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The research says the CPI grew at its fastest rate in 40 years as consumer prices continued to climb. A week later, during the Russia-Ukraine conflict, Biden now blames growing transportation costs for rising inflation.

Dairy America CEO Patti Smith told the New York Times she supports Biden's efforts to tighten control over shipments. "I wouldn't say that always means lower prices. I think that will help level the playing field "Smith said Monday.

It is said that US Vice President Biden has "committed to lowering pricing" in an industry he believes is dominated by foreign-owned ocean carriers. Biden said the industry has generated unprecedented profits and he supports "antitrust and other unfair business practices probes."

Despite decades of evidence that quantitative easing (QE), government spending, and excessive stimulus are the principal sources of inflation, Biden's administration has refused to blame the American monetary system.

Millennials are experiencing inflation for the first time, and American families are struggling to make ends meet. Moreover, studies show that growing expenditures disproportionately affect the elderly and pensioners. Moreover, studies show that low-income Americans in "survival mode" due to inflation. According to studies, the dollar's "actual value" has fallen by 86 percent since 1972.

The NYT piece acknowledges that it is "unclear to what extent additional government inspection and enforcement would really lower shipping costs." The White House has already connected rising shipping costs to inflation, as seen by a February information sheet headlined "Lowering Prices and Leveling the Playing Field in Ocean Shipping." According to the fact sheet, Biden's administration is "reducing consumer prices" for marine transportation.

700 Cryptocurrency Investors Face Tax Penalties in India

India's income tax office is reportedly cracking down on bitcoin tax evasion. The agency is scrutinizing approximately 700 high-value bitcoin transactions, the Economic Times said Tuesday.

To tax authorities' knowledge, the bulk of these people either failed to report crypto revenues or did not file any tax returns whatsoever .

They may face a 30% tax, penalty, and interest. An officer of the Indian Central Board of Direct Taxation says (CBDT),

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We have a long list of people that traded crypto but did not pay taxes. Initially, we found roughly 700 high-tax transactions.

On the list are high net worth individuals, non-resident Indians, entrepreneurs, students, and housewives. Others never submitted federal income taxes.

Some people reportedly earned above Rs 40 lakh but did not file tax returns or did not indicate any income on their forms. Some individuals claim bitcoin money as capital gains, while others claim it as business income.

In her budget speech last month, Indian Finance Minister Nirmala Sitharaman proposed a 30% tax on cryptocurrency capital gains. It further said that no matter how long someone retains crypto assets, a flat tax would apply.

Tax officials warned the agency it might face penalty of up to 50% above and above the budget's tax obligations.

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Last month, CBDT Chairman J. B. Mohapatra told the journal that many cryptocurrency investors were not declaring their income, but the income tax office had enough data on them. He added the agency would continue to enforce beyond March 31.