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The fake news is trying to convince people that inflation is good and it will benefit them in the end. If inflation is good for people then why did the [CB] say it was transitory? The economic truth has been revealed, the tax cuts Trump implemented helped the everyday people. The IMF has now doubled down and is blaming the economic destruction on the pandemic. The [CB] pushes Bitcoin down. The [DS] cannot move left or right, they must travel down the path that the patriots laid out. The people are now seeing was propaganda science looks like, as they keep pushing the people are questioning the quack science and asking for real scientific proof. The [DS] is now moving forward with their plan of locking down the world, but the world is standing up to it. Those people who are responsible for over throwing the US government will be punished, each move they make they are feeling pain. The why will be answered soon.
- No one likes paying more for stuff. That’s why inflation, especially the sharp price increases we’ve seen in recent months, feels like a dirty word.
- But on the whole, inflation can actually be a good thing for many working-class Americans, especially those with fixed-rate debt like a 30-year mortgage. That’s because wages are going up, which not only empowers workers but also gives them more money to pay down debt. Plus, in the case of a mortgage, your monthly payment will be the same but your house will increase in value.
- How inflation favors debtors
- The immediate benefits of inflation to everyday people are less tangible than the drawbacks — you feel the sting of your grocery bill and the gut-punch of filling up your gas tank. Less palpable but still significant is the dwindling burden of your debt.
- Not all debt shrinks with inflation, of course. Credit card interest rates, which largely aren’t fixed, have shot up this year to an average of 17.13%, just under the all-time record high of 17.14% that was reached in 2019, according to the Federal Reserve. And anyone living on a fixed income, such as retirees, who aren’t benefiting from wage increases that people in the labor force are seeing, are feeling extra pain as prices go up.
- During the legislative debates that occurred prior to the bill’s passage, opponents of the legislation—especially congressional Democrats—argued that TCJA would disproportionately benefit wealthy households and businesses, at the expense of lower- and middle-income American families.For example, Rep. Nancy Pelosi, who now serves as the speaker of the House, said on November 6, 2017, “Despite Republicans’ empty promises to cut taxes for middle class working families, it’s clear that the GOP tax plan for the wealthiest is rich indeed.”“House Republicans’ tax bill would increase taxes for 12 percent of Americans next year, according to a new report from the nonpartisan Tax Policy Center,” Pelosi added.“The truth is already catching up with the GOP’s snake oil pitch,” Pelosi concluded. “Instead of pushing a deficit-exploding handout to corporations and the wealthy that increases taxes on millions of hard-working families, Republicans must join Democrats to work on bipartisan tax reform that puts the middle class first.”More than four years after Pelosi’s dire statements, analysts now have the evidence needed to evaluate whether the TCJA truly was, as Pelosi suggested, nothing more than a “snake oil pitch.” The results are definitive and striking.
- Income data published by the IRS clearly show that on average all income brackets benefited substantially from the Republicans’ tax reform law, with the biggest beneficiaries being working and middle-income filers, not the top 1 percent, as so many Democrats have argued.
- A careful analysis of the IRS tax data, one that includes the effects of tax credits and other reforms to the tax code, shows that filers with an adjusted gross income (AGI) of $15,000 to $50,000 enjoyed an average tax cut of 16 percent to 26 percent in 2018, the first year Republicans’ Tax Cuts and Jobs Act went into effect and the most recent year for which data is available.
- Filers who earned $50,000 to $100,000 received a tax break of about 15 percent to 17 percent, and those earning $100,000 to $500,000 in adjusted gross income saw their personal income taxes cut by around 11 percent to 13 percent.
- By comparison, no income group with an AGI of at least $500,000 received an average tax cut exceeding 9 percent, and the average tax cut for brackets starting at $1 million was less than 6 percent. (For more detailed data, see my table published here.)
- That means most middle-income and working-class earners enjoyed a tax cut that was at least double the size of tax cuts received by households earning $1 million or more.
- What’s more, IRS data shows earners in higher income brackets contributed a bigger slice of the total income tax revenue pie following the passage of the tax reform law than they had in the previous year.
- Global economic growth projections from the International Monetary Fund will likely be downgraded due to the emergence of the Omicron variant of the coronavirus, IMF Managing Director Kristalina Georgieva said on Friday.
- The IMF said in October it expected the global economy to grow 5.9 percent this year and 4.9 percent next year, pointing then to the threat of new coronavirus variants as increasing uncertainty about the timeline for overcoming the pandemic.