Aurelia Butler

The tax reform would generate, by a “conservative” estimate, a 12% increase in gross domestic product over 15 years, an 11% increase in exports and 20% growth in investments, he told federal lawmakers. The proposals currently up for debate in Congress would end a tax on industrialized products and some tariffs and replace them with either a single tax on goods and services or a federal and local tax.Last week, Appy told reporters the government believes the much-expected tax reform will pass in Congress by the end of this year, a delay from its initial target of the first half of the year. More

LONDON (Reuters) – TikTok has announced out a new data security regime, nicknamed “Project Clover”, amid growing pressure from lawmakers on both sides of the Atlantic. The European Parliament, European Commission and the EU Council recently banned TikTok from staff phones due to growing concerns about the company, which is owned by Chinese firm ByteDance, and whether China’s government could harvest users’ data or advance its interests.Meanwhile, the White House has backed legislation granting the administration new powers to ban Chinese-owned video app TikTok and other foreign-based technologies if they pose national security threats.At a news briefing on Wednesday, TikTok said it would begin storing European user data locally this year, with migration continuing into 2024. As part of this move, the company confirmed it would soon open a second data centre in Ireland, and another in the Hamar region of Norway. These data centres will be operated by an undisclosed third party. “We are a pro-compliance company. Tell us what the problems are, and then let’s work together on the solutions. That’s been our approach in the U.S., that’s been our approach everywhere,” said Theo Bertram, VP of government relations and public policy. “Our approach is very much open to governments, regulators, and experts to give us their counsel and advice on how we can do this even more effectively.” The company said it would reduce the transfer of data outside of the region, and reduce employee access to user data internally. TikTok has engaged a similar strategy in the U.S., nicknamed “Project Texas”, in an attempt to placate hostile lawmakers. More

WASHINGTON (Reuters) – U.S. President Joe Biden’s fiscal 2024 budget plan would boost federal funding for childcare and early childhood education by billions of dollars, ensuring free preschool for all of the country’s 4 million 4-year-olds, the White House said on Wednesday.The proposal, which Biden will deliver to Congress on Thursday, revisits several items included in Biden’s 2023 budget proposal that were removed during negotiations with Congress. Prospects for passage could be even harder this year, given Republicans’ slim majority in the House of Representatives.The White House argues that lack of access to affordable childcare is a key factor depressing women’s participation in the workforce. It cited a Boston Consulting Group forecast that U.S. economic output could drop by $290 billion a year beginning in 2030 if the U.S. does not address critical care shortages.One recent poll showed that 55% of households experience difficulty finding childcare, with 21% citing challenges related specifically to cost, the White House said.Administration officials said Biden would continue to push for higher spending on the nation’s “care economy,” but could also take executive action to push forward his agenda, such as last week’s Commerce Department announcement that firms seeking funds from a $52 billion U.S. semiconductor manufacturing and research program will have to share excess profits and explain how they plan to provide affordable childcare.Biden’s budget is also expected to include an expanded child tax credit that he has pushed for years, and other measures that would help working families, administration officials said.Biden’s 2024 proposal includes $22.1 billion for existing early care and education programs, up 10.5% from the 2023 enacted level, including $9 billion for federal block grants.The White House said the higher level of funding – expected to total $400 billion over 10 years – would increase childcare options for 16 million more young children while lowering costs for parents.The proposal also funds a federal-state partnership that would provide high-quality, free preschool, expanding access to all of the country’s 4-year-olds, a dramatic increase from the estimated 1.6 million children now in preschool programs.Last year, Biden had requested funding to pay for universal preschool for 3- and 4-year-olds, but adopted a more targeted approach this year, a White House official said.The 2024 plan would boost funding for Head Start programs by over 9% to $13.1 billion, with more than $500 million dedicated to boost pay for Head Start teachers and staff, the White House said. Higher federal funding for preschool would reach $200 billion over 10 years, it said.The White House is betting that childcare programs, which are very popular with the public, could help boost Biden’s approval ratings. The president is expected to announce his candidacy for the 2024 presidential race this spring. More