FOX 26 Reporter Matthew Seedorff explains what President Biden is doing and when the gas tax could be suspended.
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.
- 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
- Motley Fool
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...
A California budget plan calling for as much as $1,050 deposited into the bank accounts or distributed via debit card to California taxpayers is in the works. However, Californians may not see the...
- LA Times
What will I get from California's $9.5 billion gas tax relief plan? What you need to know
- Associated Press
It was the first drop in gross domestic product — the broadest measure of economic output — since the second quarter of 2020, in the depths of the COVID-19 recession, and followed a strong 6.9% expansion in the final three months of 2021. Inflation is running at 40-year highs, and consumer confidence is sinking. Last month, the Commerce Department had pegged first-quarter GDP growth at 1.5%.
The Federal Reserve has raised the fed funds rate target by 150 basis points since March, and many experts expect a lot more.
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.
(Bloomberg) -- The US Federal Reserve is “just at the beginning” of raising interest rates to control inflation, the president of the institution’s Cleveland bank said.Most Read from BloombergRussia Slips Into Historic Default as Sanctions Muddy Next StepsTesla Cuts 200 Autopilot Workers as California Site ClosesBig Tech Sinks Stocks Bruised by Recession Jitters: Markets WrapTrump’s Final Scene Didn’t Go According to ScriptChina Cuts Travel Quarantine in Biggest Covid Zero Shift YetLoretta Meste
- 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…
- 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.
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.
The case involves 2,233 Whatsminer machines that were improperly imported, according to the government.
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.
- The Fiscal Times
State sales tax revenues may be flashing a warning sign for the economy: 26 states saw inflation-adjusted collections of sales taxes fall in April 2022 compared to April 2021, according to report from the Urban-Brookings Tax Policy Center. Total state sales tax collections, adjusted for inflation, fell 1.2% year over year. State coffers are still flush, with total tax revenues up 13% over the first 10 months of the fiscal year, including a 14.9% increase in personal income taxes and a 32.6% rise
- Austin American-Statesman
Texas manufacturers are facing more uncertainty and are continuing to struggle with inflation.
- The Hill
California deal to provide relief over inflation would include $1,050 rebates, diesel tax suspension
A budget deal struck between California Gov. Gavin Newsom (D) and the state’s top lawmakers on Sunday would provide most California taxpayers with hundreds of dollars in rebates to alleviate economic hardship from inflation. The $300 billion framework deal, which has not yet passed the legislature but was endorsed by Newsom, Senate President Pro Tempore…
Citigroup analysts have cut their S&P 500 target for 2022 by 500 points after stubbornly high inflation spurred the Federal Reserve to aggressively raise interest rates.