ExpressLane
Verified User
Indeed.
What caused inflation?
- Thread starter Jarod
- Start date
ExpressLane
Verified User
Jarod would never start a troll thread!
So the escalating cost of oil exploration caused the inflation?
Don’t get giddy there, Trump’s inane tax bill plus Covid spending contributed equally
cawacko
Well-known member
Greed is forever a human condition. Individuals, businesses and gov’t don’t really have an on/off switch so to speak when it comes to greed. It’s too facial an answer.
T. A. Gardner
Thread Killer
A massive increase in deficit spending starting with Trump and the Chinese Disease lockdown, and then doubled down on by Biden and his mostly greentard agenda disguised as infrastructure bills. Toss in on top of that Biden allowing massive new piles of expensive regulations, raising taxes, and going to war with certain industries like oil.
But, it was those spending bills both presidents mentioned doing that were the major contributing factor. That's why you see a huge surge in inflation in the first two years of Biden's presidency--started by Trump and then multiplied exponentially by Biden. The wiser of those in Congress and Biden's administration figured out that they needed to stop massive new spending and things have calmed down a bit, but inflation is still above where it was pre-Biden.
cawacko
Well-known member
I knew it the minute I saw the subject. I think I know the impetus now. Either Trump or some other Republican blamed Biden for inflation in a speech last night.
As we know there are multiple causes of the inflation we've endured. But an economic argument is different from a political one. The political one states you take (full) credit for anything good that happens on your watch and you give (full) blame to anything bad that happens on your opponents watch. There isn't nuance in partisan political arguments. And in this scenario, inflation occurred under Biden's watch so Republicans are going to pin it all on him.
Into the Night
Verified User
Trying to deny history again, Pretender?
Into the Night
Verified User
DON'T TRY TO BLAME DEMOCRAT PROBLEMS ON CORPORATIONS!
Into the Night
Verified User
DON'T TRY TO BLAME THE PROBLEMS OF CONGRESS ON TRUMP OR BIDEN!
Into the Night
Verified User
DEMOCRATS, Pretender. DEMOCRATS.
It is CONGRESS that tells the Fed to add money.
Into the Night
Verified User
DON'T TRY TO DENY HISTORY, PRETENDER. THE EXECUTIVE ORDERS ARE PUBLIC RECORD.
Into the Night
Verified User
You obviously still have no concept of market forces, Anchovies.
What taxes did Biden raise?
Into the Night
Verified User
Neither oil nor gasoline are fossils.
Fossils don't burn. They are not used as fuel.
This is why I asked what specifically caused it.
T. A. Gardner
Thread Killer
Included in the Inflation Production Act were a number of new and raised taxes on corporations, small business, and "The Rich."
How Biden’s $2 Trillion in Tax Increases Target Companies and the Rich (Published 2021)
The proposal to fund the president’s sprawling spending plan mostly turns up the dial on more conventional tax policies, while trying to curb maneuvers that allow tax avoidance.
Fact Check: Did Biden raise "tax burden" for Americans earning $20,000?
A recent post on social media by RNC Research suggested that families earning $20,000 would be hit by a Biden "tax burden."
www.newsweek.com
President Biden signs major reconciliation tax bill | Grant Thornton
President Biden signs the Inflation Reduction Act into law. The bill will increase taxes more than $450 billion and create $260 billion in energy incentives.
www.grantthornton.com
- Impose a 15% minimum tax on financial statement income for large corporations
- Create a 1% excise tax on stock buybacks by publicly traded corporations
- Reinstate a Superfund excise tax on crude oil and petroleum products at a rate of 16.4 cents per barrel
- Extend the limit on losses under Section 461(l) for two years through 2027
- Add a $268 billion package of new, expanded, and extended energy incentives
- Double the cap on R&D credits refundable against payroll taxes for eligible small businesses
The price gasoline rising is a key factor of inflation. It effects all areas of the economy.
So taking corporate money out of the market?Included in the Inflation Production Act were a number of new and raised taxes on corporations, small business, and "The Rich."
How Biden’s $2 Trillion in Tax Increases Target Companies and the Rich (Published 2021)
The proposal to fund the president’s sprawling spending plan mostly turns up the dial on more conventional tax policies, while trying to curb maneuvers that allow tax avoidance.www.nytimes.com
Fact Check: Did Biden raise "tax burden" for Americans earning $20,000?
A recent post on social media by RNC Research suggested that families earning $20,000 would be hit by a Biden "tax burden."
President Biden signs major reconciliation tax bill | Grant Thornton
President Biden signs the Inflation Reduction Act into law. The bill will increase taxes more than $450 billion and create $260 billion in energy incentives.
- Impose a 15% minimum tax on financial statement income for large corporations
- Create a 1% excise tax on stock buybacks by publicly traded corporations
- Reinstate a Superfund excise tax on crude oil and petroleum products at a rate of 16.4 cents per barrel
- Extend the limit on losses under Section 461(l) for two years through 2027
- Add a $268 billion package of new, expanded, and extended energy incentives
- Double the cap on R&D credits refundable against payroll taxes for eligible small businesses
That reduces inflation.
So what executive orders?