Trump Team Considers Aggressive Tax Cuts and Tariffs for Potential Second Term

Trump advisers are planning aggressive new tax cuts, including potentially cutting the corporate tax rate to 15%, for a potential second Trump term.
The tax cuts could be paid for with revenue from a proposed 10% tariff on all imports.
Trump could use tariff revenue to provide a dividend payment to US households, similar to Alaska's oil dividend.
Hurdles include potential retaliation from trading partners over new tariffs and the impact tariffs could have on the deficit.
Advisers like Arthur Laffer and Grover Norquist are pitching ideas like a 14% corporate rate, below Biden's global minimum tax.

washingtonpost.com

Relevant topic timeline:

8/21/2023

Donald Trump rakes up India tax issue says would impose reciprocal tax if voted to power

### Summary Former US President Donald Trump has criticized India's high tax rates, specifically mentioning the tariffs on Harley-Davidson motorcycles, and has threatened to impose reciprocal taxes if re-elected in the 2024 presidential elections. ### Facts - 🇮🇳 India charges high tax rates, including tariffs on American products such as Harley-Davidson motorcycles. - 🏍️ Trump cited India's 100%, 150%, and 200% tariffs on motorcycles as an example of the high tax rates. - 🌍 During his first term, Trump referred to India as a "tariff king" and terminated India's preferential market access to the US. - 🗣️ Trump emphasized the discrepancy between India's high tariffs on American products and the lack of tariffs on Indian motorcycles entering the US market. - 💪 Trump expressed the desire for a "matching tax" or retribution if India continues to charge high tariffs on American goods. - 🗳️ Trump is currently leading the Republican presidential primaries and accounts for more than half of the GOP votes according to national polls.

8/21/2023

Donald Trump rakes up India tax issue says would impose reciprocal tax if voted to power

Former US President Donald Trump has criticized India's high tax rates, specifically targeting the tariffs on American products like Harley-Davidson motorcycles, and has threatened to impose reciprocal taxes if he is reelected in the 2024 presidential elections.

9/11/2023

White House Opposes Proposal to Cut Corporate Taxes to 15%, Citing Previous Cuts and Higher Deficits

The White House is criticizing former President Donald Trump's plans to deeply cut taxes for corporations, potentially lowering the corporate tax rate from 21% to 15%, which could result in increased prices for middle- and working-class Americans and a global trade war.

9/13/2023

Rising Deficit Projections Renew Debate Over Taxes and Spending

The next president will have to grapple with rising deficits and make a choice between cutting back on tax cuts or subsidies for health insurance to address the budget shortfall.

9/14/2023

Tim Scott Opposes Trump's Proposed Tariffs, Calls for Tax Cuts and Curbing Chinese Farmland Acquisitions

Senator Tim Scott's 2024 economic agenda includes typical Republican goals such as tax cuts, regulatory rollbacks, and slashing government spending, but he opposes blanket trade tariffs and favors targeted tariffs instead, setting him apart from former President Donald Trump.

9/25/2023

Markets Bet on Faster Inflation Drop and Slower Growth Than Hawkish Fed

Financial markets are betting on more rate cuts next year than what Federal Reserve policymakers believe is likely, which may complicate the Fed's efforts to control inflation.

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Posted 9/11/2023, 11:33:42 AM

Trump Team Considers Aggressive Tax Cuts and Tariffs for Potential Second Term

Trump advisers are planning aggressive new tax cuts, including potentially cutting the corporate tax rate to 15%, for a potential second Trump term.
The tax cuts could be paid for with revenue from a proposed 10% tariff on all imports.
Trump could use tariff revenue to provide a dividend payment to US households, similar to Alaska's oil dividend.
Hurdles include potential retaliation from trading partners over new tariffs and the impact tariffs could have on the deficit.
Advisers like Arthur Laffer and Grover Norquist are pitching ideas like a 14% corporate rate, below Biden's global minimum tax.

washingtonpost.com

Relevant topic timeline:

8/21/2023

Donald Trump rakes up India tax issue says would impose reciprocal tax if voted to power

8/21/2023

Donald Trump rakes up India tax issue says would impose reciprocal tax if voted to power

9/11/2023

White House Opposes Proposal to Cut Corporate Taxes to 15%, Citing Previous Cuts and Higher Deficits

9/13/2023

Rising Deficit Projections Renew Debate Over Taxes and Spending

The next president will have to grapple with rising deficits and make a choice between cutting back on tax cuts or subsidies for health insurance to address the budget shortfall.

9/14/2023

Tim Scott Opposes Trump's Proposed Tariffs, Calls for Tax Cuts and Curbing Chinese Farmland Acquisitions

9/25/2023

Markets Bet on Faster Inflation Drop and Slower Growth Than Hawkish Fed

Financial markets are betting on more rate cuts next year than what Federal Reserve policymakers believe is likely, which may complicate the Fed's efforts to control inflation.