How Much Trump’s 2024 Promises Could Cost You
Written by
Chris Adam
Edited by
Travis Woods
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The economy and its impact on everyday Americans has been a top issue this presidential election season. Joe Biden and Donald Trump have been laying out their plans to fight inflation, boost the economy and help taxpayers.
With all the rhetoric this election season, it can be tough to tell how their plans and promises would potentially impact the average individual and family in the United States. Based on what he’s said so far, here’s a look at how much Trump’s 2024 promises could potentially cost you.
Tariffs and Taxes
Let’s start with tariffs. Former President Trump has proposed a 10% across-the-board tariff on all imports.
That would mean about a $1,500 annual tax increase for the typical household, according to the Center for American Progress Action Fund. That could include a $90 tax increase on food, a $120 tax increase on oil and petroleum products and a $90 tax increase on medications. For the food taxes, it could hit very common items from the grocery store such as fresh fruit, fresh vegetables and coffee.
According to the Center, “This tax increase would drive up the price of goods while failing to significantly boost U.S. manufacturing and jobs.” The Center notes that specific tariffs aimed at issues such as forced labor or dumping of subsidized products can be important components in U.S. trade policy.
For his part, President Biden also has talked about the need for tariffs to help the nation’s economy.
Illegal Immigrants and Salaries
Are you prepared to pay more for an apartment or your favorite produce? That could happen with a shortage of workers in industries such as agriculture and services if President Trump is re-elected and makes good on his promise to begin a huge domestic deportation operation.
It’s a part of the debate over illegal immigration that’s not been given a huge amount of attention. If the U.S. sends millions of illegal immigrants away, that means many of those workers would need to be replaced. These can be jobs with hard work and low pay. A shortage of workers could lead to higher prices.
While prices could go up for certain things under another Trump presidency, many employers could lower their salaries for new jobs.
Trump has talked about getting rid of government agencies and firing thousands of workers. They would then need to compete for jobs in the private sector. If there’s more competition for jobs, this gives employers more room to keep wages and benefits lower.
Tax Rate Cuts and Gas Prices
While taxes on some products could go up, Trump has promised tax rate cuts for businesses and workers. While it could mean you keep more of your pay or get a bigger tax refund, there are concerns these cuts would mostly help the wealthy, according to Bloomberg.
At the same time, Trump has talked about wanting to get rid of initiatives to encourage electric vehicle ownership and instead increase oil and gas production in the U.S. This might be bad news if you wanted to score an EV — but great news for gas prices.
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