Turkey Government Reduces Tax on Food Items — What about US
To fight the extreme inflation in Turkey after the pandemic, the price of all goods and services become very high and living normal life became unaffordable for the middle class people. At this stage, the Turkey President decided to reduce tax on food items by 1%.
Contextually, the value added tax on food item was 8% in Turkey and it was making food items very costly, specially when people are going through loss in their business and employment.
During the pandemic, a huge number of people lost their job and were already in trouble and the inflation made it even worse. At this situation, people were protesting against this inflation for a long time. Finally the President took very bold decision and reduced the tax by 1% which definitely make a good difference in price of food items.
At the same time, the USA also is suffering from never-before inflation situation after 1990 and the economy has been affected badly. Millions of people have lost their jobs and now have became dependent upon credit cards and personal loans.
At this situation, people are highly expecting some step from the government to tame this inflation and offer a better life to the people. However, till now the US government hasn’t introduced any miraculous rule to get control over this price hike.