Trump is promising new tax breaks for millions of Americans. Will his tariffs cover the costs?
CBSN
A growing number of Americans could be in line for a tax break if former President Donald Trump re-takes the White House — and so is the potential bill for paying for those cuts.
In recent months, Trump has floated a series of tax cuts for different groups, including senior citizens, tipped workers, people earning overtime and, most recently, homeowners in high-tax states. The latest proposal, which he Tuesday while campaigning in New York, would reverse a $10,000 deduction cap on state and local taxes (SALT) that he signed into law under the 2017 Tax Cuts & Jobs (TCJA) Act.
The cost of footing the bill for Trump's tax proposals is growing, especially since they would come on top of his plans to extend tax cuts in the TCJA, which are set to expire in 2025, as well as to cut the corporate tax rate to 15% from its current level of 21%. To offset such costs with other sources of federal revenue, Trump has pointed to his plans to enact new tariffs on all imports into the U.S.
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