On Thursday, the final night of the convention, Vice President Kamala Harris accepted her party’s nomination and delivered her acceptance speech.
Details: Harris is citing an estimate of potential costs if former President Donald Trump were to implement tariffs on imported goods.
By Emma Li Fact checking Harris’ claim that Trump would give billionaires more tax breaks that would add $5 trillion to debt: Misleading Harris: “[Trump] doesn’t actually fight for the middle class.
Details: Trump has proposed broad-based tax cuts during his presidential campaign, to high earners and other taxpayers.
Trump signed the Tax Cuts and Jobs Act in 2017 that permanently cut corporate tax rates and lowered individual tax rates for most households.
Estimates from the nonpartisan congressional Joint Committee on Taxation and the Tax Policy Center found that the majority of people would benefit from these tax cuts.
The Biden-Harris administration has proposed extending some of the Trump-era tax cuts for families earning under $400,000 annually.
Trump has also called for other tax cuts, including eliminating taxes on tips, a policy proposal also backed by Harris.
During the 2024 Democratic National Convention in Chicago, which was held on August 13, some statements made by speakers were verified by CBS News. 19–22.
Vice President Kamala Harris received her party’s nomination and gave her acceptance speech on Thursday, the last night of the convention.
These are a few fact-checks from the last night of the DNC, provided by the CBS News Confirmed crew.
Context is necessary to verify Harris’ assertion that the Trump tariff plan will cost families nearly $4,000 annually.
Vice President Kamala Harris: “Trump wants to raise taxes on middle-class families by nearly $4,000 annually by implementing what is essentially a national sales tax, which we will refer to as the Trump tax.”. “. .
Details: Harris is using an approximation of what tariffs on imports might cost in the event that the former president Donald Trump enacted them. Under Trump’s leadership, the majority of imports would be subject to a tariff of at least 10%, while imports from China would be subject to a tariff of at least 60%.
There are differing estimates regarding the possible expenses and the probable magnitude of the tariffs. According to a progressive policy think tank, the Center for American Progress Action, a 20 percent tariff on most imports plus a 60 percent tax on Chinese goods would result in an annual tax increase for middle-class families of about $3,900.
A 10 percent global tariff and a 60 percent tariff on Chinese goods, according to the nonpartisan Tax Policy Center (TPC), would reduce average after-tax incomes by roughly $1,800 in 2025.
According to economists speaking with CBS News, higher import tariffs would primarily affect consumers through higher prices for goods—basically, a levy on goods manufactured abroad. Robert Lighthizer, a former chief trade negotiator for President Trump who continues to counsel his campaign on trade matters, said in an interview with The New York Times that tax cuts might be able to lessen the burden on American households.
Written by Emma Li.
Reexamining Harris’s assertion that Trump would increase tax breaks for billionaires, resulting in a $5 trillion increase in debt, reveals false information.
Harris: “Trump doesn’t genuinely stand up for the middle class. Rather, he battles for himself and his wealthy allies. Moreover, he intends to grant them additional tax breaks, ballooning the national debt by $5 trillion. ****.
Details: Throughout his presidential campaign, Trump suggested large-scale tax cuts for taxpayers, including high earners.
The Tax Cuts and Jobs Act, which Trump signed into law in 2017, permanently reduced corporate tax rates and lowered individual tax rates for the majority of households.
The majority of people would benefit from these tax cuts, according to estimates from the nonpartisanCongressional Joint Committee on Taxation and the Tax Policy Center.
The Congressional Budget Office projects that Trump’s decision to prolong the individual tax rate cuts before they expire in 2025 could cost $4.66 trillion over the course of the following ten years.
Some of the tax breaks from the Trump administration have been suggested to be extended for families making less than $400,000 a year by the Biden-Harris administration.
In addition, Trump has advocated for additional tax cuts, such as the removal of tip taxes—a position that Harris concurs with.
Written by Laura Doan.
Verify the facts on Pennsylvania Sen. The assertion made by Bob Casey that Democrats limited the cost of insulin for millions of Americans is accurate, but it requires further explanation.
Senate Democratic Leader Sen. Bob Casey of Pennsylvania: “We passed a bill to stop Big Pharma from raising the price of insulin.”. It is now capped at $35 per month for millions of Americans. “. .
Details: All Medicare Part D and Part B plans are required to cap the monthly costs of covered insulin products at $35 after President Biden signed the Inflation Reduction Act into law in 2022.
A more restricted voluntary program that allowed some Medicare Part D plans to cap out-of-pocket expenses for specific insulin products at $35 per month was previously introduced by the Trump administration. Approximately 50% of all Part D programs did not participate in the Trump program, according to research on health policy at KFF. In 2022, the Trump administration’s $35 insulin cap was available to over 800,000 insulin users. However, following the signing of the Inflation Reduction Act by President Biden, a significantly larger number of Medicare Part D insulin users (3.24 million) had their insulin costs capped in 2023, as per the Center for Medicare and Medicaid Services’ estimates.
By Laura Doan, Amelia Donhauser, and Emma Li.
