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
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