to nonpartisan assessments.
⚫ Fiscal Challenges
Deficit Concerns— The US budget deficit reached $1.83 trillion in 2024, with borrowing accelerating to $10 billion per day at the start of fiscal 2025.
— Funding the tax cuts without corresponding spending reductions remains a critical concern as the fiscal backdrop worsens.
Offset Proposals— Trump has floated sweeping spending cuts through a Department of Government Efficiency and tariffs of up to 60% on Chinese imports to offset costs.
— Analysts remain skeptical of the feasibility and economic impact of these measures.
⚫ Broader Implications
Uncertain Outcomes— Economists caution that while tax cuts might offer short-term relief, the long-term effects depend heavily on complementary policies to curb spending.
— The lingering challenges of inflation, high debt, and slower growth present a stark contrast to the economic environment of Trump’s first term.
⚫ What’s Next?Debate over Trump’s tax cuts will test the balance between fiscal responsibility and economic stimulus, with significant political and economic stakes. As Republicans aim to pass the legislation via budget reconciliation, achieving both growth and deficit reduction remains a daunting task.
⚡ECONOMY NEWS⚡
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ACCA GLOBAL
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ACCA GLOBAL
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Section C was consolidation SOFP and interpretation was also good
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ACCA GLOBAL
06 Dec 2024 18:09
Fr
C section
Consolidaten Sofp
Ratio
A section
Fremwork
Iasb
Consolidaten
Alticalture
Disposol
Inventory
B section
Eps
Adjusting non-adjustung
Revanue
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ACCA GLOBAL
06 Dec 2024 17:10
The correct answer is:
c) Only 3
Explanation:
1. "Interest is charged, it is Riba."
- This statement is false because Islamic finance strictly prohibits charging or paying interest (Riba). Instead, it uses profit-sharing or risk-sharing models like Murabaha, Mudarabah, or Ijarah.
2. "Any activity is financed."
- This statement is false because Islamic finance prohibits financing activities that are considered haram (forbidden), such as gambling, alcohol production, or unethical businesses.
3. "Islamic finance has the same purpose as other forms of business."
- This statement is true because Islamic finance aims to support economic growth and financial inclusion, which are objectives shared by conventional finance. However, it operates within the ethical and legal framework of Sharia law.
### Final Answer: c) Only 3
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ACCA GLOBAL
06 Dec 2024 12:53
Which statement/s is/are true regarding Islamic finance?
1. Interest is charged, it is Riba.
2. Any activity is financed.
3. Islamic finance has the same purpose as other forms of business.
a) 1 and 2
b) 2 and 3
c) Only 3
d) Only 2
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