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Recently Jim Tobin, President of Taxpayers United of America was interviewed regarding President Donald Trump and his tax policies. This is what Mr. Tobin had to say on the recent tax cuts and the new tariffs:
“Businesses will be able to hire more employees, and use some of the tax relief to invest in capital stock,” Tobin said. “That’s a source of economic growth that benefits everyone.”
The economic stimulus the tax cuts provide is being watered down as a result of Trump’s actions regarding international trade, more specifically the imposition of import duties and tariffs, according to Tobin.
“Unfortunately, Trump’s support of import tariffs decreases the positive effects of the federal income tax cuts – by one-third, according to a Tax Foundation report released this week,” Tobin said.
Import duties and tariffs raise the costs of imported goods and raise consumer prices, he explained.
Taxpayers United supports the federal income tax cuts wholeheartedly, however, Tobin said.
“It has been good for the country – the stock market is booming, businesses are expanding and unemployment is down to record lows,” he said. “In fact, we need more workers to fill all the open positions available.”
The findings from Kotlikoff’s study aren’t surprising, Tobin continued.
