Donald Trump’s brand new economic plan is even worse than his old one, as he is now floating a tax increase of $3,900 per year on typical American families.
Trump doubled the amount of tariffs he wants to impose from 10% to 20%, according to The Washington Post:
Former president Donald Trump on Wednesday appeared to open the door to significantly expanding his plans to impose sweeping new tariffs if he returns to office, suggesting an escalation in proposals that many experts already see as likely to cause a global trade war.
Previously, the Republican presidential nominee had called for levying tariffs of 10 percent on all U.S. trading partners, aiming to create a “ring around the collar” of the national economy. But during remarks on the economy in Asheville, N.C., Trump
for the first time floated tariffs of between “10 and 20 percent” on imports to the United States.
Brendan Duke of the Center For American Progress noted that Trump’s new proposal would be a tax of $3,900 on American families:
Trump just took his $2,500 tax increase for a typical family and made it a ~$3,900 tax increase with this proposal. This would likely swamp the effects of “no tax on tips” or “no tax on Social Security” for the vast majority of Americans, retirees, and tipped employees.
Trump has to raise taxes on the rest of the country to be able to pay for his proposed tax cuts for corporations and billionaires.
Donald Trump doesn’t know and doesn’t care that tariffs are not paid by the nation they are imposed on. Tariffs are taxes that make goods more expensive. When Trump proposes a 10% or 20% tariff, he is really proposing a 10%-20% tax increase on the American people.
Trump’s economic speech in North Carolina was a disaster, but if he returns to the White House, his economic policies will be even more disastrous.
