07/17/2024
Yesterday the GOP laid out its tax plan which included lowering the income tax rate to zero and raising tariffs (taxes) on imported goods. Let’s take a closer look to see who this plan really benefits…We know companies pass on the cost of tariffs to consumers making goods more expensive. As a result, economists say, lower-income households would be hit hardest since they spend a greater share of their income on goods. But what about that lower tax rate?! Well, it only benefits wealthy Americans since many low-income workers do not make enough money to owe federal income taxes in the first place. 💫