{"id":2207626,"date":"2024-03-27T16:20:03","date_gmt":"2024-03-27T20:20:03","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trumps-10-tariffs-would-be-1500-tax-hike-for-families-left-of-center-think-tank-finds\/"},"modified":"2024-03-27T16:27:21","modified_gmt":"2024-03-27T20:27:21","slug":"trumps-10-tariffs-would-be-1500-tax-hike-for-families-left-of-center-think-tank-finds","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trumps-10-tariffs-would-be-1500-tax-hike-for-families-left-of-center-think-tank-finds\/","title":{"rendered":"Study from a left-leaning think tank reveals that Trump&#8217;s proposed 10% tariffs could result in a $1,500 tax increase for families"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">42<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftrumps-10-tariffs-would-be-1500-tax-hike-for-families-left-of-center-think-tank-finds%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2207626&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The analysis from the\u2064 Center for American Progress highlighted\u200b how Donald \u2062Trump&#8217;s proposed 10% tariffs could lead to a $1,500 \u200byearly \u200btax hike \u200bfor households. This move, criticized for burdening\u2062 consumers with increased costs on essentials like food, prescription drugs,\u2064 and petroleum products,\u2063 contrasts sharply with President Biden&#8217;s\u200b policies aiming to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/california-senator-announces-she-wont-seek-full-term-in-dianne-feinsteins-seat\/\" title=\"CA senator won't run for full term in Feinstein's seat.\">support working families<\/a> \u2064and domestic manufacturing growth.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div>\n<p>A new analysis found that former President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/donald-trump\" target=\"_blank\" rel=\"noopener\" title>Donald Trump\u2019s<\/a> proposal to apply 10% across-the-board tariffs would be akin to a $1,500 annual tax increase for the typical household.<\/p>\n<p>The analysis, <a href=\"https:\/\/www.americanprogressaction.org\/article\/trumps-tariff-would-cost-the-typical-american-household-roughly-1500-each-year\/\" target=\"_blank\" rel=\"noopener\" title>released<\/a> by the left-of-center think tank Center for American Progress, found that Trump\u2019s 10% <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/tariffs\" target=\"_blank\" rel=\"noopener\" title>tariffs<\/a> would squeeze consumers because companies would pass the costs on to them. The tariffs would be like a $90 <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/taxes\">tax<\/a> increase on food, a $90 tax increase on prescription drugs, and a $120 tax increase on oil and petroleum products.<\/p>\n<p>\u201cDonald Trump\u2019s tariffs would crush America\u2019s middle class by increasing the cost of everything, from food, fuel, clothing, and more, while failing to boost American manufacturing,\u201d said Brendan Duke, senior director for Economic Policy at CAP Action. \u201cTrump\u2019s plans stand in stark contrast to President Joe Biden\u2019s proposals, which would cut taxes for working families and continue the recent historic surge in the construction of American manufacturing facilities.\u201d<\/p>\n<p>Trump is at odds with many free-trade proponents in his party, although Republicans, led by Trump\u2019s populist appeal, have increasingly become more open to tariffs. They see it as a way to reshore jobs and rebuild the country\u2019s manufacturing base.<\/p>\n<p>Trump floated the idea of 10% across-the-board tariffs last year. Such an aggressive move could be seen, at least in terms of trade policy, as a shift to the left of Biden, who hasn\u2019t increased tariffs but has kept some of Trump\u2019s tariffs in place. That is one reason why the CAP attack is worth noting.<\/p>\n<p>But many in Trump\u2019s party would undoubtedly call such a move foolhardy and inflationary. Brian Reidl, a budget expert at the conservative-leaning Manhattan Institute, told the <em>Washington Examiner <\/em>that it is \u201cabsolutely the case\u201d that tariffs are a tax on U.S. consumers.<\/p>\n<p>\u201cPrices have already soared by 18% under President Biden. Tariffs just rise prices even higher,\u201d he said. \u201cTo the extent that President Trump is running on a pro-tariff proposal, he is essentially wanting increasing inflation and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/south-dakota-lowers-unemployment-to-pre-pandemic-levels-after-state-rejected-lockdowns\/\" title=\"South Dakota Lowers Unemployment to Pre-Pandemic Levels After State Rejected Lockdowns\">raising taxes<\/a>.\u201d<\/p>\n<p>The Tax Foundation, a nonpartisan group that <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/up-for-debate-trump-desantis-and-2024-gop-hopefuls-stance-on-tax-policy\/\" title=\"Debate: Trump, DeSantis, and 2024 GOP candidates' tax policy stance.\">generally prefers lower taxes<\/a>, <a href=\"https:\/\/taxfoundation.org\/blog\/donald-trump-10-percent-tariff\/\">estimated<\/a> that the Trump 10% tariff plan would shrink the U.S. economy by 1.1% and threaten more than 825,000 U.S. jobs if trade partners retaliated in kind.<\/p>\n<p>Trump flexed his muscles on trade and tariffs during his first term in office and would be expected to maintain those policies if he were to be elected to a second term in November.<\/p>\n<p>Former U.S. Trade Representative Robert Lighthizer, a protectionist and China hawk who served under Trump, said that he thinks the Republican Party\u2019s Trump-era move away from free trade and big business <a href=\"https:\/\/www.washingtonexaminer.com\/news\/2583042\/gop-shift-from-free-trade-is-irreversible-trump-trade-representative-lighthizer-says\/\">is the new normal<\/a>.<\/p>\n<p>\u201cThe bottom line is the Republican Party \u2014 if it wasn\u2019t apparent, it is now \u2014 is the party of working people,\u201d Lighthizer said during an interview last year. \u201cThe party of big banks and big businesses is the Democratic Party.\u201d<\/p>\n<p>Trump has floated a number of policy ideas for a second term. One of Trump\u2019s trade proposals is the passage of a law, the Reciprocal Trade Act, that would allow him to impose tariffs unilaterally of equal size to any tariffs placed by other countries on the U.S.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\">CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/strong><\/p>\n<p>The protectionist measures are billed by supporters as a means to narrow the trade deficit and support domestic manufacturing jobs. They\u2019re also advertised as safeguarding the country\u2019s supply chains, which, as the pandemic exposed, are often reliant on foreign nations for critical goods such as medicines and certain critical minerals.<\/p>\n<p>But critics to both the right and left of Trump politically see them as an indirect tax on U.S. consumers at a time when the Federal Reserve is already struggling to drive down inflation by <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/federal-reserve-delivers-bad-news-about-expectations-for-inflation-raising-interest-rates-report\/\" title=\"Federal Reserve Delivers Bad News About Expectations For Inflation, Raising Interest Rates: Report\">raising interest rates<\/a> to their highest level in years.<\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A recent analysis revealed that ex-President Donald Trump&#8217;s plan for 10% tariffs could equate to a $1,500 yearly tax rise for the average household. The study, issued by the Center for American Progress, indicated that these tariffs would burden consumers as companies transfer the expenses, intensifying financial pressure<\/p>\n","protected":false},"author":2683,"featured_media":2207627,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/02\/AP24058063436538-1024x592.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-2207626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/02\/AP24058063436538-1024x592.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2207626","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2683"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2207626"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2207626\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2207627"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2207626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2207626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2207626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}