The Economic Corner || Are Billionaires Like Buffet, Gates, Bezos, Musk Etc Avoiding Taxes?

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• First up on the Economic Corner is a report by ProPublica on the billionaires we all follow – ProPublica - a nonprofit newsroom that investigates abuses of power has obtained a vast cachey of Internal Revenue Service or IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing. 

• The Chinese Consumer Price Index for the year 2020 May to May 2021 arrived at 1.3% versus the expected 1.6%.

• Moving on from the IRS files to Covid-19 updates – The UK is reeling under the highly concerning Delta variant and the government has now decided to take military back up and surge testing to combat the variant.

•  The Westpac-Melbourne Institute index of consumer sentiment released on Wednesday fell 5.2% in June, on top of a 4.8% drop the month before. 

• The Reserve Bank of Australia's (RBA) forecasts show inflation below the mid-point of its 2-3% target through mid-2023.

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