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2024

Trump's proposed tariffs and tax cuts would hurt low-income Americans the most

Trade and tax policy proposals floated by presidential candidate Donald J. Trump and his advisers would reduce the United States' reliance on income taxes while increasing reliance on import tariffs. Should these proposals become law, lower- and middle-income Americans would shoulder increased tax burdens; only upper-income earners would experience net tax cuts.
The lowest quintile of workers in the United States would experience a reduction of 3.7 percent in after-tax income after extensions of Trump's Tax Cuts and Jobs Act (TCJA) provisions and an across-the-board increase in tariffs, while…