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Trump’s 10% tariffs would be $1,500 tax hike for families, left-of-center think tank finds

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mystery-ak:
Trump’s 10% tariffs would be $1,500 tax hike for families, left-of-center think tank finds
By
Zachary Halaschak
March 27, 2024 3:50 pm
.

A new analysis found that former President Donald Trump’s proposal to apply 10% across-the-board tariffs would be akin to a $1,500 annual tax increase for the typical household.

The analysis, released by the left-of-center think tank Center for American Progress, found that Trump’s 10% tariffs would squeeze consumers because companies would pass the costs on to them. The tariffs would be like a $90 tax increase on food, a $90 tax increase on prescription drugs, and a $120 tax increase on oil and petroleum products.

“Donald Trump’s tariffs would crush America’s middle class by increasing the cost of everything, from food, fuel, clothing, and more, while failing to boost American manufacturing,” said Brendan Duke, senior director for Economic Policy at CAP Action. “Trump’s plans stand in stark contrast to President Joe Biden’s proposals, which would cut taxes for working families and continue the recent historic surge in the construction of American manufacturing facilities.”

Trump is at odds with many free-trade proponents in his party, although Republicans, led by Trump’s populist appeal, have increasingly become more open to tariffs. They see it as a way to reshore jobs and rebuild the country’s manufacturing base.

Trump floated the idea of 10% across-the-board tariffs last year. Such an aggressive move could be seen, at least in terms of trade policy, as a shift to the left of Biden, who hasn’t increased tariffs but has kept some of Trump’s tariffs in place. That is one reason why the CAP attack is worth noting.

more
https://www.washingtonexaminer.com/policy/finance-and-economy/2941790/trumps-10-tariffs-1500-tax-hike-families/

DefiantMassRINO:
... not for stuff from America.

LMAO:
From the article....

Trump floated the idea of 10% across-the-board tariffs last year. Such an aggressive move could be seen, at least in terms of trade policy, as a shift to the left of Biden, who hasn’t increased tariffs but has kept some of Trump’s tariffs in place. That is one reason why the CAP attack is worth noting.


So Donald "Herbert Hoover" Trump is not only going to put 10% tariffs on imports, but he wants to a 60%  tariff on China.

Nice. Start a trade war and raise costs for Americans when inflation is already hurting American consumers.

The current Democrat president is to the right of the GOP nominee this year ****slapping

jmyrlefuller:

--- Quote from: LMAO on March 27, 2024, 10:19:16 pm ---From the article....

Trump floated the idea of 10% across-the-board tariffs last year. Such an aggressive move could be seen, at least in terms of trade policy, as a shift to the left of Biden, who hasn’t increased tariffs but has kept some of Trump’s tariffs in place. That is one reason why the CAP attack is worth noting.


So Donald "Herbert Hoover" Trump is not only going to put 10% tariffs on imports, but he wants to a 60%  tariff on China.

Nice. Start a trade war and raise costs for Americans when inflation is already hurting American consumers.

The current Democrat president is to the right of the GOP nominee this year ****slapping

--- End quote ---
The Red Chinese have been in a "trade war" with us for decades—and winning.

If surrender to Communists is a right-wing position, call me Karl Marx.

Smokin Joe:

--- Quote from: DefiantMassRINO on March 27, 2024, 09:13:49 pm ---... not for stuff from America.

--- End quote ---
To get those prices down, the nonsense about EV heavy haul trucks and the war on oil and Natural Gas would have to stop.

Gasoline is up 70 cents per gallon in the last two months (now, $3.49 9/10 here). Add 25% to the price of February's fill up. Those higher fuel costs translate to higher prices for everything you buy, because very little doesn't ride in on a truck from elsewhere.  So, if Trump pulled off the insane emissions rules, shut down 99% of the EPA anti carbon garbage, reopened leasing (as required by the laws the Bidens have used for TP) onshore and off, there is a good chance fuel costs would drop. (Oh, and permit some pipelines, for Pete's sake)

A lot of this would offset the tariff increase, and it would be nice to see some new American jobs, too, even if it is just greasing the robots.

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