Trump’s proposed tariffs are a gift to the rich – Zawya/Project Syndicate

“Kimberly Clausing and Mary E. Lovely, two of the world’s leading experts on tax issues, estimate that the tariffs Trump wants to enact would cost the average US household more than $2,600… (The) increase in taxes for the median household represents an enormous loss of spending power (4.1% of their post-tax income). But for the bottom 20% of the income distribution, the ‘consumer loss from the proposed tariff’ is even bigger – more than 6% of after-tax income.

“In contrast, for the top 1% of the income distribution, the loss from tariffs is only 1.4%. This differential impact reflects the fact that lower-income people consume more imports, directly and indirectly, as a share of their spending than wealthier people do.”

Trump’s Tariff Proposals Would Raise Tariff Rates to Great Depression-Era Levels – Tax Foundation

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