President Donald Trump’s sweeping tariff plan would cut deficits by $2.8 trillion over a 10-year period while shrinking the economy, raising the inflation rate and reducing the purchasing power of households overall.

AP burying the lede here…

“President Donald Trump’s sweeping tariff plan would cut deficits by $2.8 trillion over a 10-year period while shrinking the economy, raising the inflation rate and reducing the purchasing power of households overall, according to an analysis released Wednesday by the Congressional Budget Office.”

  • Not_mikey@lemmy.dbzer0.com
    11·
    3 days ago

    i guess every deficit reduction implicitly comes out of taxpayers wallets

    Yeah, but it doesn’t have to be yours and my wallet, ideally it would come out of the wallets of all these billionaires but instead we give them tax cuts in the big beautiful bill.

    That’s the problem with tarriffs and sales taxes in general, there regressive. They hit people who spend a majority of there income buying stuff instead of those putting it in a bank and making more money that isn’t taxed as much as money earned working.