Article Summary –
Republican presidential candidate Donald Trump’s tariff and tax proposals would increase taxes for 95% of Americans, according to an analysis by The Institute on Taxation and Economic Policy (ITEP). The analysis found that Trump’s proposed tariffs would be passed onto consumers, with 80% of Americans expected to pay an average of $2,872 more per year due to the tariffs alone. Trump’s overall proposals would result in a tax cut for the richest 5% of Americans and a tax increase for all other income groups, disproportionately benefiting the wealthy while imposing additional costs on working-class households.
Analysis: Trump’s Tariff and Tax Plans Would Increase Costs for North Carolina Households
Republican presidential candidate Donald Trump’s proposals would raise taxes for 95% of Americans, a new analysis from The Institute on Taxation and Economic Policy (ITEP) reveals.
The analysis found that Trump’s tariff proposals could result in an average increase of $2,872 per year for 80% of Americans. The plan includes a 20% tariff on all imports and a 60% tariff on Chinese goods.
According to ITEP, Trump’s tariffs could lead to higher costs for consumers, job losses, and economic disruptions. Economic experts warn that the benefits of these tariffs may not outweigh the costs.
Trump’s proposals would disproportionately benefit the wealthiest Americans while increasing taxes for others. For example, the top 1% could see a tax cut of $36,300, while the middle and lower-income groups could face tax increases.
In response to the report, the Harris-Walz campaign released its own analysis, highlighting how Trump’s agenda could raise costs for North Carolina households by an average of $3,954 per year.
Tariffs on food products could particularly impact American families, as a significant portion of the food supply is imported. If tariffs are imposed, prices could rise, affecting consumers and grocery stores.
Other studies suggest that the annual cost of tariffs could be as high as $7,600 per household, with potential job losses estimated at 70,000 per month.
Overall, Trump’s tariff and tax proposals could have far-reaching consequences on the economy, businesses, and households, raising concerns about their potential impact.
—
Read More North Carolina News