Arthur Delaney started working for HuffPost in 2009. He covers politics and the economy. Previously he wrote for the Washington City Paper, The Hill newspaper, Slate Magazine, and ABCNews.com. His email is [email protected].
Former President Donald Trump ’s domestic policy agenda would amount to a tax increase on the vast majority of American households, according to a new analysis by a D.C. think tank, thanks largely to his proposed
Taken together, the tax cuts and tariffs would cost households in the middle 20% of the income distribution an average of $1,530 in 2026, the analysis found, while the richest 1% would save $36,320. Only 5% of the wealthiest households would come out ahead under Trump’s plans.on all imported goods and tariffs of 60% or higher on imports from China.
As part of his overall tax plans, Trump has announced a hodgepodge of tax cuts on certain types of income: tips, overtime pay and Social Security benefits. The GOP candidate has claimed these policies together would boost income for working-class families and encourage employers to hire more. The proposals could also significantly change worker and employer behavior, by prioritizing certain types of income over others. For instance, eliminating taxes on tips would encourage paying workers through gratuities rather than normal wages — and could accelerate the practice of tipping throughout the economy, even as consumers grow weary from “tip creep.”Thank you for your past contribution to HuffPost.
The stakes are high this year, and our 2024 coverage could use continued support. We hope you'll consider contributing to HuffPost once more.Critics of these plans have also warned they would be abused — for instance, by shifting high-income earners, like lawyers, into gratuity-based pay just to avoid taxes.
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