BRINDISI REVEALS: PRICES FOR MOST PRODUCTS IN LOCAL STORES LIKE WALMART SET TO CLIMB BY OCTOBER JUST AS A NEW FED TAX CUT EXCLUSIVELY FOR THE MEGA RICH IS BEING CONSIDERED; ASSEMBLYMAN SAYS ENOUGH IS ENOUGH & DEMANDS ACTION
Just As Groceries, Paper Towels, Shampoo & Toothpaste Prices Spike, The Treasury Dept. Is Considering Bypassing Congress To Push ANOTHER $100 Billion Tax Cut For Rich; New Tax Cut Would Slash Tax On Stock Sales The Rich Hate To Pay
Brindisi Demands House Committee Rep. Claudia Tenney Sits On Hold Immediate Hearings On Plan To Slash Taxes For Those With Big Stock Portfolios, Again
Brindisi: Locals’ Everyday Shopping Bills Will Spike This Fall Just As Feds Consider –Yet Another– Tax Cut For Rich
New York State Assemblyman Anthony Brindisi is revealing today that the prices of everyday products in local stores–like Walmart– are about to go even higher by this October because of a government-announced inflation climb and new price spikes for consumer goods recently announced by major companies like Proctor & Gamble. The rise in these everyday prices of goods is set to wipe out local wage gains just as the U.S. Treasury considers another tax cut for the very rich. Brindisi, today, is demanding hearings in Congress to help stop the new tax cut for the rich from making these local price spikes even worse.
“The looming price spikes for the things we buy every day, like paper towel, toothpaste and soap, to name a few, is going to really hurt locals who area already feeling the burden of ballooning healthcare costs, gas prices, cable costs and prescription drug prices,” said Assemblyman Anthony Brindisi. ”In fact, the President’s own Labor Department says the spike in inflation and the price increases at stores like Walmart will wipe out wage gains of the average person. So, we have to fight back.”
According to the Wall Street Journal, “the cost of food, shelter and gas have all risen significantly in the past year. Gas skyrocketed more than 24 percent, rent for a primary residence jumped 3.6 percent and meals at restaurants and cafeterias rose 2.8 percent. The Journal went on to say that “prices have risen roughly at the same rate as wages, erasing any gains workers may have hoped to realize via bigger paychecks.”
Brindisi says this kind of inflation coupled with major companies buying back billions of dollars in their own stock (something known as a stock buyback) and then raising our prices locally will be a punch to the gut for Mohawk Valley middle class families this fall.
P & G, as well as other firms that have benefited from the recent GOP tax plan, have publicly announced price spikes that will begin to happen soon, everything from a can of Coke to toothpaste will be impacted, the companies say.
But to make matters worse, Brindisi further revealed that the U.S. Treasury Department, under the guidance of Secretary Steven Mnuchin is actually—right now—weighing a new tax cut for mega rich stock titans. These stock owners hate to pay capital gains taxes on their portfolio, even though it is already far less than the rate Mohawk Valley residents are paying on their actual income.
“If the fact that just as inflation rises to its highest rate since 2012 while the prices for, quite frankly, everything in stores like this go up isn’t enough to boil your blood, well then, brace yourself because the feds are trying to jam through yet another $100 billion dollar tax cut for the super-rich, and they don’t want Congress to vote for it,” warned Brindisi.
“So, today, I am demanding our Congresswoman, Claudia Tenney, blow the whistle on a new tax cut for the rich being floated by Secretary Mnuchin, the same man who enjoys private jet travel paid for by taxpayers. Our Congresswoman must call for an immediate hearing because she should care about our local price spikes and because she sits on the exact House Committee that can stop this plan from seeing the light of day,” Brindisi said.
Tenney sits on the House Financial Services Committee that has oversight on the economy.
According to wide media reports, Mnuchin says his department is studying whether it can use its regulatory and administrative powers to lower the capital gains tax—the tax you pay when selling stock—and allow the mega rich to adjust for inflation, thereby lowering their taxable income.
Brinidsi says that is galling that just as inflation spikes, the feds want to allow the rich to use it for a tax cut, while the Middle Class check out at places like Walmart and foot the bill.
Brindisi is demanding Rep. Claudia Tenney call for immediate hearings on the plans to lower the capital gains tax and publicly denounce the plan to jam the tax cut for the super-rich through without the input of Congress.
“If members of Congress like Claudia Tenney, or anyone else, want the rich to get another tax increase just as our local prices for everting from fuel to diapers rise, they should have to vote for it,” concluded Brindisi.