American companies paid the price for Trump’s harmful trade war during his first term. From 2018 to 2020, Trump’s tariffs cost American companies an estimated $46 billion, cost the American economy approximately 75,000 manufacturing jobs and put the industry into a recession.
Trump is determined to inflict even more economic damage if he returns to the White House by imposing even steeper tariffs on imports that would cost the average American household $1,700.
Moody’s Analytics’ recent report underscored that Trump’s agenda would lead to slower growth and higher inflation – triggering a recession by mid-2025. Moody’s analysis shows the U.S. would have 3.2 million fewer jobs and a 4.5% unemployment rate, a half percentage point higher, at the end of a second Trump term.
Trump also proposed extending the corporate tax cuts he signed in 2017. According to the Congressional Budget Office, permanently extending Trump tax cuts would cost taxpayers $4 trillion dollars over the next decade, adding $4.6 trillion to the deficit.
While attempting to rig the economy for rich people like himself, Trump’s tax scam would raise taxes on middle-income Americans by up to $8,300 while giving the top 1% another handout.
Published: Jun 27, 2024 | Last Modified: Jul 17, 2024