{"id":1051049,"date":"2025-01-31T14:57:53","date_gmt":"2025-01-31T19:57:53","guid":{"rendered":"https:\/\/democrats.org\/?p=1051049"},"modified":"2025-01-31T14:57:53","modified_gmt":"2025-01-31T19:57:53","slug":"new-trump-confirms-100-billion-tax-that-will-hike-costs-and-tank-businesses","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/new-trump-confirms-100-billion-tax-that-will-hike-costs-and-tank-businesses\/","title":{"rendered":"NEW: Trump Confirms $100 Billion Tax That Will Hike Costs and Tank Businesses\u00a0"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

In response to Donald Trump\u2019s White House confirming their new $100 billion national tax, <\/em>DNC Rapid Response Director Alex Floyd released the following statement: <\/em><\/strong><\/p>\n\n\n\n

\u201cDonald Trump\u2019s White House just confirmed that he\u2019s ready to set off his \u2018inflation bomb\u2019 and skyrocket prices with a new $100 billion national tax. It\u2019s not even his third week in office and Trump\u2019s lies are already costing working families \u2013 breaking his empty campaign promises to lower prices. Make no mistake: Trump\u2019s wildly unpopular and unaffordable economic agenda will hurt consumers and tank businesses as he once again puts himself and his billionaire backers ahead of the American people.\u201d  <\/p>\n\n\n\n

NEW: Donald Trump\u2019s White House just confirmed a <\/strong>$100 billion national tax<\/strong><\/a>, costing Americans an extra $1,000 a year and raising costs drastically on energy, cars, and groceries. <\/strong><\/p>\n\n\n\n

Karoline Leavitt<\/a>: \u201cThe president will be implementing tomorrow a 25% tariffs on Mexico, 25% tariffs on Canada, and a 10% tariff on China.\u201d<\/p>\n\n\n\n

Ernie Tedeschi, The Budget Lab<\/a>: \u201cA broad 25% tariff on all goods imports from Canada and Mexico would, before substitution & other 2nd stage effects, put upward pressure on the level of consumer prices of +0.6%. That\u2019s the equivalent of an average loss in after-tax income of about $980 per household in 2023<\/strong>.\u201d<\/p>\n\n\n\n

Bloomberg<\/a>: \u201cA 25% tariff<\/strong> applied to all imports from Canada would put pressure on energy costs.<\/strong> Oil, gas and other energy products are Canada\u2019s largest export to its southern neighbor; it\u2019s by far the largest external supplier of crude to the US.\u201d <\/p>\n\n\n\n

Wall Street Journal<\/a>: \u201cA 25% Trump tariff <\/strong>on Canadian oil and gas could lead to lower production, in turn pushing up U.S. energy prices,<\/strong> warned an industry group. Canada, the world\u2019s fourth-largest oil producer, sends almost all of its exports to the U.S. The prospect of tariffs has alarmed Canadian oil companies. …<\/p>\n\n\n\n

\u201cCanada\u2019s auto sector is also concerned<\/strong>. The industry is closely tied to the U.S., with auto parts moving back and forth over the border as many as seven times before final assembly.<\/p>\n\n\n\n

\u201cOne industry representative said the tariff would push up car prices<\/strong>, an outcome Trump would likely want to avoid.\u201d<\/p>\n\n\n\n

Consumers, businesses, and economists have already sounded the alarm on Trump\u2019s price hikes, warning that his unpopular economic agenda will destroy progress made under the Biden-Harris administration.<\/strong><\/p>\n\n\n\n

New York Times<\/a>: \u201cPresident-elect Donald J. Trump\u2019s threat to impose 25 percent tariffs on goods from Mexico and Canada sent shivers on Tuesday through the auto industry, which depends heavily on both countries for parts and manufacturing.<\/strong><\/p>\n\n\n\n

\u201cThe prospect of tariffs \u2018is a two-alarm fire for the auto industry,\u2019 said Patrick Anderson, chief executive of Anderson Economic Group, a consulting firm in Michigan. \u2018There is probably not a single assembly plant in Michigan, Ohio, Illinois and Texas that would not immediately be affected by a 25 percent tariff.\u2019\u201d<\/strong><\/p>\n\n\n\n

Navigator<\/a>: \u201cA plurality of Americans view tariffs unfavorably and oppose Trump\u2019s tariff plan,<\/strong> though at least one in five Americans are uncertain on each metric.<\/p>\n\n\n\n

\u201cMore than three in five say new tariffs would increase the costs of things that they buy. A greater share also say new tariffs will hurt U.S. consumers more than foreign countries. <\/strong><\/p>\n\n\n\n

\u201cThe top concerns about higher tariffs are that they could increase inflation and raise prices and that they are a new tax that burdens working- and middle-class families.\u201d<\/strong><\/p>\n\n\n\n

Wall Street Journal<\/a>: \u201cTrump Isn\u2019t President Yet. He\u2019s Already Spooking the Fed.\u201d <\/strong><\/p>\n\n\n\n

\u201cBesides tariffs, tax cuts and curbs on immigration are likely on the agenda once Trump takes office<\/strong>. The degree and timing of all three are very much in question, but there is almost certain to be some of each. They would also to some extent be at cross-purposes with each other, some being stimulative while others would tend to hold back growth. But all three would likely have the impact of pushing prices higher.\u201d<\/strong><\/p>\n\n\n\n

REMINDER: Trump and his billionaire Cabinet want to gift tax breaks to the ultra-rich and big corporations while causing an \u201cinflation bomb\u201d as part of their Project 2025 agenda.<\/strong><\/p>\n\n\n\n

US News<\/a>: \u201cThe total net worth of the billionaires in the Trump administration, as of Dec. 10 equals at least $382.2 billion \u2013 which is more than the GDP of 172 different countries.\u201d<\/strong><\/p>\n\n\n\n

Axios<\/a>: \u201c16 Nobel economists see a Trump inflation bomb\u201d<\/strong><\/p>\n\n\n\n

\u201cSixteen Nobel prize-winning economists are jumping into the presidential campaign with a stark warning: Former President Trump\u2019s plans would reignite inflation and cause lasting harm to the global economy if he wins in November.\u201d<\/strong><\/p>\n\n\n\n

Axios<\/a>: \u201cTrump\u2019s inflation bomb: <\/strong>How his second-term plans could make it worse\u201d<\/p>\n\n\n\n

The Atlantic<\/a>: \u201cTrump\u2019s Plan to Supercharge Inflation\u201d<\/p>\n\n\n\n

Wall Street Journal<\/a>: \u201cA drumbeat of reports from Wall Street economists have warned that Trump\u2019s plans could substantially slow economic growth while driving up consumer prices.\u201d<\/strong><\/p>\n\n\n\n

CBS News<\/a>: \u201cMillions of low- and middle-class households would likely face significantly higher taxes under the Project 2025\u2019s proposals.\u201d<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

In response to Donald Trump\u2019s White House confirming their new $100 billion national tax, DNC Rapid Response Director Alex Floyd released the following statement:  \u201cDonald Trump\u2019s White House just confirmed that he\u2019s ready to set off his \u2018inflation bomb\u2019 and skyrocket prices with a new $100 billion national tax. It\u2019s not even his third week […]<\/p>\n","protected":false},"author":292,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1051049","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nNEW: Trump Confirms $100 Billion Tax That Will Hike Costs and Tank Businesses\u00a0 - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/new-trump-confirms-100-billion-tax-that-will-hike-costs-and-tank-businesses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-31T19:57:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png?w=1024\" \/>\n<meta name=\"author\" content=\"Adrianna Tomasello\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adrianna Tomasello\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/new-trump-confirms-100-billion-tax-that-will-hike-costs-and-tank-businesses\/\",\"url\":\"https:\/\/democrats.org\/news\/new-trump-confirms-100-billion-tax-that-will-hike-costs-and-tank-businesses\/\",\"name\":\"NEW: Trump Confirms $100 Billion Tax That Will Hike Costs and Tank Businesses\u00a0 - Democrats\",\"isPartOf\":{\"@id\":\"https:\/\/democrats.org\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/democrats.org\/news\/new-trump-confirms-100-billion-tax-that-will-hike-costs-and-tank-businesses\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/democrats.org\/news\/new-trump-confirms-100-billion-tax-that-will-hike-costs-and-tank-businesses\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png?w=1024\",\"datePublished\":\"2025-01-31T19:57:53+00:00\",\"author\":{\"@id\":\"https:\/\/democrats.org\/#\/schema\/person\/00292e8c1694c8322513663ebb5f246f\"},\"breadcrumb\":{\"@id\":\"https:\/\/democrats.org\/news\/new-trump-confirms-100-billion-tax-that-will-hike-costs-and-tank-businesses\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/democrats.org\/news\/new-trump-confirms-100-billion-tax-that-will-hike-costs-and-tank-businesses\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/democrats.org\/news\/new-trump-confirms-100-billion-tax-that-will-hike-costs-and-tank-businesses\/#primaryimage\",\"url\":\"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png\",\"contentUrl\":\"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png\",\"width\":1101,\"height\":483},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/democrats.org\/news\/new-trump-confirms-100-billion-tax-that-will-hike-costs-and-tank-businesses\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/democrats.org\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"NEW: Trump Confirms $100 Billion Tax That Will Hike Costs and Tank Businesses\u00a0\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/democrats.org\/#website\",\"url\":\"https:\/\/democrats.org\/\",\"name\":\"Democrats\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/democrats.org\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/democrats.org\/#\/schema\/person\/00292e8c1694c8322513663ebb5f246f\",\"name\":\"Adrianna Tomasello\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/democrats.org\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f1caa4627f6a3abd6a1daf936cdbaf4406f86f7fcb6a945d915b685b27e7f9a3?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f1caa4627f6a3abd6a1daf936cdbaf4406f86f7fcb6a945d915b685b27e7f9a3?s=96&d=mm&r=g\",\"caption\":\"Adrianna Tomasello\"},\"url\":\"https:\/\/democrats.org\/news\/author\/tomaselloa\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"NEW: Trump Confirms $100 Billion Tax That Will Hike Costs and Tank Businesses\u00a0 - Democrats","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/democrats.org\/news\/new-trump-confirms-100-billion-tax-that-will-hike-costs-and-tank-businesses\/","og_locale":"en_US","og_type":"article","og_site_name":"Democrats","article_published_time":"2025-01-31T19:57:53+00:00","og_image":[{"url":"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png?w=1024","type":"","width":"","height":""}],"author":"Adrianna Tomasello","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Adrianna Tomasello","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/democrats.org\/news\/new-trump-confirms-100-billion-tax-that-will-hike-costs-and-tank-businesses\/","url":"https:\/\/democrats.org\/news\/new-trump-confirms-100-billion-tax-that-will-hike-costs-and-tank-businesses\/","name":"NEW: Trump Confirms $100 Billion Tax That Will Hike Costs and Tank Businesses\u00a0 - Democrats","isPartOf":{"@id":"https:\/\/democrats.org\/#website"},"primaryImageOfPage":{"@id":"https:\/\/democrats.org\/news\/new-trump-confirms-100-billion-tax-that-will-hike-costs-and-tank-businesses\/#primaryimage"},"image":{"@id":"https:\/\/democrats.org\/news\/new-trump-confirms-100-billion-tax-that-will-hike-costs-and-tank-businesses\/#primaryimage"},"thumbnailUrl":"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png?w=1024","datePublished":"2025-01-31T19:57:53+00:00","author":{"@id":"https:\/\/democrats.org\/#\/schema\/person\/00292e8c1694c8322513663ebb5f246f"},"breadcrumb":{"@id":"https:\/\/democrats.org\/news\/new-trump-confirms-100-billion-tax-that-will-hike-costs-and-tank-businesses\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/democrats.org\/news\/new-trump-confirms-100-billion-tax-that-will-hike-costs-and-tank-businesses\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/democrats.org\/news\/new-trump-confirms-100-billion-tax-that-will-hike-costs-and-tank-businesses\/#primaryimage","url":"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png","contentUrl":"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png","width":1101,"height":483},{"@type":"BreadcrumbList","@id":"https:\/\/democrats.org\/news\/new-trump-confirms-100-billion-tax-that-will-hike-costs-and-tank-businesses\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/democrats.org\/"},{"@type":"ListItem","position":2,"name":"NEW: Trump Confirms $100 Billion Tax That Will Hike Costs and Tank Businesses\u00a0"}]},{"@type":"WebSite","@id":"https:\/\/democrats.org\/#website","url":"https:\/\/democrats.org\/","name":"Democrats","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/democrats.org\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/democrats.org\/#\/schema\/person\/00292e8c1694c8322513663ebb5f246f","name":"Adrianna Tomasello","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/democrats.org\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f1caa4627f6a3abd6a1daf936cdbaf4406f86f7fcb6a945d915b685b27e7f9a3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f1caa4627f6a3abd6a1daf936cdbaf4406f86f7fcb6a945d915b685b27e7f9a3?s=96&d=mm&r=g","caption":"Adrianna Tomasello"},"url":"https:\/\/democrats.org\/news\/author\/tomaselloa\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/posts\/1051049","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/users\/292"}],"replies":[{"embeddable":true,"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/comments?post=1051049"}],"version-history":[{"count":1,"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/posts\/1051049\/revisions"}],"predecessor-version":[{"id":1051050,"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/posts\/1051049\/revisions\/1051050"}],"wp:attachment":[{"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/media?parent=1051049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/categories?post=1051049"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/tags?post=1051049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}