New Tax Hikes And Interest Rate Increases To Fuel More Inflation

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New Tax Hikes And Interest Rate Increases To Fuel More Inflation By Admin Wednesday, July 27, 2022 If you think things are expensive now, just wait until these new hikes kick in The latest inflation reading shows a new record high. The latest policy moves seem likely to only throw even more gas on that fire, including your housing costs. What can you expect to cost more now? What should you do about it? The New $739B Tax Hike Senators Manchin and Schumer announced that they have struck a new deal on a spending package with a price tag of $739B. The majority of this money is expected to be raised through more corporate taxes. In response businesses will have to raise prices to make up for shelling out more of their earnings in taxes. Continued Interest Rate Hikes The Fed raised interest rates again in July 2022, and says it plans to continue with more hikes. As businesses pay more on their loans, they are again going to have to offset that with even higher prices. Because once you can't keep up, you could easily lose your home, car, furniture, and more.