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https://qz.com/donald-trump-tax-cuts-wealthiest-americans-tarrifs-1851667005
Former President Donald Trump has promised to slash — or scrap — a lot of taxes. But his plans to hike tariffs on imports would “more than offset” those tax cuts for all but the richest 5% of Americans, according to a new analysis.
The Republican presidential candidate has pledged to end taxes on social security benefits, tips, and overtime, as well as slash the corporate tax rate to 15% from 21%, which was previously lowered from 35% thanks to his 2017 Tax Cuts & Jobs Act (TCJA). He’s also shown interest in making those tax cuts, which are set to expire next year, permanent while his running mate has floated expanding the Child Tax Credit (CTC).
Together, those provisions could slash hundreds or thousands of dollars off tax bills for American households across every income bracket. However, his pledge to raise tariffs to as much as 20% on all imports and up to 60% or 100% on those from China erases those gains for almost all Americans, according to the Institute on Taxation and Economic Policy (ITEP).
“They would cause substantial price increases on imported goods, severely damage the industries that rely on imports, hurting employment in those industries, and result in price increases for goods for which final production occurs domestically,” the ITEP said of the tariffs, which it noted “would massively disrupt the economy.”
The ITEP found that Trump’s policies would give the richest 1% of the country a tax cut of roughly $36,300 if they took effect in 2026. The next richest 4% would see a $7,200 reduction in their taxes, while the rest of the country would see their taxes increase.
Former President Donald Trump has promised to slash — or scrap — a lot of taxes. But his plans to hike tariffs on imports would “more than offset” those tax cuts for all but the richest 5% of Americans, according to a new analysis.
The Republican presidential candidate has pledged to end taxes on social security benefits, tips, and overtime, as well as slash the corporate tax rate to 15% from 21%, which was previously lowered from 35% thanks to his 2017 Tax Cuts & Jobs Act (TCJA). He’s also shown interest in making those tax cuts, which are set to expire next year, permanent while his running mate has floated expanding the Child Tax Credit (CTC).
Together, those provisions could slash hundreds or thousands of dollars off tax bills for American households across every income bracket. However, his pledge to raise tariffs to as much as 20% on all imports and up to 60% or 100% on those from China erases those gains for almost all Americans, according to the Institute on Taxation and Economic Policy (ITEP).
“They would cause substantial price increases on imported goods, severely damage the industries that rely on imports, hurting employment in those industries, and result in price increases for goods for which final production occurs domestically,” the ITEP said of the tariffs, which it noted “would massively disrupt the economy.”
The ITEP found that Trump’s policies would give the richest 1% of the country a tax cut of roughly $36,300 if they took effect in 2026. The next richest 4% would see a $7,200 reduction in their taxes, while the rest of the country would see their taxes increase.
