https://www.foxbusiness.co...
Inflation rises 2.4% in September, above expectations | Fox Business
The Labor Department released closely watched inflation data for September that showed the consumer price index rose 2.4% last month, which was slightly above expectations.
https://www.foxbusiness.com/economy/cpi-inflation-september-2024
Harris freshens up message on economy as Republicans go after her on inflation | AP News
Since President Joe Biden left the White House race, Vice President Kamala Harris has begun to craft her own narrative around the economy.
https://apnews.com/article/kamala-harris-economy-trump-vance-inflation-biden-f52edb07e4bd4adf01b484744fc7d387https://www.nbcphiladelphi...
Thieves make off with $15k of stolen beef, police say – NBC10 Philadelphia
More than 40 cases of beef were stolen from a truck in Southwest Philly on Tuesday morning, and police claim, a crime ring could be responsible.
https://www.nbcphiladelphia.com/news/local/wheres-the-beef-cases-of-meat-stolen-southwest-philly/3913428/https://fortune.com/2024/0...
Consumers have given up on saving for the American Dream and are spending money instead | Fortune
"This positive spending is not a reflection of some sort of internalized secret sense of confidence that consumers have."
https://fortune.com/2024/05/19/economic-outlook-consumer-sentiment-inflation-high-rates-saving-american-dream-spending-labor-market/
Last week, Biden told CNN that “[n]o president’s had the run we’ve had in terms of creating jobs and bringing down inflation. It was 9% percent when I came to office, 9%.”
In reality, inflation stood at 1.4% in January of 2021 and reached a high of 9.1% in June of 2022, during Biden’s term.
Biden’s comments drew rebuke and fact checks from several news outlets. Even far-left Snopes rated the claim “False” while normally Biden-friendly CNN observed that “Biden’s claim… is not close to true.”
The Washington Post fact-checker meanwhile, gave Biden “four pinocchios” for the claim, which the Post defines as a “whopper.”
We will look at both income and sales tax.
First, you earn a dollar, then you pay a tax percentage based on your total net income. In this case, we will use the average $11,000 and $44,725 yearly income.
Based on the average income, your dollar already owes 12% in tax.
After you pay the 12% of income tax, now your $1 is no longer a dollar and becomes 88 cents.
Once you decide to go shopping with your 88 cents, you will be subject to sales tax. Depending on the state you reside in, you can expect to pay anywhere from 4%-9%.
Let's take the lowest sales tax percentage 4% as an example.
After you pay the sales tax of the minimum 4%, your 88 cents now becomes 84 cents.
If you were living in states that have a sales tax with the combined local tax of 9+%, such as Louisiana then your 88 cents would only be 79 cents.
So how much is your hard-earned $1 dollar worth?
88–79 cents!
This is because your $1 dollar is getting taxed twice!
Sources
https://www.policygenius.c...
https://www.rocketmoney.co...
#economy #inflation #finance #truth #taxes #reality
Social Security 2025 COLA estimate raised because of inflation rise
The 2025 COLA estimate rose for a third month, following inflation. But the inflation jump now outpaces seniors' 2024 COLA, putting them in the red.
https://www.usatoday.com/story/money/personalfinance/2024/04/10/2025-cola-estimate-higher-inflation-social-security/73272852007/
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