Trump’s Tariffs Could Cost You $3,900 Extra
The TRUMP TAX adds $3,900 in yearly costs for American Families.
This isn't a tax on
foreign countries - it hits
American consumers
directly.
Tariffs fund corporate tax cuts, passed onto customers.
Big corporations get tax breaks while consumers bear the cost.
Expect rising prices on groceries, electronics, and more.
Imported goods become more expensive, raising your household expenses.
The trade war raises costs, directly impacting your wallet.
Consumers shoulder the burden of higher prices caused by the trade conflict.
"My passion, one of them, is small businesses. I was actually—my mother raised my sister and me but there was a woman who helped raise us. We call her our second mother. She was a small business owner. I love our small businesses. My plan is to give a $50,000 tax deduction to startup small businesses, knowing they are part of the backbone of America's economy.
"My opponent, on the other hand, his plan is to do what he has done before, which is to provide a tax cut for billionaires and big corporations, which will result in $5 trillion to America's deficit. My opponent has a plan that I call the Trump sales tax, which would be a 20% tax on everyday goods that you rely on to get through the month. Economists have said that Trump's sales tax would actually result, for middle-class families, in about $4,000 more a year because of his policies and his ideas about what should be the backs of middle-class people paying for tax cuts for billionaires."
It’s one of those magical economic proposals that can actually cause inflation and put you into a recession – at the same time. It’s a two-year-old’s mentality: You punch someone in the nose and expect them not to punch you back.
David Kelly
JPMorgan Asset ManagementTrump’s trade proposals could be equivalent to a $3 trillion tax hike. It’s enormously protectionist and terrible economic policy. He’s looking for the populist appeal with these gimmicks and horrible ideas.
Douglas Holtz-Eakin
Former Economic adviser to President George H.W. BushTrump’s call for a 20% across-the-board tariff combined with a 60% tariff on China would cost the typical middle-income household more than $2,600 a year. Importantly, these estimates do not factor in the impact from potential foreign retaliation. The actual impact could be far higher.
Peterson Institute for International Economics