AdvertisementThose tax breaks, combined with an extension of across-the-board tax rate reductions Trump enacted as president in 2017, would save most households hundreds or thousands of dollars. Trump has proposed a 20% tariff on all imported goods and tariffs of 60% or higher on imports from China. “Tariffs on the scale that former President Trump has proposed would massively disrupt the economy,” the Institute on Taxation said in its analysis. The figures in the ITEP report assume “no gaming or behavioral response” with these tax cuts, meaning they could turn out even more costly and regressive than the authors estimate. “President Trump’s historic tax cuts laid the foundation for robust, non-inflationary growth that fueled more revenue for the federal government, not less,” Hughes said.

Source: Huffington Post October 07, 2024 14:32 UTC