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Your Cost of Living just went Up -- Way Up -- Thanks to Trump's Stealth Tax [1]
['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.']
Date: 2025-04-11
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Just remember — the Party of Trump — DID THIS!
www.americanprogress.org — Apr 10, 2025
[...] CAP [Center for American Progress] finds that Trump’s tariff scheme in effect at present will cost a typical American household more than the reciprocal scheme he announced at last week’s Rose Garden ceremony. As currently formulated, the typical American household can now expect to pay an average of $4,600 annually because of Trump’s tariffs. Using a different methodology, analysis by the Budget Lab at Yale estimated that the annualized cost of Trump’s new tariff scheme for the typical American family is $4,700. Notably, both these estimates are greater than the $3,800 cost the Budget Lab at Yale estimated households would face under Trump’s original reciprocal tariff plan. Former Chairman of the Council of Economic Advisers Jason Furman and other economists have noted that the administration’s massive increase in tariffs on China outweighs the tariff reductions to other trading partners. Based on Trump’s latest tariff scheme, the typical American family can expect to pay a lot more for electronics, cars, apparel, shoes, toys, and furniture, among other necessities . Assuming full pass-through of the tariff to consumers, a PlayStation 5 that previously cost $499 could now cost more than $1,200.* In addition, the cost of an iPhone could more than double, and prices for imported grocery items from the rest of the world—such as berries, bananas, coffee, and nuts—could rise by 10 percent.
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So much for reducing the price of Groceries — that thing that Trump claimed to have “discovered” in the middle of last year’s campaign.
Perhaps he doesn’t know the difference between bringing prices down, and intentionally driving them up?
Perhaps he doesn’t know the difference between Imports and Exports, or just when and where those Tariffs — his Emergency-decreed Shadow Taxes — get paid?
Or to whom those inflationary prices increases get passed onto ...
Or perhaps he just doesn’t care — about how much he screws-over the American people.
Long as his court jesters keep telling him what a GREAT job he is doing … he will keep thinking he’s some sort of stable-economic-genius. Just call it the Art of the Steal.
He’s just doing to American Businesses, what he has previously done to most of his Casinos — drive them into bankruptcy.
GENIUS!
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www.prdaily.com — Feb 13, 2025
Funny (not) how many people will still Blame Biden — for the Trump Tax hit.
Some people will believe anything. Until it finally hits them in the pocketbook …
They’re about to Find Out.
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When the US imposes tariffs on imports, businesses in the United States directly pay import taxes to the US government on their purchases from abroad. The economic burden of the tariffs , however, could fall on others besides the US business directly paying the tax [...] taxfoundation.org
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[1] Url:
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