Without a change in course, Trump/GOP proposed tariffs would hit low-income families the hardest, while tax cuts would benefit the high-income the most:
Sources: WaPost, Tax Foundation
Trump’s tariffs will be costly, but that’s not the worst part – Heather Long/WaPost
“At some point, it will sink in that American consumers are the ones who pay for hefty tariffs. A typical household would pay more than $1,200 a year. The Tax Foundation ran the numbers and found that the bottom 40 percent of households would lose, because they would pay more in tariffs than they would get back in tax cuts. The Peterson Institute for International Economics found that the bottom 80 percent would be worse off, and only the richest Americans would benefit.”
Why Trump’s Tariff Proposals Would Harm Working Americans – Peterson Institute
Donald Trump Tax Plan Ideas: Details and Analysis – Tax Foundation
Impact Of Donald Trump’s Tax Proposals by Income Group – ITEP
