Loading...
Market
Impact of Trump's tariff policy on inflation by end of 2024?
4
Resolution / Starting Odds
Increased inflation • 33%
Decreased inflation • 33%
No significant change • 34%
Economic reports from sources like the Bureau of Economic Analysis or Federal Reserve
Story
Trump Proposes Replacing Income Tax with Tariffs, $500 Billion Middle-Class Tax Hike
Jun 13, 2024, 04:52 PM
Former President Donald Trump has floated the idea of replacing the income tax with an 'all tariff policy,' according to sources. During a meeting with House Republicans, Trump suggested that tariffs could be used to eliminate taxes on tips and counter adversaries. He noted that tariffs were a key funding mechanism for government operations before World War I. Economist Paul Krugman estimated that this policy would require an average tariff rate of 133 percent. Biden campaign spokesperson James Singer criticized the proposal, calling it a historic $500 billion a year middle-class tax hike that would raise prices to benefit the richest Americans. Trump also mentioned using tariff hikes to fund some income tax cuts.
View original story
Similar markets
No significant change • 33%
Moderate increase in prices • 33%
Significant increase in prices • 34%
Significant GDP growth • 33%
No significant change • 33%
Significant GDP decline • 33%
Significant increase • 33%
Moderate increase • 34%
No significant change • 33%
Increase in tariffs • 33%
Decrease in tariffs • 33%
No change in tariffs • 33%
Price decrease • 25%
No significant change • 25%
Price increase up to 10% • 25%
Price increase over 10% • 25%
Inflation rate reported as unchanged • 33%
Inflation rate reported as increased • 33%
Inflation rate reported as decreased • 33%
Significantly worsened • 33%
Moderately impacted • 33%
No significant change • 33%
Retaliatory tariffs • 50%
Negotiations and trade deals • 25%
No significant reaction • 25%
Increases political support for Biden • 25%
Decreases political support for Biden • 25%
No significant effect on Biden's support • 25%
Polarizes opinions further without clear support shift • 25%
