CBS News is fact-checking some of the comments. speaker The 2024 Democratic National Convention, which takes place this week, runs through Thursday, August 22 in Chicago.
On Thursday, the final day of the convention, Vice President Kamala Harris is scheduled to accept the party’s nomination and give her acceptance speech.
The Confirmed team at CBS News is fact-checking this week. CBS News Democratic National Convention live.
Fact-checking Harris’ claim that Trump’s tariff plan would cost families $4,000 a year: Partially true, but needs context
Vice President Kamala Harris: “(Trump) is essentially trying to enact a national sales tax, the Trump Tax, which would raise prices for middle-class households by nearly $4,000 a year.”
details: Harris cites estimates from former President Donald Trump of the costs that would result from imposing tariffs on imported goods. Trump advocated imposing tariffs of at least 10 percent on most imports and as much as 60 percent on Chinese imports.
Estimates of the potential costs and size of tariffs vary. An analysis by the Center for American Progress Action, a progressive policy think tank, estimates that a 20 percent tariff on most imports, plus a 60 percent tax on Chinese goods, would raise taxes by about $3,900 a year for middle-class households.
The Tax Policy Center (TPC), a nonpartisan think tank, estimates that a 10% tariff worldwide and a 60% tariff on Chinese goods would reduce average after-tax income by about $1,800 in 2025.
economist Said According to CBS News, ordinary consumers will feel the brunt of the import tariffs, through higher prices for goods and, in effect, taxes on products made in other countries. Robert Lighthizer, who served as Trump’s chief trade negotiator and still advises his campaign on trade issues, suggested in an interview with The New York Times that the burden on American families could be offset by lower taxes.
Written by Emma Li
Fact Check on Harris’ Claim Trump Will Give Billionaires $5 Trillion in Tax Cuts That Add to Debt: It’s Misleading
Harris: “(Trump) doesn’t really fight for the middle class. Instead, he fights for himself and his billionaire friends. And he’s going to give them another tax cut that’s going to add another $5 trillion to the national debt.”
details: During his presidential campaign, Trump proposed broad tax cuts targeting high-income earners and other taxpayers.
President Trump signed the Tax Cuts and Jobs Act in 2017, which permanently cut the corporate tax rate and lowered personal income tax rates for most households.
Most people would benefit from these tax breaks, according to estimates from the nonpartisan Joint Committee on Taxation and the Tax Policy Center.
President Trump has pledged to extend individual income tax cuts that expire in 2025, a move that the Congressional Budget Office estimates could cost the country $4.6 trillion over the next decade.
The Biden-Harris administration Proposed Extends some of the Trump-era tax cuts for households making less than $400,000 a year.
President Trump also called for other tax cuts, including: Eliminate tax on tipsPolicy proposals too Backed up Written by Harris.
Written by Laura Doan
Fact check on Pennsylvania Senator Bob Casey’s claim that Democrats have capped insulin costs for millions of Americans: It’s true, but it needs context.
Pennsylvania Democratic Senator Bob Casey: “When Big Pharma raised the price of insulin, we passed legislation to stop them. Now it’s capped at $35 a month for millions of Americans.”
details: In 2022, President Biden signed the Inflation Reduction Act, which requires all Medicare Part D and Part B plans to cap the monthly cost of covered insulin products at $35.
The Trump administration previously introduced a more limited voluntary program that allowed some Medicare Part D plans to cap their out-of-pocket costs for certain insulin products at $35 a month. Less than half of all Part D programs participated in the Trump program, health policy research site KFF noted. While more than 800,000 insulin users would have access to the $35 insulin cap under the Trump-era program in 2022, far more insulin users in Medicare Part D—3.4 million—would have their insulin costs capped in 2023 after President Biden signed the inflation reduction law, according to estimates from the Centers for Medicare & Medicaid Services.
By Emma Li, Laura Doan, and Amelia Donhauser
