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Senator Josh Hawley wants the debt ceiling deal to include a massive tax hike on Americans, Reasons.com wrote on their website.
Debt Ceiling Deal To Include A Massive Tax Hike (PHOTO: Council on Foreign Relations)
Why Include Debt Ceiling Deal A Massive Tax Hike?
Senator Josh Hawley says any agreement should include a massive tax hike, as the deadline for reaching a deal to raise the debt limit is approaching.
Remarkably, Josh Hawley has proposed a bill earlier this month. The bill is called the Raising Tariffs on Imports From China Act, it allows a future president to remove that 25 percent import tax on products or goods from China after the United States can record a trade surplus between the two countries within a full year.
He said that strong tariffs on China should be part of any debt ceiling agreement.
For the past five years, it provided a real-world experiment that is striking in the basic principle of economics. A study shows that former President Trump‘s tariffs on Chinese goods had resulted in higher prices and worst, contribute to America’s overall inflation. Senator Hawley said that the Tariffs are paid by Americans.
Earlier this year, Hawley introduced a different bill to prevent the United States from applying so-called tariff rates on imports from China, and it seems like the Senator is determined to make Americans pay higher taxes.
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Debt Ceiling Deal
According to an analysis from Bryan Riley, effectively, that change would hike from 11.1% to 40.9% on average tariff rates on Chinese imports. These rates would jump higher for some common imports. From shoes and clothing to children’s toys, and from smartphones from China to laptop computers.
If Senator Hawley’s proposal will be passed into law, Brian Riley believed it is the largest tariff increase on American consumers.
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