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this post was submitted on 17 Jul 2024
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politics
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This is the best summary I could come up with:
When former President Donald J. Trump met with House Republicans last month, he touched on a mix of policies core to his economic agenda: cutting income taxes while also significantly raising tariffs on foreign goods.
Kimberly Clausing, an economist at the Peterson Institute for International Economics, who served in the Treasury Department under President Biden, said combining tax cuts and tariffs would increase income inequality substantially and “hurt the very voters that Trump is counting on to put him in the White House.”
Still, the idea appears to be attracting more interest in the Republican Party, where even politicians who have traditionally been skeptical of tariffs have shown signs of favoring them if the generated revenue is used to help finance further tax cuts.
In a statement, Anna Kelly, a spokeswoman for the Republican National Committee, said Mr. Trump had “put America first by instituting tariffs while simultaneously keeping inflation and consumer prices low.”
“President Trump’s policies brought forward a booming economy, and he will once again lower taxes, impose tariffs on foreign producers, bring jobs back to the U.S. and put America first on Day 1,” she said.
A study by Ms. Clausing and Maurice Obstfeld, also of the Peterson Institute, found that the maximum revenue the United States could earn from tariffs would peak at about $780 billion, less than 40 percent of what income taxes currently bring in.
The original article contains 1,489 words, the summary contains 231 words. Saved 84%. I'm a bot and I'm open source!