Harris-Walz Campaign Claims Trump’s Plans Will Increase Costs for Pennsylvania Families
Donald Trump’s tariff and tax proposals could lead to higher taxes for 95% of Americans, according to a new analysis by The Institute on Taxation and Economic Policy (ITEP). The analysis suggests Trump’s tariffs would increase costs for most American households, with 80% potentially paying $2,872 more annually. This comes as Trump proposes a 20% tariff on all imports and up to 2,000% on foreign vehicles.
Trump’s tariffs are expected to act as a tax on households, impacting businesses reliant on imports and potentially causing job losses. While Trump believes tariffs could generate trillions in revenue, experts argue the economic drawbacks are significant. ITEP states, “Tariffs would cause substantial price increases on imported goods, severely damage industries reliant on imports, and hurt employment.”
Particularly affected would be the food sector, with 15% of the American food supply being imported. Tariffs on food could lead to reduced supply and higher prices, impacting grocery stores and consumers. The Yale Budget Lab also projects the annual cost of these tariffs could reach $7,600 per household.
Economists at Morgan Stanley estimate that such tariffs could reduce US job creation by 70,000 monthly. Trump’s broader tax plans, including extending the 2017 tax law, cutting corporate taxes, and repealing clean energy tax credits, are expected to benefit the wealthiest 5%, while increasing taxes for others. The middle class could see tax hikes of over $1,500 annually, and the poorest could face increases of about $800 per year.
The Harris-Walz campaign released a report stating Trump’s agenda would raise costs for over 5.3 million Pennsylvania households by $3,954 annually. Steve Wamhoff from ITEP commented, “Trump’s proposals disproportionately benefit the well-off… with the greatest impact on working-class households.”
