True Cost of Inflation For Americans and Why Personal Inflation is Higher Than The CPI

Kamala Harris and Joe Biden tweeted that no Americans under $400,000 will pay more in taxes. This is incorrect and I explain why. The Consumer Price Index (CPI) showed an inflation rate of 7.9%. However, food and gas prices are not included in the equation. The prices of goods and services, the increase in production, and distribution all play a substantial role in stock market performance and an individual's retirement accounts. Each individual also has different spending needs, thus a different rate of inflation. I explain how Diesel prices impact the economy as a whole and why the prices of goods and services increase. As prices of goods increase, so does the amount that you pay in sales tax. Furthermore, I discuss how the Biden Administration's Build Back Better Plan is actually a major tax cut for the rich, particularly in the Blue States. It is also funny when wealthy people say they need to be taxed more and I debunk the misconceptions regarding individual taxation and why politicians and wealthy 'tax increase advocates' are insincere about what they are promoting.

We also provide an update on the Ukrainian attack in Russia, and how they blew up an oil depot. What will the consequences be now that the conflict has entered Russian territory?
#Personalfinance #stockmarket #JoeBiden #KamalaHarris #Inflation #Taxes #BuildBackBetter #Russia #Ukraine #Putin #Flattaxrate #Laffercurve

Washington Post Article on the attack on a Russian Oil Depot
https://www.washingtonpost.com/world/2022/04/01/russia-belgorod-fire-helicopter-ukraine/

Good source of information regarding inflation rates, and the impact on labor markets:
https://www.bls.gov/cpi/

Interactive Charts showing the historical fuel prices in the United States:
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epm0_pte_nus_dpg&f=m

Great Article explaining how The Trump Tax Cuts (TCJA) was actually a tax hike for the wealthy, and how the BBB will actually cut taxes for high earners and not the lower and middle class:
https://thefederalreport.com/joe-biden-build-back-better-tax-cuts-for-rich/

The article explains how increasing expenses on businesses will trickle down to employees and consumers:
https://thefederalreport.com/trickle-down-economics-theory/