The Daily Money: Is it cheaper to go to a restaurant for Thanksgiving? Not this year.
Happy Thursday, Daily Money readers! It’s Bailey Schulz here with the day’s top stories.
If you’re considering dining out this Thanksgiving, be prepared to pay up. While grocery costs are still high, experts warn that restaurant menu prices have risen even more drastically.
The cost of food away from home has increased at a faster rate (about 6%) than food at home from a standard grocery trip (2.4%), according to Michael Swanson, agriculture economist with Wells Fargo Agri-Food Institute. Meanwhile, the higher wages restaurants have had to offer to get employees to return to work after the pandemic have led to increased menu prices for diners.
“It’s really hard to say to people, 'Hey it’s going to be cheaper to eat for Thanksgiving this year as compared to last year,” Swanson said. While Turkeys are cheaper this year compared to last November, “in general, food is not cheaper than a year ago.”
IRS zeroes in on the taxes of uber-wealthy Americans
The Internal Revenue Service recently announced a campaign to dramatically increase audits of high-income Americans and large businesses, leveraging billions of dollars in new funding from Congress to recover lost tax revenue.
What does that mean for the rest of us?
Tax experts say middle-income Americans probably face a lower risk of audit now than at almost any time in the recent past. The IRS assures the public that audit rates will not increase for taxpayers earning less than $400,000 a year, a threshold that roughly corresponds to the top 2% of earners.
“I don’t think the average person has a single thing to worry about in terms of heightened enforcement,” said Robert Nassau, a law professor and director of the Low Income Taxpayer Clinic at Syracuse University. “In fact, if anything, people like us are going to have less enforcement as the government focuses on the wealthier people.”
📰 More stories you shouldn't miss 📰
How to avoid Veterans Day scams: Tips so your donations reach people who need help
Apple Pay, Venmo, Google Pay would undergo same scrutiny as banks under proposed rule
'Unconscionable': Lawsuit alleges American Airlines lost children in airport overnight
2023 Veterans Day deals: Free meals and discounts at more than 60 restaurants, businesses
If you think Airbnb, Vrbo are cheaper than hotels, you might want to think again!
🍔 Today's Menu 🍔
Tis the season at Chick-fil-A where guests can enjoy a Peppermint Chip Milkshake just in time for the holidays.
Turning 15 years old this year, the seasonal favorite is joined by two new holiday coffee items: the Frosted Peppermint Chip Coffee and the Peppermint Iced Coffee. The drinks will be added to the menu for a limited time starting Nov. 13.
How are you feeling about this holiday shopping season?
Take 5 minutes to complete the survey and as an appreciation for your time, we will enter you into a sweepstakes to win a $100 Visa gift card!
About The Daily Money
Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.