We will soon have a presidential election on Tuesday November 5, 2024. According to a July 30, 2024 report from Statista Research Department, here are the top 3 issues to voters as of July, 2024: 25% say Inflation/Prices; 11% Immigration; and a tie for 3rd place with 10% saying Healthcare and Jobs & the Economy.

Data comes from a 7/18/2024 article in the Washington Post by Heather Long and Aden Barton titled “Opinion: Trump’s economy vs. Biden’s, in 17 Charts” and other sources.

Inflation vs. Wages:

During Trump’s term, wages for rank-and-file workers rose 15.4%, almost double the 7.8% total inflation rate. During the Biden/Harris term, wages rose 19.4%, virtually identical to the 19.2% total inflation rate. When one counts the higher Social Security, Medicare, and income taxes paid on higher wages, people’s after-tax wages did not keep up with inflation.

A September 11, 2024 article on CBS by John Kelley is titled “CBS News price tracker shows how much food, gas, utility and housing prices are rising” compared to five years ago. These are items that most Americans notice every time they go to the grocery store; fill up their gas tank; or pay for utility costs.

Here are the increases: A dozen eggs are up 126%; frozen orange juice 71%; loaf of bread 54%; pound of coffee 50%; 8 oz yogurt 48%; pound of ground beef 44%; cookies 43%; utility gas 36%; pound of potatoes 34%; pound of chicken breast 33%; half gallon ice cream 32%; gallon of regular unleaded gasoline 31%; and half gallon milk 30%.

Housing Costs: According to Zillow, in Phoenix, AZ home costs in the last five years have increased from $285,215 to $457,842. Mortgage costs have doubled, making it double the cost of servicing a typical mortgage in 2024 vs. 2019. This has made it very difficult for first-time homebuyers.

Example: compare the cost of a $270,000 30-year fixed rate mortgage at 3.5% interest rate in 2019 vs. a $420,000 mortgage at 7% interest rate in 2024. That’s a $1,209 vs. a $2,778 monthly cost to cover just principal and interest. When we add 2% of the value of the house to cover home insurance, real estate taxes, and reasonable repairs, the cost is $1,684 per month in 2019 vs. $3,541 monthly in 2024. Buying a house is one of the main dreams for Americans and it’s now much more unaffordable compared to five years ago.

Tax Policies: On January 1, 2018, The Tax Cuts and Jobs Act was signed. It included some of the biggest changes in the tax code in three decades and will expire (unless renewed) in 2025. IRS data showed that every income bracket with $200,000 or more increased its tax burden in 2018 vs. 2017; and every income bracket below $200,000 paid a smaller percentage of taxes.

The Tax Cuts and Jobs Act will expire on December 31, 2025 and unless it’s renewed tax rates go back to what it was before. Will it be renewed or will the current administration, if re-elected, pass their tax proposal that raises taxes by almost $5 Trillion over the next 10 years?

Attend my Free Live Seminars: Mon. 10/21/2024 or Tues. 10/22/2024, starting at 6 pm at Hyatt Place, 3535 W. Chandler Blvd. Chandler, AZ 85226. The seminars are followed by a Free catered meal. Topic is “Advanced Tax Strategies: Secrets of Roth & Multi-Generational IRAs!”

Free Tour/Workshop at Solar Reefer (Refrigeration) Factory: Saturday, 10/26/2024, 9am–12 noon.  Topic is “How Solar Reefers can Reduce Taxes to $0 and earn a steady 10-14%!” Lots of tasty refreshments served!

Location is at Advanced Energy Machines: 4245 E. Norcroft Street, Mesa, AZ 85215, ¼ mile SW of McDowell & Greenfield Roads.

To RSVP for the seminars or schedule a free consultation, please contact Dr. Harold Wong at (480) 706-0177 or This email address is being protected from spambots. You need JavaScript enabled to view it.. His website is www.drharoldwong.com.

Dr. Wong earned his Ph.D. in Economics at University of California/Berkeley and has appeared on over 400 TV/radio programs.