Trump set to whack US working class with historic $3,000 tax hike
Trump set to whack US working class with historic $3,000 tax hike
There is an old saying in Washington that if you want to understand politicians, look at what they do, not what they say. On that front there is no ambiguity. The Republican president is imposing big new taxes, and he is doing it in a way that does not require congressional approval.
cross-posted from: https://lemmy.world/post/26332473
Summary
Donald Trump is poised to impose massive import tariffs on goods from Canada, Mexico, and China, effectively raising taxes on U.S. households by an estimated $3,000 annually.
Unlike past tax increases that targeted the wealthy, these tariffs disproportionately impact low- and middle-income workers.
While Trump claims the measures address immigration and fentanyl concerns, experts argue they serve as a revenue source to offset tax cuts for the rich.
Critics contend that Trump's tariffs lack a clear industrial strategy and primarily burden American consumers.
Let's just hope that people won't forget to file their taxes by the millions all of a sudden... I'm sure the IRS is staffed for that after DOGE though /s