Here are our responses to questions we got last month. Please send me your questions if you’d like us to answer them in the next newsletter!
- Inflation Reduction Act – Passed by the Senate in July, this Act will 1) lower the cost of expensive drugs for those on Medicare by allowing their prices to be negotiated and impose a cap on out-of-pocket drugs 2) impose excise tax on stock buybacks and raise the corporate tax rate for certain companies 3) extract more revenue from the American public via higher enforcement of tax compliance.
- July CPI showed that inflation, overall, remained high at 8.5%. However, there are doubts if this reading truly indicates a longer-term trend for the average American, as food price increases were offset by a drop in energy costs, both of which are highly volatile.
- You may have been shocked by having to pay higher property tax due to home price inflation. For tips on how to manage this increase, please read our blog.
As always, please reach out with questions.
US Bureau of Labor Statistics. Consumer Price Index News Release. Consumer Price Index – July 2022. https://www.bls.gov/news.release/archives/cpi_08102022.htm