Expert Analysis and Business Leaders Confirm Trump’s Agenda Will Raise Taxes, Increase Costs For American Families

To: Interested Parties

From: Communications Director Michael Tyler

Subject: Expert Analysis and Business Leaders Confirm Trump’s Agenda Will Raise Taxes, Increase Costs For American Families

Date: June 21, 2024

Less than a week out from next week’s debate, new analysis details how disastrous Donald Trump would be for American families.

A new Moody’s analysis finds Biden’s economic policies are significantly better for the U.S. economy, while Trump’s plans would trigger a recession, cut 3.2 million jobs, add 1% to inflation, and reduce middle-class families’ incomes by $2,000:

“Biden’s policies are better for the economy,” says Mark Zandi, chief economist of Moody’s Analytics. “They lead to more growth and less inflation.”

According to a Moody’s study, Trump’s plan would trigger a recession by mid-2025 and an economy that grows an average 1.3% annually during his four-year term vs. 2.1% under Biden. (The latter is in line with average growth in the decade before the pandemic.)

Next year, under a Trump administration, inflation would rise from the current 3.3% to 3.6%, well above the 2.4% forecast under Biden, the Moody’s analysis shows. Compared with Biden, the U.S. would have 3.2 million fewer jobs and a 4.5% unemployment rate, a half percentage point higher, at the end of a Trump tenure.

The Center for American Progress also analyzed Trump’s newest economic proposals:

“Trump’s latest idea to replace all income taxes with tariffs is mathematically impossible, but even if it were feasible, it would dramatically increase income inequality and raise taxes for the bottom 90 percent of households. It would raise taxes for middle-income households by $5,100 to $8,300 while cutting taxes for the top 0.1 percent by at least $1.5 million annually.”

“The combination of his 10 percent tax on all imports and a 60 percent tax on all imports from China would raise taxes for a typical family by $2,500 each year. This includes a $260 tax on electronics, $160 tax on clothing, a $120 tax on oil, and $110 tax on food.”

Trump can try to spin his way out of it as much as he wants, but the data speaks for itself. As the Financial Times Editorial Board wrote yesterday, Trump’s “disastrous” policies would:

• “Threaten to undermine basic functions of the US economy”
• “Set to be driven by ‘revenge’—against his enemies, and against the democratic system.”

Let’s not forget, Donald Trump’s presidency was an indisputable disaster for the U.S. economy. He was the worst jobs president in modern American history. He broke promises and failed Americans in states like Wisconsin, Michigan, and Pennsylvania who watched their factories close down and their jobs get shipped overseas under his watch.

Now, heading into the first debate, business leaders and economic experts are raising the alarm about the dire threat of a second Donald Trump presidency for American workers, businesses, and families.

Last week, Donald Trump met with the biggest CEOs in America – it did not go well.

CEOs told reporters Trump was “remarkably meandering,” “could not keep a straight thought,” “was all over the map,” and “doesn’t know what he’s talking about.” Trump was so bad that some CEOs walked out of the meeting with Trump “less predisposed” to support him.

Business leaders like Reid Hoffman and Mark Cuban have warned Trump is a threat to America’s stability, our democracy, and our economic well being.

Trump’s response: Argue that business executives should be “fired” if they don’t “100%” support him, while proposing a ludicrous policy to increase taxes on working families by $8,300 while cutting taxes for the rich.

In Donald Trump’s America, the rich pay less, and working Americans pay more.

Americans have a better choice this November than Donald Trump, a convicted felon who only cares about himself.

Joe Biden is leading America out of the mess Donald Trump left us in.

This is America under President Joe Biden:

• The strongest economy in the world: Joe Biden’s investments in America have created high economic growth, the unemployment rate is at historic lows, household wealth has surged, and wages are rising faster than costs, especially for the working class
• Helped to create over 15 million new jobs, built new factories, protected American workers, and spawned a startup boom
• Unemployment at or below 4% for more than two years – the longest continuous stretch since the 1960s
• Stock market highs – across every major index
• Rising incomes across every income level – and outpacing inflation
• Inflation is easing
• Food and gas prices down
• Shrunk the wage gap between Black and white workers – and between those with and without a college degree
• Hit all-time highs in energy production
• Violent crime is down

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Paid for by Biden for President