RE:RE:2024 Federal Budget: WEALTH TAX Is A FOREGONE CONCLUSIONMarty...I have seen a lot of Federal Budgets over the years as well as many "Economic Statements". There is one consistent theme in all of them, irrespective of the Party which is doing it.
What is that theme?
Lots of smoke and mirrors. If this upcoming budget is not different (and if anything I expect it to have more smoke and mirrors than usual) then we can expect the following...
1...unrealistic economic growth forecast
2....unrealistic revenue from tax hikes, especially business taxes
3...unrealistic estimates of savings from delaying some future spending programs and cutting the "fat" from Government programs
4...unrealistic savings from cuts in the Federal Government employee numbers
Of course the key thing in all of this is what business sectors will be affected by an expected excess profits tax? Most likely will include grocery stores which will just increase food prices (the opposite of what is intended - big surprise....lol) but will it also include banks and the oil and gas sectors?
We will find out soon enough...