Expert explains impact of proposed tax gas holiday
If you’re a California taxpayer being hurt by inflation, you may be getting some financial relief. The state is sending 23 million residents “inflation relief” checks of up to $1,050 this fall to help ease the financial burden that the highest inflation in 40 years has placed on Americans. “California’s budget addresses the state’s most pressing needs,” California Gov. Gavin Newsom said in a joint statement with state lawmakers on Sunday, “and prioritizes getting dollars back into the pockets of millions of Californians who are grappling with global inflation and rising prices of everything from gas to groceries.”
Office worker Park Mi-won had never bought her lunch from a convenience store, until her favourite lunch buffet recently raised prices by more than 10% to 9,000 won ($7) as South Korean inflation soared to a 14-year high. "After the price rise, I went to convenience stores instead, where I thought the prices were reasonable while food also tasted good," the 62-year-old said. Global food prices surged 23% last month from a year before, according to an agricultural arm of the United Nations.
Four of the five fingers of death are squeezing the global economy, which is causing one economist to warn of a substantial recession
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23 million Californians to get 'inflation relief' payments after budget deal struck, state leaders say
Millions of California taxpayers will get “inflation relief” tax rebate payments after lawmakers have reached an agreement on the framework of the 2022-23 budget. The deal also suspends the state's sales tax on diesel. “The centerpiece of the agreement, a $17 billion inflation relief package, will offer tax refunds to millions of working Californians," said a joint statement from Gov. Gavin Newsom, Senate President pro Tempore Toni Atkins and Assembly Speaker Anthony Rendon on Sunday night.
- The Fiscal Times
Social Security’s annual cost of living adjustment for 2023 will be the highest in four decades, according to projections from the Committee for a Responsible Federal Budget. While benefits this year were boosted by 5.9%, the adjustment for next year is projected to be between 7.3% and 10.8%, depending on the path of inflation. The final number is likely to be somewhere in the middle, and could be one of the highest increases ever. Social Security bases its cost of living adjustments on changes
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Now last year, when Americans were struggling due to high levels of unemployment, lawmakers stepped in with a round of federal stimulus checks. In fact, based on a recently agreed-upon budget deal, California households will soon be in line for up to $1,050 in stimulus funds. California drivers are facing the highest gas prices in the country, and many parts of the state are notably expensive due to sky-high housing costs.
After a booming recovery in 2021 as America emerged from the lockdowns of the pandemic, the economy in 2022 is at a crossroads. Massive stimulus packages passed by Congress in 2020 and 2021 helped...
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What will I get from California's $9.5 billion gas tax relief plan? What you need to know
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Cash on household and corporate balance sheets is higher than ever. That could make the Federal Reserve's inflation-fighting job even tougher, says Apollo Global Management's chief economist.
The Federal Reserve has raised the fed funds rate target by 150 basis points since March, and many experts expect a lot more.
At the onset of the coronavirus pandemic, the American economy immediately fell into recession, with unemployment spiking to 14.8%, the highest since records began in 1948. In response, the U.S....
Treasury Secretary Janet Yellen isn’t the only one acknowledging she made a mistake predicting inflation. ARK Invest CEO Cathie Wood says she got it wrong, too. “We were wrong on one, on one thing and that was inflation being as sustained as it has been,” Wood said in a CNBC interview Tuesday.
- The Hill
Story at a glance Respondents said they’ve quit smoking cigarettes, started shopping at discount stores and have taken on side jobs to bolster their income. Others say they have canceled vacations, visited family less frequently or have postponed or delayed travel until the price of gas drops. Some respondents polled in the survey revealed they…
- The Fiscal Times
Congress is out this week and next for the July 4 holiday — technically, the House has a two-week stretch of district and committee work while the Senate has a “state work period.” When lawmakers return, Democrats will be racing to finalize a scaled-back economic spending package that salvages portions of the $2 trillion budget reconciliation plan that failed in December. The Washington Post’s Tony Romm provides an overview of where the new package stands — and yet another reminder that the fate
She also said she had underestimated the staying power of inflation, but added that higher prices would soon lead to 'deflation'.
- Business Insider
'Big Short' investor Michael Burry predicts inflation will slow later this year — and the Fed will reverse course and cut interest rates
Burry expects retailers to slash prices to get rid of their bulging inventories, slowing inflation and spurring the Fed to scrap further rate hikes.
- The Fayetteville Observer
/some people are barely getting by, Even with major adjustments in their lifestyle and budget.
A new set of reforms to America’s retirement tax and savings plans passed a key hurdle in Congress last week. Variously known as the SECURE Act 2.0, the EARN Act and the RISE & SHINE Act, the measures will make changes to rules around IRAs, 401(k)s and other tax-privileged retirement plans. They barely address the biggest retirement crisis facing the U.S.
Floridians facing economic pressure from inflation will get a second crack to save on “freedom” starting Friday.
Five emerging powers have become the object of the G7 industrialised powers' charm offensive, as the club of rich nations seeks broader support in their backing for Kyiv.