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How Trump's Tax Cuts and Tariffs Will Affect Your Wallet

The article from MSN discusses the economic impacts of former President Donald Trump's tax cuts and tariffs on American households. It explains that the Tax Cuts and Jobs Act of 2017, which lowered individual and corporate tax rates, initially provided a boost to disposable income for many Americans. However, these benefits are set to expire, potentially leading to higher taxes in the future. On the other hand, Trump's imposition of tariffs, particularly on goods from China, aimed to protect domestic industries but resulted in increased costs for consumers and businesses due to retaliatory tariffs and higher prices on imported goods. The article notes that while some sectors like manufacturing saw short-term gains, the overall effect has been inflationary, affecting the cost of living. Additionally, the complexity of these policies means their long-term effects on the economy and individual wallets are still debated, with some arguing that the benefits were unevenly distributed, favoring the wealthy and corporations more than middle and lower-income families.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/politics/government/how-trump-s-tax-cuts-and-tariffs-will-affect-your-wallet/ar-AA1uXxFZ ]