5. Tax, tariffs, and economy
According to exit polls, one of the main issues for voters was the economy. Everyone hopes to see a brighter future and enjoy their money for longer, and one of the things Donald Trump promised to do is to “end inflation”. Could that be possible? Financial analysts say that a president doesn’t have enough power to directly influence how inflation or prices rate.
Continuing with what Donald Trump promised to do, he has also extended his 2017 revamp by promising broad tax cuts. He has suggested eliminating the Social Security payment tax, slashing the business tax, and making tips tax-free.
In order to reduce the trade gap, the politician suggested imposing new taxes of at least 10% on the majority of imported items. And that’s not all: Trump suggested imposing an additional 60% tariff on Chinese imports. However, these measures could result in higher costs for average consumers, as economists say.
