Donald Trump announced plans to renew the Trump Tax Cuts, eliminate the tax on tips, and unleash American energy through tariffs. The tax cuts aim to raise more revenue from the wealthy and profitable corporations, while the tariffs will be used to offset the tax cuts and target countries that have taken advantage of the U.S. economically. However, experts warn that tariffs are essentially taxes and could increase costs for consumers and businesses, potentially outweighing the benefits. The non-partisan Peterson Institute for International Economics predicts that Trump's proposed tariffs on Chinese imports could cost the average middle-class household in the U.S. an additional $1,700 per year.



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