Will Trump's tariffs really lower your taxes? Here's what tax experts say.
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President Trump describes his administration's sweeping new tariffs on other countries as a tool for accomplishing a range of key economic goals, including reviving U.S. manufacturing. Recently, he's been highlighting another aim: Lowering, or even eliminating, individual income taxes for most Americans.
"When Tariffs cut in, many people's Income Taxes will be substantially reduced, maybe even completely eliminated. Focus will be on people making less than $200,000 a year," he wrote Sunday on Truth Social, his social media app.
Tariffs are already kicking in, with businesses around the country facing import duties of 145% or more on imports from China and tariffs of 10% on goods shipped from almost every other nation. Many Americans say they disapprove of these import duties, which are typically passed onto consumers through higher prices, and are bracing for higher inflation as the costs trickle through the economy.
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Washington — President Trump will sign an executive order Thursday afternoon to coordinate a federal government response to drug addiction and substance abuse. Jennifer Jacobs contributed to this report.
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Paying for health care has become Americans' top financial worry after Congress failed last year to extend some Affordable Care Act subsidies, triggering premium spikes for millions, a new survey finds. Edited by Aimee Picchi In:
Immigration may have been a political liability for Democrats in 2024. But two years later, it's shaping up to be a top issue they're relying on to galvanize support and mobilize their base.
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Washington — Senate Homeland Security Committee Democrats are calling on Secretary Kristi Noem to testify before the panel "without delay," following the fatal shootings of two U.S. citizens by federal immigration agents in Minneapolis this month.
Washington — Democrats on Capitol Hill are raising concerns with the FBI's search of an elections office in Fulton County, Georgia, and warning that the operation is an example of President Trump using federal law enforcement to intimidate voters and undermine democracy.
Washington — The Senate is set to take a procedural vote Thursday morning on a package to fund the remaining government agencies and programs, with less than two days to avoid a partial government shutdown. But Democrats say they won't allow the package to move forward without reforms to immigration enforcement. Caitlin Huey-Burns contributed to this report.
Hyundai Motor America is recalling nearly 569,000 Palisade SUVs due to an issue with the vehicles' third-row air bags that could prevent them from deploying properly during a crash. Edited by Alain Sherter In:
Dow on Thursday said it is planning to cut approximately 4,500 jobs as the chemicals maker shifts its emphasis toward artificial intelligence and automation. In: