Biden Planning First Tax Hike in 30 Years. President Joe Biden is reportedly preparing to follow up with his controversial COVID-19 stimulus bill with his plan for the “first major federal tax hike” in nearly three decades.
“Unlike the $1.9 trillion Covid-19 stimulus act, the next initiative, which is expected to be even bigger, won’t rely just on government debt as a funding source,” Bloomberg News reported. “While it’s been increasingly clear that tax hikes will be a component — Treasury Secretary Janet Yellen has said at least part of the next bill will have to be paid for, and pointed to higher rates — key advisers are now making preparations for a package of measures that could include an increase in both the corporate tax rate and the individual rate for high earners.”
US spending and income skyrockets.
U.S. consumer spending and personal income both increased more than expected in September, with higher wages, growth in owner-operated business profits, and remaining pandemic aid contributing to the income boost.
The Commerce Department said in a release Friday that personal consumption expenditures (PCE), a reflection of household spending on goods and services, rose by $201.4 billion in September, or 1.4 percent month-over-month. Economists polled by Reuters predicted consumer spending would rise 1 percent in September.
33.1% GDP 3Q growth is unprecedented. US economic growth shatters record at 33.1%, but fails to snap coronavirus recession.
National Economic Council Director Larry Kudlow breaks down the latest GDP numbers, coronavirus shutdowns and stimulus talks.
Gross domestic product, the broadest measure of goods and services produced across the economy, surged by 33.1% on an annualized basis in the three-month period from July through September, the Commerce Department said in its first reading of the data Thursday. The previous post-World War II record was a 16.7% increase in 1950.
Trump Bull in the China Shop. The force of a bull has become necessary put tariffs on China to save U.S. economy and jobs by bringing back manufacturing.
Dictionaries define “a bull in a China shop” pejoratively as a clumsy person causing damaging results. However, the 2016 election brought another angle to bear, namely that the amazing destructive force of a bull had become necessary to upend the established modus operandi of the powers that be in DC.