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Trump tariffs erase nearly all tax-cut benefits for U.S. households: report

(Xinhua)    11:40, June 08, 2019

WASHINGTON, June 7 (Xinhua) -- The tariffs the Trump administration has imposed on goods from U.S. trading partners have already shaved off all but 100 U.S. dollars of the benefits American households earned per year on average from the administration's 2017 tax cut bill, U.S. media reported Friday.

Days after the Republican Party-proposed Tax Cuts and Jobs Act got passed, a study dated Dec. 18, 2017 by the Urban-Brookings Tax Policy Center, a Washington think tank, found that the bill would cut an average of 930 dollars in tax for middle-class American families.

The Federal Reserve Bank of New York in March research concluded that the U.S. tariffs already in place would cost middle-income American households about 831 dollars on average.

Bloomberg News said that due to the additional tariffs that Trump has implemented and threatened to implement, 100 dollars of the altogether 930 dollars of tax cut gains for each middle-income American family "will soon disappear."

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Liang Jun, Bianji)

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