How’s Your Tax Relief?
Along with some tax relief, the U.S. budget deficit is ballooning under the Republican or Trump tax cuts. ($1 Trillion Two Years Ahead of Estimates). To help mitigate this, I was wondering if the Trump tariffs are an attempt to add revenue to the Treasury and bring down the deficit. After all, tariffs are taxes that will ultimately be paid by the consumer—creating a sort of National Sales Tax. Could this be possible? No evidence just a thought.
I know the tax cuts are great for me. At least I think they are, but inflation certainly seems to be taking some of the initial gains away. For example an average tax payer will get $550 per year ($50K to $75K). The recent gas increases will wipe out the tax savings for most. It costs me $20 more per fill up. Over a year that can add up to $960. And when you add in the higher cost for rent, food, medicine, cloths and now the tariffs—wow…what savings! I don’t know about you, but my typical bag of Safeway groceries that cost $39 a bag last year seem to be more like $50 now.