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Old 09-11-2024   #17
Gibbs
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Former Vice President Kamala Harris said during Tuesday night’s debate that former President Donald Trump’s policies would result in a “Trump sales tax” that would raise prices for middle class families by about $4,000 a year.

Facts First: The claim is reasonable enough, but it’s worth explaining that Harris is referring to Trump’s proposal to implement new tariffs if he returns to the White House.

Trump has called for adding a tariff of 10% to 20% on all imports from all countries, as well as another tariff upward of 60% on all Chinese imports.

Together, a 20% across-the-board tariff with a 60% tariff on Chinese-made goods would amount to about a $3,900 annual tax increase for a middle-income family, according to the Center for American Progress Action Fund a liberal think tank.

If the 20% tariff was just 10%, as Trump sometimes suggests, the total impact for middle-class families could be $2,500 a year, according to CAP.

Separate studies estimate that the impact of Trump’s proposed tariffs would also raise prices for families, but by a lower amount. The Peterson Institute for International Economics estimated the new duties would cost the average middle-class household about $1,700 annually. And the Tax Policy Center said the impact could be $1,350 a year for middle-income households.
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