Thursday Thoughts
from your
Expat Tax Maven
at Matriarch Tax & Advisory
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Hello Reader,
I've curated some great pieces of content I've found over the past month to help you and your business stay “in the know” 🧐 and keep you updated on any important tax updates 💡 and news worldwide that may affect your expat life.
So finish off your week with some notable news and interesting articles.
And in case you don't already follow Matriarch ....👇
🇺🇸 Election may mean higher taxes for small businesses
Regardless of where you fall politically or which candidate floats your boat, all citizens (and taxpayers) should be aware of the personal impact they may feel when it comes to business and individual tax implications per candidate and party affiliation. Read this OpEd about the higher taxes that businesses and entrepreneurs will face with a Harris presidency.
👩🦳 Social Security and the Election
Based on this blog on where candidates stand on social security, “in less than ten years, Social Security’s retirement trust fund will be insolvent. Under the law, this will trigger an immediate 23 percent cut in benefits for all Social Security beneficiaries, which is equivalent to a $17,400 annual benefit cut for a typical, dual-income couple retiring in 2033.” Also, Trump has recently proposed an end to the taxation of social security benefits. For many taxpayers and expats, this could provide a real change in their annual tax liabilities, but it would, however, come with its own set of challenges to an already insolvent government program.
🛂 Years-Long Visa Backlog Prompts Some to Risk Scams for Quicker Access
Visa applications are now more challenging, with increased demands and longer wait times for appointments. This has spawned an illicit industry offering expedited access for a fee, risking scams and financial exploitation for applicants.
🥤 Billion Dollar Tax Court Case
Due to misreporting how its foreign licensee income was accounted for in a number of years, “Coca-Cola Co. said Friday it will pay $6 billion in back taxes and interest to the Internal Revenue Service while it appeals a final federal tax court decision in a case dating back 17 years.”
🌯 The Top 50 Most Popular Foods in America
According to an analysis by the delivery platform Grubhub, which includes 320,000 restaurant partners in more than 4,000 cities, the top 50 favorite foods in the States include a diverse range of dishes. 🍔🍕
📱 5G Performance Soars as Carriers Deploy Mid-Band Spectrum
The US is seeing a significant boost in 5G performance as carriers deploy new mid-band spectrum. Ookla’s Speedtest Intelligence shows improved download speeds and network quality nationwide. T-Mobile leads, leveraging additional 2.5 GHz spectrum from Auction 108.
💷 Gen Z-Focused Fintech Cleo More Than Doubles Its Revenue
Revenues at London-based Cleo more than doubled in 2023 as the Gen Z-focused financial health startup reduced costs and grew subscribers. Cleo reported a turnover of $65.9 million in 2023, a 121% year-over-year increase, according to its latest accounts.
🇬🇧 HSBC Reduces Mortgage Rates Across Multiple Products
Effective Friday, July 5th, the bank is reducing rates on its residential mortgage products. New incentives include cashback for first-time buyers and increased cashback for energy-efficient homes.
🤖 Would an AI Boss Be Better Than A Human?
The concept of AI managers is gaining traction in the workplace, with some companies already experimenting with the idea, but concerns about cybersecurity risks and the need to maintain a balance between automation and human oversight shouldn’t be underestimated.
🇨🇦 Canadian Government Moves to Tax Big Tech, Defying US Opposition
A new Digital Services Tax has been enacted to tax big technology companies on their revenues, despite strong opposition and potential trade retaliation from the US.
🏙 Toronto-Area Home Sales Down 16% in June Despite Bank of Canada’s Rate Cut
The Toronto Regional Real Estate Board reported a 16.4% decline in home sales for June compared to last year, as many potential buyers remained hesitant despite an anticipated interest rate cut.
☁️ Amazon to Construct $1.3 Billion Top-Secret Cloud for Government Use
Amazon's cloud-computing business will develop a top-secret cloud for a government, enhancing its information-sharing and analysis capabilities, and strengthening the resilience of its defense communications.
🐣 Bird Flu Curbs McDonald’s Breakfast
McDonald’s has reduced breakfast service hours due to bird flu outbreaks affecting egg supplies, with breakfast orders now ending at 10:30 am instead of midday.
See you next month!
Mary 💗
