Trump’s Proposed Tax Cuts and Increased Tariffs Could Hurt Poorer Households
www.nytimes.com
Some Republicans want to use revenue collected from higher duties on foreign goods to finance tax cuts. Economists say such a shift could widen the gap between the rich and the poor.

Economists say such a shift could widen the gap between the rich and the poor.

Literally the primary raison d’être of the modern Republican party

  • RiskableEnglish
    28•4 months ago

    TL;DR: Trump administration’s plans would drastically increase the cost of everything but everyone would save 5% on their taxes. That means most people save ~$2,500/year from the tax cut but end up spending $5,000-20,000 extra on everything else (their purchases throughout the year).

    The rich, on the other hand would save millions and millions on their taxes.

    • @silence7@slrpnk.netOP
      11•4 months ago

      You’re pretty well-off if you’re paying $50k in income taxes. (Notice how they’re not planning to cut payroll taxes; those are for us ordinary folks)

      • @Frozengyro@lemmy.world
        4•4 months ago

        If it’s just income taxes, for a single individual, you’d have to be making about 225k to pay 50k in income taxes.