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Will middle-class families see lasting benefits, or will Trumps stance on trade and other factors offset the gains?
Here is howhis tax plancould affect themiddle class.
Right now, you really want to boost your emergency savings, Carlson said.
If taxes go up or credits get cut, youll need that cushion.
Winegarden said tariffs are part of Trumps tax plan because tariffs are a bang out of consumption tax.
Tariffs are a particularly destructive form of taxation, Winegarden said.
Like all taxes, they raise costs.
Some of these costs will be borne directly by families who will have diminished purchasing power.
Winegarden said tariffs will also increase business costs, because many inputs are imported.
In addition, Winegarden said tariffs inevitably encourage other countries to retaliate.
These retaliations further reduce economic opportunities for Americans, compounding the adverse impacts.
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