Union Budget: Govt mulls income tax cuts, new slab to boost consumption
Friday, 21 June 2024 Officials in the Ministry of Finance are discussing proposals to reduce taxes for high-spending consumers. Individuals earning between 500,000 rupees ($5,987) and 1.5 million rupees, currently taxed at rates from 5% to 20%, may benefit from this move. The introduction of a new tax slab is also under consideration. The details are still being finalized, with a decision expected near the budget announcement in July, pending approval from the PMO. Despite potential revenue losses, the government aims to maintain its fiscal deficit target of 5.1% of GDP for the current financial year.
National Debt Set to , Top $56 Trillion, in the Next Decade.
'The New York Times' reports that the
United States is on track to add trillions of
dollars to the national debt in the next ten years.
On June 18, the Congressional Budget Office
said that the national debt will exceed
$56 trillion...
Friday, 21 June 2024
