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Financial and Economic Brief - June 1, 2021

The Biden 2022 $6 Trillion Budget – Will it Produce Record Inflation?

The Biden Administration has proposed one of the largest Budget spending bills since the WWII economic era. Many economic experts are suggesting that if Congress does not rein it in that inflation may return with a vengeance. The Country is already witnessing rising prices in many sectors of the economy although it is difficult to accurately determine what that percentage rate is. However, fuel, housing, and building supplies are just a few gauges by which we are able to make a calculated guesstimate. Here is a breakdown of how the money will be spent.

How a Cut in the Gift and Estate Tax Exemption Will Affect You

The current Gift and Estate Tax Exemption is a healthy $11.7 Million per individual and $23.4 Million per couple for 2021. That makes it possible for most Americans to transfer their hard-won assets to their children or other heirs. However, if the exemption were to be cut in half, now we have an entirely different story. Hypothetically, the new tax dragnet will apply to a significantly larger number of taxpayers; and that is basically the idea. It is surely a wise idea to reexamine your estate plan in light of the potential changes to the tax code.

Is it Possible that the US Federal Government Will Issue its Own Crypto Currency?

Crypto currencies, of which there are presently around 4,000, have an equivalent value of about $2 Trillion (Bitcoin being the largest). Congress is taking notice after realizing there is no stopping the growth of crypto around the world. Several Congressional leaders have proposed a bill to establish a task force to study the efficacy of launching a Federal digital currency as well as other salient issues. There are many challenges that need to be analyzed by a whole host of players before the report is issued. The goal of many is to make certain the we are keeping up with technology or at least we appear to be.

by © Liberty Publishing, Inc.

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