CBS Information is truth checking a number of the statements made by audio system in the course of the 2024 Democratic Nationwide Conference this week, which is going down in Chicago by means of Thursday, Aug. 22.
On Thursday, the ultimate night time of the conference, Vice President Kamala Harris is accepting her celebration’s nomination and delivering her acceptance speech.
CBS Information’ Confirmed workforce is conducting the actual fact checks this week. CBS Information is protecting the DNC dwell.
Truth checking Harris’ declare that Trump’s tariff plan will value households virtually $4,000 per 12 months: Partially true, wants context
Vice President Kamala Harris: “[Trump] intends to enact what in impact is a nationwide gross sales tax, name it a Trump tax, that will elevate costs on middle-class households by virtually $4,000 a 12 months.”
Particulars: Harris is citing an estimate of potential prices if former President Donald Trump had been to implement tariffs on imported items. Trump has advocated for a tariff of at the very least 10% on most imports and a tariff of at the very least 60% on Chinese language imports.
Estimates of the potential prices and the seemingly scale of the tariffs range. An evaluation by the Heart for American Progress Motion, a progressive coverage assume tank, estimated {that a} 20% tariff on most imports, mixed with a 60% tax on Chinese language items, would quantity to a tax improve of round $3,900 yearly for middle-income households.
The Tax Coverage Heart (TPC), a nonpartisan assume tank, estimated {that a} 10% worldwide tariff and a 60% tariff on Chinese language items would decrease common after-tax incomes by about $1,800 in 2025.
Economists informed CBS Information that on a regular basis customers would bear the brunt of upper import tariffs by means of elevated costs on items, successfully a tax on merchandise made in different international locations. In an interview with The New York Occasions, Robert Lighthizer, who served as Trump’s chief commerce negotiator and nonetheless advises his marketing campaign on commerce points, prompt the burden on American households might be offset by tax cuts.
By Emma Li
Truth checking Harris’ declare that Trump would give billionaires extra tax breaks that will add $5 trillion to debt: Deceptive
Harris: “[Trump] does not truly struggle for the center class. As an alternative, he fights for himself and his billionaire buddies. And he’ll give them one other spherical of tax breaks that can add as much as $5 trillion to the nationwide debt.”
Particulars: Trump has proposed broad-based tax cuts throughout his presidential marketing campaign, to excessive earners and different taxpayers.
Trump signed the Tax Cuts and Jobs Act in 2017 that completely lower company tax charges and lowered particular person tax charges for many households.
Estimates from the nonpartisan congressional Joint Committee on Taxation and the Tax Coverage Heart discovered that almost all of individuals would profit from these tax cuts.
Trump has mentioned he would lengthen the person tax price cuts earlier than they’re set to run out in 2025, a transfer the Congressional Finances Workplace estimates might value $4.6 trillion over the following decade.
The Biden-Harris administration has proposed extending a number of the Trump-era tax cuts for households incomes beneath $400,000 yearly.
Trump has additionally referred to as for different tax cuts, together with eliminating taxes on ideas, a coverage proposal additionally backed by Harris.
By Laura Doan
Truth test on Pennsylvania Sen. Bob Casey’s declare that Democrats capped insulin prices for hundreds of thousands of People: True, however wants context
Democratic Sen. Bob Casey of Pennsylvania: “When Huge Pharma jacked up the price of insulin, we handed a invoice to cease them. Now, for hundreds of thousands of People, it is capped at $35 a month.”
Particulars: In 2022, President Biden signed the Inflation Discount Act into regulation, mandating that each one Medicare Half D and Half B plans cap month-to-month prices for lined insulin merchandise at $35.
Beforehand, the Trump administration launched a extra restricted voluntary program that allowed some Medicare Half D plans to cap out-of-pocket prices for sure insulin merchandise at $35 per thirty days. The well being coverage analysis website KFF famous lower than half of all Half D packages participated within the Trump program. There have been over 800,000 insulin customers who had entry to the $35 insulin cap beneath the Trump-era program in 2022, however after Mr. Biden signed the Inflation Discount Act, much more insulin customers on Medicare Half D — 3.4 million — had their insulin prices capped in 2023, in response to estimates from Heart for Medicare and Medicaid Providers.
By Emma Li, Laura Doan and Amelia Donhauser