US EditionUS House Republicans wrestle with Trump tax cuts, Medicaid needs
- On April 27, President Trump proposed replacing federal income taxes for Americans earning under $200,000 with revenue from tariffs on imports.
- This proposal seeks to generate revenue equivalent to the approximately $2.2 trillion collected from individual income taxes in fiscal year 2023 by levying tariffs on imports valued at nearly $3.9 trillion.
- Calculations suggest that a tariff averaging approximately 56 percent across all imports would be needed to fully substitute the lost income tax revenue without behavioral changes.
- Historical precedents and analyses indicate such tariffs could trigger severe economic disruptions including inflation between 20 and 40 percent, deep recession, and a GDP decline between 8 and 15 percent.
- These potential outcomes imply falling real incomes and deteriorating living standards for middle-class families despite the intent to provide financial relief through tax burden shifts.
99 Articles
99 Articles
Trump's Bold Move: Advocating Sizeable Tax Cuts - Real News Now
President Trump has been tirelessly advocating for substantial tax cuts, a direction that promises to invigorate the American economy. Given his in-depth understanding of economic matters, Trump recognizes the intricate linkage between budget deficits and trade deficits. The twin-like behavior of these economic parameters does not deter his steadfast resolve. His diplomatic exertions aim to rectify the American trade deficit, even when critics i…
AIER
thedailyeconomy.orgTariffs Instead of Taxes? A Back-of-Envelope Estimate
In an April 27 post on Truth Social, President Trump floated a politically ambitious idea: replacing federal income taxes — at least for Americans earning under $200,000 per year — with revenue raised from tariffs. No more IRS filings for the middle class, no more paycheck deductions. Instead, foreign producers would foot the bill through duties imposed on goods sold into the United States. It is a vision designed to appeal to taxpayers weary o…
100 Days of Fury and Tariffs: Trump 'Breaks' the Rules of the Economy... Except in Taxes · Global Voices
To the neighbors of the United States, Canada and Mexico, to the European Union, to the financial markets around the world and, above all, to the more than 75 million Americans who voted for Democrat Kamala Harris, the first 100 days of Donald Trump's second presidency have become 'eternal'. To the tariff war, paused until next July, with the exception of his pulse with China, are added the pressure on the president of the Federal Reserve Jerome…
Trump, House GOP Meet to Discuss Whether to Cut Medicaid for Millions of Americans
(Bloomberg) — President Donald Trump and House Republicans are slated to meet to wrangle over one of the thorniest issues dividing the party: whether to cut Medicaid benefits for millions of low-income Americans.
Coverage Details
Bias Distribution
- 45% of the sources are Center
To view factuality data please Upgrade to Premium
Ownership
To view ownership data please Upgrade to Vantage
