Tag: tax increase

Inflation Increasing Quicker Than Expected, Former Treasury Secretary Larry Summers Says

Michigan Star Staff
Larry Summers

Top American economist Larry Summers is sounding the alarm on rising U.S. inflation, saying that it is ticking up quicker than he originally expected.

Inflation is increasingly a more concerning and larger threat as consumer prices continue to rise, former National Economic Council Director and Treasury Secretary Larry Summers told Axios on Monday. He also criticized the Federal Reserve’s policies, suggesting that its decision to keep interest rates low could harm the economy.

“Data are pointing more towards higher inflation than I expected, and sooner,” Summers told Axios. “With more inflation signs sooner than I would have expected.”

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Commentary: Biden’s $2 Trillion Infrastructure Plan is Loaded with Corporate Welfare

Michigan Star Staff

President Biden has just unveiled a new $2.3 trillion “infrastructure” plan, but a shockingly large portion of this bill is actually unrelated to infrastructure.

The plan includes massive subsidies for corporations as well as state and local governments, and comes right after the administration’s proposed increase in the corporate tax rate, which would raise the rate from 21 percent to 28 percent.

There’s $300 billion for manufacturing, $100 billion for electric utilities, $100 billion for broadband, $174 billion for electric vehicles, and a whole lot more. A significant portion of this spending is directed at subsidizing big corporations.

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Recall Cooper Effort is ‘Issue of Right and Wrong,’ Organizer Says

Jason M. Reynolds

Citizens opposing Mayor John Cooper’s property tax hike and war against bars and restaurants filed a petition to recall him and seven Metro Council members Monday.

Restore Nashville and Re-open Nashville, were among the groups that held the “Recall Mayor Cooper Petition Kickoff Rally” Monday at Public Square Nashville.

Stop Mayor Cooper was another group on Facebook organizing the rally.

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Michigan Diverts a Third of All Gas Tax Revenues Away from Road Repairs

Admin

Every U.S. state taxes fuel sales to fund road repairs.  

Fully half of them, however, divert a portion of those taxes for other purposes. And Michigan, with a gas-tax diversion rate (GTDR) of 33.9 percent, is ranked with New Jersey as the third highest GTDR in the nation. Only New York (37.5 percent) and Rhode Island (37.1 percent) have higher GTDRs.

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