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Donald Trump wants to Make America Great Again.
Creating more domestic jobs and relying less on other countries certainly seems enticing.
However, theres more to it than that.
If elected, Trump has called for a 10% tax on all foreign imports.
The right-leaning American Action Forum puts the cost at $1,700 or more.
It actually wouldnt be the first time Americans were in this situation.
This imposed nearly $80 billion worth of new taxes on Americans.
Large Tax Cuts for Workers, and No Tax on Tips!
The individual income tax cuts are currently set to expire at the end of 2025.
However, Trump has said he plans to extend the TCJA, if elected.
As for Trumps no tax on tips plan, it likely also looks better on paper.
Trump is capitalizing on this by promising to end inflation, if reelected.
He also wants to lower interest rates.
This might sound great, but the Federal Reserve uses interest rate hikes to combat inflation.
Additionally, he wants to extend the TCJA, which would cost the economy trillions as noted above.
Finally, Trump has always been vocal about his desire to heavily curb immigration.
This could backfire by creating labor shortages that boost inflation, economists say.
In theory, this might sound ideal, but in reality, it comes with major consequences.
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