The Damage Report
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Trump's Tax Cuts PROVE Catastrophic Financial Consequences
Posted
June 14, 2024
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June 14, 2024
13,085
845
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7.76%
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6:45Now PlayingDonald Trump has reportedly revealed a bombshell tax cut proposal to CEOs in hidden meetings which would raise tariffs to make the rich even richer while proving devastating for the average American finances. John Iadarola and Brett Erlich break it down on The Damage Report.
Read more here:
Donald Trump reportedly wants to raise tariffs to pay for tax cuts
"Donald Trump suggested tariffs could be increased as a way to lower US income tax, sources told Bloomberg.
The idea — floated during a Thursday meeting with House Republicans — is to cut taxes paid by individuals by raising rates on US imports. Trump also discussed tariffs as a negotiating tool over foreign actors, sources separately told CNBC.
The proposal expands on ideas about tariffs and trade wars voiced previously by the former president, who has made aggressive trade policy a cornerstone of his campaign. If elected again, Trump has pledged a universal 10% tariff rate on all US imports, though this might vary by country — China can expect rates as much as 60%, he has said."
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