That’s what will happen if he produces overly optimistic inflationInflation is when the general price of goods and services increases across the economy, reducing the purchasing power of a currency and the value of certain assets. The same paycheck covers less goods, services, and bills. It is sometimes referred to as a “hidden tax,” as it leaves taxpayers less well-off due to higher costs and “bracket creep,” while increasing the government’s spendin numbers.
President Trump’s recent decision to replace the commissioner of the Bureau of Labor Statistics (BLS) has the feeling of replacing the meteorologist and hoping you get better weather. But economic data affect government actions and could have surprising consequences. If nominee E.J. Antoni manipulates the statistics to make Mr. Trump look good, you could end up paying higher taxes.
This is a preview of our full op-ed originally published in The Wall Street Journal.
Continue reading
Stay informed on the taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. policies impacting you.
Subscribe to get insights from our trusted experts delivered straight to your inbox.
Subscribe
