Trump makes bold claim on what global tariffs will do to income tax for 85% of US households
Topics: Donald Trump, News, US News, Tariffs, World News
Gerrard Kaonga
Featured Image Credit: Chip Somodevilla/Getty
Topics: Donald Trump, News, US News, Tariffs, World News
Taking to Truth Social, President Donald Trump has insisted his ongoing tariff wars with... well everyone, will ultimately benefit most Americans.
Writing on his social media platform, Donald Trump said that his tariffs will result in a reduction of income tax for households that bring in less than $200,000 a year.
According to the 2023 data from the U.S. Census Bureau, only 14.4% of households earns more than $200,000, meaning that an estimated 85.6% of households will benefit.
Trump said: “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.
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“Also, massive numbers of jobs are already being created, with new plants and factories currently being built or planned. It will be a BONANZA FOR AMERICA!!! THE EXTERNAL REVENUE SERVICE IS HAPPENING!!!”
But this post hasn’t inspired total confidence from everyone.
People on Reddit recently reflected on Trump’s claims and admitted they have quite a few reservations about its effectiveness.
One person commented: “A. We are at peak employment. B. We are already manufacturing more than ever in U.S. history. C. This is insane ramblings.”
Another added: “Trump doesn't understand - we manufacture software, design and movies not engine pistons and make a f**k ton of money from it.
With a third writing: “That’s what’s so baffling about all of this. It can’t do both. It’s impossible. How has no one on his team informed him of this. If it’s bringing jobs back it’s not raising money and if it’s raising money it’s not bringing jobs back.”
And another said: “So which is it? Countries are all making deals with him or hes using tariffs to reduce income taxes? You literally cannot have it both ways.”
Trump has repeatedly defended his economic plan since announcing the tariffs for nations across the world earlier this month.
Economists have also warned the plans could see Americans footing the bill, from their groceries to cars and even their retirement plans. But Trump has insisted his tariffs are the answer and will ultimately work out for the American people.
Earlier this month, he wrote on Truth Social: “We have massive Financial Deficits with China, the European Union, and many others. The only way this problem can be cured is with TARIFFS, which are now bringing Tens of Billions of Dollars into the U.S.A.
"They are already in effect, and a beautiful thing to behold."