US President Joe Biden on Thursday promoted his economic achievements and attacked far-right Republicans as the threat of a government shutdown looms.
"We've created … over 13 million jobs, more jobs in two years any president's created in a four-year term," Mr Biden said in his speech in Maryland.
"We've had 19 straight months of unemployment under 4 per cent for the first time in American history.
"Now, we have the fastest economic growth from the pandemic of any world economy with the lowest inflation rate among the major economies. We have a lot more to do."
He told of how federal budget cuts would affect Americans, weeks before the September 30 deadline to keep the federal government open.
"The country should know the facts, they should know the choice between Bidenomics and Maganomics," Mr Biden said.
He was referring to "Maga," or Donald Trump's Make America Great Again slogan adopted by far-right Republicans.
"They have a very different vision for America."
House Republicans are demanding that the administration cut federal spending to a level lower than what Mr Biden and House Speaker Kevin McCarthy had agreed to in May.
Mr Biden spoke to the crowd about disagreements over the deficit and tax cuts for wealthy people.
He also criticised Republican proposals to cut funding in education, infrastructure, social security, Medicare and Medicaid.
“A deal is a deal,” White House press secretary Karine Jean-Pierre said on Wednesday.
“The President, House Democrats, Senate Democrats, and Senate Republicans have stood by that agreement, with bipartisan movement in the Senate today.
“But Speaker McCarthy and House Republicans have taken a different approach, ignoring the agreement that a majority of them voted for and advancing extreme partisan bills that break their promise and gut investments in America.”
Mr Biden also faces an impeachment inquiry. He continues to portray himself as a president more concerned with governing than political theatrics.
House Republicans opened the inquiry after investigations into the business dealings of the President's son, Hunter Biden.
Republicans accuse the President of profiting from his son's business dealings while vice president, between 2009 and 2017.
The White House says Mr Biden has done nothing wrong.
Speaking in Virginia on Wednesday, Mr Biden said House Republicans had launched an impeachment inquiry against him to instigate a government shutdown.
“I don’t know quite why, but they just knew they wanted to impeach me," he said. "And now, the best I can tell, they want to impeach me because they want to shut down the government.”
“So, look, look, I got a job to do. Everybody always asked about impeachment. I get up every day, not a joke, not focused on impeachment. I’ve got a job to do.
"I've got to deal with the issues that affect the American people every single solitary day.”
Mr Biden has embraced the term “Bidenomics”, which the White House has said involves taxing the wealthy, tackling junk fees and investing in key areas.
His speech on Thursday will be the latest effort by the Biden administration to convince American voters of his economic record, which remains a challenge in his 2024 re-election bid.
So far, such efforts have failed.
And recent government data could make it even more difficult to change opinions.
Inflation increased to 3.7 per cent last month on surging petrol costs – another talking point against Mr Biden – even as core inflation declined.
Only 34 per cent of Americans approve of Mr Biden's handling of the economy, according to a recent USA Today poll.
More Americans also trust Donald Trump – the 2024 Republican front-runner – than the incumbent president to improve the economy.
A large majority of Americans also believe the economy is getting worse and that their cost of living is rising, according to the poll.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
SM Town Live is on Friday, April 6 at Autism Rocks Arena, Dubai. Tickets are Dh375 at www.platinumlist.net
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THE SPECS
2020 Toyota Corolla Hybrid LE
Engine: 1.8 litre combined with 16-volt electric motors
Transmission: Automatic with manual shifting mode
Power: 121hp
Torque: 142Nm
Price: Dh95,900
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
The five pillars of Islam
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
