this post was submitted on 08 Oct 2024
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politics

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The Institute on Taxation and Economic Policy found Trump’s tariff proposals would outweigh his tax cuts for all but the very richest households.

Former President Donald Trump’s domestic policy agenda would amount to a tax increase on the vast majority of American households, according to a new analysis by a Washington, D.C., think tank, thanks largely to his proposed tariffs on imported goods.

“But his proposed tariffs, which would be largely passed onto consumers as increased prices, would more than offset those tax cuts for all income groups outside the richest 5 percent,” the Institute on Taxation and Economic Policy said in an analysis it published on Monday

Taken together, the tax cuts and tariffs would cost households in the middle 20% of the income distribution an average of $1,530 in 2026, the analysis found, while the richest 1% would save $36,320. Only 5% of the wealthiest households would come out ahead under Trump’s plans.


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top 10 comments
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[–] solsangraal@lemmy.zip 33 points 1 month ago

GOP voters will happily shovel cash from their own account directly to trump because he hates the same people they hate. it doesn't even matter that trump hates his supporters just as much

[–] Buffalox@lemmy.world 24 points 1 month ago

When Trump claims he wants to lower taxes, you're an idiot if you think it means for you. Unless you are in the 1%.
And just because you make more than most people you know, doesn't mean you're in the 1%.

[–] FuglyDuck@lemmy.world 15 points 1 month ago (2 children)

Why is it, that every single picture of trump at the podium looks like he’s dropping the greasiest shit, only for it to leak down his pants and pool in his socks?

[–] Tolookah@discuss.tchncs.de 4 points 1 month ago (1 children)

This is probably why he doesn't like desantis and his water boots, too much carrying capacity

[–] Myxomatosis@lemmy.world 1 points 1 month ago

No wonder that fly kept buzzing around that stinky motherfucker.

[–] xc2215x@lemmy.world 8 points 1 month ago

That is utterly terrible.

[–] floofloof@lemmy.ca 7 points 1 month ago* (last edited 1 month ago)

And yet his supporters when polled say they like him because he'll do the best at reducing the cost of living. They probably believe he will reduce their taxes. They live in an information vacuum and only listen to media that tells them lies. No amount of campaigning will overcome this, because it's the dynamics of a cult, not a political debate.

[–] affiliate@lemmy.world 1 points 1 month ago

imagine my surprise

[–] MediaBiasFactChecker@lemmy.world -3 points 1 month ago

Huffington Post - News Source Context (Click to view Full Report)Information for Huffington Post:

MBFC: Left - Credibility: Medium - Factual Reporting: Mixed - United States of America
Wikipedia about this source

Institute on Taxation and Economic Policy (ITEP) - News Source Context (Click to view Full Report)Information for Institute on Taxation and Economic Policy (ITEP):

MBFC: Left-Center - Credibility: High - Factual Reporting: High - United States of America
Wikipedia about this source

Search topics on Ground.Newshttps://www.huffpost.com/entry/trump-taxes-tariffs_n_6703e6bae4b02d92107d9d1d
https://itep.org/a-distributional-analysis-of-donald-trumps-tax-plan-2024/
Media Bias Fact Check | bot support