UPDATED 12:48 PM PT — Thursday, August 29, 2019
The White House is reportedly considering cutting taxes again to offset possible negative effects of tariffs on foreign trade. According to Thursday reports, the Trump administration could spend billions of dollars in tariff revenues on a new fiscal stimulus package.
The idea, which was proposed by Florida Senator Rick Scott, would offset a potential rise in costs of imports to U.S. consumers and support GDP growth. Democrat officials have claimed the trade war with China could hurt the purchasing power of Americans.
Senator Scott is urging the U.S. government to tax foreign companies and help U.S. consumers and companies.
“We’ve gotta help American companies to do everything we can to buy American product, we get more American jobs and stop helping China, they’re mot a partner,” he stated. “So, I think anything we raise in tariffs, we should give back to the American public in tax reductions, so it doesn’t impact American families.”
White House officials, however, admit they are uncertain if the proposed plan would get through Democrat-controlled House.