House Republicans are renewing efforts to introduce a national sales tax and abolish the Internal Revenue Service (IRS), framing the measure as a way to ensure illegal immigrants contribute taxes. Representative Buddy Carter (R-GA) will unveil the FairTax Act of 2025 on Thursday, a bill designed to overhaul the U.S. tax system by replacing the federal income tax with a 23% national sales tax.
U.S. Treasury Secretary Janet Yellen acknowledged in a CNBC interview that the Biden administration's pandemic stimulus spending may have contributed “a little bit” to inflation.
The election of Donald Trump to a second presidential term is fueling a wave of economic optimism, with business confidence reaching its highest level in 18 months. S&P Global’s latest data reveals accelerated growth across the services sector, underscoring the positive impact of Trump’s anticipated pro-business policies.
Canadian Prime Minister Justin Trudeau’s grip on power is weakening as his approval ratings continue to plummet and internal turmoil within his Liberal Party intensifies. In the face of dwindling support, Trudeau is under increasing pressure to step down, with members of his own caucus urging him to resign after nearly a decade in office.
In his New Year's address, Chinese President Xi Jinping highlighted China's resilience and confidence while acknowledging the challenges posed by global uncertainties. Xi's speech, delivered ahead of U.S. President-elect Donald Trump’s inauguration, emphasized the strength of China's economy, noting its ability to overcome obstacles despite external pressures and the ongoing need for economic transformation.
