Trump's Tax Plans: Potential Impact on American Finances

President-elect Donald Trump's proposed tax plan aims to eliminate personal income taxes in favor of tariffs on imports, potentially benefiting American workers across various income brackets. However, the plan could increase the national deficit significantly. The Wharton Budget Model suggests that while lower and middle-income earners might see modest gains, they could become "net losers" due to higher costs from tariffs, especially on Chinese goods. Upper middle class and top earners are projected to benefit more significantly from extended tax cuts and deductions.